December 2022

By: ANTHONY MINOPOLI, PRESIDENT & CHIEF INVESTMENT OFFICER

Last month, the election was upon us and many thought that there would be a “red wave” in the House and maybe, just maybe, the Republicans would win the majority in the Senate as well. The red wave never materialized, although the Republicans hold a very slim margin in the House. All political eyes are on Georgia as Raphael Warnock and Herschel Walker are pitted against one another in a Senate race that will have implications for control of that chamber. While on the topic of politics, Donald Trump is back; perhaps he never left! Ron DeSantis appears to be positioning himself for a White House run and it is not clear to me that anyone is going to challenge President Biden to be the Democratic nominee. We have a long way to go until the presidential election, however, silly season may have already started.

November was a strong month for stocks, with the S&P 500 up 5.6%^[1] based on a belief that inflation may have peaked and the Federal Reserve (“Fed”) will slow down the pace and size of interest rate hikes. Last month, the bond market, as measured by the Bloomberg U.S. Aggregate Index returned 3.7% as the yield on the 10-year Treasury note ended November at 3.61%, down from 4.1% at the end of October^[2]. It is logical to assume that bond rates would drop if inflation expectations were diminished. But is that the case?

Wage growth is still fairly strong with average hourly earnings growing at an annual rate of 5.8% as of the last reading^[3]. Admittedly, this series has been declining as wage growth was 6.7% on an annualized basis in January. This is a far cry from the 3.3% annualized wage growth we saw in January 2020, just prior to the globalization of Covid. Last month, I discussed the far too aggressive push to renewables that has led to an underinvestment in traditional fossil fuels. As energy prices remain elevated, and wage growth is still high, we are having as much of an issue with the current theme that inflation may be declining as we did with the Fed’s consistent use of “transitory” as it discussed inflation.

On a standalone basis, wages and energy can keep inflation above the trend that we have had for the last 20 years. When you combine the impact of each energy and inflation, we believe that inflation is less likely to be short term or have a modest impact.

I want to take a moment to discuss FTX and all the press surrounding cryptocurrency and crypto exchanges. At best, I believe, FTX was incompetent and at worst they were an outright fraud. One is bad, the other is illegal. I raise this issue because a couple of years ago, I was interviewed and asked about the then recent investment by an insurance company in Bitcoin. (The absolute size was meaningful, but it was not so relevant when you considered the Bitcoin investment as a percentage of their total assets) and wanted to know our position on cryptocurrency.

Then, as now, I remain intrigued by blockchain technology and the ability to store and transmit information in a way that might be virtually impenetrable. To that end, I indicated that we were very interested in investing in pure play blockchain technology. However, again, then as now, I am not a fan of cryptocurrency because of the price volatility. Currency has utility as a means of transacting commerce, but it also needs a measure of stability. With Bitcoin ranging from $16,000 to $66,000 in 2022 it does not seem to provide the stability one is searching for in something that is supposed to serve as a store of value. I appreciate that early investors in Bitcoin made fantastic returns and some may have realized the results if they sold. However, how is this different from early investors in Apple or Microsoft?

The person interviewing me wanted to know if I felt that Knights of Columbus was out of step with mainstream investors because we did not own any crypto. My response was that the company they were referencing, a large insurance company, is similar to the kid in high school doing something to impress so as to be invited to the cool table in the cafeteria. Even if Bitcoin quadrupled from the purchase price, it would have been a little more than a rounding error on this insurance company’s balance sheet. When I was young, my father was an investor in multifamily real estate and told me many times to never chase a property because there is always another day and always another deal. That advice has served me well as an investor because I believe the same in the stock and bond markets. Ultimately, I think the recent news is going to bring more attention, scrutiny, and regulation to the crypto market. We shall see.

As we come to year end and think about 2023, we are beginning to assess our expectations for asset classes. Our Asset Allocation Committee will be working on this over the coming months as we publish our expected returns and alter our investment models annually in March. This is always an interesting exercise and one I look forward to every year. We are taking into account inflation and asset prices while evaluating economic activity and trying to figure out the depth of any possible recession.

