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Moving Forward

With these initiatives, and with many other smaller ones undertaken during the year, we are confident that CBIS is moving in the right direction. At the outset of 2010, we believe we have a strengthened ability to serve your investment needs and those of a wide range of Catholic institutions the world over — from the smallest of parishes to the largest of dioceses, from local religious orders to global charities, and from the heartland of America to Europe, South America, Asia, Africa and the Middle East. We are certain that the recent crisis will eventually fade into history, that global trade will once again resume its upward trend, and that the growing interconnection of global businesses, nations and peoples will continue. These trends have the potential to bring better standards of living to developing nations, but they may also bring degradation and abuse of human rights and labor rights if unmediated by an active conscience and by the conscious application of ethics to business decisions. We continue to be certain that our message of responsible stewardship is the right one for Catholic investors the world over. We saw in 2008 what happens when shareholders are not responsible stewards, and we know that the creation of a socially just and sustainable global economy is not possible unless the principles of our faith are integrated into the workings of finance.

We believe we served participants well in 2009 and are dedicated to continued improvement during 2010. We thank you for your ongoing trust in us and for your support of Catholic socially responsible investing.

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