Investment Portfolio Review

1Q 2020 Investment Portfolio Review

CBIS helps Catholic organizations achieve their financial goals through CBIS Asset Review the socially responsible management of their investments. $7.0 BILLION IN TOTAL ASSETS UNDER MANAGEMENT (3/31/2020)

BY PRODUCT TYPE ($MILLION) Leading Catholic Institutional Unify Faith and Finance 10% Investment Manager 15% ■ Align investments with mission 7% ■ Over $7.0 billion in assets under management Diverse Range of Needs ■ Exclusively serve Catholic institutions ■ Portfolio services for a range ■ Founded and owned by the of institutions 67% De La Salle Christian Brothers ■ Single- and multi-product relationships with institutions Pioneered Catholic Responsible and their consultants Separate Accounts $501 InvestmentsSM Global Funds PLC (UCITS) $714 CUIT Funds $4,741 ■ Global Investor Base Thoughtful and disciplined Catholic CUIT Magnus® Funds $1,077 investment screens ■ Religious Institutes ■ Encourage companies to improve ■ Dioceses/Parishes BY CUIT TYPE policies and practices through ■ Education active ownership 1% ■ Healthcare 5%6% Diversified Investment Programs ■ Foundations 20% 0.1% ■ Manager of managers 27% ■ Institutional pooled funds and 12% separate accounts 3% 4% 5% 19% 3%

Money Market Small cap Opportunistic Bond Growth Core Index International Value Int. Small Cap Equity Short bond CUIT Magnus® Int. Diversified

Christian Brothers Investment Services, Inc. n [email protected] PAGE 1 Investment Portfolio Review 1Q 2020

Key Highlights: Market Perspective Investment Program Offerings CUIT Fund’s Performance CUIT Fund Reports page 2 page 11 page 12 page 14

MARKET PERSPECTIVE 1Q 2020 Navigating Through a Pandemic the Stopped the World

Catholic Responsible Investments

CAPITAL MARKETS REVIEW I. Global Overview II. U.S. Equity Markets III. U.S. Fixed Income Markets

The economic environment shifted from healthy to a pandemic-induced economic sudden stop, which will likely lead to a significant slowdown in first and second quarter global GDP.

Christian Brothers Investment Services, Inc. n [email protected] PAGE 2 Market Perspective | 1Q 2020

Navigating through a pandemic that stopped the world

LOOKING TO THE PAST FOR GUIDANCE

• The state of the world shifted dramatically during the first RECAP: WHAT JUST HAPPENED? quarter from a growing global economy, with its typical pockets • The economic environment shifted from healthy of ups and downs, to a pandemic-induced global economic coma. to a pandemic-induced economic sudden stop, • Before reviewing the economy and markets, we would like to which will likely lead to a significant slowdown take a moment to recognize and acknowledge our investors’ in first and second quarter global GDP. concerns for not only the health and safety of friends, family • The culprit, COVID-19, a highly contagious and coworkers, but also for the possibility of a reduced level of coronavirus, has put enough pressure on the available financial support for their missions located in both healthcare system to force human quarantine, local and foreign geographies. causing a dramatic reduction in global • Experience can serve as a guide and, while it’s a bit stunning that economic activity. we are living through a crisis occurring relatively soon after the • To reduce the number of people contracting the Global Financial Crisis (GFC), the fact that the GFC wasn’t very disease and to slow the speed at which it spreads, long ago allows all of us to reflect on how we got through that commonly referred to as “flattening the curve”, period and importantly, that we did get through. the practice of “social distancing” is being broadly • We at CBIS recently did just that; we reflected on the past implemented across the globe. and have borrowed what worked well in order to develop a comprehensive, broad-based plan that we believe will allow us to not only navigate through the COVID-19 crisis and financial volatility, but also will make us stronger when we emerge on the other side of this crisis.

Christian Brothers Investment Services, Inc. n [email protected] PAGE 3 Investment Portfolio Review 1Q 2020

Navigating through a pandemic that stopped the world

THE ECONOMY: • On a global scale, both monetary policies and fiscal stimulus are A PANDEMIC INSPIRED ECONOMIC PAUSE needed to help slow the deteriorating global economy.

• With each passing day, it’s becoming more and more likely that • The US Government recently launched the CARES Act, a the COVID-19-inspired pause in global economic activity will lead $2 trillion fiscal stimulus package aimed to provide an economic to a sharp drop in GDP and a meaningful recession. bridge for both individuals and businesses, both large and small.

• Except for certain necessary businesses, like hospitals, grocery • On the monetary front, the Federal Reserve has acted swiftly stores, pharmacies, and health-related manufacturing and and pulled all the tools out of its toolbox. services, for the most part the service and manufacturing sectors • The Fed lowered the overnight borrowing rate to a zero-lower- have pressed pause. bound, the first time since 2008, and initiated lending facilities • Goldman Sachs recently forecast quarter-on-quarter annualized to provide loans to organizations. growth rates for the US of -9% in Q1, -34% in Q2, +19% in Q3, • Additionally, the Fed initiated an aggressive bond buying program and +12% in Q4. Note the sharp decline in Q1 and Q2 followed that is not only without limit, but includes government and by increased economic activity. The full year forecast is -6.2% on government agency-backed debt (Treasuries and mortgage- an average annual basis and -5.4% on a Q4/Q4 basis. backed securities) as well as commercial mortgage backed • The growth forecast for Europe is similarly dire. securities and bonds issued by corporations, including below

• The US stock market went from a bull market to a bear market investment grade bonds. in a mere 20 days, the fastest in history, and thereby ended the • This bond buying program differs from that of 2008, when the longest-running bull market in US history. Fed limited the scope of the program to a limited amount of

• While we at CBIS don’t have a crystal ball and can’t predict the government and mortgage-backed securities. depth or breadth of the likely downturn, it’s notable that there is • Other economies are also responding in a similar fashion. a positive correlation between the length of time it takes for the For example, the ECB introduced the Pandemic Emergency stock market to move from peak to trough and the length of the Purchase Programme which initiated an increase in their bond subsequent recovery. buying program to €750 billion. The 25-member governing

• Will the financial recovery be swift as well? council indicated they are prepared to expand the emergency program as events unfold.

• The Bank of England lowered its short-term rate and signaled it A GLOBAL STRATEGY: would take further action to mitigate damage from the virus. STEPS TO MITIGATE ECONOMIC EROSION

• While “social distancing” is imperative to help “flatten the curve”, • It’s notable that governments are reacting quickly. History reduce the number of ill, and help the medical community suggests that timeliness matters: the sooner monetary and fiscal manage this pandemic, it also increases the chances for a policies infiltrate the economy, the sooner the global economy deeper recession. and financial markets can find their collective footing.

Christian Brothers Investment Services, Inc. n [email protected] PAGE 4 Investment Portfolio Review 1Q 2020

Navigating through a pandemic that stopped the world

PORTFOLIO IMPLICATIONS AND MAINTAINING A LONG-TERM PERSPECTIVE

• In an environment like the current one, when there’s a lot of uncertainty, human emotion and computer-generated program trading cause dramatic increases in trade volume and large swings in asset prices.

• We have seen the negative impacts on portfolio returns as securities issued by corporations, both stocks and bonds, have suffered.

• As economists, we have been trained to analyze business cycles, credit events, and even one-time exogenous shocks (e.g., hurricanes and war). This global pandemic has now been added to the list. While this is a new shock, we need to be cautious about the phrase, “this time is different.”

• History teaches us that in the short-term, markets can move in very dramatic ways as human behavioral tendencies dominate. Ultimately, markets normalize (recall the fear in 2008 after the Lehman Brothers bankruptcy) and investors who can remain focused on the long-term, avoiding emotion-based decision making, will benefit.

• The chart below illustrates the length of 16 significant market downturns and subsequent recoveries between the dates of 1929-2019. The average length of a downturn is 12 months and of a recovery is 23 months. Excluding 1929, the average length of a downturn is 10 months and of a recovery is 14 months. Importantly, the length of recovery is directly correlated to the length of the downturn! Proactive monetary and fiscal policies have the potential to mitigate this downturn.

Market Downturns and Recoveries

DOWNTURN %LOSS RECOVERY 34 mos. -83.4 151 mos. Sep 1929-Jun 1932 Jul 1932-Jan 1945 6 mos. -21.8 35 mos. Jun 1946-Nov 1946 Dec 1946-Oct 1949 7 mos. -10.2 5 mos. Aug 1956-Feb 1957 Mar 1957-Jul 1957 5 mos. -15.0 7 mos. Aug 1957-Dec 1957 Jan 1958-Jul 1958 6 mos. -22.3 10 mos. Jan 1962-Jun 1962 July 1962-Apr 1963 8 mos. -15.6 6 mos. Feb 1966-Sep 1966 Oct 1966-Mar 1967 19 mos. -29.3 9 mos. Dec 1968-Jun 1970 Jul 1970-Mar 1971 21 mos. -42.6 21 mos. Jan 1973-Sep 1974 Oct 1974-Jun 1976 14 mos. -14.3 5 mos. Jan 1977-Feb 1978 Mar 1978-Jul 1978 20 mos. -16.5 3 mos. Dec 1980-July 1982 Aug 1982-Oct 1982 3 mos. -29.6 18 mos. Sep 1987-Nov 1987 Dec 1987-May 1989 5 mos. -14.7 4 mos. Jun 1990-Oct 1990 Nov 1990-Feb 1991 2 mos. -15.4 3 mos. Jul 1998-Aug 1998 Sep 1998-Nov 1998 25 mos. -44.7 49 mos. Sep 2000-Sep 2002 Oct 2002-Oct 2006 16 mos. -50.9 37 mos. Nov 2007-Feb 2009 Mar 2009-Mar 2012 3 mos. -13.5 4 mos. Oct 2018-Dec 2018 Jan 2019-Apr 2019

Source: Morningstar

Christian Brothers Investment Services, Inc. n [email protected] PAGE 5 Investment Portfolio Review 1Q 2020

Navigating through a pandemic that stopped the world

• Several people have asked about why the bond market isn’t acting like a “safety-net”. It’s important to note that high quality bond sectors, like US government bonds, have had positive performance year-to-date.

• However, corporate bonds and other non-Treasury securities have suffered, and while uncertainty around the economy has had an impact on bond prices, other factors, such as liquidity and large-scale selling, have arguably had a bigger influence on downward corporate bond price pressure.

• Outflows from bond funds have been remarkable as illustrated in the following chart, which shows global bond outflows from mutual funds and exchange traded funds (ETFs).

Bond Funds Suffer Record Outflows Weekly mutual and exchange traded bond fund flows ($bn)

-20

-40

Outflows ($bn) -60

-80

-100

2017 2018 2019 2020

Source: EPFR Global

• The policies announced by the Federal Reserve will commence in April, lending support to credit markets.

Christian Brothers Investment Services, Inc. n [email protected] PAGE 6 Investment Portfolio Review 1Q 2020

Navigating through a pandemic that stopped the world

ICE BofA US Corporate Index Option

7 • Investors have focused on the swift decline in the equity 6 markets. The widening of 5 corporate spreads, and hence

4 under performance of this sector, has been just as swift.

Percent 3

0 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Source: Ice Data Indices, LLC Shaded areas: Indicate U.S. recessions

S&P 500 Index - 90 Year Historical Chart

10,000 • Jeremy Siegel, Professor of Finance at the Wharton School, penned “Stocks for the Long

1,000 Run” in 1994. Yes, stocks are risky, even for long-term investors, though as long as

Index the economy rewards ingenuity 100 and efficiencies, stocks remain the choice of return over the long run. 10

1930 1940 1950 1960 1970 1980 1990 2000 2010 2020

Source: Macrotrends LLC Shaded areas: Indicate U.S. recessions

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Navigating through a pandemic that stopped the world

CBIS CONCLUDING THOUGHTS

• From a financial perspective, we are monitoring the situation closely and are in frequent contact with our managers on how the outbreak is impacting their portfolios, as well as their business operations, and how they are responding

• We suggest that investors

– Take a long-term perspective and prepare for increased John W. Geissinger, CFA Chief Investment Officer, CBIS volatility in the short-term

– Avoid the temptation to market time and address volatility by following a disciplined rebalancing policy

We will continue to provide information as events progress.

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

Christian Brothers Investment Services, Inc. n [email protected] PAGE 8 Investment Portfolio Review 1Q 2020

Capital Markets Review

I. GLOBAL OVERVIEW

■ Fastest decline into bear market Market Performance: 3 Month Market Performance: 12 Month territory! Global phenomena, no geography spared.

BB U.S. Short T-Bill (1-3m) 0.5 BB U.S. Short T-Bill (1-3m) 2.1 ■ Recent relative trends continue, Barclays U.S. Aggregate 3.1 Barclays U.S. Aggregate 8.9 if not exaggerated: large S&P 500 -19.6 S&P 500 -7.0 outperforms small, growth outperforms value. Russell 3000 -20.9 Russell 3000 -9.1

■ Russell 1000 Value -26.7 Russell 1000 Value -17.2 Fixed income benefiting from Central Bank policies-low rates, Russell 1000 Growth -14.1 Russell 1000 Growth 0.9 broader Quantitative Easing S&P 600 -32.6 S&P 600 -25.9 (particularly by the Federal MSCI ACWI-Ex US (USD) -23.3 MSCI ACWI-Ex US (USD) -15.1 Reserve). MISCI ACWI-Ex US (Local) -20.0 MISCI ACWI-Ex US (Local) -12.3 MSCI EM (USD) -23.6 MSCI EM (USD) -17.4

MSCI EM (Local) -19.0 MSCI EM (Local) -12.7

Source: FactSet

II. U.S. EQUITY MARKETS

■ COVID-19 in addition to oil price Market Performance: 3 Month Market Performance: 12 Month decline has wreaked havoc on energy sector.

