NOVEMBER 2022 MARKET INSIGHTS

By: ANTHONY MINOPOLI, PRESIDENT & CHIEF INVESTMENT OFFICER

The markets have remained in a whipsaw between hope and fear as it digests news relating to inflation. As inflation remains stubbornly high, the Federal Reserve (“Fed”) felt compelled to hike its benchmark interest rate by 75 basis points for the fourth consecutive time. As a result of the latest hike, the federal funds rate is now in a range of 3.75% to 4.00%. We do not believe that the latest underlying details show that inflation has peaked. The rising costs of shelter and energy continue to drive inflation, while the continued strong employment data and persistent upward pressure on prices has left the Fed with a steady focus to try to tame inflation.

When the hike was announced, the Fed insinuated that they may slow the pace of their rate increases, but that they need to consider the aggregate of all rate increases, the changes to both monetary and fiscal policies, as well as other developments in the financial markets. We interpret this as the Fed is focused on domestic financial issues while also monitoring global economic activity. Fed Chairman Jay Powell has underscored that the Fed would “stay the course until the job is done” and also expressed that it is “very premature” to talk about pausing rate increases.

The S&P 500 Index returned 7.99% for the month and this result helped reverse some of the weakness experienced in prior months^[1]. Given inflation concerns the yield on the 10-year Treasury increased from 3.80% at the end of September to 4.07% at the end of October^[2]. This led the Bloomberg Aggregate Bond Index to return -1.30% for the month^[3].

The markets are also extremely focused on the election. It is viewed that the Republicans will pick up enough seats to take control of the House of Representatives and the Senate looks like it may swing red, but it is still too close to call. One of the key issues that is driving the potential change in the leadership of Congress is inflation. One of the largest contributors to inflation is the price of energy.

I have always said that this essay would not swing too hard into politics, but the inflation pressures coming from energy can beat their way right to the doorstep of the Democratic Party. On his first day in office, President Biden cancelled the XL Pipeline and while that pipeline would not still be completed, its cancellation was symbolic of what was to come. You may have read recently that diesel fuel and its’ close cousin, heating oil, were drawn down to a 25-day supply. For those that do not live in the Northeast, they may not be too familiar with heating oil as the fuel for heating homes. In my family, we are the only house that uses natural gas. My parents and my brother, as well my as wife’s parents and siblings, all use heating oil. The current supply is as low as it has been in decades and part of the supply issue is due to a lack of refining capacity. I wrote recently that we have not built a new refinery in the U.S. in over 40 years. Yet, there is no concrete plan on how to move from a fossil fuel-based economy to an alternative fuel-based economy. And, basic fuel demand is needed by all, so those lower on the socio-economic ladder are now spending an even greater proportion of their income on energy.

In a past column, I discussed that I am pro-environment, however, we need to make the transition when we have a plan in place. Running out of diesel fuel may keep diesel trucks off the road, however, it will destroy the economy because diesel is a “last mile” fuel. Large trucks deliver food and goods to stores and distribution centers and without the ability to move goods and fuel, the economy will grind to a halt and will most assuredly create social unrest. Washington needs to stop playing politics with energy and recognize the damage they are doing to the economy, as well as, to lower income Americans. This is not to mention how embarrassing it was to see a U.S. President have to go hat in hand to Saudi Arabia to ask them to increase supply. We are now also having conversations with Iran and Venezuela all while we have massive domestic supplies of oil and natural gas. I’m sure there will be more to come on this.

Geopolitics remain highly unsettled. Last month there was the potential of a false flag operation whereby Russia was disclosing that Ukraine would use a dirty bomb. Developed nations communicated that there was no credible evidence and warned Russia of the most dire economic sanctions. Thus far, Russia is backing off the potential of using tactical nuclear weapons in Ukraine. However, as Ukraine is a major grain exporter, this war continues to put pressure on food supply and, subsequently, prices.

We are watching China continue to ramp up their rhetoric against Taiwan and North Korea has been more active with missile tests and has stated that they will perform more nuclear testing. The world is more destabilized now than at any point in the last 50 years and I am hoping we can find a peaceful path forward.

