KoCAA, a Delaware limited liability company, commenced investment advisory operations in 2015. KoCAA is an indirect wholly owned subsidiary of Knights of Columbus, a fraternal benefit society organized under the laws of the State of Connecticut. Knights of Columbus’ primary business is that of a fraternal benefit society offering services, including insurance products, to its members directly and through affiliates. Knights of Columbus and its affiliates are not publicly traded entities, nor does Knights of Columbus have any principal owners. KoCAA provides portfolio management services and investment advisory services. This includes serving as investment adviser to pooled investment vehicles, including a number of investment companies registered under the Investment Company Act of 1940 (the “Investment Company Act”) (the “Mutual Funds”) and pooled investment vehicles that are exempt from registration under the Investment Company Act (the “Private Funds”). The Private Funds include co-mingled funds (the “Private Co-Mingled Funds”), a credit fund (the “Private Credit Fund”), and a long/short equity fund (the “Private Long/Short Equity Fund”). KoCAA also advises individual and separately managed accounts (which may include accounts for natural persons, pension plans, profit sharing plans, retirement plans, foundations, corporations and other institutions). KoCAA also provides asset allocation services using proprietary asset allocation models. Additionally, KoCAA is responsible for the day-to-day management of a proprietary account, the Knights of Columbus’ General Account investment portfolio. KoCAA serves as investment sub-adviser to a Global Equity ETF (the “ETF”) which is registered under the Investment Company Act of 1940. The Mutual Funds, the Private Commingled Funds, the Private Credit Fund, the Private Long/Short Fund and the ETF shall be collectively referred to herein as the “Funds” and each, a “Fund”. KoCAA may provide investment advice to clients with respect to all types of equity securities, debt securities and alternative investments, including, but not limited to, common stocks, preferred stocks, corporate bonds, U.S. Government securities, mortgage- and other asset-backed securities, convertible securities, bank loans (including senior and junior secured loans), warrants, foreign securities, shares of investment companies including exchange-traded funds and closed-end funds, commercial paper, investments in private funds (including private equity funds, hedge funds and real estate funds), direct investments in real estate and other alternative investments. Among the alternative investment strategies that KoCAA may pursue on behalf of a client are investments in private equity funds and mezzanine debt. KoCAA generally provides investment advisory services for accounts on a discretionary basis, except in connection with the provision of model portfolios outside of the SEI Wealth Platform (IAR Program) (as described in this Brochure). In providing advisory services to the Funds, KoCAA or, as applicable, a Sub-Adviser (as defined below) overseen by KoCAA, generally makes investment decisions consistent with the United States Conference of Catholic Bishops’ Socially Responsible Investing Guidelines (the “USCCB Guidelines”) or other similar Catholic screens, and therefore, the Funds are designed to avoid investments in companies that are believed to be involved with abortion, contraception, pornography, stem cell research/ human cloning, weapons of mass destruction, or other enterprises that conflict with the USCCB Guidelines. As part of the screening process for the Funds, KoCAA or, as applicable, a Sub-Adviser uses information from a third-party research firm and consults with experts to assess the policies and practices of companies based on the criteria set forth in the USCCB Guidelines. Based on such assessment, KoCAA compiles and maintains a list of companies that it determines to be inconsistent with the USCCB Guidelines (the “Restricted Securities List”). The Funds seek to avoid investments in companies identified through this process. The policies and practices of the portfolio investments of the Funds are monitored for various issues contemplated by the USCCB Guidelines. Applicable policies and practices are included in each Fund’s offering documents. If KoCAA or, as applicable, a Sub-Adviser becomes aware that a Fund is invested in a company whose policies and practices are inconsistent with the USCCB Guidelines, KoCAA or, as applicable, a Sub-Adviser generally may sell the company’s securities or otherwise exclude future investments in such company. Other accounts managed by KoCAA or, as applicable, a Sub-Adviser may also be managed consistent with the USCCB Guidelines or other similar Catholic screens, or unscreened portfolios that have no management restrictions placed on them as set forth in individual client agreements or offering documents. The criteria used to screen out companies for the Funds may be modified from time to time to seek to maintain alignment with any changes to the USCCB Guidelines. KoCAA tailors its services to each client by developing an investment portfolio with an asset mix design based on the client’s investment goals and consistent with investment guidelines established by the client, which