The Funds file their complete schedules of investments with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT within sixty days after period end. The Funds’ Forms N-Q and Form N-PORT reports are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how the Funds voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-844-523-8637; and (ii) on the Commission’s website at http://www.sec.gov.

Dear Shareholders:

First, I hope that this letter finds all of you and your families healthy and safe. Thus far the Knights of Columbus Asset Advisors team has remained healthy with no one, testing positive for COVID-19. In the New Haven office where bond management takes place, the entire investment staff was sent home on March 12th and my last day in the office was March 13th. The equity team housed in our Boston office was last in the office on March 13th. I am happy to report that technology allowed us all to move with speed to our home offices and function seamlessly. We hold our daily meetings on conference calls, and we have a full meeting on the funds, inclusive of compliance matters, every Tuesday and this has functioned extremely well using Go ToMeeting as the medium to see each other and share documents.

I suppose there is no amount of hyperbole that can be used to explain this current situation. We came into this year with a view that equities would have a return in the mid-single digits based on the absolute strength of the stock market in 2019. We had largely viewed that for prices to hold or move higher we would need to see earnings improve. On the positive side of the ledger, we had very low unemployment, relatively strong wage growth, strong consumer sentiment, strong business sentiment, low-interest rates, and low inflation. We were starting to see some cracks in earnings and then COVID-19 became part of our lexicon.

The bond market came into the year with the yield on the 10-year Treasury standing at 1.9%. Credit spreads were generally tighter than average, so we were watching inflation closely. I began looking at the long term relationship of wage gains and inflation and it appeared that if we continued to have wages growing in excess of inflation, it was likely that we would see interest rates increase unless the Fed stepped into the market to buy longer-dated securities to hold down interest rates. Again, we were looking at traditional economic relationships and then everything changed…and rapidly.

To progress from where we are, we really think there are several phases to move forward. First, we need to have COVID-19 testing become more widely available so the medical experts can determine our proximity to herd immunity. The next phase will be a therapy that dramatically reduces the probability of death. It appears that co-morbidity factors play a significant role in a patient’s level of severity once COVID-19 has been contracted so we need to worry about the most vulnerable among us. The last phase will be a vaccine and I have been happy to see the amount of cooperation among the drug companies recognizing the need to get to an effective vaccine. At this point, the world can begin to determine the origins of the virus and, more importantly, how to stop the next one from occurring. It seems to me that all countries should contribute to global research on the eradication of future coronaviruses to see if there is a way to stop this disease in the way that science has eradicated so many others.

We are now evaluating a post-COVID-19 world and the one thing we know for sure is that the world will be different, and no one knows what it will be like. Early data from Georgia shows some renewed economic activity and I am waiting to see if the broad economy has a larger acceleration or if it is slow and halting, particularly if we start seeing an acceleration in new cases. The decision to allow a business to open is the toughest because one has to weigh the pandemic with the potential for inducing a depression. A difficult choice to say the least. We are trying to maintain portfolio strategy to participate in a broad array of market outcomes.

As we look at this current environment, getting people back to work will be the top priority within the economy. As of this writing, the unemployment rate stands at 14.7% and many pundits believe it may eclipse 20%. Beyond a needed vaccine, we are first looking to see how quickly the unemployed are absorbed into the economy and secondly awaiting the level of consumer and business spending in order to determine the level of economic activity and how that translates into portfolio performance. No thinking of economic activity would be complete without considering U.S. and China relations. There has been significant rhetoric from both sides relating to the origin of the virus. We do, however, believe that there will be a return of drug production within our borders and that there could be a manufacturing boom both here and in Europe as many countries seek to be less dependent on a supply chain that runs through China and becomes inextricably linked to their policies and world view.

During the last six months, Knights of Columbus Core Bond Fund returned 1.52% versus 4.86% for the Bloomberg Barclays US Aggregate Index and the Lipper Core Bond category average return of 2.86%. In the fourth quarter, our underweight position in Treasuries coupled with our overweight position in credit hurt performance relative to the benchmark as there was a strong flight to quality in the fourth quarter.

During this period, Knights of Columbus Limited Duration Fund returned 0.24% versus 2.58% for the Bloomberg Barclays 1-3 Year US Government/Credit Index and the Lipper Short Investment Grade Debt Classification return of -0.53%. Our overweight to spread product was a negative factor relative to the benchmark, however, issue selection added value relative to the peer group.

During the last six months, Knights of Columbus Large Cap Growth Fund returned 3.23% versus 6.09% for the Russell 1000 Growth Index and a return of 3.58% for the Lipper Multi-Cap Growth Classification. The Fund seeks attractive valuation even for growth companies, and this detracted from performance as the market rewarded expensive growth companies. An example of this was our overall underweight to Netflix , an expensive grower that rose sharply and hurt performance.