When I sit to draft the next essay, the midterm elections will be in the rearview mirror, however, the lawsuits over challenged elections may only be beginning.

Until next month.

[1] CNBC; October 1, 2022 through close on October 31, 3022.

[2] CNBC; October 1, 2022 through close on October 31, 3022.

[3] Bloomberg

Core Bond Fund

A portrait of Anthony Minopoli wearing a dark suit, white shirt, and red tie.

	One Month ( As of 10/31/22)	YTD ( As of 10/31/22)	1 Year ( As of 09/30/22)	5 Years ( As of 09/30/22)	Since Inception ( As of 09/30/22)
Core Bond Fund-I Shares	-1.40%	-16.62%	-15.50%	-0.25%	0.66%
Bloomberg US Aggregate Bond Index	-1.30%	-15.72%	-14.60%	-0.27%	0.50%
Lipper Core Bond Fund Average	-1.37%	-16.17%	-15.16%	-0.31%
Lipper Percentile Rank			57%	41%
	Core Bond Fund-I Shares
One Month ( As of 10/31/22)	-1.40%
YTD ( As of 10/31/22)	-16.62%
1 Year ( As of 09/30/22)	-15.50%
5 Years ( As of 09/30/22)	-0.25%
Since Inception ( As of 09/30/22)	0.66%
	Bloomberg US Aggregate Bond Index
One Month ( As of 10/31/22)	-1.30%
YTD ( As of 10/31/22)	-15.72%
1 Year ( As of 09/30/22)	-14.60%
5 Years ( As of 09/30/22)	-0.27%
Since Inception ( As of 09/30/22)	0.50%
	Lipper Core Bond Fund Average
One Month ( As of 10/31/22)	-1.37%
YTD ( As of 10/31/22)	-16.17%
1 Year ( As of 09/30/22)	-15.16%
5 Years ( As of 09/30/22)	-0.31%
Since Inception ( As of 09/30/22)
	Lipper Percentile Rank
One Month ( As of 10/31/22)
YTD ( As of 10/31/22)
1 Year ( As of 09/30/22)	57%
5 Years ( As of 09/30/22)	41%
Since Inception ( As of 09/30/22)

*Lipper Percentile Rank is based on total return performance. Lipper Category: Core Bond Funds. Number of Funds in Category: 503 (1 Year) and 439 (5 Year). Gross Expense Ratio 0.71%, Net Expense Ratio 0.50%.

Limited Duration Fund

	One Month ( As of 10/31/22)	YTD ( As of 10/31/22)	1 Year ( As of 09/30/22)	5 Years ( As of 09/30/22)	Since Inception ( As of 09/30/22)
Limited Duration Bond Fund-I Shares	-0.11%	-4.64%	-5.12%	0.69%	0.82%
Bloomberg Government/Credit 1-3 Year Index	-0.13%	-4.66%	-5.07%	0.70%	0.81%
Lipper Short Investment Grade Debt Fund Average	-0.22%	-5.67%	-5.91%	0.70%
Lipper Percentile Rank			25%	51%
	Limited Duration Bond Fund-I Shares
One Month ( As of 10/31/22)	-0.11%
YTD ( As of 10/31/22)	-4.64%
1 Year ( As of 09/30/22)	-5.12%
5 Years ( As of 09/30/22)	0.69%
Since Inception ( As of 09/30/22)	0.82%
	Bloomberg Government/Credit 1-3 Year Index
One Month ( As of 10/31/22)	-0.13%
YTD ( As of 10/31/22)	-4.66%
1 Year ( As of 09/30/22)	-5.07%
5 Years ( As of 09/30/22)	0.70%
Since Inception ( As of 09/30/22)	0.81%
	Lipper Short Investment Grade Debt Fund Average
One Month ( As of 10/31/22)	-0.22%
YTD ( As of 10/31/22)	-5.67%
1 Year ( As of 09/30/22)	-5.91%
5 Years ( As of 09/30/22)	0.70%
Since Inception ( As of 09/30/22)
	Lipper Percentile Rank
One Month ( As of 10/31/22)
YTD ( As of 10/31/22)
1 Year ( As of 09/30/22)	25%
5 Years ( As of 09/30/22)	51%
Since Inception ( As of 09/30/22)

*Lipper Percentile Rank is based on total return performance. Lipper Category: Short Investment Grade Debt Funds. Number of Funds in Category: 369 (1 Year) and 309 (5 Year). Gross Expense Ratio 0.71%, Net Expense Ratio 0.50%.