may include the USCCB Guidelines, other similar Catholic screens, or unscreened portfolios that have no management restrictions. Please refer to the Funds’ offering documents or applicable contractual arrangements for more information on particular screens that apply to the management of a Fund’s or other client’s assets. The Funds. Each Fund has its own particular investment objective, strategies, policies and restrictions that are set forth in such Fund’s Prospectus(es) and Statement of Additional Information (“SAI”) or Private Placement Memorandum (“PPM”) and other governing and offering documents, as applicable. For certain of the Funds (or, if applicable, a portion thereof), KoCAA directly manages the investment portfolio for the Fund on a day-to-day basis, researching and selecting the specific portfolio securities purchased by the Fund in accordance with the investment objective, strategies, policies and restrictions set forth in the Fund’s Prospectus(es) and SAI or PPM and other governing documents, as applicable. Sub-Advisers: For certain of the Funds (or, if applicable, a portion thereof), KoCAA does not directly manage the investment portfolio for the Fund, but rather, oversees the provision of investment advisory and portfolio management services for the Funds by other registered investment advisers selected by KoCAA (each, a “Sub-Adviser” and collectively (as applicable), the “Sub-Advisers”). For a sub-advised Fund (or portion of a Fund using a Sub-Adviser), KoCAA generally does not research or select on a day-to-day basis the specific portfolio securities purchased by the Fund. Instead, KoCAA allocates the assets of the Fund among one or more Sub- Advisers. A Sub-Adviser has discretion to purchase and sell portfolio securities for the portion of a Fund that it manages within the parameters of the Fund’s objective, strategies, policies and restrictions set forth in the Fund’s Prospectus(es) and SAI or PPM and other governing documents, as applicable. Although a Sub-Adviser’s activities are subject to KoCAA’s general oversight, the firm does not evaluate the investment merits of the Sub-Adviser’s individual investment selections on a day-to-day basis. Among other oversight activities, KoCAA reviews the overall structuring of each sub-advised Fund’s portfolio, regularly monitors the performance of a Sub-Adviser and monitors portfolio security selections for compliance with a Fund’s investment objective, strategies, policies, and restrictions, as well as regulatory requirements. In selecting a Sub-Adviser, KoCAA is responsible for researching and evaluating whether the proposed Sub-Adviser has the capacity and expertise to manage particular classes of assets and/or investment styles. In evaluating a Sub-Adviser, KoCAA may use both qualitative and quantitative materials prepared internally, as well as information and assistance provided by independent third parties. KoCAA’s review of a Sub-Adviser may include review of materials based on in-person meetings and other communications with the Sub-Adviser; computer databases concerning investment results of the Sub-Adviser obtained by KoCAA; reviews of publicly available information contained in the financial press and other sources; Sub-Adviser-prepared information; and research and statistical materials prepared by others. KoCAA monitors a Sub-Adviser through an ongoing quantitative and qualitative evaluation of the Sub-Adviser’s skills in managing assets subject to specific investment styles and strategies and periodically reports its findings to the Funds’ Board of Trustees or other governing body, as applicable. Any recommendation by KoCAA to hire or change a Sub-Adviser for the Mutual Funds is subject to the approval of the Mutual Funds’ Board of Trustees and shareholders of the applicable Mutual Fund. KoCAA may in the future seek an exemptive order from the SEC permitting KoCAA, on behalf of the Mutual Funds, to hire new Sub-Advisers, or materially amend existing sub-advisory agreements with Sub-Advisers, for the Mutual Funds with approval of the Mutual Funds’ Board of Trustees but without prior shareholder approval, subject to shareholder notification within 90 days of the hiring of such Sub-Adviser. There is no guarantee the SEC would grant such exemptive relief. L2 Asset Management, LLC (“L2”) has been engaged to serve as the Sub-Adviser to the Knights of Columbus Long/Short Equity Fund, the Knights of Columbus U.S. All Cap Index Fund and the Private Long/Short Fund. L2 is an investment adviser registered with the SEC under the Advisers Act and has a principal place of business located at 66 Glezen Lane, Wayland, Massachusetts, 01778. As of December 31, 2023, L2 had total discretionary assets under management of approximately $449 million. Please refer to “The Private Long/Short Fund” below for additional information on L2. The investment objective, strategies, policies and restrictions for each Mutual Fund are described in the Mutual Fund’s Prospectus(es) and SAI, which can be found at www.kofcassetadvisors.org. The investment objective, strategies, policies and restrictions for each Private Commingled Fund are described in the PPM and other governing documents, as applicable. The Private Credit Fund. KoCAA serves as the manager to KOCAA Private Credit Fund GP LLC, which is the