S&P 500 -19.6 S&P 500 -7.0 ■ Consumer staples, healthcare, Consumer Discretionary -19.3 Consumer Discretionary -10.8 and technology relatively Consumer Staples -12.7 Consumer Staples -0.6 unscathed. Energy -50.5 Energy -52.4 Financials -31.9 Financials -17.1 Healthcare -12.7 Healthcare -1.0 Industrials -27.0 Industrials -19.5 Info Technology -11.9 Info Technology 10.4 Materials -26.1 Materials -16.6 Real Estate -19.2 Real Estate -11.3

Telecom -17.0 Telecom -3.3 Utilities -13.5 Utilities -1.4

Source: FactSet

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Capital Markets Review

III. U.S. FIXED INCOME MARKETS

■ Treasuries sole bright spot this Market Performance: 3 Month Market Performance: 12 Month quarter and year.

■ Negative duration adjusted excess Barclays U.S. Barclays U.S. returns across the board. 3.1 8.9 Aggregate Aggregate ■ Direct correlation between quality

Treasury 8.24 Treasury 13.2 and negative excess returns.

MBS 2.8 MBS 7.0 -0.8 -0.6

ABS -0.2 ABS 2.8 -3.2 -2.9

CMBS 0.5 CMBS 5.4 -5.6 -5.1

Corporate -3.6 Corporate 5.0 -12.7 -9.7

High Yield -12.7 High Yield -6.9 -16.6 -14.0

Source: FactSet Absolute Return Duration-Adjusted Excess Return

Treasury Yield Curve

3.0 ■ Magnitude of rate declines unprecedented 2.5 ■ Federal Reserve quickly utilizing 2.0 all tools available to mitigate credit freeze. 1.5

1.0 03/29/2019 12/31/2019 0.5 03/31/2020

0.0 1M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 30Y

0.0 -1.0 -2.0 -3.0 1M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 30Y

3 Mo Change 12 Mo Change

Source: U.S. Department of the Treasury

Christian Brothers Investment Services, Inc. n [email protected] PAGE 10 Investment Portfolio Review 1Q 2020

Investment Programs Offerings CBIS 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

Scott Investment Partners; Los Angeles World Equity MSCI AC World Index 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.

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

CUIT MAGNUS FUNDS RETURN-SEEKING RISK-REDUCING ASSETS CUIT Magnus 45/55 Fund CUIT Small Cap Equity Index 4.50% CUIT Short Bond 13.75% CUIT International Equity 9.00% CUIT Opportunistic Bond 13.75% CUIT Growth Equity 3.50% CUIT Intermediate Diversified 27.5% CUIT Core Equity Index 22.25% Bond CUIT Value Equity 3.50% CUIT International Small Cap Equity* 2.25% CUIT Magnus 60/40 Alpha Plus CUIT Small Cap Equity Index 6.00% CUIT Short Bond 10.0% CUIT International Equity 12.00% CUIT Opportunistic Bond 10.0% CUIT Growth Equity 12.00% CUIT Intermediate Diversified 20.0% CUIT Core Equity Index 15.00% Bond CUIT Value Equity 12.00% CUIT International Small Cap Equity* 3.00% CUIT Magnus 60/40 Beta Plus CUIT Small Cap Equity Index 6.00% CUIT Short Bond 10.0% CUIT International Equity 12.00% CUIT Opportunistic Bond 10.0% CUIT Core Equity Index 39.00% CUIT Intermediate Diversified 20.0% CUIT International Small Cap Equity* 3.00% Bond CUIT Magnus 75/25 CUIT Small Cap Equity Index 7.50% CUIT Short Bond 6.25% CUIT International Equity 15.00% CUIT Opportunistic Bond 6.25% CUIT Growth Equity 7.50% CUIT Intermediate Diversified 12.5% CUIT Core Equity Index 33.75% Bond CUIT Value Equity 7.50% CUIT International Small Cap Equity* 3.75%

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CUIT Funds Performance (March 31, 2020)

3 1 3 5 10 SINCE INCEPTION INVESTMENT OPTION/BENCHMARK MONTHS YEAR YEARS YEARS YEARS INCEPTION DATE CUIT Money Market Fund 0.36 1.97 1.68 1.11 0.56 3.17 1/1/85 Bloomberg Barclays US Short Treasury - Bills 0.47 2.08 1.74 1.14 0.61 3.57 (1-3M) Index ± CUIT Short Bond Fund -0.57 2.22 2.04 1.75 1.90 5.00 1/1/85 Bloomberg Barclays 1-3 Year Treasury Index ** 2.76 5.41 2.69 1.84 1.43 4.90 CUIT Opportunistic Bond Fund Class A -1.78 1.61 1.85 1.71 * 1.50 5/1/13 CUIT Opportunistic Bond Fund Class B -1.78 1.72 2.00 1.86 * 1.65 5/1/13 Bloomberg Barclays 1-5 Year US Gov't/Credit Index 2.17 5.58 3.08 2.27 * 1.94 CUIT Inter. Diversified Bond Fund Class A 0.25 6.09 3.81 2.77 3.73 5.59 1/1/95 CUIT Inter. Diversified Bond Fund Class B 0.32 6.23 3.97 2.93 3.89 4.59 1/1/03 Bloomberg Barclays Capital Aggregate Bond Index 3.15 8.93 4.82 3.36 3.88 5.64/4.29 CUIT Value Equity Fund Class A -29.79 -21.49 -4.72 -0.44 6.38 7.79 1/1/95 CUIT Value Equity Fund Class B -29.73 -21.21 -4.38 -0.08 6.76 7.08 1/1/03 Russell 1000 Value Index -26.73 -17.17 -2.18 1.90 7.67 8.62/7.25 CUIT Core Equity Index Fund Class A -19.75 -6.92 5.35 6.55 10.25 8.95 1/1/95 CUIT Core Equity Index Fund Class B -19.71 -6.72 5.57 6.77 10.47 5.29 3/1/00 S&P 500 Index -19.60 -6.98 5.10 6.73 10.53 9.17/5.26 CUIT Growth Fund Class A -14.91 -2.35 9.57 8.85 11.35 8.48 1/1/91 CUIT Growth Fund Class B -14.85 -2.05 9.90 9.18 11.69 8.73 1/1/03 Russell 1000 Growth Index **** -14.10 0.91 11.32 10.36 12.97 9.64/10.15 CUIT Small Cap Equity Index Fund Class A -32.68 -26.13 -5.66 -1.10 6.14 3.69 1/1/07 CUIT Small Cap Equity Index Fund Class B -32.62 -25.94 -5.38 -0.81 6.46 3.99 1/1/07 S&P SmallCap 600 Index § -32.64 -25.89 -5.23 -0.62 6.70 4.21 CUIT International Equity Fund Class A -23.32 -13.16 -0.77 0.51 3.28 4.88 1/1/95 CUIT International Equity Fund Class B -23.25 -12.71 -0.30 0.95 3.72 1.45 3/1/00 MSCI ACWI-ex U.S. ‡ -23.26 -15.14 -1.48 -0.13 3.20 4.45/2.62

Please review the Important Disclosures on page 43 for further information.

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CUIT Magnus® Funds Performance (March 31, 2020)

3 1 3 5 10 SINCE INCEPTION INVESTMENT OPTION/BENCHMARK MONTHS YEAR YEARS YEARS YEARS INCEPTION DATE CUIT Magnus 45 55 Fund Class A -10.63 -2.82 * * * 0.00 10/10/18 55% BBAgg / 33.75% Russell 3000 / 11.25% MSCI ACWI-ex U.S. -7.88 0.79 * * * 2.70 Magnus 60/40 Alpha Plus Fund Class A -14.34 -5.75 * * * -2.96 7/18/18 Magnus 60/40 Alpha Plus Fund Class B -14.30 -5.64 * * * -2.78 7/18/18 40% BBAgg / 45% Russell 3000 / 15% MSCI ACWI-ex U.S. -11.55 -2.13 * * * 0.07 Magnus 60/40 Beta Plus Fund Class A -13.68 -4.41 * * * -2.98 8/29/18 Magnus 60/40 Beta Plus Fund Class B -13.67 -4.26 * * * -2.20 9/12/18 40% BBAgg / 45% Russell 3000 / 15% MSCI ACWI-ex U.S. -11.55 -2.13 * * * -0.98/-0.40 Magnus 75/25 Fund Class A -16.78 -7.53 * * * -1.33 11/21/18 Magnus 75/25 Fund Class B -16.68 * * * * -8.47 4/5/19 25% BBAgg / 56.25% Russel3000 / 18.75% MSCI ACWI ExUs -15.21 -5.14 * * * 1.35/-6.25

Please review the Important Disclosures on page 43 for further information.

Christian Brothers Investment Services, Inc. n [email protected] PAGE 13 Q1 2020 FUND FACTS

Catholic Responsible CUIT Money Market Fund Investments

Fund Performance Objective 2.5% Capital preservation, liquidity and current 2.0% income CUIT Money Market 1.5% Bloomberg Barclays US Short 1.0% Investments Treasury - Bills (1-3M) Index 0.5% High quality and high liquidity fixed income 0% obligations with short maturities 3 MO 1 YR 3 YR 5 YR 10 YR Strategy Liquidity will be maintained by investing in highly rated securities with short maturities QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR (portfolio average maturity less than 90 days); credit and default risk are further minimized by CUIT Money Market 0.36 1.97 1.68 1.11 0.56 diversifying among issuers; the Fund attempts Bloomberg Barclays US Short Treasury-Bills (1-3M) Index 0.47 2.08 1.74 1.14 0.61 to maintain a stable net asset value of $1.00 per unit.

CALENDAR YEAR RETURN 2019 2018 2017 2016 2015 Benchmark Bloomberg Barclays U.S. Short T-Bills CUIT Money Market 2.20 1.74 0.93 0.31 0.02 (1-3 M) Index Bloomberg Barclays US Short Treasury-Bills (1-3M) Index 2.21 1.82 0.81 0.33 0.05 Asset Managers Source: BNY Mellon, SS&C. Please see Important Disclosures on Page 2. Wellington Management Company (Effective 2001) Total Expense Ratio / Minimum 0.35% / No Minimum Portfolio Analysis Credit Quality % STATISTICS FUND BENCHMARK FUND BENCHMARK Effective Duration (years) 0.3 0.1 A-1+ or higher 82.4 100.0 Average Quality A-1+ A-1+ A-1 16.2 0.0 Yield-to-Maturity 1.5 0.0 Less than A-1 1.4 0.0

Fund Size $85.4 MM Source: FactSet. Cash is included in A-1+ or higher.

Source: FactSet

Maturity Distribution FUND 0 to 7 Days 15.9 8 to 29 Days 14.5 30 - 59 Days 29.8 60 - 89 Days 12.1 90 - 179 Days 18.3 180 and Over 9.4

Source: FactSet

Market Sector Analysis % US Government Certificates Repurchase Asset-Backed Non-Corporate Commercial Paper Corporate Cash & Agencies of Deposit Agreements Securities Credit Fund 31.1 8.7 13.4 6.1 13.6 26.5 0.0 0.7 Benchmark 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Active Weights -68.9 8.7 13.4 6.1 13.6 26.5 0.0 0.7

Source: FactSet.

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com (877) 550-2247 ■ [email protected] 14 Q1 2020 FUND FACTS

Catholic Responsible CUIT Money Market Fund Investments

All attribution is based on gross portfolio performance.

12-Month Review 3-Month Review Current Positioning

■ On March 15, 2020, the Federal Reserve ■ The Federal Reserve unexpectedly cut interest ■ Base case expectation is for a sharp, deep global announced an emergency rate cut to support the rates to near zero on March 15, 2020 in support recession; the shape of the recovery will depend economy during the coronavirus pandemic. The of the economy during the COVID-19 pandemic. on public health and fiscal measures. The U.S. target range for the federal funds rate declined Yields on the front end of the curve declined trails other countries on the coronavirus curve. from ~1.50% - 1.75% to 0.00% - 0.25%. during the quarter. However, there needs to be more clarity on the The last time the Fed lowered the overnight duration and efficacy of containment strategies ■ During the 3-month period, the Fund’s yield to borrowing rate to a zero lower bound was in late maturity declined. before we can truly quantify the impact on 2008 in response to the Global Financial Crisis. economic growth. Quality names should weather ■ Underweight to US Treasuries and allocations to ■ the downturn. Markets likely to stay unsettled During the 12-month period, the Fund’s yield to consumer ABS and investment grade Corporate maturity also declined from 2.67% at the end until public health issue shows significant signs of credit had a negative impact on results. improvement. Most spread assets are priced for of March 2019 to end the period at 1.47% on However, the duration/yield curve positioning March 31, 2020. a recession. Biased to add risk while managing had a positive impact while positioning in US portfolio liquidity. The Fund’s duration posture is ■ An allocation to consumer ABS and investment Governments and Non-Corporate credit had a close to neutral. grade Corporates contributed. Duration, which neutral impact ■ was longer than the benchmark’s, was additive. The sub-advisor maintains a modest pro-cyclical positioning in corporate bonds. Valuations are Positioning in US Governments and Non- Corporate credit had a neutral impact. attractive, though they are focusing on higher- quality credits during this uncertain economic environment.