Large Cap Growth Fund

	One Month ( As of 10/31/22)	YTD ( As of 10/31/22)	1 Year ( As of 09/30/22)	5 Years ( As of 09/30/22)	Since Inception ( As of 09/30/22)
Large Cap Growth Fund-I Shares	5.22%	-29.44%	-27.16%	7.52%	7.33%
Russell 1000 Growth Index	5.84%	-26.61%	-22.59%	12.17%	11.65%
Lipper Multi-Cap Growth Fund Average 5.36%	-30.29%	-31.72%	8.42%
Lipper Percentile Rank			44%	81%
	Large Cap Growth Fund-I Shares
One Month ( As of 10/31/22)	5.22%
YTD ( As of 10/31/22)	-29.44%
1 Year ( As of 09/30/22)	-27.16%
5 Years ( As of 09/30/22)	7.52%
Since Inception ( As of 09/30/22)	7.33%
	Russell 1000 Growth Index
One Month ( As of 10/31/22)	5.84%
YTD ( As of 10/31/22)	-26.61%
1 Year ( As of 09/30/22)	-22.59%
5 Years ( As of 09/30/22)	12.17%
Since Inception ( As of 09/30/22)	11.65%
	Lipper Multi-Cap Growth Fund Average 5.36%
One Month ( As of 10/31/22)	-30.29%
YTD ( As of 10/31/22)	-31.72%
1 Year ( As of 09/30/22)	8.42%
5 Years ( As of 09/30/22)
Since Inception ( As of 09/30/22)
	Lipper Percentile Rank
One Month ( As of 10/31/22)
YTD ( As of 10/31/22)
1 Year ( As of 09/30/22)	44%
5 Years ( As of 09/30/22)	81%
Since Inception ( As of 09/30/22)

*Lipper Percentile Rank is based on total return performance. Lipper Category: Multi-Cap Growth Funds. Number of Funds in Category: 675 (1 Year) and 594 (5 Year). Gross Expense Ratio 0.90%, Net Expense Ratio 0.90%.

Large Cap Value Fund

	One Month ( As of 10/31/22)	YTD ( As of 10/31/22)	1 Year ( As of 09/30/22)	5 Years ( As of 09/30/22)	Since Inception ( As of 09/30/22)
Large Cap Value Fund-I Shares	10.69%	-8.78%	-11.72%	5.71%	6.25%
Russell 1000 Value Index	10.25%	-9.32%	-11.36%	5.29%	6.08%
Lipper Multi-Cap Value Fund Average	10.79%	-8.20%	-10.82%	5.34%
Lipper Percentile Rank			65%	44%
	Large Cap Value Fund-I Shares
One Month ( As of 10/31/22)	10.69%
YTD ( As of 10/31/22)	-8.78%
1 Year ( As of 09/30/22)	-11.72%
5 Years ( As of 09/30/22)	5.71%
Since Inception ( As of 09/30/22)	6.25%
	Russell 1000 Value Index
One Month ( As of 10/31/22)	10.25%
YTD ( As of 10/31/22)	-9.32%
1 Year ( As of 09/30/22)	-11.36%
5 Years ( As of 09/30/22)	5.29%
Since Inception ( As of 09/30/22)	6.08%
	Lipper Multi-Cap Value Fund Average
One Month ( As of 10/31/22)	10.79%
YTD ( As of 10/31/22)	-8.20%
1 Year ( As of 09/30/22)	-10.82%
5 Years ( As of 09/30/22)	5.34%
Since Inception ( As of 09/30/22)
	Lipper Percentile Rank
One Month ( As of 10/31/22)
YTD ( As of 10/31/22)
1 Year ( As of 09/30/22)	65%
5 Years ( As of 09/30/22)	44%
Since Inception ( As of 09/30/22)

*Lipper Percentile Rank is based on total return performance. Lipper Category: Multi-Cap Value Funds. Number of Funds in Category: 650 (1 Year) and 579 (5 Year). Gross Expense Ratio 0.90%, Net Expense Ratio 0.90%.