general partner of the Private Credit Fund. The Private Credit Fund is a private commingled investment vehicle that invests primarily in private market loans. Knights of Columbus contributed an existing portfolio of assets with a value as of June 30, 2016 of approximately $99 million to the Private Credit Fund in return for a limited partnership interest in the Private Credit Fund. Audax Management Company (NY), LLC (“Audax Private Debt”), which is a part of the Audax Group, serves as the investment advisor and manages the investment portfolio of the Private Credit Fund, subject to oversight by the general partner of the Private Credit Fund. Audax Private Debt’s principal place of business is located at 320 Park Avenue, 19th Floor, New York, NY 10022. As of December 31, 2023, Audax Private Debt had assets under management of approximately $20 billion. The Private Long/Short Fund. KoCAA serves as Investment Adviser to the Private Long/Short Fund. In addition, an affiliate of KoCAA is the managing member of Knights of Columbus Long/Short Equity Fund GP, LLC (the “Long/Short Fund GP”), the sole general partner of the Private Long/Short Fund. The Private Long/Short Fund is a private commingled investment vehicle that invests principally in large-cap equity securities that are publicly traded primarily, if not exclusively, on U.S. securities exchanges. An affiliate of KoCAA has invested $50 million in the Private Long/Short Fund. L2 also serves as investment sub-adviser to the Private Long/Short Fund pursuant to an investment sub-advisory agreement by and among KoCAA, L2, the Private Long/Short Fund and the Long/Short Fund GP pursuant an investment sub-advisory agreement by and among KoCAA, L2, and the Long/Short Fund GP. The Global Equity ETF. KoCAA serves as Investment Sub-Adviser to the FIS Knights of Columbus Global Belief ETF (“the ETF”), an exchange traded fund, which is part of the NEOS ETF Trust. The ETF invests in global equities and is Catholic screened according to USCCB Guidelines. The ETF’s investment objectives, strategies, policies and restrictions are set forth in the ETF’s Prospectus and SAI. Faith Investor Services, LLC serves as the investment adviser to the ETF. The ETF is distributed by Foreside Fund Services, LLC. Model Portfolios. KoCAA provides asset allocation services to clients using proprietary asset allocation model portfolios (the “Institutional Model Portfolios”). Each Institutional Model Portfolio has been designed to pursue a specific investment objective and investment strategies. KoCAA currently offers asset allocation based Institutional Model

Portfolios covering an array of risk orientations, including “Target Date” Institutional Model Portfolios. The Institutional Model Portfolios are broadly allocated and generally comprised of the Funds, ranging from a higher fixed income/lower equity allocation to a lower fixed income/higher equity allocation depending on the overall risk tolerance, goals and objectives of a specific client. Currently, Institutional Model Portfolios pursuing the following strategies are offered: Conservative, Moderate and Aggressive, with a model between Conservative and Moderate and a model between Moderate and Aggressive so that there is a smooth continuum of risk and reward strategies. Target Date Institutional Model Portfolios are offered within a range of 2010 (most conservative) to 2060 (least conservative). For clients choosing asset allocation services, KoCAA provides the Institutional Model Portfolio on a non-discretionary basis and allocates assets in the client’s account according to the Institutional Model Portfolio selected by the client. Allocating clients’ assets according to Institutional Model Portfolios helps to minimize conflicts of interests that may arise when KoCAA manages accounts with the same investment objective and strategy for different clients. Investment allocations are specifically tailored to each asset allocation client, but the Model Portfolios described above will serve as the basis and guidelines for decision making. With respect to equity strategies, KoCAA provides institutional offerings to model‐based programs in which KoCAA provides the program sponsor or an overlay manager a particular strategy through model portfolios and, in certain cases, handles certain trading and other functions. Because a model‐based program sponsor or overlay manager generally exercises investment discretion and, in many cases, brokerage discretion; performance and other information relating to KoCAA is provided for reference only and should not be relied upon as actual client results as KoCAA is not responsible for overseeing the client relationship, the model‐based program sponsor is. KoCAA also provides Model Portfolios to firms or entities not related to KoCAA at no charge. KoCAA provides the model security positions and relative percentage’s, along with periodic updates to the models as they occur. Providing the Model Portfolios and any updates does not involve management of any accounts for those firms or entities to whom KoCAA provides the Model Portfolio strategies. Because the funds underlying the Model Portfolios are managed by KoCAA, KoCAA receives investment advisory fees from such underlying based on the assets of the underlying funds. Investments pursuant to