The next time I sit down to write this column it will be after Christmas. I wish you and your families a blessed and Merry Christmas and a Happy New Year!

Until next year!

[1] Source: Bloomberg

[2] Source: Bloomberg

[3] Source Bloomberg; as of November 30, 2022

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

CORE BOND FUND

	One Month (As of 11/30/22)	YTD (As of 11/30/22)	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	3.30%	-13.87%	-15.50%	-0.25%	0.66%
Bloomberg US Aggregate Bond Index	3.68%	-12.62%	-14.60%	-0.27%	0.50%
Lipper Core Bond Fund Average	3.59%	-13.14%	-15.16%	-0.31%
Lipper Percentile Rank			57%	41%
	Core Bond Fund-I Shares
One Month (As of 11/30/22)	3.30%
YTD (As of 11/30/22)	-13.87%
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 11/30/22)	3.68%
YTD (As of 11/30/22)	-12.62%
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 11/30/22)	3.59%
YTD (As of 11/30/22)	-13.14%
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 11/30/22)
YTD (As of 11/30/22)
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 11/30/22)	YTD (As of 11/30/22)	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	0.74%	-3.95%	-5.12%	0.69%	0.82%
Bloomberg Government/Credit 1-3 Year Index	0.82%	-3.87%	-5.07%	0.70%	0.81%
Lipper Short Investment Grade Debt Fund Average	1.11%	-4.61%	-5.91%	0.70%
Lipper Percentile Rank			25%	51%
	Limited Duration Bond Fund-I Shares
One Month (As of 11/30/22)	0.74%
YTD (As of 11/30/22)	-3.95%
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 11/30/22)	0.82%
YTD (As of 11/30/22)	-3.87%
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 11/30/22)	1.11%
YTD (As of 11/30/22)	-4.61%
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 11/30/22)
YTD (As of 11/30/22)
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 11/30/22)	YTD (As of 11/30/22	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	4.56%	-26.22%	-27.16%	7.52%	7.33%
Russell 1000 Growth Index	4.56%	-23.26%	-22.59%	12.17%	11.65%
Lipper Multi-Cap Growth Fund Average	3.98%	-27.96%	-31.72%	8.42%
Lipper Percentile Rank			44%	81%
	Large Cap Growth Fund-I Shares
One Month (As of 11/30/22)	4.56%
YTD (As of 11/30/22	-26.22%
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 11/30/22)	4.56%
YTD (As of 11/30/22	-23.26%
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
One Month (As of 11/30/22)	3.98%
YTD (As of 11/30/22	-27.96%
1 Year (As of 09/30/22)	-31.72%
5 Years (As of 09/30/22)	8.42%
Since Inception (As of 09/30/22)
	Lipper Percentile Rank
One Month (As of 11/30/22)
YTD (As of 11/30/22
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 11/30/22)	YTD (As of 11/30/22)	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	5.04%	-4.18%	-11.72%	5.71%	6.25%
Russell 1000 Value Index	6.25%	-3.65%	-11.36%	5.29%	6.08%
Lipper Multi-Cap Value Fund Average	6.09%	-2.69%	-10.82%	5.34%
Lipper Percentile Rank			65%	44%
	Large Cap Value Fund-I Shares
One Month (As of 11/30/22)	5.04%
YTD (As of 11/30/22)	-4.18%
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 11/30/22)	6.25%
YTD (As of 11/30/22)	-3.65%
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 11/30/22)	6.09%
YTD (As of 11/30/22)	-2.69%
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 11/30/22)
YTD (As of 11/30/22)
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 11/30/22)	YTD (As of 11/30/22)	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	3.27%	-16.04%	-22.46%	2.26%	3.54%
Russell 2000 Index	2.34%	-14.91%	-23.50%	3.55%	5.18%
Lipper Small Cap Fund Average	4.32%	-9.44%	-17.54%	3.47%