Small Cap Fund

	One Month ( As of 10/31/22)	YTD ( As of 10/31/22)	1 Year ( As of 09/30/22)	5 Years ( As of 09/30/22)	Since Inception ( As of 09/30/22)
Small Cap Equity Fund-I Shares	10.57%	-18.71%	-22.46%	2.26%	3.54%
Russell 2000 Index	11.01%	-16.86%	-23.50%	3.55%	5.18%
Lipper Small Cap Fund Average	11.41%	-13.20%	-17.54%	3.47%
Lipper Percentile Rank			19%	92%
	Small Cap Equity Fund-I Shares
One Month ( As of 10/31/22)	10.57%
YTD ( As of 10/31/22)	-18.71%
1 Year ( As of 09/30/22)	-22.46%
5 Years ( As of 09/30/22)	2.26%
Since Inception ( As of 09/30/22)	3.54%
	Russell 2000 Index
One Month ( As of 10/31/22)	11.01%
YTD ( As of 10/31/22)	-16.86%
1 Year ( As of 09/30/22)	-23.50%
5 Years ( As of 09/30/22)	3.55%
Since Inception ( As of 09/30/22)	5.18%
	Lipper Small Cap Fund Average
One Month ( As of 10/31/22)	11.41%
YTD ( As of 10/31/22)	-13.20%
1 Year ( As of 09/30/22)	-17.54%
5 Years ( As of 09/30/22)	3.47%
Since Inception ( As of 09/30/22)
	Lipper Percentile Rank
One Month ( As of 10/31/22)
YTD ( As of 10/31/22)
1 Year ( As of 09/30/22)	19%
5 Years ( As of 09/30/22)	92%
Since Inception ( As of 09/30/22)

*Lipper Percentile Rank is based on total return performance. Lipper Category: Small-Cap Core Funds. Number of Funds in Category: 729 (1 Year) and 640 (5 Year). Gross Expense Ratio 1.05%, Net Expense Ratio 1.05%.

International Equity Fund

	One Month ( As of7/31/22)	YTD ( As of 10/31/22)	1 Year ( As of 09/30/22)	5 Years ( As of 09/30/22)	Since Inception ( As of 09/30/22)
nternational Equity-I Shares	3.71%	-26.59%	-27.13%	-0.17%	2.17%
FTSE All World Ex US Index	2.93%	-23.69%	-24.52%	-0.08%	1.85%
Lipper International Multi-Cap Fund Average	5.00%	-23.32%	-25.33%	-1.31%
Lipper Percentile Rank			75%	11%
	nternational Equity-I Shares
One Month ( As of7/31/22)	3.71%
YTD ( As of 10/31/22)	-26.59%
1 Year ( As of 09/30/22)	-27.13%
5 Years ( As of 09/30/22)	-0.17%
Since Inception ( As of 09/30/22)	2.17%
	FTSE All World Ex US Index
One Month ( As of7/31/22)	2.93%
YTD ( As of 10/31/22)	-23.69%
1 Year ( As of 09/30/22)	-24.52%
5 Years ( As of 09/30/22)	-0.08%
Since Inception ( As of 09/30/22)	1.85%
	Lipper International Multi-Cap Fund Average
One Month ( As of7/31/22)	5.00%
YTD ( As of 10/31/22)	-23.32%
1 Year ( As of 09/30/22)	-25.33%
5 Years ( As of 09/30/22)	-1.31%
Since Inception ( As of 09/30/22)
	Lipper Percentile Rank
One Month ( As of7/31/22)
YTD ( As of 10/31/22)
1 Year ( As of 09/30/22)	75%
5 Years ( As of 09/30/22)	11%
Since Inception ( As of 09/30/22)

*Lipper Percentile Rank is based on total return performance. Lipper Category: International Multi-Cap Core. Number of Funds in Category: 326 (1 Year) and 245 (5 Year). Gross Expense Ratio 1.21%, Net Expense Ratio 1.10%.