Important Information Benchmark 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.

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Catholic Responsible CUIT Short Bond Fund Investments

Fund Performance 6% Objective 5% Capital preservation and current income in 4% excess of cash market yields CUIT Short Term Bond 3% 2% Investments Bloomberg Barclays 1-3 Year U.S. 1% Treasury Index 0% Short-term U.S. government, agency, corporate, -1% 3 MO 1 YR 3 YR 5 YR 10 YR asset-backed and mortgage-backed securities; Up to 10% of the portfolio may be invested in short-maturity bonds rated below investment- grade

QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR Strategy Focus on sector allocation and security CUIT Short Bond Fund (0.57) 2.22 2.04 1.75 1.90 selection, coupled with a top-down Bloomberg Barclays 1-3 Year U.S. Treasury Index 2.76 5.41 2.69 1.84 1.43 macroeconomic risk management process; aimed at minimizing downside risk while maximizing income potential CALENDAR YEAR RETURN 2019 2018 2017 2016 2015 Benchmark CUIT Short Bond Fund 4.14 1.41 1.71 1.99 0.81 Bloomberg Barclays 1-3 Year U.S. Bloomberg Barclays 1-3 Year U.S. Treasury Index 3.59 1.56 0.42 0.86 0.54 Treasury Index Source: BNY Mellon, SS&C. Please see Important Disclosures on Page 2. Asset Managers Longfellow Invst. Mgmt. Co. (Effective 2008) Total Expense Ratio / Minimum 0.33% / No Minimum Portfolio Analysis Effective Duration % STATISTICS FUND BENCHMARK FUND BENCHMARK Average Maturity (years) 2.4 1.9 <1 Year 23.9 3.9 Effective Duration (years) 2.1 1.9 1-3 Years 55.2 96.1 Average Quality A+ TSY 3-5 Years 18.8 0.0 Yield-to-Maturity 3.1% 0.3% 5-7 Years 2.1 0.0

Current Yield 3.0% 1.5% Source: FactSet. Cash is included in <1 Year. # of Securities 229 93

Source: FactSet

Risk Metrics (5yr) Credit Quality % CHARACTERISTICS FUND BENCHMARK FUND BENCHMARK Total Fund Value $425.3 MM Standard Deviation 1.3 1.1 AAA 53.1 100.0 CUIT Short Bond Fund $319.7 MM Tracking Error 1.6 0.0 AA 4.1 0.0 CUIT Short Bond Fund in Magnus® $105.6 MM Sharpe Ratio 0.7 0.6 A 21.9 0.0 Information Ratio 0.2 N/A BBB 17.5 0.0 Upside Capture 85.4 100.0 Below BBB 3.5 0.0

Downside Capture -7.2 100.0 Source: FactSet. Cash is included in AAA.

Source: eVestment

Market Sector Analysis % Supra- Covered Merger/ Treasuries Agencies Industrials Finance Utilities Sovereign MBS CMO CMBS ABS Municipals Cash national Bonds Arbitrage Fund 18.7 5.5 18.7 17.5 2.5 0.0 0.0 2.8 0.7 12.2 18.4 2.5 0.0 0.0 0.5 Benchmark 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Active Weights -81.3 5.5 18.7 17.5 2.5 0.0 0.0 2.8 0.7 12.2 18.4 2.5 0.0 0.0 0.5

Source: FactSet

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com (877) 550-2247 ■ [email protected] 16 Q1 2020 FUND FACTS

Catholic Responsible CUIT Short Bond Fund Investments

Attribution 3-MONTH 1-YEAR Duration 0.14 0.05 Curve -0.03 -0.08 Sector Allocation -3.37 -2.82 Security Selection 0.00 0.00 Total -3.26 -2.85

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

12-Month Review 3-Month Review Current Positioning

■ Duration positioning added to relative ■ Longer duration positioning was additive as rates ■ The Fund maintains a modest duration performance over 12 months. fell across the curve in the quarter. overweight.

■ Curve positioning detracted. ■ Curve positioning was neutral. ■ The Fund has maintained its “barbelled” positioning relative to the benchmark. ■ Sector allocation was the main driver of ■ Sector allocation was the main driver of underperformance for the year. Allocation to underperformance for the quarter. Allocation ■ The Fund is meaningfully allocated to Corporates and significant underweight to to Corporates and significant underweight to non-Treasury sectors. High yield exposure has Treasuries detracted from relative results as Treasuries detracted from relative results as remained around 5% recently and stood at corporate spreads widened considerably in the corporate spreads widened considerably in the 3% on March 31st. Those holdings are focused first quarter as investors reduced exposure and first quarter as investors reduced exposure and primarily in BB and B rated securities. rushed into safe-haven Treasuries. Allocation rushed into safe-haven Treasuries. Allocation to ABS and CMBS also detracted from relative to ABS and CMBS also detracted from relative performance. performance.

■ Security selection was neutral for the trailing ■ Security selection was neutral for the quarter. twelve months, which is expected as much of the Security selection is not expected to be a value add is driven by sector allocation decisions. meaningful factor as most of the value add is driven by sector allocation decisions.

Important Information Benchmark 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.

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com PAGEPAGE 17 2 Q1 2020 FUND FACTS

Catholic Responsible CUIT Opportunistic Bond Fund Investments

Fund Performance Objective 6% Current income and long-term capital 4% appreciation CUIT Opportunistic Bond Fund Class A 2% CUIT Opportunistic Bond Fund Class B 0% Investments U.S. government, agency, corporate, Bloomberg Barclays 1-5 Yr Gov’t/Credit -2% 3 MO 1 YR 3 YR 5 YR 10 YR mortgage- and asset-backed securities (below-BBB permitted to 20% of assets); Merger-arbitrage strategy, opportunistic / QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR modest use CUIT Opportunistic Bond Fund Class A (1.78) 1.61 1.85 1.71 - Strategy CUIT Opportunistic Bond Fund Class B (1.78) 1.72 2.00 1.86 - Uses top down macroeconomic analysis, Bloomberg Barclays 1-5 Yr Gov’t/Credit Index 2.17 5.58 3.08 2.27 - along with fundamental research to capture inefficiencies in the valuation of sectors and individual securities; combined with duration CALENDAR YEAR RETURN 2019 2018 2017 2016 2015 management (+/– 2.5 years of the benchmark) CUIT Opportunistic Bond Fund Class A 5.35 0.82 1.63 2.54 0.98 in pursuit of above-benchmark returns over a CUIT Opportunistic Bond Fund Class B 5.56 0.96 1.78 2.69 1.23 full market cycle Bloomberg Barclays 1-5 Yr Gov’t/Credit Index 5.01 1.38 1.27 1.56 0.97 Benchmark Bloomberg Barclays 1-5 Year Source: BNY Mellon, SS&C. Please see Important Disclosures on Page 2. Government/Credit Index Asset Managers Portfolio Analysis Effective Duration % Longfellow Invst. Mgmt. (Effective 2013) STATISTICS FUND BENCHMARK FUND BENCHMARK Brandywine Global Invst. Mgmt. (Effective 2019) Average Maturity (years) 4.6 2.7 <1 Year 19.6 4.0 Total Expense Ratio / Minimum Class A: 0.54% / No Minimum Effective Duration (years) 3.4 2.6 1-3 Years 36.9 58.7 Class B: 0.39% / $5M Average Quality A AA 3-5 Years 34.1 37.3 Yield-to-Maturity 3.6% 1.1% 5-7 Years 2.5 0.0 Current Yield 3.5% 2.3% 7-10 Years 1.6 0.0 # of Securities 308 2,930 10-20 Years 5.2 0.0

Source: FactSet. Bond allocation excludes mergers and acquisitions. >20 Years 0.2 0.0

Source: FactSet. Cash is included in <1 Year.

Risk Metrics (5yr) Credit Quality % CHARACTERISTICS FUND BENCHMARK FUND BENCHMARK Total Fund Value $444.1 MM Standard Deviation 2.1 1.4 AAA 38.6 72.9 CUIT Opportunistic Bond Fund $46.6 MM Class A Tracking Error 1.8 0.0 AA 10.4 4.4 CUIT Opportunistic Bond Fund $292.2 MM Sharpe Ratio 0.6 0.8 A 23.7 11.6 Class B Information Ratio 0.0 N/A BBB 21.0 10.7 CUIT Opportunistic Bond Fund $105.4 MM Upside Capture 79.3 100.0 Below BBB 6.4 0.4 in Magnus®

Downside Capture 25.7 100.0 Source: FactSet. Cash is included in AAA.

Source: eVestment

Market Sector Analysis % Supra- Covered Merger/ Treasuries Agencies Industrials Finance Utilities Sovereign MBS CMO CMBS ABS Municipals Cash national Bonds Arbitrage Fund 9.1 2.3 20.6 19.6 1.8 0.0 0.0 4.4 0.6 17.3 11.5 2.1 0.0 9.6 1.0 Benchmark 66.6 4.8 12.6 10.2 1.1 3.2 0.7 0.0 0.0 0.0 0.0 0.7 0.0 0.0 0.0 Active Weights -57.5 -2.6 8.0 9.4 0.7 -3.2 -0.7 4.4 0.6 17.3 11.5 1.4 0.0 9.6 1.0 Source: FactSet

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com (877) 550-2247 ■ [email protected] 18 Q1 2020 FUND FACTS

Catholic Responsible CUIT Opportunistic Bond Fund Investments

Attribution 3-MONTH 1-YEAR Duration 0.13 -0.01 Curve -0.06 -0.06 Sector Allocation -2.96 -2.69 Security Selection -1.11 -1.00 Total -3.99 -3.76

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

12-Month Review 3-Month Review Current Positioning

■ Sector allocation and security selection accounted ■ The slightly longer duration posture throughout ■ Duration position is longer than the benchmark for virtually all of the underperformance for the the quarter had a positive impact on relative ■ Yield Curve position is toward a neutral to slight period. Duration and yield curve positioning had performance in the first quarter as rates flattening across the curve. little impact on relative performance. Although declined. ■ Sector exposure emphasizes Corporates and the Merger/Arbitrage allocation was additive. ■ Yield curve positioning was slightly negative/ securitized areas, which is supported by a ■ The shorter average duration in the latter half of neutral for the period. continued underweight to Treasuries. 2019 negated the positive impacts of the more ■ Sector allocation had the largest impact recent longer duration position. ■ High yield exposure was similar to the allocation on relative performance as the significant at the end of the 4th quarter. Allocation to high ■ Curve positioning was slightly negative/neutral underweight to Treasuries combined with yield securities is predominately held in BB and for the period. overweights to corporates and exposure to B credit buckets. ABS and CMBS detracted substantially. Corporate ■ Sector allocation was the biggest detractor due to the macro events of the first quarter as spreads widened considerably as investors investors rushed to safe-haven Treasuries. reduced exposure and rushed into safe-haven Treasuries. ■ Security selection was also negative as holdings ■ within Industrials underperformed; notably, Security selection was also negative in the first exposure to oil related companies detracted quarter. Specific holdings within Industrials as oil priced meaningfully declined during the accounted for much of the negative stock first quarter. selection results with issues in Energy and restaurants accounting for the shortfall. ■ Merger/Arbitrage detracted in the first quarter ■ as the number of deals declined significantly, Merger/Arbitrage portfolio, with the but on the strength of its performance in significant decline in deals exacerbated the 2019 had a positive contribution. underperformance of the Fund.

Important Information Benchmark 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.

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Catholic Responsible CUIT Int. Diversified Bond Fund Investments

Fund Performance Objective Current income and long-term capital 10% appreciation CUIT Int. Divers. Bond A 8% 6% CUIT Int. Divers. Bond B 4% Investments 2% U.S. government and agency securities, Bloomberg Barclays Aggregate 0 Corporate bonds, mortgage- and asset-backed Bond Index 3 MO 1 YR 3 YR 5 YR 10 YR securities (below-BBB permitted up to 10% of total Fund assets) QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR Strategy CUIT Int. Diversified Bond Fund Class A 0.25 6.09 3.81 2.77 3.73 Uses top down macroeconomic analysis, along with fundamental research, to capture CUIT Int. Diversified Bond Fund Class B 0.32 6.23 3.97 2.93 3.89 inefficiencies in the valuation of sectors and Bloomberg Barclays Aggregate Bond Index 3.15 8.93 4.82 3.36 3.88 individual securities; combined with duration management (+/– 20% of the benchmark) in CALENDAR YEAR RETURN 2019 2018 2017 2016 2015 pursuit of above-benchmark returns over a full market cycle CUIT Int. Diversified Bond Fund Class A 8.78 0.00 3.38 3.53 (0.13) Benchmark CUIT Int. Diversified Bond Fund Class B 8.93 0.14 3.54 3.69 (0.05) Bloomberg Barclays Aggregate Bond Index Bloomberg Barclays Aggregate Bond Index 8.72 0.01 3.54 2.65 0.55 Asset Managers Source: BNY Mellon, SS&C. Please see Important Disclosures on Page 2. Dodge & Cox, Inc. (Effective 1995) SLC Management (Effective 2019)* Brandywine Global Invst. Mgmt. (Effective 2019) Portfolio Analysis Effective Duration % Total Expense Ratio / Minimum STATISTICS FUND BENCHMARK FUND BENCHMARK Class A: 0.54% / No Minimum Average Maturity (years) 9.0 7.6 <1 Year 10.5 7.8 Class B: 0.39% / $5M Effective Duration (years) 6.1 5.6 1-3 Years 35.1 39.8 Average Quality A+ AA 3-5 Years 18.9 17.4 Yield-to-Maturity 3.3% 1.6% 5-7 Years 6.3 10.6 Current Yield 3.6% 2.4% 7-10 Years 11.3 7.0 # of Securities 752 11,152 10-20 Years 14.7 13.1 Source: FactSet >20 Years 3.2 4.2 Source: FactSet. Cash is included in <1 Year.