During this period, Knights of Columbus Large Cap Value Fund returned -14.27% versus -13.66% for the Russell 1000 Value Index and a return of -16.00% for the Lipper Multi-Cap Value Classification. Performance was hurt by stock selection in Diversified Financials and Energy, where several holdings were significantly impacted by COVID-19 implications. Positive contributors to performance were stock selection in Consumer Staples and Health Care and a lower portfolio beta than the benchmark, which helped given the negative market environment.

During the last six months, Knights of Columbus Small Cap Fund returned -18.30% versus -15.47% for the Russell 2000 Index and a return of -19.35% for the Lipper Small Cap Core Classification. Overall, Performance was impacted by weak performance in a few Biotech names, and by companies impacted by COVID-19, including an office furniture maker and construction-related companies. Relatively strong stock selection was a positive factor that helped to mitigate losses related to asset allocation.

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During this period, Knights of Columbus International Equity Fund returned -15.01% versus -13.07% for the FTSE All-World ex-U.S. Index and a return of -14.29% for the Lipper International Multi-Cap Core Classification. Stock selection detracted from performance, specifically in several Consumer Discretionary companies that were highly affected by COVID-19.

During this period, Knights of Columbus Global Real Estate Fund returned -17.01% versus -23.66% for the FTSE EPRA/NAREIT Developed Index and a return of -18.97% for the Lipper Real Estate Classification. Overall, relatively strong stock selection was a positive factor.

In addition to these offerings, Knights of Columbus Asset Advisors launched a Long/Short Equity Fund on December 2, 2019, and a US All Cap Equity Index on December 31, 2019.

From Inception on December 2, 2019, the Knights of Columbus Long/Short Equity Fund returned -8.47% versus -9.26% for the HFRX Equity Market Neutral Index and -8.27% for the Lipper Alternative Long/Short Equity Classification.

From inception on December 31, 2019, Knights of Columbus U.S. All Cap Index Fund returned -11.32% versus -11.23% for Knights of Columbus U.S. All Cap Index and -12.35% for Lipper Multi-Cap Core Classification. The Knights of Columbus created the underlying index and has performance calculated by a third party and then we launched an index fund to track the underlying benchmark.

We continue to add shareholders and look forward to the fiscal year 2020. As always, we appreciate your confidence in our team and look forward to serving you in the future.

Sincerely,

Anthony V. Minopoli

President & Chief Investment Officer

The information provided herein represents the opinion of the manager at a specific point in time and is not intended to be a forecast of future events, a guarantee of future results nor investment advice.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-844-KC-FUNDS or visit www.kofcassetadvisors.org.

Mutual fund investing involves risk. Some mutual funds have more risk than others. The investment return and principal value will fluctuate and shares when sold may be worth more or less than the original cost. Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. Asset allocation and diversification do not assure a profit or protect against loss in declining markets. There is no guarantee a fund’s objectives will be achieved. The risks associated with each fund are explained more fully in each fund’s respective prospectus. Investors should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation.

Definitions of Comparative Indices

Bloomberg Barclays US Aggregate Bond Index

The Bloomberg Barclays 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 Bond Index was created in 1986.

Bloomberg Barclays 1-3 Year U.S. Government/Credit Index

The Bloomberg Barclays US Government/Credit Index is the non-securitized component of the US Aggregate Index and was the first macro index launched by Barclays Capital. The US Government/Credit Index includes Treasuries (i.e., public obligations of the US 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 US Government/Credit Index was launched on January 1, 1979 and is a subset of the US Aggregate Index. The 1-3 year index includes all medium and larger issues of US government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.

Russell 1000 Growth Index

The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US 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 Russell 1000 Growth 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

The Russell 1000 Value Index measures the performance of the large-cap value segment of the US 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 Russell 1000 Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

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Russell 2000 Index

The Russell 2000 Index measures the performance of the small-cap segment of the US 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 Index 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 All-World ex-US Index

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.

S&P 500 Index

The S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic stock market through changes in the aggregate market value of 500 stocks representing all major industries.

FTSE EPRA/NAREIT Developed Index

The FTSE EPRA/NAREIT Developed Index is a free-float adjusted, market capitalization-weighted index designed to track the performance of listed real estate companies in developed countries worldwide. Constituents of the Index are screened on liquidity, size and revenue.

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.

HFRX Equity Market Neutral Index

The HFRX Equity Market Neutral Index is comprised of private hedge funds focused on Equity Market Neutral strategies. Equity Market Neutral strategies employ sophisticated quantitative techniques of analyzing price data to ascertain information about future price movement and relationships between securities to select securities for purchase and sale. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the relevant hedge fund universe.

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The accompanying notes are an integral part of the financial statements.

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The accompanying notes are an integral part of the financial statements.

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