Real Estate Fund

	One Month ( As of 10/31/22)	YTD ( As of 10/31/22)	1 Year ( As of 09/30/22)	Since Inception ( As of 09/30/22)
Real Estate-I Shares 3.11%	-23.54%	-15.05%	1.32%
FTSE Nareit Equity REITs Index	4.89%	-24.61%	-16.41%	-2.04%
Lipper Real Estate Average	2.86%	-26.31%	-18.27%
Lipper Percentile Rank			8%
	Real Estate-I Shares 3.11%
One Month ( As of 10/31/22)	-23.54%
YTD ( As of 10/31/22)	-15.05%
1 Year ( As of 09/30/22)	1.32%
Since Inception ( As of 09/30/22)
	FTSE Nareit Equity REITs Index
One Month ( As of 10/31/22)	4.89%
YTD ( As of 10/31/22)	-24.61%
1 Year ( As of 09/30/22)	-16.41%
Since Inception ( As of 09/30/22)	-2.04%
	Lipper Real Estate Average
One Month ( As of 10/31/22)	2.86%
YTD ( As of 10/31/22)	-26.31%
1 Year ( As of 09/30/22)	-18.27%
Since Inception ( As of 09/30/22)
	Lipper Percentile Rank
One Month ( As of 10/31/22)
YTD ( As of 10/31/22)
1 Year ( As of 09/30/22)	8%
Since Inception ( As of 09/30/22)

*Lipper Percentile Rank is based on total return performance. Lipper Category: Real Estate
Number of Funds in Category: 251 (1 Year)
Gross Expense Ratio 1.16%, Net Expense Ratio 1.00%.

Long-Short Equity Fund

	One Month ( As of 10/31/22)	YTD ( As of 10/31/22)	1 Year ( As of 09/30/22)	Since Inception ( As of 09/30/22)
Long-Short Equity – I Shares	4.23%	9.29%	11.16%	3.12%
HFRX Equity Market Neutral Developed Index	0.37%	-0.85%	-1.56%	-1.73%
Lipper Alternative Long/Short Average	4.56%	-6.64%	-6.37%
Lipper Percentile rank			8%
	Long-Short Equity – I Shares
One Month ( As of 10/31/22)	4.23%
YTD ( As of 10/31/22)	9.29%
1 Year ( As of 09/30/22)	11.16%
Since Inception ( As of 09/30/22)	3.12%
	HFRX Equity Market Neutral Developed Index
One Month ( As of 10/31/22)	0.37%
YTD ( As of 10/31/22)	-0.85%
1 Year ( As of 09/30/22)	-1.56%
Since Inception ( As of 09/30/22)	-1.73%
	Lipper Alternative Long/Short Average
One Month ( As of 10/31/22)	4.56%
YTD ( As of 10/31/22)	-6.64%
1 Year ( As of 09/30/22)	-6.37%
Since Inception ( As of 09/30/22)
	Lipper Percentile rank
One Month ( As of 10/31/22)
YTD ( As of 10/31/22)
1 Year ( As of 09/30/22)	8%
Since Inception ( As of 09/30/22)

*Lipper Percentile Rank is based on total return performance. Lipper Category: Alternative Long/Short Equity Number of Funds in Category: 240 (1 Year) Gross Expense Ratio 2.63, Net Expense Ratio 2.28%.