Risk Metrics (5yr) Credit Quality % CHARACTERISTICS FUND BENCHMARK FUND BENCHMARK Total Fund Value $1,356.6 MM Standard Deviation 3.2 3.1 AAA 48.1 73.8 CUIT Int. Diversified Bond $79.2 MM Fund Class A Tracking Error 1.2 0.0 AA 4.4 3.3 CUIT Int. Diversified Bond $1,068.0 MM Sharpe Ratio 0.7 0.7 A 19.5 10.5 Fund Class B Information Ratio 0.0 N/A BBB 23.0 12.2 CUIT Int. Diversified Bond ® $209.3 MM Upside Capture 100.4 100.0 Below BBB 5.0 0.3 Fund in Magnus

Downside Capture 102.0 100.0 Source: FactSet. Cash is included in AAA. Source: eVestment

Market Sector Analysis % Supra- Covered Merger/ Treasuries Agencies Industrials Finance Utilities Sovereign MBS CMO CMBS ABS Municipals Cash national Bonds Arbitrage Fund 16.1 1.1 19.1 18.0 1.5 0.0 0.0 20.6 1.3 10.0 7.1 0.8 0.0 0.0 4.4 Benchmark 41.8 2.5 14.1 7.5 1.8 1.4 1.0 26.6 0.0 2.1 0.4 0.9 0.0 0.0 0.0 Active Weights -25.7 -1.4 5.0 10.6 -0.3 -1.4 -1.0 -6.0 1.3 8.0 6.7 -0.2 0.0 0.0 4.4

Source: FactSet

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com (877) 550-2247 ■ [email protected] 20 Q1 2020 FUND FACTS

Catholic Responsible CUIT Int. Diversified Bond Fund Investments

Attribution 3-MONTH 1-YEAR Duration -0.62 -0.67 Curve 0.05 0.04 Sector Allocation -1.20 -0.98 Security Selection -1.67 -1.49 Total -3.43 -3.11

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

12-Month Review 3-Month Review Current Positioning

■ The Fund had a positive absolute return for the ■ The 3-month story is consistent with that for the ■ While there have been some changes to the year but underperformed the benchmark due to year. The Fund started the quarter with a shorter Fund’s characteristics, the three sub-advisers results from the first quarter of 2020. duration versus the benchmark detracting from are largely in a reassessing mode and are being relative performance over the quarter due to the careful not to over- or underreact during this ■ The Fund started the quarter with a shorter recent sharp decline in rates. The Fund extended volatile and uncertain economic environment duration versus the benchmark detracting from duration towards the end of the first quarter to relative performance due to the recent sharp ■ Yield curve positioning adjusted during the last 6.2 years, longer than the benchmark’s decline in interest rates. The Fund extended part of the quarter as exposure to near-term 5.7 years. duration towards the end of the first quarter to maturities decreased and longer-term increased 6.2 years, longer than the benchmark’s ■ Curve positioning had a neutral impact. in the corporate credit sector due to attractive 5.7 years. valuations. ■ Sector allocation detracted. The Fund’s ■ Curve positioning had a neutral impact. overweight allocation to Corporates and ■ The Fund is notably underweight US Treasury underweight to US Treasuries was the bonds and agency MBS and is meaningfully ■ Sector allocation detracted for the year. The Fund’s overweight allocation to Corporates and biggest detractor. Corporate spreads widened overweight corporate credit and ABS and CMBS. underweight to US Treasuries and MBS detracted. considerably in March as investors rushed into Corporate spreads widened considerably in the safe-haven Treasuries. The Fund’s overweight to first quarter as investors sold corporate debt for CMBS and underweight to Agency and MBS also safe-haven Treasuries. The Fund’s overweight to detracted from relative performance. CMBS also detracted from relative performance. ■ Security selection detracted and had the biggest impact on benchmark relative results. Selection ■ Security selection had the biggest impact on benchmark relative results detracted. Selection decisions in the ABS, Industrials, Agency and decisions in the ABS, Industrials, Agency and CMBS were the biggest detractors. CMBS were the biggest detractors.

Important Information Benchmark 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.

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Catholic Responsible CUIT Core Equity Index Fund Investments

Fund Performance Objective 15% Long-term capital appreciation 10% CUIT Core Equity A 5% Investments 0% CUIT Core Equity B Equity securities in S&P 500 except those -5% screened by CBIS’ Catholic investment S&P 500 Index -10% screens criteria -15% -20% Strategy 3 MO 1 YR 3 YR 5 YR 10 YR Counter the impact of screens by overweighting select holdings so that the Fund’s broad QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR quantitative characteristics match those of the S&P 500 as closely as possible CUIT Core Equity A (19.75) (6.92) 5.35 6.55 10.25 Benchmark CUIT Core Equity B (19.71) (6.72) 5.57 6.77 10.47 S&P 500 Index S&P 500 (19.60) (6.98) 5.10 6.73 10.53 Asset Managers RhumbLine Advisers (Effective 1995) CALENDAR YEAR RETURN 2019 2018 2017 2016 2015 Total Expense Ratio / Minimum CUIT Core Equity A 32.05 (4.62) 22.64 11.27 0.29 Class A: 0.39% / No Minimum CUIT Core Equity B 32.33 (4.42) 22.87 11.51 0.50 Class B: 0.19% / $3M S&P 500 31.49 (4.38) 21.83 11.96 1.38

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

Portfolio Analysis Top Ten Holdings Risk Metrics (5yr) STATISTICS FUND BENCHMARK NAME % CHARACTERISTICS FUND BENCHMARK Weighted Median Market Cap $94.7B $118.7B Microsoft Corporation 6.1 Standard Deviation 13.7 13.5 Price/Book 2.7x 2.7x Apple Inc. 5.1 Tracking Error 0.6 0.0 Price/Earnings 17.4x 17.4x Amazon.com, Inc. 3.8 Sharpe Ratio 0.4 0.4 Return on Equity 25.7% 25.0% Alphabet Inc. 3.5 Information Ratio 0.4 N/A Dividend Yield 2.1% 2.3% Berkshire Hathaway Inc. 2.2 Upside Capture 102.2 100.0 5-year Earnings Growth 18.0% 17.0% Facebook, Inc. 1.9 Downside Capture 101.3 100.0

Beta 1.0 0.0 Abbott Laboratories 1.4 Source: eVestment Active Share 15.8 N/A JPMorgan Chase & Co. 1.3

10 Largest Holdings 27.7 25.2 Visa Inc. 1.3 Total Fund Value $1,808.5 MM # of Equity Securities 463 505 Coca-Cola Company 1.2 CUIT Core Equity Fund Class A $58.3 MM Turnover Rate 30.8 N/A Source: FactSet CUIT Core Equity Fund Class B $1,146.8 MM Source: FactSet CUIT Core Equity Fund Class C $374.5 MM CUIT Core Equity Fund $228.9 MM in Magnus®

Market Sector Analysis % Communication Consumer Consumer Health Information Energy Financials Industrials Materials Real Estate Utilities Cash Services Discretionary Staples Care Technology Fund 11.2 9.7 7.3 2.6 11.3 13.3 7.8 25.8 2.8 3.4 3.5 1.3 Benchmark 10.7 9.8 7.8 2.6 10.9 15.4 8.2 25.5 2.4 3.0 3.6 0.0 Active Weights 0.4 -0.1 -0.5 -0.1 0.4 -2.1 -0.4 0.3 0.4 0.4 -0.1 1.3

Source: FactSet

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com (877) 550-2247 ■ [email protected] 22 Q1 2020 FUND FACTS

Catholic Responsible CUIT Core Equity Index Fund Investments

All attribution is based on gross portfolio performance.

12-Month Review 3-Month Review Current Positioning

■ Outperformance of the Fund was due primarily ■ Underperformance was concentrated in Health ■ The Fund is positioned very similarly to the to exposure to Industrials. Restricted stocks Care as restricted, higher-performing issues benchmark. delivered weaker relative performance for the posted stronger returns, relative to the Fund. ■ Restrictions are most prominent in Health Care period. However, reweighting to companies ■ Industrials sector added, largely from restricting (e.g., large pharmaceutical companies), detracted from positive performance. underperforming names. Consumer Staples (tobacco stocks), and ■ Information Technology benefitted, which was Industrials (aerospace and defense). When there ■ Information Technology added this quarter from are significant differences in performance, the driven by reweighting to strong performing re-weighting a name. securities. differences will most likely emanate from one or ■ Consumer Staples added from re-weighting. This more of these economic sectors. ■ Conversely, Health are cost the Fund due to C was partially offset by restricting two names. restricting names, and re-weighting to issues. ■ Currently, the Fund is underweight in ■ Energy added from restricting a name. Health Care. ■ Consumer staples added along with reweighting to stronger performers. ■ Trading and futures exposure was a minor detractor during the period. ■ Energy added to results as the Fund was modestly underweight to the underperforming sector.

Important Information Benchmark 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.

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Catholic Responsible CUIT Value Equity Fund Investments

Fund Performance 10% Objective 5% Long-term capital growth of capital 0% CUIT Value Equity A -5% Investments CUIT Value Equity B -10% High-quality companies, $1 billion+ market -15% caps, that appear underpriced relative to Russell 1000 Value Index -20% -25% traditional value metrics -30% Strategy 3 MO 1 YR 3 YR 5 YR 10 YR Combines complementary managers seeking undervalued securities, one using fundamental, QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR bottom-up analysis; the other using quantitative multi-factor modeling CUIT Value Equity Fund Class A (29.79) (21.49) (4.72) (0.44) 6.38 Benchmark CUIT Value Equity Fund Class B (29.73) (21.21) (4.38) (0.08) 6.76 Russell 1000 Value Index Russell 1000 Value Index (26.73) (17.17) (2.18) 1.90 7.67 Asset Managers Dodge & Cox (Effective 2000) CALENDAR YEAR RETURN 2019 2018 2017 2016 2015 AJO (Effective 2002) CUIT Value Equity Fund Class A 23.06 (11.58) 16.53 13.98 (3.58) Total Expense Ratio / Minimum CUIT Value Equity Fund Class B 23.50 (11.27) 16.96 14.41 (3.26) Class A: 1.04% / No Minimum Russell 1000 Value Index 26.54 (8.27) 13.66 17.34 (3.83) Class B: 0.68% / $5M

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

Portfolio Analysis Top Ten Holdings Risk Metrics (5yr) STATISTICS FUND BENCHMARK NAME % CHARACTERISTICS FUND BENCHMARK Weighted Median Market Cap $29.1B $57.4B Microsoft Corporation 2.7 Standard Deviation 16.7 14.7 Price/Book 1.2x 1.5x Cigna Corporation 2.7 Tracking Error 3.7 0.0 Price/Earnings 10.7x 12.6x HP Inc. 2.5 Sharpe Ratio 0.0 0.1 Return on Equity 15.4% 14.5% Alphabet Inc. 2.4 Information Ratio -0.3 N/A Dividend Yield 2.9% 3.4% FedEx Corporation 2.3 Upside Capture 106.8 100.0 5-year Earnings Growth 12.9% 7.5% CVS Health Corporation 2.3 Downside Capture 112.4 100.0

Beta 1.0 0.0 Charter Communications, Inc. 2.3 Source: eVestment Active Share 72.2 N/A Comcast Corporation 2.2 10 Largest Holdings 23.4 4.5 Charles Schwab Corporation 2.2 Total Fund Value $241.5 MM # of Equity Securities 214 765 Bank of America Corporation 1.9 CUIT Value Equity Fund Class A $45.9 MM

Turnover Rate 77.3 N/A Source: FactSet CUIT Value Equity Fund Class B $102.9 MM Source: FactSet CUIT Value Equity Fund in Magnus® $92.8 MM

Market Sector Analysis % Communication Consumer Consumer Health Information Real Energy Financials Industrials Materials Utilities Cash Services Discretionary Staples Care Technology Estate Fund 13.5 4.6 6.2 5.1 24.0 14.1 7.8 15.1 2.4 2.1 3.6 1.4 Benchmark 8.6 5.2 10.6 5.4 21.3 15.5 9.5 6.8 4.2 5.1 7.8 0.0 Active Weights 4.8 -0.5 -4.4 -0.3 2.7 -1.4 -1.7 8.3 -1.8 -2.9 -4.2 1.4

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

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com (877) 550-2247 ■ [email protected] 24 Q1 2020 FUND FACTS