the Model Portfolios will result in indirect compensation to KoCAA. Implemented Asset Allocation Services. For clients choosing our implemented asset allocation services (the “IAA Service”), KoCAA provides customized asset allocation models and develops investment objectives and policies, as well as provides other total plan functions. For clients choosing the IAA Service, KoCAA generally has full discretion to allocate the client’s assets among the Funds, other KoCAA strategies and other funds managed by other Advisers (including the Sub-Advisers) in accordance with and subject to investment objectives and guidelines/policies established by the client. The SEI Wealth Platform (the IAR Program). As of the date of this brochure, KoCAA has entered into a new platform agreement with SEI Global Services, Inc. (“SEI”) pursuant to which we manage custom strategies under the SEI Wealth Platform. We are in the process of changing the platform provider from AssetMark, Inc. to SEI. The terms of existing client arrangements will remain essentially the same, with the most notable impact being the change of Custodian for the IAR Program from AssetMark Trust Company to SEI Private Trust Company (“SPTC”), and we expect this transition of service providers to be complete on or about November 1, 2024. As part of the transition, clients will enter into an Investment Management Agreement (“IMA”) with KoCAA that sets forth the terms of the relationship between us and each client. Pursuant to the program (the “IAR Program”), KoCAA has full and complete discretion to manage, supervise and direct the investment and re-investment of a client’s account (“Account Assets”), subject to the terms of the IMA. The investment, re-investment and allocation of Account Assets pursuant to such discretionary authority are generally limited to investing Account Assets in accordance with certain model portfolios (each, a “Custom Strategy”; for the avoidance of doubt, the model portfolios that are the Custom Strategies offered in connection with the IAR Program are not the same as the “Institutional Model Portfolios” described elsewhere in this Brochure) developed by KoCAA consisting of (1) investments in shares of the Mutual Fund; and (2) cash or cash equivalents offered by STPC, into which we shall instruct SPTC to maintain a target allocation of Account Assets for liquidity purposes. Cash balances up to 1% of an account’s value will generally be deposited into bank deposit accounts eligible for insurance by the Federal Deposit Insurance Corporation (“FDIC”). Cash balances exceeding 1% of the account’s value will be swept into the Sweep Class of the SEI Daily Income Trust Government Fund, a Money Market Fund, which is not FDIC insured or guaranteed, and carries a risk of loss. KoCAA, with the support of its investment adviser representatives (“IARs”) and in connection with managing Account Assets, will (a) retrieve information relevant to a client’s financial situation, investment goals and investment objectives (collectively, for purposes of this section, “Investment Objectives”); (b) invest and re-invest all or a portion of Account Assets pursuant to a Custom Strategy, consistent with the Investment Objectives; (c) periodically monitor the allocation of Account Assets for consistency with the Investment Objectives, rebalance each account’s allocation in accordance with the Custom Strategy selected and change the selected Custom Strategy used for the account, as appropriate; and (d) consult with each client on a periodic basis regarding the Investment Objectives. Clients participating in the IAR Program must invest a minimum of $6,000 to open a qualified account and a minimum of $10,000 to open a non-qualified account. If a client invests through an individual retirement account, the client must be capable of making their own investment decisions and agree not to rely on information provided by the IARs as a primary basis for decisions, including information about specific strategies or investments or hiring us. In this context, our IARs may explain recommendations our asset allocation generates, but they will not recommend a particular Custom Strategy, changes to asset allocation, or provide client-specific investment recommendations. As indicated above, clients participating in the IAR Program will enter into an IMA with us. Account Assets shall be maintained with SPTC, a limited purpose federally registered savings association, or such other qualified custodian as may be selected and approved in writing by the client. SPTC is headquartered in Pennsylvania and is a subsidiary of the SEI Investments Management Corporation. Clients who utilize SPTC as custodian of Account Assets will enter into a separate agreement with SPTC. Please see Item 5 (Fees and Compensation), Item 6 (Performance-Based Fees and Side-by-Side Management), Item 7 (Types of Clients), Item 10 (Other Financial Industry Activities and Affiliations) and Item 11 (Code of Ethics, Participation or Interest in Client Transactions and Personal Trading) for additional information specific to the IAR Program. Like our other retail clients, clients participating in the IAR Program will also receive a Form CRS (Client Relationship Summary) with important information regarding our relationships with our clients. Pension