U.S. All Cap Index Fund

	One Month ( As of 10/31/22)	YTD ( As of 10/31/22)	1 Year ( As of 09/30/22)	Since Inception ( As of 09/30/22)
U.S. All Cap Index – I Shares	8.42%	-20.10%	-19.49%	4.80%
Knights of Columbus U.S. All Cap Index	8.54%	-19.92%	-19.40%	5.18%
Lipper Multi-Cap Core Average	7.77%	-17.95%	-17.50%
Lipper Percentile rank			71%
	U.S. All Cap Index – I Shares
One Month ( As of 10/31/22)	8.42%
YTD ( As of 10/31/22)	-20.10%
1 Year ( As of 09/30/22)	-19.49%
Since Inception ( As of 09/30/22)	4.80%

	Knights of Columbus U.S. All Cap Index
One Month ( As of 10/31/22)	8.54%
YTD ( As of 10/31/22)	-19.92%
1 Year ( As of 09/30/22)	-19.40%
Since Inception ( As of 09/30/22)	5.18%

	Lipper Multi-Cap Core Average
One Month ( As of 10/31/22)	7.77%
YTD ( As of 10/31/22)	-17.95%
1 Year ( As of 09/30/22)	-17.50%
Since Inception ( As of 09/30/22)

	Lipper Percentile rank
One Month ( As of 10/31/22)
YTD ( As of 10/31/22)
1 Year ( As of 09/30/22)	71%
Since Inception ( As of 09/30/22)

*Lipper Percentile Rank is based on total return performance. Lipper Category: Multi-Cap Core Number of Funds in Category: 658 (1 Year)
Gross Expense Ratio 0.92%, Net Expense Ratio 0.25%.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost and current performance may be higher or lower than the performance quoted. Investment performance does not reflect the redemption fee; if it was reflected, the total return would be lower than shown. For performance data current to the most recent month end, please call 1-844-KC-FUNDS.

Fund performance for the 1 year, 5 year, and Since Inception periods are annualized. The inception date for Limited Duration, Core Bond, Large Cap Growth, Large Cap Value, Small Cap, and International are February 27, 2015. 5-year fund performance is not available for the Real Estate Fund, Long/Short Equity, or the U.S. All Cap Index since the funds’ inception dates are September 30, 2019, December 21, 2019, and December 31, 2019, respectively.

Effective July 21, 2020, the Knights of Columbus Real Estate Fund underwent a change in its Investment Objective and a name change to reflect the new investment strategy as detailed in The Funds’ Prospectus update of July 20, 2020. The Fund was formerly known as Knights of Columbus Global Real Estate Fund. Results prior to July 20, 2020, reflect the performance of the Fund's previous strategy.

Knights of Columbus Asset Advisors LLC has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses, (excluding interest, taxes, fund brokerage commissions, acquired fund fees and expenses and non-routine expenses) from exceeding the Net Expense Ratio for the respective Funds’ Institutional Shares average daily net assets until February 28, 2023.

Benchmark Definitions

Bloomberg Government/Credit 1-3 Year Index – benchmark for Limited Duration Fund
The U.S. Government/Credit Index is the non-securitized component of the U.S. Aggregate Index and was the first macro index launched by Barclays Capital. The U.S. Government/Credit Index includes Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporates. The U.S. Government/Credit Index was launched on January 1, 1979 and is a subset of the U.S. Aggregate Index. The 1-3 year index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.

Bloomberg US Aggregate Bond Index – benchmark for Core Bond Fund
The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Provided the necessary inclusion rules are met, US Aggregate eligible securities also contribute to the multi-currency Global Aggregate Index and the US Universal Index, which includes high yield and emerging markets debt. The US Aggregate Index was created in 1986.

FTSE All-World Ex-U.S. Index – benchmark for International Equity Fund
The FTSE All-World ex US Index is one of a number of indexes designed to help investors benchmark their international investments. The index comprises Large and Mid cap stocks providing coverage of Developed and Emerging Markets excluding the US. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization.

Russell 1000 Growth Index – benchmark for Large Cap Growth Fund
The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

Russell 1000 Value Index – benchmark for Large Cap Value Fund
The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

Russell 2000 Index – benchmark for Small Cap Fund
The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

FTSE Nareit Equity REITs Index – benchmark for Real Estate Fund – The FTSE Nareit Equity REITs Index contains all Equity REITs not designated as Timber REITs or Infrastructure REITs. Prior to December 2010, the index included Timber REITs and Infrastructure REITs.

