Knights of Columbus Long/Short Equity Fund

Over the period under review, the headwinds due to the market’s temporary and unusual preference for speculative low-quality firms combined with a Nifty-Fifty type obsession with the largest growth firms challenged performance. The Fund declined -13.78%. The benchmark HFRX Equity Market Neutral Index lost -6.99% from December 2, 2019 through October 30, 2020, the period the Fund was in operation.

Despite record job-losses, the Coronavirus, and substantial geopolitical tension the market remained one that favored low-quality speculative firms and growth stocks over established, stable, and highly profitable firms. Typically, large macro-economic dislocations have seen markets favor the type of high-quality firms the Fund buys while punishing the type of low-quality speculative names the Fund is short.

This cycle has turned those historical precedents upside down. As the Coronavirus sent countries around the world into lockdown, the Fed added $3 trillion from Feb 17 through June 1^st, swelling the balance sheet to about $7 trillion as of the end of June. This profligate liquidity combined with retail investors engaging in speculative stock trading similar to the peak of the internet bubble sent firms like Zoom Video Communications Inc., one of the Fund’s shorts, up 568%. Despite having only $200ml in profits, Zoom is now valued at a 30% premium to Sony Corp. which has roughly 90x the revenues and 40x the profits. As a wave of promising vaccines are deployed, every item that has created unprecedented headwinds to Fund performance will release the pent up alpha we believe lies latent in the Fund’s holdings.

The short position in Zoom Video Communications Inc. was one of the worst performers in our short book. Another speculative firm, online automotive retailer Carvana Co. which loses thousands of dollars on each car it sells and is in constant need of debt and equity funding, was the Fund’s biggest detractor. On the long-side, Discover Financial Services and ConocoPhillips detracted from the Fund despite robust provisioning at Discover and a short-sighted assumption that oil consumption would be forever suppressed.

The Fund benefitted from long positions in Apple Inc. and Best Buy Co, Inc. Both firms rose as consumers upgraded technology with Best Buy solidifying their formidable retail presence despite pressure from Amazon.com Inc. Also worth mentioning is the Fund’s gains from the short position in Fastly, Inc. Fastly runs a content delivery network that helps consumers watch videos and shop online. After missing revenue estimates the market promptly sent the firm down nearly 50% in just days. Our expectation is for Fastly and the many other firms like it have a good deal farther to fall.

While the environment continues to be difficult for market neutral products like ours we strongly believe that history rhymes and mean reversion is inevitable. We have lived through the euphoria of the internet, commodity and credit bubbles and their subsequent crashes, the frothy environment looks like the late stages of these bubbles. Your managers would like to thank our investors for their patience as this latest mania plays out, and are confident that our defensive posture and disciplined approach focused on paying reasonable prices for great firms while shorting low-quality loss-making firms trading at extremely elevated valuations will be well rewarded as markets normalize.

*In the United States, the term Nifty Fifty was an informal designation for fifty popular large-cap stocks on the New York Stock Exchange in the 1960s and 1970s that were widely regarded as solid buy and hold growth stocks, or

“Blue-chip” stocks. These fifty stocks are credited by historians with propelling the bull market of the early 1970s, while their subsequent crash and underperformance through the early 1980s are an example of what may occur following a period during which many investors, influenced by a positive market sentiment, ignore fundamental stock valuation metrics.[1] Most have since recovered and are solid performers, although a few are now defunct or otherwise worthless.

This material represents the manager’s assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.

CUMULATIVE TOTAL RETURN^{† 1 2}

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Long/Short Equity Fund, I Shares versus the HFRX Equity Market Neutral Index.

* Commenced operations on December 2, 2019. The graph is based on I Shares only. The Fund currently only offers I shares.

** Index returns are shown from December 2, 2019. See definition of comparative index on page 2.

† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

¹ The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

² Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares.

Knights of Columbus Large Cap Value Fund

The Russell 1000 Value Index lost -7.57% for the year ended October 31, 2020. The index rose 5.8% from October 31, 2019 to late February 2020, followed by a sharp pullback of -38% over the following four weeks. The Health Care and Materials sectors performed the best and were two of only four sectors to finish positive for the year ended October 31, 2020; they finished higher by 10.5% and 8.8%, respectively. The poor performing sectors were led by Energy and Real Estate to the downside, down -46.2% and -22.5%, respectively.