Consulting Services. In limited instances, we may provide non‐discretionary pension consulting services to employee benefit plans based upon the needs of the plan and the services requested by the plan sponsor or named fiduciary. In general, these services may include an existing plan review and analysis, plan‐ level advice regarding fund selection and investment options, and/or investment performance monitoring. The plan sponsor or other named fiduciary makes the investment decision to act on behalf of the plan. Wrap‐Fee Portfolio and Dual Contract Management Programs. KoCAA provides investment advisory services through programs (“programs”) sponsored by broker‐dealers or other financial services companies (“sponsors”). Some sponsors may offer a variety of services such as brokerage, custody and investment advisory services (“wrap”) or some combination thereof. For wrap and certain other programs, KoCAA is appointed to act as the investment adviser through a process administered by the program sponsor. Clients participating in a program, generally with the assistance from the sponsor, may select KoCAA to provide investment advisory services for their account (or a portion thereof) in a particular strategy. KoCAA provides investment advisory services based upon the particular needs of the wrap fee program client as reflected in information provided to KoCAA by the sponsor and will generally make portfolio managers and client support personnel available for direct telephone conversations or in‐person meetings as reasonably requested by clients and/or sponsors. Clients are encouraged to consult their own financial advisors and legal and tax professionals in connection with selecting and engaging the services of an investment manager in a particular strategy and participating in a wrap or other program. In the course of providing services to program clients who have financial advisors, KoCAA may rely on information or directions communicated by the financial advisor acting with apparent authority on behalf of its clients. Under a “wrap‐fee” or “dual contract” arrangement offered by a broker‐dealer, the broker‐dealer recommends the retention of KoCAA, pays KoCAA’s fee on behalf of the client, monitors and evaluates KoCAA’s performance, executes the client’s portfolio transactions or provides any combination of these or other services, all for a single fee paid by the client to the broker‐dealer. The firm’s investment advisory fee under such a Wrap‐Fee arrangement may differ from that offered to other clients. For Wrap‐Fee programs, KoCAA is appointed through a process administered by the program “sponsor”. Clients participating in the program, generally with assistance from the sponsor, may select KoCAA to provide portfolio management services for their account (or a portion thereof) in a particular asset class. KoCAA manages a product mandate in accordance with guidelines established by KoCAA and the Wrap‐Fee Sponsor. The broker considers the competitive environment in bidding for a given account, the amount of personal consultation the client will require, the complexity of the client’s total financial circumstances, the type of investments the client wants, the frequency of trades the client desires, and the client’s past trading history. KoCAA will generally make portfolio managers and/or client service personnel available for telephone conversations as reasonably requested by the Program Client and /or the sponsor. Program Clients should review all materials available from the sponsor concerning the sponsor and the program’s terms, conditions and fees. In evaluating the Wrap‐Fee arrangement, a client should recognize that brokerage commissions for the execution of transactions in the client’s account are generally not negotiated by KoCAA. Wrap‐Fee programs may cost the client more or less than purchasing these types of services separately, depending upon the degree of trading in the account. KoCAA may impose a higher account size minimum requirement, which might not otherwise be imposed. For Dual Contract programs, KoCAA is appointed to act as a portfolio manager through a process administered by the broker‐dealer. However, unlike Wrap‐Fee programs, the client contracts directly with KoCAA for portfolio management services. The account is managed according to the mandate of a specific product type. The client instructs KoCAA to direct all brokerage transactions to the broker‐dealer administering the program. In Dual Contract programs, the client pays separate fees to the broker‐ dealer for executions and to KoCAA for portfolio management. Client information, including profile and risk tolerances, is typically obtained by the platform sponsor. The various managers, including KoCAA, rely exclusively on suitability determinations and information provided by the platform sponsor. KoCAA may also provide discretionary portfolio management and/or non‐discretionary recommendations in the form of model portfolios for separately managed accounts or wrap programs sponsored by various third‐party wrap program sponsors. KoCAA’s Regulatory Assets Under Management As of December 31, 2023, the amount of client assets managed on a discretionary basis by KoCAA was approximately $27 billion, and there were no client assets managed on a non-discretionary basis.