Catholic Responsible CUIT Value Equity Fund Investments

Attribution 12-MONTHS 3-MONTHS

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

Sector Security Sector Security Sector Fund Index Total Fund Index Total Allocation Selection Allocation Selection Communication Services 12.39 7.87 0.36 0.92 1.28 12.87 8.28 0.21 1.04 1.25 Consumer Discretionary 5.29 5.82 0.07 -0.27 -0.20 5.15 5.73 0.08 0.15 0.22 Consumer Staples 4.67 8.80 -0.73 -0.43 -1.16 4.93 9.37 -0.72 -0.41 -1.13 Energy 8.44 8.27 -0.15 -0.66 -0.81 7.41 7.00 -0.13 -0.90 -1.03 Financials 25.64 23.30 -0.13 -1.97 -2.10 25.51 23.15 -0.23 -1.89 -2.11 Health Care 11.88 13.47 -0.04 0.42 0.38 12.91 13.67 -0.07 -0.25 -0.32 Industrials 7.98 9.21 0.04 -1.12 -1.08 7.76 9.74 0.04 -0.60 -0.56 Information Technology 13.59 7.11 1.15 -0.55 0.60 13.92 6.49 0.83 0.12 0.95 Materials 2.56 4.18 0.02 -0.05 -0.02 2.49 4.13 -0.00 -0.14 -0.14 Real Estate 2.33 5.22 0.22 -0.23 -0.01 2.27 5.26 0.15 -0.14 0.01 Utilities 2.98 6.75 -0.46 -0.45 -0.91 3.10 7.16 -0.44 -0.25 -0.69 Cash 2.24 - -0.03 - -0.03 1.67 - 0.18 - 0.18 Total 100.00 100.00 0.34 -4.39 -4.05 100.00 100.00 -0.09 -3.27 -3.37

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

12-Month Review 3-Month Review ■ Smaller cap names did worse than larger cap names. This also had an impact on the ■ Stock selection was the primary cause of ■ Underperformance was primarily due to stock underperformance with negative relative selection with negative stock selection. fund’s relative performance. The Fund was results in Financials, Industrials, and Energy underweighted to the largest part of the ■ Underweights to Consumer Staples and Utilities value index, which also did the best, and driving overall fund underperformance. While along with an overweight to Financials detracted, there were some positives from an overweight overweighted the mid and smaller cap overweights to Information Technology and names, which performed the worst. to Information Technology and strong stock Communication Services benefitted. This led to a selection within Communication Services, they negligible impact from sector allocation decisions. were not enough to offset the negative stock Current Positioning selection results in the other sectors. ■ Holdings in Financials detracted significantly. ■ Positioning generally does not change much ■ ■ Energy stocks, although a relatively small With the exception of Communication Services quarter to quarter or even annually in terms and Health Care, disappointing results in all allocation in the fund, had a large negative impact on performance as some holdings of sector exposures and other portfolio sectors with the most notable being Energy, characteristics. Information Technology, and Financials. declined tremendously in the quarter. ■ Currently, the Fund’s overweights in ■ On the positive side, Communication Services holdings declined by less than the benchmark Communications Services, Information and lessened the underperformance versus the technology, and Financials are consistent with benchmark. positioning in recent quarters – as are the underweights to Health Care, Consumer Staples, Real Estate, and Utilities.

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.

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Catholic Responsible CUIT Growth Fund Investments

Fund Performance 15% Objective 9% Long-term growth of capital 6% CUIT Growth Fund A Investments 0% Common stocks of U.S. companies with market CUIT Growth Fund B -6% caps greater than $500 million, exhibiting Russell 1000 Growth Index -9% sustainable, above-average earnings growth -15% 3 MO 1 YR 3 YR 5 YR 10 YR Strategy Focus on mid- and large-cap stocks that exhibit sustainable, above-average earnings QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR growth; blends a quantitative manager and a fundamental manager to construct a more CUIT Growth Fund A (14.91) (2.35) 9.57 8.85 11.35 concentrated portfolio CUIT Growth Fund B (14.85) (2.05) 9.90 9.18 11.69 Benchmark Russell 1000 Growth Index (14.10) 0.91 11.32 10.36 12.97 Russell 1000 Growth Index Asset Managers CALENDAR YEAR RETURN 2019 2018 2017 2016 2015 Wellington Mgmt. (Effective 2004) CUIT Growth Fund A 33.46 (0.45) 25.38 5.37 5.29 Los Angeles Capital Mgmt. (Effective 2009) CUIT Growth Fund B 33.87 (0.16) 25.77 5.69 5.63 Total Expense Ratio / Minimum Russell 1000 Growth Index 36.39 (1.51) 30.21 7.08 5.67 Class A: 1.15% / No Minimum Class B: 0.85% / $5M Source: BNY Mellon, SS&C. Please see Important Disclosures on Page 2.

Portfolio Analysis Top Ten Holdings Risk Metrics (5yr) STATISTICS FUND BENCHMARK NAME % CHARACTERISTICS FUND BENCHMARK Weighted Median Market Cap $139.1B $129.0B Microsoft Corporation 10.3 Standard Deviation 13.3 13.9 Price/Book 6.2x 6.5x Apple Inc. 8.5 Tracking Error 1.7 0.0 Price/Earnings 24.9x 24.2x Alphabet Inc. 6.3 Sharpe Ratio 0.7 0.7 Return on Equity 31.9% 31.0% Amazon.com, Inc. 6.1 Information Ratio 0.0 N/A Dividend Yield 1.1% 1.3% Facebook, Inc. 3.4 Upside Capture 96.4 100.0 5-year Earnings Growth 25.2% 24.9% Visa Inc. 2.8 Downside Capture 94.9 100.0

Beta 1.0 0.0 Mastercard Incorporated 2.1 Source: eVestment Active Share 36.9 N/A Adobe Incorporated 2.0 10 Largest Holdings 44.9 38.6 American Tower Corporation 1.7 Total Fund Value $294.2 MM # of Equity Securities 185 532 salesforce.com, inc. 1.6 CUIT Growth Fund Class A $59.6 MM

Turnover Rate 80.3 N/A Source: FactSet CUIT Growth Fund Class B $135.7 MM

Source: FactSet CUIT Growth Fund in Magnus® $98.9 MM

Market Sector Analysis % Communication Consumer Consumer Health Information Energy Financials Industrials Materials Real Estate Utilities Cash Services Discretionary Staples Care Technology Fund 11.0 14.7 4.5 0.0 4.6 10.0 7.0 43.0 1.8 2.2 0.0 1.2 Benchmark 11.7 14.1 4.6 0.1 2.9 15.1 8.0 39.8 1.2 2.5 0.0 0.0 Active Weights -0.7 0.7 -0.1 -0.1 1.7 -5.1 -1.0 3.3 0.5 -0.3 0.0 1.2

Source: FactSet

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Catholic Responsible CUIT Growth Fund Investments

Attribution 12-MONTHS 3-MONTHS

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

Sector Security Sector Security Sector Fund Index Total Fund Index Total Allocation Selection Allocation Selection Communication Services 11.56 11.81 -0.07 -0.47 -0.54 11.48 11.70 0.01 -0.31 -0.30 Consumer Discretionary 15.10 14.43 -0.15 -0.32 -0.48 13.48 13.89 -0.02 -0.07 -0.09 Consumer Staples 4.16 4.99 -0.01 -0.06 -0.07 4.08 4.62 0.02 0.09 0.11 Energy - 0.37 0.19 - 0.19 - 0.21 0.10 - 0.10 Financials 5.88 3.45 -0.20 -0.05 -0.25 6.00 3.06 -0.14 -0.17 -0.31 Health Care 9.64 13.95 -0.19 -0.25 -0.44 9.70 14.33 -0.05 -0.23 -0.28 Industrials 8.41 9.95 0.10 0.34 0.44 7.93 8.83 0.14 0.12 0.27 Information Technology 40.42 37.14 0.20 -0.88 -0.68 42.54 39.66 0.10 -0.36 -0.27 Materials 1.42 1.48 -0.15 0.19 0.05 1.73 1.29 -0.04 0.06 0.02 Real Estate 2.16 2.43 -0.10 -0.01 -0.11 1.94 2.40 -0.01 0.07 0.06 Utilities ------Cash 1.24 - -0.16 - -0.16 1.12 - 0.12 - 0.12 Total 100.00 100.00 -0.55 -1.51 -2.07 100.00 100.00 0.23 -0.80 -0.56

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

12-Month Review 3-Month Review Current Positioning

■ The 12-month results were modestly negative, ■ One of the top performing sectors was ■ Although the two sub-advisors utilize very a sharp contrast to 2019 full year results. Information Technology. The worst performing different investment philosophies and portfolio sectors were Energy and industrials. construction techniques, both are keeping sector ■ Sector allocation detracted. The overweight weights close to those of the benchmark index. to Financials, Consumer Discretionary, and ■ Sector allocation decisions benefited relative underweight to Health Care were the biggest results. Holding transactional cash had a ■ Historically the Fund is a very low Tracking Error detractors. The zero weight to Energy and positive impact on relative performance as did product relative to peers. overweight to Information Technology, the best the overweight to Information Technology ■ The aim is to have 75% or more of excess performing sector, helped. Sector allocation and underweight to Industrials. returns come from stock selection. decisions are a fallout of the stock selection ■ Within Information Technology, the overweights process and that from quarter to quarter, sector ■ The Fund place a premium on companies that to two names hurt relative performance. In are reasonably valued. As such, the fund should allocations may have significant impacts on Communication Services, the underweight to a relative performance, but over the long-term, provide some downside protection in rapidly name hurt. In the Industrials sector, the fund declining markets and this was put to the test we expect performance to be driven by was helped by not having any exposure to stock selection. this past quarter. While the outperformance one name. was modest, it is notable. ■ Security selection was a detractor. Information Technology was the biggest detractor. Within Consumer Services, underweight detracted and within Health Care, the overweight detracted.

Important Information Benchmark 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.

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com PAGEPAGE 27 2 Q1 2020 FUND FACTS

Catholic Responsible CUIT Small Cap Equity Index Fund Investments

Fund Performance 10% Objective Long-term capital appreciation by attempting 0% to replicate the performance of the S&P Small CUIT Small Cap Equity A -10% Cap 600 CUIT Small Cap Equity B -20% Investments S&P SmallCap 600 Index -30% Common stocks that generally comprise the S&P SmallCap 600 -40% 3 MO 1 YR 3 YR 5 YR 10 YR Strategy Closely track the benchmark, while seeking QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR replacements for screened stocks with similar market capitalizations in the same or a CUIT Small Cap Equity Fund Class A (32.68) (26.13) (5.66) (1.10) 6.14 related industry CUIT Small Cap Equity Fund Class B (32.62) (25.94) (5.38) (0.81) 6.46 Benchmark S&P SmallCap 600 Index (32.64) (25.89) (5.23) (0.62) 6.70 S&P SmallCap 600 Index Asset Managers CALENDAR YEAR RETURN 2019 2018 2017 2016 2015 RhumbLine Advisers (Effective 2007) CUIT Small Capitalization Equity Fund Class A 22.24 (8.90) 14.43 20.60 (4.75) Total Expense Ratio / Minimum CUIT Small Capitalization Equity Fund Class B 22.58 (8.63) 14.81 20.97 (4.53) Class A: 0.58% / No Minimum S&P SmallCap 600 Index 22.78 (8.48) 15.22 21.31 (4.41) Class B: 0.29% / $3M

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

Portfolio Analysis Top Ten Holdings Risk Metrics (5yr) STATISTICS FUND BENCHMARK NAME % CHARACTERISTICS FUND BENCHMARK Weighted Median Market Cap $1.4B $1.4B LHC Group, Inc. 0.8 Standard Deviation 19.3 19.4 Price/Book 1.2x 1.2x Exponent, Inc. 0.7 Tracking Error 0.2 0.0 Price/Earnings 13.2x 13.2x Neogen Corporation 0.7 Sharpe Ratio -0.1 -0.1 Return on Equity 9.4% 9.4% eHealth, Inc. 0.7 Information Ratio 0.5 N/A Dividend Yield 2.4% 2.5% Cogent Communications Holdings, Inc. 0.6 Upside Capture 100.0 100.0 5-year Earnings Growth 10.7% 10.5% Balchem Corporation 0.6 Downside Capture 99.5 100.0

Beta 1.0 0.0 Momenta Pharmaceuticals, Inc. 0.6 Source: eVestment Active Share 3.6 N/A Strategic Education, Inc. 0.6 Total Fund Value $307.6 MM 10 Largest Holdings 6.4 6.4 Community Bank System, Inc. 0.6 CUIT Small Cap Equity Fund $40.4 MM # of Equity Securities 595 601 American States Water Company 0.6 Class A Turnover Rate 42.9 N/A Source: FactSet CUIT Small Cap Equity Fund $205.0 MM Class B Source: FactSet CUIT Small Cap Equity Fund $62.2 MM in Magnus®

Market Sector Analysis % Communication Consumer Consumer Health Information Real Energy Financials Industrials Materials Utilities Cash Services Discretionary Staples Care Technology Estate Fund 2.8 11.0 3.7 1.8 16.9 13.3 17.5 14.9 4.5 7.8 2.9 2.8 Benchmark 2.8 11.4 3.9 1.8 17.4 13.9 18.0 15.3 4.7 8.0 2.9 0.0 Active Weights 0.0 -0.4 -0.2 -0.1 -0.4 -0.6 -0.5 -0.4 -0.1 -0.1 0.0 2.8 Source: FactSet

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Catholic Responsible CUIT Small Cap Equity Index Fund Investments

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

Market Sector Analysis % Communication Consumer Consumer Health Information Real Energy Financials Industrials Materials Utilities Cash Services Discretionary Staples Care Technology Estate Fund 2.8 11.0 3.7 1.8 16.9 13.3 17.5 14.9 4.5 7.8 2.9 2.8 Benchmark 2.8 11.4 3.9 1.8 17.4 13.9 18.0 15.3 4.7 8.0 2.9 0.0 Active Weights 0.0 -0.4 -0.2 -0.1 -0.4 -0.6 -0.5 -0.4 -0.1 -0.1 0.0 2.8 Source: FactSet