Lipper Percentile Rank			19%	92%
	Small Cap Equity Fund-I Shares
One Month (As of 11/30/22)	3.27%
YTD (As of 11/30/22)	-16.04%
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 11/30/22)	2.34%
YTD (As of 11/30/22)	-14.91%
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 11/30/22)	4.32%
YTD (As of 11/30/22)	-9.44%
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 11/30/22)
YTD (As of 11/30/22)
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 11/30/22)	1 Year (As of 09/30/22)	5 Years (As of 09/30/22)	Since Inception (As of 09/30/22)
International Equity-I Shares	13.57%	-16.63%	-27.13%	-0.17%	2.17%
FTSE All World Ex US Index	11.69%	-14.76%	-24.52%	-0.08%	1.85%
Lipper International Multi-Cap Fund Average	12.66%	-13.74%	-25.33%	-1.31%
Lipper Percentile Rank			75%	11%
	International Equity-I Shares
One Month (As of7/31/22)	13.57%
YTD (As of 11/30/22)	-16.63%
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)	11.69%
YTD (As of 11/30/22)	-14.76%
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)	12.66%
YTD (As of 11/30/22)	-13.74%
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 11/30/22)
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 11/30/22)	YTD (As of 11/30/22	1 Year (As of 09/30/22)	Since Inception (As of 09/30/22)
Real Estate-I Shares	6.27%	-18.75%	-15.05%	1.32%
FTSE Nareit Equity REITs Index	5.77%	-20.27%	-16.41%	-2.04%
Lipper Real Estate Average	5.78%	-22.12%	-18.27%
Lipper Percentile Rank			8%
	Real Estate-I Shares
One Month (As of 11/30/22)	6.27%
YTD (As of 11/30/22	-18.75%
1 Year (As of 09/30/22)	-15.05%
Since Inception (As of 09/30/22)	1.32%
	FTSE Nareit Equity REITs Index
One Month (As of 11/30/22)	5.77%
YTD (As of 11/30/22	-20.27%
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 11/30/22)	5.78%
YTD (As of 11/30/22	-22.12%
1 Year (As of 09/30/22)	-18.27%
Since Inception (As of 09/30/22)
	Lipper Percentile Rank
One Month (As of 11/30/22)
YTD (As of 11/30/22
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 11/30/22)	YTD (As of 11/30/22)	1 Year (As of 09/30/22)	Since Inception (As of 09/30/22)
Long-Short Equity – I Shares	2.12%	11.60%	11.16%	3.12%
HFRX Equity Market Neutral Developed Index	-0.25%	-1.09%	-1.56%	-1.73%
Lipper Alternative Long/Short Average	2.87%	-4.06%	-6.37%
Lipper Percentile rank			8%
	Long-Short Equity – I Shares
One Month (As of 11/30/22)	2.12%
YTD (As of 11/30/22)	11.60%
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 11/30/22)	-0.25%
YTD (As of 11/30/22)	-1.09%
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 11/30/22)	2.87%
YTD (As of 11/30/22)	-4.06%
1 Year (As of 09/30/22)	-6.37%
Since Inception (As of 09/30/22)
	Lipper Percentile rank
One Month (As of 11/30/22)
YTD (As of 11/30/22)
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 11/30/22)	YTD ( As of 11/30/22)	1 Year ( As of 09/30/22)	Since Inception ( As of 09/30/22)
U.S. All Cap Index – I Shares	5.49%	-15.72%	-19.49%	4.80%
Knights of Columbus U.S. All Cap Index	5.53%	-15.49%	-19.40%	5.18%
Lipper Multi-Cap Core Average	5.71%	-13.48%	-17.50%
Lipper Percentile rank			71%
	U.S. All Cap Index – I Shares
One Month ( As of 11/30/22)	5.49%
YTD ( As of 11/30/22)	-15.72%
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 11/30/22)	5.53%
YTD ( As of 11/30/22)	-15.49%
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 11/30/22)	5.71%
YTD ( As of 11/30/22)	-13.48%
1 Year ( As of 09/30/22)	-17.50%
Since Inception ( As of 09/30/22)
	Lipper Percentile rank
One Month ( As of 11/30/22)
YTD ( As of 11/30/22)
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.