HFRX Equity Market Neutral Index – benchmark for Long/Short Equity Fund HFRX Equity Market Neutral Index The HFRX Equity Market Neutral Index employs sophisticated quantitative techniques of analyzing price data to ascertain information about future price movement and relationships between securities, select securities for purchase and sale. These can include both Factor-based and Statistical Arbitrage/Trading Strategies.

Knights of Columbus U.S. All Cap Index – benchmark for U.S. All Cap Index Fund Knights of Columbus U.S. All Cap Index Adheres to the United States Conference of Catholic Bishops’ Socially Responsible Investment Guidelines. Consists of all common stocks and real estate investment trusts in the Solactive US Broad Market Index excluding companies that are determined by Institutional Shareholder.

Indices are unmanaged and do not reflect the effect of fees. One cannot invest directly in an index.

Lipper Peer Group Definitions

Lipper Short Investment Grade Debt Classification – peer group for Limited Duration Fund
Funds that invest primarily in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of less than three years. The Limited Duration Bond fund ranked 89 out of 369 funds measured for the one-year ranking period and ranked 159 out of 308 funds measured for the five-year ranking period as of June 30, 2022.

Lipper Core Bond Classification – peer group for Core Bond Fund
Funds that invest at least 85% in domestic investment-grade debt issues (rated in the top four grades) with any remaining investment in non-benchmark sectors such as high-yield, global and emerging market debt. These funds maintain dollar-weighted average maturities of five to ten years. The Core Bond fund ranked 331 out of 504 funds measured for the one-year ranking period and ranked 220 out of 438 funds measured for the five-year ranking period as of June 30, 2022.

Lipper Multi-Cap Growth Classification – peer group for Large Cap Growth Fund
Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap growth funds typically have above-average characteristics compared to the S&P SuperComposite 1500 Index. The Large Cap Growth fund ranked 166 out of 465 funds measured for the one-year ranking period ranked and 197 out of 393 funds measured for the five year ranking period as of June 30, 2022.

Lipper Multi-Cap Value Classification – peer group for Large Cap Value Fund
Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap value funds typically have below-average characteristics compared to the S&P SuperComposite 1500 Index. The Large Cap Value fund ranked 411 out of 631 funds measured for the one-year ranking period and ranked 270 out of 560 funds measured for the five-year ranking period as of June 30, 2022.

Lipper Small-Cap Core Classification – peer group for Small Cap Fund
Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE small-cap ceiling. Small cap core funds have more latitude in the companies in which they invest. These funds typically have average characteristics compared to the S&P SmallCap 600 Index. The Small Cap Equity fund ranked 699 out of 852 funds measured for the one-year ranking period and ranked 551 out of 743 funds measured for the five-year ranking period as of June 30, 2022.

Lipper International Multi-Cap Core Classification – peer group for International Equity Fund
Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. International multi-cap funds typically have characteristics compared to the MSCI EAFE Index. The International Equity fund ranked 295 out of 331 funds measured for the one-year ranking period and ranked 17 out of 256 funds measured for the five-year ranking period as of June 30, 2022.

Lipper Real Estate Classification – peer group for Real Estate Fund
Funds invest primarily in equity securities of domestic and foreign companies engaged in the real estate industry. The Real Estate fund ranked 2 out of 247 funds measured for the one-year ranking period as of June 30, 2022.

Lipper Alternative Long/Short Equity Classification – peer group for Long/Short Equity Fund
Funds that employ portfolio strategies combining long holdings of equities with short sales of equities, equity options or equity index options. The funds may be either net long or net short, depending on the portfolio manager’s view of the market. The Long/Short fund ranked 16 out of 242 funds measured for the one-year ranking period as of June 30, 2022.

Lipper Multi-Cap Core Classification – peer group for U.S. All Cap Index Fund
Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market-capitalization range over an extended period of time. The U.S. All Cap Index fund ranked 471 out of 669 funds measured for the one-year ranking period as of June 30, 2022.