Manager Changes

Several changes were made within the CUIT fund programs in 2007. In May, we replaced Jarislowsky Fraser with Principal Global Investors as a sub-adviser in the CUIT International Equity Fund. Principal Global offers a quantitative international growth equity strategy with tight controls on sector, country, capitalization and individual issue exposure to maximize the contribution from stock selection. Their process also incorporates investor sentiment and momentum factors which, in addition to company fundamentals, have become increasingly important for successful growth investing in recent years. The change proved timely, as international equity managers with strong growth style characteristics became top performers as the year progressed.

To reduce CUIT Market Neutral Fund volatility as experienced during the third quarter of 2007, we added Martingale Asset Management as a third sub-adviser in the Fund in early October. Martingale was selected at the Fund’s inception to be added as assets grew.

Finally, we directed CUIT Growth Fund sub-adviser Wellington Management to apply a more diversified growth strategy to its segment of the Fund in order to reduce volatility and in response to manager personnel changes at Wellington. Wellington’s portfolio now holds 25% - 40% more issues than before and it has a more moderate turnover. Stock selection will continue to draw upon the strength of the firm’s global research platform.