The Fund returned -8.19% during this timeframe. The Utilities (-15.7%) sector detracted from value due to stock selection. FirstEnergy Corp. finished down -36.1%. The company got caught up in an alleged bribery scheme involving Ohio lawmakers and FirstEnergy Solutions Corp. (now named Energy Harbor Corp.), a onetime subsidiary of First Energy Corp. It is unclear if First Energy was involved or just the subsidiary. Vistra Corp. also detracted value. Power demand has fallen from last year due to the pandemic. Also, the pandemic and recession could delay the ability of Vistra to achieve an investment-grade debt rating.

Health Care (+19.7%) was the largest sector contributor to performance. Within Health Care Equipment and Services (+20.1%), Amedisys Inc. finished up 101.53%, becoming the largest contributor to relative performance. The strong tailwinds powering their industry of increasing demand for home health care were enhanced by COVID. In the third quarter of 2020, the company saw a 6% YoY increase in “same-store” home health visits and a 9% YoY increase in “same-store” hospice admissions. Quest Diagnostics Inc. saw a large increase in demand for its health care testing services due to COVID. Increased average test pricing also helped the stock along with a recovery in their core medical testing business as hospitals and doctor’s offices fully reopened after the early 2020 lockdown, where organic testing volume increased in Q3 2020.

Geopolitical events remain at the forefront of investors’ minds. The negative impact on the economy of a possible “second wave” of COVID-19 infections, the expiration of previous stimulus programs, a failure of Congress to enact new fiscal support measures, and the impact of the Presidential election are oft-cited as key concerns. Still, equity markets continue to grind higher buoyed by Central Bank liquidity and rising employment as the reopening of the economy broadens. Thus, we continue to focus on risk management and owning companies that will outperform their peers regardless of market direction.

This material represents the manager’s assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.

Knights of Columbus Large Cap Growth Fund

The Russell 1000 Growth Index returned +29.22% for the year ended October 31, 2020. Consumer Discretionary, Information Technology, and Communications Services were the top performing sectors, returning +44.9%, +43.4% and +32.0%, respectively. Those three sectors contributed over 90% of the benchmark return, with Technology alone accounting for nearly 60% of the total. The Semiconductor and Hardware groups led the way, driven by a +150% gain in shares of NVIDIA Corp. and +77% in Apple Inc. All eight remaining sectors underperformed, with Industrials (-1.3%), Real Estate (+3.1%) and Financials (+4.5%) the weakest.

The Fund returned +25.83% for the year. While results underperformed the benchmark, the Fund’s return reflects outperformance in the Consumer Discretionary (+57.9%) and Industrials (+16.9%) sectors that was more than offset by relative weakness in Financials (-29.4%), Technology (+40.9%) along with a significant drag from cash. The Financials sector was the largest detractor, with Citigroup Inc. and Ameriprise Financial, Inc. the weakest performers. In Technology, the Semiconductor (+35.3%) group had the largest impact, as the fund was underweight NVIDIA Corp. and overweight non-benchmark name Micron Technology, Inc.

On the plus side, both allocation (underweight) and stock selection were positive in the Industrials (+16.9%) sector. Capital Goods (+13%) contractor Quanta Services, Inc. is benefitting from strong demand for electrical projects, while Caterpillar Inc. rebounded on expectations of an upturn in global demand. In Consumer Discretion (+57.9%), apparel maker Lululemon Athletica Inc. experienced a surge in online business during the pandemic. Latin American online retail leader MercadoLibre Inc. similarly enjoyed a huge acceleration of business due to COVID-19, continuing its rapid growth.

The large cap growth space enjoyed another banner year, driven by technology and social media companies whose businesses were largely unaffected by the COVID-19 induced economic retrenchment. As a style, value began to show life in September and that has continued somewhat into the post-election period. However, with political uncertainty still lingering and a resurgence of COVID-19 infections, we are maintaining a barbell approach in the fund, mixing strong secular growers with cyclical recovery and vaccine beneficiaries.

This material represents the manager’s assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.