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Catholic Responsible CUIT International Equity Fund Investments

Objective Fund Performance 5% 0% Long-term growth of capital CUIT International Equity Fund A -5% -10% Investments CUIT International Equity Fund B -15% Broad mix of large and mid cap equities from a -20% universe of over 20 Developed Market countries MSCI ACWI ex-U.S. Index -25% 3 MO 1 YR 3 YR 5 YR 10 YR and over 20 Emerging Market countries; up to 30% of the portfolio may be invested in emerging markets QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR Strategy CUIT International Equity Fund A (23.32) (13.16) (0.77) 0.51 3.28 Combines three managers with complementary CUIT International Equity Fund B (23.25) (12.71) (0.30) 0.95 3.72 growth and value oriented investment processes MSCI ACWI ex-U.S. Index (23.26) (15.14) (1.48) (0.13) 3.20 Benchmark MSCI All Country World ex-U.S. Index CALENDAR YEAR RETURN 2019 2018 2017 2016 2015 Asset Managers CUIT International Equity Fund A 26.10 (15.93) 30.47 2.35 (2.82) Causeway Capital (Effective 2005) Principal Global (Effective 2007) CUIT International Equity Fund B 26.75 (15.53) 31.04 2.75 (2.45) WCM (Effective 2015) MSCI ACWI ex-U.S. Index 22.13 (13.78) 27.77 5.01 (3.81) Total Expense Ratio / Minimum Source: BNY Mellon, SS&C. Please see Important Disclosures on Page 2. Class A: 1.40% / No minimum Class B: 0.89% / $5M

Portfolio Analysis Top Ten Holdings Geographic Distribution STATISTICS FUND BENCHMARK NAME % FUND BENCHMARK Weighted Median Market Cap $32.3B $29.3B Tencent Holdings Ltd. 3.1 United Kingdom 12.1 10.0 Price/Book 1.6x 1.4x Taiwan Semiconductor Manufacturing Co., Ltd. 2.7 France 8.3 7.2 Price/Earnings 14.1x 12.9x Nestle S.A. 2.5 Italy 3.0 1.4 Return on Equity 17.3% 15.0% Alibaba Group Holding Ltd. 2.1 Germany 8.9 5.5 Dividend Yield 3.0% 3.8% LVMH Moet Hennessy Louis Vuitton SE 1.7 Japan 8.5 17.5 5-year Earnings Growth 12.1% 10.8% ASML Holding NV 1.6 USA* 10.1 0.0 Beta 1.1 1.0 Volkswagen AG 1.5 Canada 4.3 6.4 Active Share 71.6 N/A Canadian Pacific Railway Limited 1.5 Other Europe 19.7 17.5 10 Largest Holdings 19.6 9.2 AIA Group Limited 1.5 Developed Asia 2.5 7.4 # of Equity Securities 351 2,411 Keyence Corporation 1.4 Emeg. Mkts Asia 18.9 22.0 Turnover Rate 39.4 N/A Source: FactSet Other Emg. Mkts 3.7 5.1 Source: FactSet Source: FactSet. *U.S. allocation includes ADRs and cash. Risk Metrics (5yr) CHARACTERISTICS FUND BENCHMARK CHARACTERISTICS FUND BENCHMARK Total Fund Value $803.1 MM Standard Deviation 14.3 14.4 Information Ratio 0.8 N/A CUIT Intl Equity Fund Class A $75.5 MM Tracking Error 2.6 0.0 Upside Capture 103.0 100.0 CUIT Intl Equity Fund Class B $417.3 MM Sharpe Ratio 0.1 -0.1 Downside Capture 92.6 100.0 CUIT Intl Equity Fund Class C $179.9 MM Source: eVestment CUIT Intl Equity Fund $130.4 MM in Magnus® Market Sector Analysis % Communication Consumer Consumer Health Information Real Energy Financials Industrials Materials Utilities Cash Services Discretionary Staples Care Technology Estate Fund 5.6 14.3 10.0 2.1 15.4 9.8 15.7 17.3 6.0 0.5 1.0 2.5 Benchmark 7.5 11.8 10.5 5.2 19.2 10.5 11.4 10.2 7.0 3.0 3.7 0.0 Active Weights -1.9 2.5 -0.5 -3.2 -3.8 -0.7 4.3 7.1 -1.0 -2.6 -2.7 2.5 Source: FactSet

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Catholic Responsible CUIT International Equity Fund Investments

Attribution 12-MONTHS 3-MONTHS

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

Sector Security Sector Security Sector Fund Index Total Fund Index Total Allocation Selection Allocation Selection Communication Services 6.25 6.93 -0.16 0.19 0.03 5.41 6.97 -0.17 0.35 0.18 Consumer Discretionary 13.36 11.52 0.04 0.65 0.69 14.10 11.79 -0.04 -0.10 -0.14 Consumer Staples 10.16 9.87 -0.03 -0.11 -0.14 9.59 9.72 -0.01 -0.26 -0.28 Energy 4.78 6.61 0.31 -0.59 -0.28 3.90 5.89 0.19 -0.21 -0.02 Financials 17.23 21.44 0.48 -0.47 0.01 15.98 20.81 0.42 -1.22 -0.79 Health Care 7.37 8.67 -0.14 -0.63 -0.77 8.18 9.36 -0.15 -0.70 -0.84 Industrials 14.31 11.86 -0.10 1.19 1.08 15.36 11.74 -0.14 0.46 0.32 Information Technology 15.38 9.05 1.02 0.32 1.34 16.58 9.81 0.43 0.14 0.57 Materials 6.56 7.34 0.05 0.23 0.27 5.79 7.13 0.04 0.07 0.11 Real Estate 0.58 3.24 0.35 0.00 0.35 0.42 3.18 0.18 0.05 0.23 Utilities 1.16 3.47 -0.14 0.13 -0.02 1.09 3.60 -0.17 -0.01 -0.18 Unassigned 0.06 0.00 -0.04 0.01 -0.03 - 0.00 -0.02 - -0.02 Cash 2.80 - 0.78 - 0.78 3.60 - 0.97 - 0.97 Total 100.00 100.00 2.42 0.90 3.32 100.00 100.00 1.53 -1.43 0.10

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

12-Month Review 3-Month Review Current Positioning ■ For the year, both sector allocation decisions ■ In the first quarter, the positive effect of the ■ Positioning is relatively stable quarter to and stock selection were additive to relative Fund’s over- and underweighting of certain quarter. Within the developed markets portion, outperformance. sectors was positive, but was offset by negative positioning is determined by the composite stock selection, particularly in Financials and bottom up research driven security selection. ■ Overweight to Information Technology and Health Care. This led to benchmark like returns a slight position in cash were the most ■ The Fund exhibited a modest growth tilt relative significant factors for positive sector selection. for the quarter. to the benchmark. The Fund’s P/E and P/B ratios Underweights to the worst performing sectors ■ Underweight to Financials, one of the worst are slightly higher, and its dividend yield is lower such as Energy, Real Estate, and Financials performing sectors, and an overweight to than the benchmark. were also positive contributors. Information Technology, one of the better ■ IEF currently has about 78% of its market performing sectors, were beneficial to the ■ At the stock level, holdings in Industrials were value invested in developed nation securities notable outperformers. A wide range of holdings Fund. A residual cash position also helped in and 22% in emerging markets. within the sector accounted for much of the the down market. ■ Sector weightings currently include an ■ relative outperformance. In a reversal from the fourth quarter of 2019 overweight in Information Technology and where stock selection decisions within Financials ■ The main detractors were not holding four health much more modest overages in Consumer care names and owning an Energy stock. helped to drive outperformance at the end of the Discretionary and Industrials. The most year, those same holdings were the main causes significant underweight is to Financials. of the underperformance in the first quarter of 2020. In Financials, overweights to five names were some of the largest detractors. Stock selection in health care also detracted as not owning four names on the restricted list accounted for a significant share of the relative shortfall.

Important Information Benchmark 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. 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.

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Catholic Responsible CUIT International Small Cap Equity Fund Investments

Fund Performance Objective Long-term capital appreciation CUIT Intl Small Cap Equity Fund B 0% Investments MSCI ACWI ex-US Small-Cap Index -5% Equity securities in MSCI All Country World -10 ex US Small-Cap Index except those screened -20 by CBIS’ Catholic investment screens criteria -30 Strategy 3 MO 1 YR 3 YR 5 YR 10 YR Combines two skilled and complementary active managers, designed for enhanced risk-adjusted returns

QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR Benchmark MSCI All Country World ex US Small-Cap Index CUIT Intl Small Cap Equity Fund B (27.16) 0.00 0.00 0.00 0.00 MSCI ACWI ex-US Small-Cap Index (28.94) 0.00 0.00 0.00 0.00 Asset Managers Lazard Asset Management (Effective 2019) Source: BNY Mellon, SS&C. Please see Important Disclosures on Page 2. Global Alpha (Effective 2019) Total Expense Ratio / Minimum Class B: 1.15% / $1M

Portfolio Analysis Top Ten Holdings Geographic Distribution STATISTICS FUND BENCHMARK NAME % FUND BENCHMARK Weighted Median Market Cap $1.5B $1.5B Internet Initiative Japan Inc. 1.9 United Kingdom 13.6 11.7 Price/Book 1.3x 1.1x Nihon Kohden Corporation 1.9 France 5.3 2.3 Price/Earnings 11.2x 11.6x Advance Residence Investment Corporation 1.7 Italy 3.7 2.5 Return on Equity 15.8% 11.3% Kerry Logistics Network Ltd. 1.7 Germany 3.5 4.6 Dividend Yield 3.2% 3.5% Ain Holdings Inc. 1.6 Japan 29.9 24.8 5-year Earnings Growth 17.3% 11.7% Sopra Steria Group SA 1.5 USA* 1.6 0.0 Beta 0.9 0.0 Seven Bank, Ltd. 1.4 Canada 4.1 6.0 Active Share 88.4 N/A L'Occitane International S.A. 1.3 Other Europe 18.3 20.0 10 Largest Holdings 15.4 0.6 Tecan Group AG 1.3 Developed Asia 10.3 8.4 # of Equity Securities 446 4,182 Rothschild & Co. SCA 1.2 Emeg. Mkts Asia 7.6 15.4

Source: FactSet Source: FactSet Other Emg. Mkts 2.1 4.2

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

Total Fund Value $39.1 MM CUIT Intl Small Cap Equity $7.7 MM Fund B CUIT Intl Small Cap Equity Fund $31.4 MM in Magnus®

Market Sector Analysis % Communication Consumer Consumer Health Information Real Energy Financials Industrials Materials Utilities Cash Services Discretionary Staples Care Technology Estate Fund 4.6 9.0 8.7 1.5 9.2 9.6 20.2 10.8 8.1 12.1 3.0 3.2 Benchmark 4.4 11.0 7.0 2.2 10.0 8.8 18.8 11.8 9.9 12.6 3.6 0.0 Active Weights 0.2 -2.0 1.7 -0.6 -0.9 0.8 1.5 -1.0 -1.8 -0.5 -0.6 3.2

Source: FactSet

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc.n [email protected] ■ www.cbisonline.com (877) 550-2247 ■ [email protected] 32 Q1 2020 FUND FACTS

Catholic Responsible CUIT International Small Cap Equity Fund Investments

Attribution 3-MONTHS

AVG. WEIGHT RELATIVE RETURN CONTRIBUTION

Sector Sector Fund Index Security Selection Total Allocation Communication Services 3.79 4.29 -0.03 0.88 0.85 Consumer Discretionary 10.58 12.08 0.19 0.12 0.31 Consumer Staples 7.67 6.17 0.14 -0.59 -0.45 Energy 1.82 2.81 0.30 0.37 0.67 Financials 10.01 10.41 -0.01 -0.13 -0.14 Health Care 7.59 7.67 -0.01 0.44 0.43 Industrials 21.67 19.20 -0.09 -1.31 -1.40 Information Technology 10.05 11.37 -0.13 -0.78 -0.91 Materials 7.64 9.88 -0.06 0.39 0.33 Real Estate 12.21 12.70 0.03 -0.04 -0.01 Utilities 2.76 3.41 -0.09 0.23 0.14 Unassigned - 0.00 -0.03 - -0.03 Cash 4.21 - 1.96 - 1.96 Total 100.00 100.00 2.18 -0.42 1.76

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

3-Month Review Current Positioning

■ In the volatile first quarter, residual cash ■ We expect positioning to be relatively stable position had a strong positive impact on from quarter to quarter. The overall positioning is relative performance. determined by the composite security selection.

■ Excluding the cash allocation, relative ■ Characteristics are in line with the benchmark, performance was driven by overweight in which is expected. The Fund’s P/E ratio was Consumer Staples and underweight in Energy. slightly lower than index while the P/B ratio was The sector allocation is a result of the stock slightly higher, and its dividend yield is slightly selection process and we would expect lower than the benchmark. performance to be driven by stock selection. ■ 90% of market value is invested in developed ■ At the stock level, overall stock selection nation securities and 10% in emerging markets. was slightly negative with strong results in Other than the underweight to emerging Communication Services, Health Care, and markets, significant variations from the Materials. Holdings in Industrials detracted benchmark include the Fund’s approximately from relative results. 5% overweight to Japan and 3% overweight to France.

■ Sector weights are in line with the benchmark.

Important Information Benchmark 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.