Knights of Columbus Small Cap Fund

The Russell 2000 Index followed a volatile path over the previous year, finishing the period with a total return of -0.14%. Solid gains through the first third of the Fund’s fiscal year quickly evaporated as the US economy was effectively shut down in early 2020 to combat the COVID-19 pandemic. The combination of monetary and fiscal stimulus and the reopening of the US economy helped the index rally more than 56% off of its March lows. Sector leadership varied throughout the year, though there were clear winners and losers. Leading sectors were Healthcare (+33.9%), Consumer Staples (+12.4%), Consumer Discretionary (+9.4%) and Information Technology (+9.4%), while Energy (-51.5%), Real Estate (-25.0%), Communication Services (-20.7%) and Financials (-18.9%) lagged.

The Fund returned -4.29% for the year, trailing its benchmark index by 4.15%. Health Care (+11.3%) holdings underperformed the most, driven by Healthcare Equipment & Services (+7.6%). NuVasive, Inc. declined as lockdowns halted elective medical procedures. Telehealth provider Teladoc, Inc. contributed to underperformance as the portfolio only held the company for a short period and it returned more than 150% in the benchmark for the year ending October 31, 2020. Therefore, not holding Teladoc, Inc. for the entire year reporting period detracted from relative performance. Holdings in Industrials (-15%) also hurt relative returns. Office furniture maker Knoll, Inc. was negatively impacted by the lockdowns, as was regional airline SkyWest.

Portfolio results were helped by Consumer Discretionary (+35%) holdings. National restaurant operator Brinker International, purchased in March, recovered strongly in concert with increased economic activity. The portfolio’s two casino operators, Penn National Gaming, Inc. and Boyd Gaming Corp. also helped. In Software & Services (+43.6%) critical event notification provider Everbridge, Inc. soared as the pandemic helped drive new business, while cloud-based call center provider Five9, Inc. also benefitted from pandemic-enhanced changes.

Geopolitical events remain at the forefront of investors’ minds. The negative impact on the economy of a possible “second wave” of COVID-19 infections, the expiration of previous stimulus programs, a failure of Congress to enact new fiscal support measures, and the impact of the Presidential election are oft-cited as key concerns. Still, equity markets continue to grind higher buoyed by Central Bank liquidity and rising employment as the reopening of the economy broadens. Thus, we continue to focus on risk management and owning companies that will outperform their peers regardless of market direction.

This material represents the manager’s assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.

Knights of Columbus U.S. All Cap Index Fund

The broad U.S. stock market, as defined by the Knights of Columbus U.S. All Cap Index^®, rose 3.33% from December 31, 2019 – October 30, 2020.

Reflecting this environment, the Knights of Columbus U.S. All Cap Index Fund rose 3.08% as the portfolio continues to execute on its objective to maintain securities’ weightings in accordance with the index.

The Fund, which offers investors exposure to every segment, size, and style of the U.S. equity market that is consistent with USCCB guidelines closely tracked its target index, the Knights of Columbus U.S. All Cap Index.

This material represents the manager’s assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.

Knights of Columbus Real Estate Fund

The period from November 1, 2019 through October 31, 2020 was marked by volatility for capital markets, including global REITs, as the spread of coronavirus shocked economies around the world, resulting in a sharp drawdown in the first quarter of 2020 and a strong but choppy recovery in the ensuing months. The Knights of Columbus Real Estate Fund (the “Fund”) generated a net return of -11.74% for the period, outperforming the Fund’s linked benchmark (defined as the FTSE EPRA Nareit Developed Index through July 19, 2020, and the FTSE Nareit Equity REITs Index thereafter, reflecting the fund’s conversion to a U.S.-only investment objective), which posted a return of -22.18%.

Real estate fundamentals and earnings growth were strong at the close of 2019, with the stimulative effect of tax cuts and continued accommodative monetary policy by global central banks fueling investor expectations for stronger economic growth. As the coronavirus began to emerge outside of China in February, and pockets of infection began to appear in other parts of Asia, Europe, and eventually North America, countries were forced to adopt policy measures aimed at containment, at the cost of sharply reduced economic activity, creating a dramatic sell-off across asset classes in the first quarter.