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com PAGEPAGE 33 2 Q1 2020 FUND FACTS

Catholic ® Responsible CUIT Magnus 60/40 Alpha Plus Fund Investments

Fund Performance Objective The 60/40 Alpha Plus Fund’s investment objective is to achieve current income CUIT Magnus® 60/40 Alpha Plus 0% Class A -3% and long-term capital appreciation. -6% CUIT Magnus® 60/40 Alpha Plus -9% Investments Class B -12% -15% The 60/40 Alpha Plus Fund’s risk-reducing 40% BBAgg/45% R3000/ 3 MO 1 YR 3 YR 5 YR 10 YR holdings are a diversified mix of 15% MSCI ACWI-ex.U.S. short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR mortgage-backed and asset-backed CUIT Magnus® 60/40 Alpha Plus Class A -14.34 -5.75 * * * securities; and government, agency, CUIT Magnus® 60/40 Alpha Plus Class B -14.30 -5.64 * * * corporate, and securitized investment-grade foreign bonds issued in currencies 40% BBAgg / 45% R3000 / 15% MSCI ACWI-ex.U.S. -11.55 -2.13 * * * other than the U.S. dollar (which may be Source: BNY Mellon, SS&C. Please see Important Disclosures on Page 2. hedged to minimize foreign currency exposure). The 60/40 Alpha Plus Fund’s return-seeking holdings are a diversified mix of U.S. and foreign small-, mid-, and large-capitalization equity securities.

Benchmark Portfolio Analysis – Equity Portfolio Analysis – Fixed Income The blended benchmark for the 60/40 Alpha Plus Fund is comprised of 40% STATISTICS FUND BENCHMARK STATISTICS FUND BENCHMARK Bloomberg Barclays Aggregate / 45% Weighted Median Market Cap $53.7B $59.9B Average Maturity (years) 7.6 7.6 Russell 3000 / 15% MSCI ACWI ex-US. Price/Book 2.0x 2.0x Effective Duration (years) 5.0 5.6 CUIT Fund Investments Price/Earnings 15.9x 15.7x Average Quality A+ AA Risk-Reducing: Return on Equity 22.0% 20.3% Yield-to-Maturity 3.2% 1.6% CUIT Intermediate Diversified Bond (20%) CUIT Opportunistic Bond (10%) Dividend Yield 2.3% 2.6% Current Yield 3.5% 2.4% CUIT Short Bond (10%) 5-year Earnings Growth 16.2% 15.2% # of Securities 1,148 11,152 Return-Seeking: Beta 1.0 0.0 Source: FactSet CUIT Small Cap Equity Index (6.00%) Active Share 39.0 N/A CUIT International Equity (12.00%) CUIT Growth Equity (12.00%) # of Securities 1,537 5,385 CUIT Core Equity Index (15.00%) Fund Size $695.4 MM CUIT Value Equity (12.00%) Source: FactSet CUIT International Small Cap Equity (3.00%)

Credit Quality Effective Duration FUND BENCHMARK FUND BENCHMARK

AAA 47.6 73.8 <1 Year 13.2 7.8 AA 5.0 3.3 1-3 Years 37.3 39.8 A 20.2 10.5 3-5 Years 20.7 17.4 BBB 22.2 12.1 5-7 Years 5.7 10.6 Below BBB 5.0 0.3 7-10 Years 8.8 7.0 FactSet. Bond allocation excludes mergers and acquisitions. 10-20 Years 12.2 13.1 Cash is included in AAA. >20 Years 2.1 4.2

FactSet. Cash is included in <1 Year.

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com (877) 550-2247 ■ [email protected] 34 Q1 2020 FUND FACTS

Catholic ® Responsible CUIT Magnus 60/40 Alpha Plus Fund Investments

Market Sector Analysis % - Return-Seeking

Communication Consumer Consumer Health Information Real Energy Financials Industrials Materials Utilities Cash Services Discretionary Staples Care Technology Estate Fund 9.2 11.1 7.5 2.3 13.1 12.1 10.6 23.4 3.7 2.7 2.5 1.7 Benchmark 9.2 10.5 7.9 -0.8 3.1 13.4 14.4 20.9 3.7 3.7 3.6 0.0 Active Weights 0.0 0.7 -0.4 -0.8 -0.3 -2.3 0.9 2.5 0.0 -1.0 -1.1 1.7

Source: FactSet

Allocations% - Risk-Reducing

Supra- Covered Merger/ Treasuries Agencies Industrials Finance Utilities Sovereign MBS CMO CMBS ABS Municipals Cash national Bonds Arbitrage Fund 15.4 1.7 19.1 17.9 1.6 0.0 0.0 16.2 1.1 11.0 8.9 1.2 0.0 2.3 3.4 Benchmark 41.8 2.5 14.1 7.5 1.8 1.4 1.0 26.6 0.0 2.1 0.4 0.9 0.0 0.0 0.0 Active Weights -26.4 -0.7 5.0 10.4 -0.2 -1.4 -1.0 -10.4 1.1 9.0 8.5 0.2 0.0 2.3 3.4

Source: FactSet

All attribution is based on gross portfolio performance.

Asset Allocation Effect [AAE]: Quantifies the 12-Month Performance 3-Month Performance performance effect of differences in actual asset ■ AAE had a minimal impact on performance given ■ AAE was positive due to market volatility and allocation weights of the Series relative to the the goal of maintaining target allocation. the portfolio’s deviation from targets that target weights of the blended benchmark. As occurred in the first quarter. mentioned previously, the magnitude of cashflows ■ SSE was negative for the year due to the Fund’s and market volatility will have an impact on results. benchmark relative overweight allocation to US ■ SSE was negative for the quarter due to and International Small Cap as small cap stocks the Fund’s benchmark relative overweight Strategy Selection Effect [SSE]: Quantifies the underperformed large cap stocks. In addition, allocation to US and International Small Cap value-add of the underlying strategy benchmarks strategy allocation to SBF and OBF detracted as small cap stocks underperformed large relative to the Risk-Reducing and Return-Seeking from results as longer duration outperformed in cap stocks. In addition, strategy allocation to broad benchmarks. a falling interest rate environment. SBF and OBF detracted from results as longer duration outperformed in a falling interest rate Manager Selection Effect [MSE]: Quantifies ■ MSE was negative for the year driven by how CBIS’ manager selection and pairing manager underperformance in the Risk-Reducing environment. combination within each sub-strategy has added sleeve of the portfolio during the first quarter. ■ MSE was negative for the quarter driven by value relative to the corresponding sub-strategy Sector allocation was the main factor impacting manager underperformance in the Risk Reducing benchmark. results as the fixed income managers were sleeve of the portfolio. Sector allocation was overweight Corporate bonds and underweight the main factor impacting results as the fixed Treasuries heading into the COVID-19 induced income managers were overweight Corporate sell-off. Manager selection within Return-Seeking, bonds and underweight Treasuries heading particularly within the two international funds, into the COVID-19 induced sell-off. Manager offset some of the underperformance. underperformance within Value also negatively impacted results, which was partially offset by manager outperformance within International Small Cap. For more details on positioning, see current positioning for the underlying CUIT Funds.

Important Information Important 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.

■ Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] www.cbisonline.com PAGEPAGE 35 2 Q1 2020 FUND FACTS

Catholic ® Responsible CUIT Magnus 60/40 Beta Plus Fund Investments

Fund Performance Objective The 60/40 Beta Plus Fund’s investment 0% objective is to achieve current income CUIT Magnus® 60/40 Beta Plus Class A -3% -6% and long-term capital appreciation. CUIT Magnus® 60/40 Beta Plus Class B -9% -12% 40% BBAgg/45% R3000/ -15% Investments 15% MSCI ACWI-ex.U.S. 3 MO 1 YR 3 YR 5 YR 10 YR The 60/40 Beta Plus Fund’s risk-reducing holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR investment-grade U.S. corporate bonds; mortgage-backed and asset-backed ® CUIT Magnus 60/40 Beta Plus Class A -13.68 -4.41 * * * securities; and government, agency, CUIT Magnus® 60/40 Beta Plus Class B -13.67 -4.26 * * * corporate, and securitized investment-grade foreign bonds issued in currencies 40% BBAgg/45% R3000/15% MSCI ACWI-ex.U.S. -11.55 -2.13 * * * other than the U.S. dollar (which may be Source: BNY Mellon, SS&C. Please see Important Disclosures on Page 2. hedged to minimize foreign currency exposure). The 60/40 Beta Plus Fund’s return-seeking holdings are a diversified mix of U.S. and foreign small-, mid-, and large-capitalization equity securities.

Benchmark Portfolio Analysis – Equity Portfolio Analysis – Fixed Income The blended benchmark for the 60/40 Beta Plus Fund is comprised of 40% STATISTICS FUND BENCHMARK STATISTICS FUND BENCHMARK Bloomberg Barclays Aggregate / 45% Weighted Median Market Cap $45.5B $59.9B Average Maturity (years) 7.6 7.6 Russell 3000 / 15% MSCI ACWI ex-US. Price/Book 2.0x 2.0x Effective Duration (years) 5.0 5.6 CUIT Fund Investments Price/Earnings 15.8x 15.7x Average Quality A+ AA Risk-Reducing: Return on Equity 21.2% 20.3% Yield-to-Maturity 3.2% 1.6% CUIT Intermediate Diversified Bond (20%) CUIT Opportunistic Bond (10%) Dividend Yield 2.4% 2.6% Current Yield 3.5% 2.4% CUIT Short Bond (10%) 5-year Earnings Growth 15.6% 15.2% # of Securities 1,148 11,152 Return-Seeking: Beta 1.0 0.0 Source: FactSet CUIT Small Cap Equity Index (6.00%) Active Share 39.5 N/A CUIT International Equity (12.00%) # of Securities 1,537 5,385 CUIT Core Equity Index (39.00%) CUIT International Small Cap Equity (3.00%) Fund Size $178.8 MM

Source: FactSet

Credit Quality Effective Duration FUND BENCHMARK FUND BENCHMARK

AAA 47.6 73.8 <1 Year 13.2 7.8 AA 5.0 3.3 1-3 Years 37.3 39.8 A 20.2 10.5 3-5 Years 20.7 17.4 BBB 22.2 12.1 5-7 Years 5.7 10.6 Below BBB 5.0 0.3 7-10 Years 8.8 7.0 Source: FactSet. Bond allocation excludes mergers and acquisitions. 10-20 Years 12.2 13.1 Cash is included in AAA. >20 Years 2.1 4.2

FactSet. Cash is included in <1 Year.

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com (877) 550-2247 ■ [email protected] 36 Q1 2020 FUND FACTS

Catholic ® Responsible CUIT Magnus 60/40 Beta Plus Fund Investments

Market Sector Analysis % - Return-Seeking

Communication Consumer Consumer Health Information Real Energy Financials Industrials Materials Utilities Cash Services Discretionary Staples Care Technology Estate Fund 8.6 11.1 7.5 2.3 13.1 12.4 11.2 22.1 3.9 3.2 2.7 1.8 Benchmark 9.2 10.5 7.9 3.1 13.4 14.4 9.6 20.9 3.7 3.7 3.6 0.0 Active Weights -0.7 0.6 -0.4 -0.8 -0.2 -2.0 1.6 1.2 0.2 -0.4 -0.8 1.8 Source: FactSet

Allocations% - Risk Reducing

Source: FactSet

All attribution is based on gross portfolio performance.

Asset Allocation Effect [AAE]: Quantifies the 12-Month Performance 3-Month Performance performance effect of differences in actual asset ■ AAE had a minimal impact on performance given ■ AAE was positive due to market volatility and allocation weights of the Series relative to the the goal of maintaining target allocation. the portfolio’s deviation from targets that target weights of the blended benchmark. As occurred in the first quarter. mentioned previously, the magnitude of cashflows ■ SSE was negative for the year due to the Fund’s and market volatility will have an impact on results. benchmark relative overweight allocation to US ■ SSE was negative for the quarter due to and International Small Cap as small cap stocks the Fund’s benchmark relative overweight Strategy Selection Effect [SSE]: Quantifies the underperformed large cap stocks. In addition, allocation to US and International Small Cap value-add of the underlying strategy benchmarks strategy allocation to SBF and OBF detracted as small cap stocks underperformed large relative to the Risk-Reducing and Return-Seeking from results as longer duration outperformed cap stocks. In addition, strategy allocation to broad benchmarks. in a falling interest rate environment. SBF and OBF detracted from results as longer duration outperformed in a falling interest rate Manager Selection Effect [MSE]: Quantifies ■ MSE was negative for the year driven by how CBIS’ manager selection and pairing manager underperformance in the Risk-Reducing environment. combination within each sub-strategy has added sleeve of the portfolio during the first quarter. ■ MSE was negative for the quarter driven by value relative to the corresponding sub-strategy Sector allocation was the main factor impacting manager underperformance in the Risk-Reducing benchmark. results as the fixed income managers were sleeve of the portfolio. Sector allocation was overweight corporate bonds and underweight the main factor impacting results as the fixed Treasuries heading into the COVID-19 induced income managers were overweight corporate sell-off. Manager selection within Return-Seeking, bonds and underweight Treasuries heading particularly within the two international funds, into the COVID-19 induced sell-off. Manager offset some of the underperformance. outperformance in International Small Cap positively impacted results. For more details on positioning, see current positioning for the underlying CUIT Funds.

Important Information Important 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.