Global REITs rebounded strongly in the second quarter as concerns over the pandemic’s impact on the global economy were eased by the combined effect of the coordinated global central bank monetary policy response along with massive government spending to provide a “cash bridge” to a recovery.

The recovery extended into the third quarter, with the global REIT market’s over-arching narrative best characterized as being an environment of “haves” and “have nots,” i.e., some property types are experiencing new and/or increased headwinds as a result of the pandemic, while others are experiencing tailwinds.

Property types that are disadvantaged by the impact of social distancing, including Lodging (-38.3%) and Discretionary Retail (-43.1%) continue to experience headwinds as a result of the pandemic. The property types that have been least affected by the virus—and in some cases have even experienced tailwinds—include Data Centers (+15.1%), Cell Towers (0%), Industrial/Logistics (+10.2%), Single-Family Rental Homes (- 4.5%), and Manufactured Home Communities (-13.4%).

Consistent with those themes, the Fund’s relative returns benefited by our stock selection in the Specialty (+1.6%) sector, including our overweight to Data Centers (+43.4%) which has seen increased demand for data amidst increased working from home as a result of the pandemic. The Fund’s stock selection in the Self-Storage (- 3.8%) and Manufactured Housing (-0.4%) sub-sectors detracted from relative returns over the period.

The trajectory of REIT prices in the coming months in our view will reflect the market’s fixation on uncertainty and the tension between tailwinds and tail risks, a dynamic that is likely to result in elevated volatility that may create compelling buying and selling opportunities for actively-managed portfolios like the Fund’s.

This material represents the manager’s assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.

Effective July 21, 2020, the Knights of Columbus Real Estate Fund changed its primary Investment Objective, with approval from the Fund’s Board of Trustees, from a focus on Global REITs to a focus on United States based REITs and its new name reflects the change in investment strategy. As detailed in the Fund’s Prospectus Supplement dated July 20, 2020, the Fund is now known as the Knights of Columbus Real Estate Fund. Benchmark is represented by the FTSE Nareit Equity REITs Index (Bloomberg Symbol FNRE).

Knights of Columbus Assets Advisors serves as Investment Advisor to the Fund and overseas the activities of Ranger Global Real Estate Advisors LLC as the Fund’s investment sub-adviser. Knights of Columbus owns 16.48% of Ranger Global Real Estate Advisors LLC.

Knights of Columbus International Equity Fund

The FTSE All-World ex-US benchmark had more volatility in the fiscal year than its -1.91% return might suggest. By February of 2020, the index had risen 7.0%, only to plunge after the outbreak of COVID-19 to the point where it had fallen 30% by the middle of March. It climbed back steadily from there, however, and was close to breakeven by the end of the fiscal year. The recovery was driven by massive fiscal and central bank stimulus programs. The clear sector winner was Technology (26.2%), followed by Communication Services (15.4%). The worst sector was Energy (-38.2%), followed by Financials (-19.4%).

The Fund returned 0.20% for the year, beating its benchmark index by 2.11%. Technology (+37.0%) holdings led performance, driven by both stock selection and an overweight to the best-performing sector. Logitech International SA skyrocketed as customers bought computer peripherals for new at-home offices or for gaming. NetCompany Group A/S rose steadily as companies relied on their business-critical IT services. The Industrials sector (+6.9%) also helped relative returns. Canadian logistics company TFI International Inc. and Belgian chemical distributor Brenntag AG led within the sector.

Results were hurt by Consumer Discretionary (+5.0%) holdings. UK-based Compass Group PLC fell sharply during the pandemic since they distributed food to facilities that were closing, like schools. YDUQS Participacoes SA was the worst returning stock in the portfolio, hurt by student enrollment and campus activity in Brazil, which softened during the pandemic. Communication Services (-5.9%) also underperformed. Mobile phone companies China Mobile Limited and Turkcell Iletisim Hizmetleri A.S. both lagged benchmark sector returns, which were driven by more media and gaming-oriented companies.

The negative impact on the global economy of a “second wave” of COVID-19 infections and the attendant societal lockdowns are weighing on many countries. Outside the countries that are developing vaccines, there is greater uncertainty about access and distribution that is essential to exiting pandemic restrictions and health impacts. We continue to focus on risk management and owning companies that will outperform their peers regardless of market direction.

This material represents the manager’s assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.