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com PAGEPAGE 37 2 Q1 2020 FUND FACTS

Catholic ® Responsible CUIT Magnus 45/55 Fund Investments

Fund Performance Objective The 45/55 Fund’s investment objective 5% is to achieve current income and long-term CUIT Magnus® 45/55 Fund 0% capital appreciation. 55% BBAgg/33.75% R3000/ -5% -10% 11.25% MSCI ACWI-Ex.U.S. Investments -15% 3 MO 1 YR 3 YR 5 YR 10 YR The 45/55 Fund’s risk-reducing holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR investment-grade U.S. corporate bonds; mortgage-backed and asset-backed ® CUIT Magnus 45/55 Fund -10.63 -2.82 * * * securities; and government, agency, 55% BBAgg/33.75% R3000/11.25% MSCI ACWI-Ex.U.S. -7.88 0.79 * * * corporate, and securitized investment-grade foreign bonds issued in currencies Source: BNY Mellon, SS&C. Please see Important Disclosures on Page 2. other than the U.S. dollar (which may be hedged to minimize foreign currency exposure). The 45/55 Fund’s return-seeking holdings are a diversified mix of U.S. and foreign small-, mid-, and large-capitalization equity securities.

Benchmark Portfolio Analysis – Equity Portfolio Analysis – Fixed Income The blended benchmark for the 45/55 STATISTICS FUND BENCHMARK STATISTICS FUND BENCHMARK Fund is comprised of 55% Bloomberg Barclays Aggregate / 33.75% Russell Weighted Median Market Cap $43.3B $59.9B Average Maturity (years) 7.6 7.6 3000 / 11.25% MSCI ACWI ex-US. Price/Book 1.9x 2.0x Effective Duration (years) 5.0 5.6 CUIT Fund Investments Price/Earnings 15.6x 15.7x Average Quality A+ AA Risk-Reducing: Return on Equity 20.9% 20.3% Yield-to-Maturity 3.2% 1.6% CUIT Intermediate Diversified Bond (27.5%) Dividend Yield 2.3% 2.6% Current Yield 3.5% 2.4% CUIT Opportunistic Bond (13.75%) CUIT Short Bond Fund (13.75%) 5-year Earnings Growth 15.8% 15.2% # of Securities 1,148 11,152 Return-Seeking: Beta 1.0 0.0 Source: FactSet CUIT Small Cap Equity Index (4.50%) Active Share 41.7 N/A CUIT International Equity (9.00%) # of Securities 1,537 5,385 CUIT Growth Equity (3.50%) CUIT Core Equity Index (22.25%) Fund Size $42.6 MM CUIT Value Equity (3.50%) Source: FactSet CUIT International Small Cap Equity (2.25%)

Credit Quality Effective Duration FUND BENCHMARK FUND BENCHMARK

AAA 47.6 73.8 <1 Year 13.2 7.8 AA 5.0 3.3 1-3 Years 37.3 39.8 A 20.2 10.5 3-5 Years 20.7 17.4 BBB 22.2 12.1 5-7 Years 5.7 10.6 Below BBB 5.0 0.3 7-10 Years 8.8 7.0

FactSet. Bond allocation excludes mergers and acquisitions. 10-20 Years 12.2 13.1 Cash is included in AAA. >20 Years 2.1 4.2

Source: FactSet. Cash is included in <1 Year.

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com (877) 550-2247 ■ [email protected] 38 Q1 2020 FUND FACTS

Catholic ® Responsible CUIT Magnus 45/55 Fund Investments

Market Sector Analysis % - Return-Seeking

Communication Consumer Consumer Health Information Real Energy Financials Industrials Materials Utilities Cash Services Discretionary Staples Care Technology Estate Fund 8.6 11.2 7.3 2.3 13.5 12.1 11.2 22.7 3.8 3.0 2.5 1.8 Benchmark 9.2 10.5 7.9 3.1 13.4 14.4 9.6 20.9 3.7 3.7 3.6 0.0 Active Weights -0.6 0.7 -0.7 -0.9 0.1 -2.2 1.6 1.8 0.1 -0.6 -1.1 1.8

Source: FactSet

Allocations% - Risk-Reducing

Source: FactSet

All attribution is based on gross portfolio performance.

Asset Allocation Effect [AAE]: Quantifies the 12-Month Performance 3-Month Performance performance effect of differences in actual asset ■ AAE had a minimal impact on performance given ■ AAE was positive due to market volatility and allocation weights of the Series relative to the the goal of maintaining target allocation. the portfolio’s deviation from targets that target weights of the blended benchmark. As occurred in the first quarter. mentioned previously, the magnitude of cashflows ■ SSE was negative for the year due primarily and market volatility will have an impact on results. to the fund’s allocations to the SBF and ■ SSE was negative for the quarter due to OBF strategies as shorter duration bonds the Fund’s benchmark relative overweight Strategy Selection Effect [SSE]: Quantifies the underperformed in a falling interest rate allocation to US and International Small Cap value-add of the underlying strategy benchmarks environment. The fund’s benchmark relative as small cap stocks underperformed large relative to the Risk-Reducing and Return-Seeking overweight allocation to US and International cap stocks. In addition, strategy allocation to broad benchmarks. Small Cap detracted from results as small cap SBF and OBF detracted from results as longer Manager Selection Effect [MSE]: Quantifies stocks underperformed large cap stocks. duration outperformed in a falling interest rate environment. how CBIS’ manager selection and pairing ■ MSE was negative for the year driven by combination within each sub-strategy has added underperformance in the Risk-Reducing sleeve ■ MSE was negative for the quarter driven by value relative to the corresponding sub-strategy of the portfolio during the first quarter. Sector manager underperformance in the Risk-Reducing benchmark. allocation was the main factor impacting results sleeve of the portfolio. Sector allocation was as the fixed income managers were overweight the main factor impacting results as the fixed corporate bonds and underweight Treasuries income managers were overweight corporate heading into the COVID-19 induced sell-off. bonds and underweight Treasuries heading Manager selection within Return-Seeking, into the COVID-19 induced sell-off. Manager particularly within the two international funds, underperformance within Value also negatively offset some of the underperformance. impacted results, which was partially offset by manager outperformance within International Small Cap. For more details on positioning, see current positioning for the underlying CUIT Funds.

Important Information Important 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.

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com PAGEPAGE 39 2 Q1 2020 FUND FACTS

Catholic ® Responsible CUIT Magnus 75/25 Fund Investments

Fund Performance Objective 0% The 75/25 Fund’s investment objective is to -5% achieve current income and long-term capital CUIT Magnus® 75/25 Fund -10% Class A appreciation. -15% CUIT Magnus® 75/25 Fund -20% 3 MO 1 YR 3 YR 5 YR 10 YR Investments Class B The 75/25 Fund’s risk-reducing holdings are 25% BBAgg/56.25% R3000/ a diversified mix of short-, intermediate-, and 18.75% MSCI ACWI-Ex.U.S. long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; QUARTERLY RETURN 3 MO 1 YR 3 YR 5 YR 10 YR mortgage-backed and asset-backed securities; and government, agency, corporate, and ® CUIT Magnus 75/25 Fund Class A -16.78 -7.53 * * * securitized investment-grade foreign bonds CUIT Magnus® 75/25 Fund Class B -16.68 * * * * issued in currencies other than the U.S. dollar (which may be hedged to minimize foreign 25% BBAgg/56.25% R3000/18.75% MSCI ACWI-Ex.U.S. -15.21 -5.14 * * * currency exposure). The 75/25 Fund’s return- Source: BNY Mellon, SS&C. Please see Important Disclosures on Page 2. seeking holdings are a diversified mix of U.S. and foreign small-, mid-, and large- capitalization equity securities.

Benchmark The blended benchmark for the 75/25 Fund is comprised of 25% Bloomberg Barclays Portfolio Analysis – Equity Portfolio Analysis – Fixed Income Aggregate / 56.25% Russell 3000 / 18.75% STATISTICS FUND BENCHMARK STATISTICS FUND BENCHMARK MSCI ACWI ex-US. Weighted Median Market Cap $43.2B $59.9B Average Maturity (years) 7.6 7.6 CUIT Fund Investments Price/Book 1.9x 2.0x Effective Duration (years) 5.0 5.6 Risk-Reducing: Price/Earnings 15.5x 15.7x Average Quality A+ AA CUIT Intermediate Diversified Bond (12.5%) CUIT Opportunistic Bond (6.25%) Return on Equity 20.8% 20.3% Yield-to-Maturity 3.2% 1.6% CUIT Short Bond (6.25%) Dividend Yield 2.3% 2.6% Current Yield 3.5% 2.4% Return-Seeking: 5-year Earnings Growth 15.9% 15.2% # of Securities 1,148 11,152 CUIT Small Cap Equity Index (7.50%) Beta 1.0 0.0 Source: FactSet CUIT International Equity (15.00%) CUIT Growth Equity (7.50%) Active Share 42.8 N/A CUIT Core Equity Index (33.75%) # of Securities 1,537 5,385 CUIT Value Equity (7.50%) Fund Size $160.3 MM CUIT International Small Cap Equity (3.75%)

Source: FactSet

Credit Quality Effective Duration FUND BENCHMARK FUND BENCHMARK

AAA 47.6 73.8 <1 Year 13.2 7.8 AA 5.0 3.3 1-3 Years 37.3 39.8 A 20.2 10.5 3-5 Years 20.7 17.4 BBB 22.2 12.1 5-7 Years 5.7 10.6 Below BBB 5.0 0.3 7-10 Years 8.8 7.0

Source: FactSet. Bond allocation excludes mergers and acquisitions. 10-20 Years 12.2 13.1 Cash is included in AAA. >20 Years 2.1 4.2

Source: FactSet. Cash is included in <1 Year.

Christian Brothers Brothers Investment Investment Services, Services Inc. Inc. n [email protected] ■ www.cbisonline.com (877) 550-2247 ■ [email protected] 40 Q1 2020 FUND FACTS

Catholic ® Responsible CUIT Magnus 75/25 Fund Investments

Market Sector Analysis % - Return-Seeking

Communication Consumer Consumer Health Information Real Energy Financials Industrials Materials Utilities Cash Services Discretionary Staples Care Technology Estate Fund 8.7 11.2 7.2 2.3 13.5 12.1 11.2 22.9 3.8 3.0 2.4 1.8 Benchmark 9.2 10.5 7.9 3.1 13.4 14.4 9.6 20.9 3.7 3.7 3.6 0.0 Active Weights -0.6 0.7 -0.7 -0.9 0.2 -2.3 1.6 1.9 0.1 -0.7 -1.2 1.8

Source: FactSet

Allocations% - Risk-Reducing

Source: FactSet

All attribution is based on gross portfolio performance.

Asset Allocation Effect [AAE]: Quantifies the 12-Month Performance 3-Month Performance performance effect of differences in actual asset ■ AAE was positive for the year due to market ■ AAE was positive due to market volatility and allocation weights of the Series relative to the volatility and the portfolio’s deviation from the portfolio’s deviation from targets that target weights of the blended benchmark. As targets that occurred in the first quarter. occurred in the first quarter. mentioned previously, the magnitude of cashflows and market volatility will have an impact on results. ■ SSE was negative for the year due to the Fund’s ■ SSE was negative for the quarter due to benchmark relative overweight allocation to US the Fund’s benchmark relative overweight Strategy Selection Effect [SSE]: Quantifies the and International Small Cap as small cap stocks allocation to US and International Small Cap value-add of the underlying strategy benchmarks underperformed large cap stocks. In addition, as small cap stocks underperformed large relative to the Risk-Reducing and Return-Seeking strategy allocation to SBF and OBF detracted cap stocks. In addition, strategy allocation to broad benchmarks. from results as longer duration outperformed in a SBF and OBF detracted from results as longer Manager Selection Effect [MSE]: Quantifies falling interest rate environment. duration outperformed in a falling interest rate environment. how CBIS’ manager selection and pairing ■ MSE was negative for the year driven by combination within each sub-strategy has added manager underperformance in the Risk-Reducing ■ MSE was negative for the quarter driven by value relative to the corresponding sub-strategy sleeve of the portfolio during the first quarter. manager underperformance in the Risk-Reducing benchmark. Sector allocation was the main factor impacting sleeve of the portfolio. Sector allocation was results as the fixed income managers were the main factor impacting results as the fixed overweight corporate bonds and underweight income managers were overweight corporate Treasuries heading into the COVID-19 induced bonds and underweight Treasuries heading sell-off. Manager selection within Return-Seeking, into the COVID-19 induced sell-off. Manager particularly within the two international funds, underperformance within Value also negatively offset some of the underperformance. impacted results, which was partially offset by manager outperformance within International Small Cap. For more details on positioning, see current positioning for the underlying CUIT Funds.

Important Information Important 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.

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■ CBIS pioneered Catholic Responsible InvestmentsSM ■ Catholic Responsible InvestmentsSM enables Catholic institutions and has more than 30 years of experience applying Catholic ethical to align their investments with their beliefs and effect real and social teaching to the investing process. change in corporate activities with respect to human rights, the environment, and corporate governance. ■ While socially responsible investing is often equated with stock screens, a truly effective Catholic Responsible ■ As an institutional investment firm, we believe that by InvestmentsSM program requires that we also act as responsible encouraging strong corporate environmental, social and owners of companies to bring about a more just society. Our governance policies, we are helping support long-term approach to Catholic socially responsible investing emphasizes performance and the potential growth of shareholder value. direct engagement with companies to help improve their policies and practices.

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Christian Brothers Investment Services, Inc. n [email protected] PAGE 42 Investment Portfolio Review 1Q 2020

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. 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.

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