Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities included in the Bloomberg U.S. 3000 Catholic Values Index (the “Index”) and other instruments with economic characteristics similar to such securities. This investment policy can be changed by the Fund upon 60 days’ prior written notice to shareholders.

The Index consists of all common stocks and real estate investment trusts (“REITs”) in the Bloomberg U.S. 3000 Index (the “Parent Index”), excluding companies that are determined by Bloomberg Index Services Limited (“Bloomberg” or “BISL”) and Morningstar Sustainalytics (“Sustainalytics”) to be involved with activities that conflict with the USCCB Guidelines, including gambling, abortion, contraception, pornography and other forms of adult entertainment, stem cell and fetal tissue research/human cloning, tobacco, cannabis, weapons of mass destruction and other forms of controversial weapons, manufacturing and selling of weapons to civilians (the “Restricted Securities List”), or other activities that may be added to the Restricted Securities List from time to time. The Parent Index is a free-float market-capitalization-weighted index and includes the 3,000 U.S. companies with the largest free-float market capitalizations. As of November 30, 2024, the market capitalizations of the Parent Index ranged from approximately $18 million to $3.6 trillion, and its average weighted market capitalization was approximately $900.5 billion. From time to time, the application of the USCCB guidelines may result in the Index being underweight certain sectors (such as the health care sector) or overweight certain sectors (such as the information technology sector) relative to the Parent Index.

The Index is the exclusive property of BISL. The Index is calculated and administered by BISL. Neither BISL nor Sustainalytics is affiliated with the Fund, the Adviser or L2 Asset Management, LLC (“L2 Asset Management” or the “Sub-Adviser”), the Fund’s sub-adviser. Bloomberg and Sustainalytics will deem a company to be a U.S. company if its securities are primarily listed in the United States or country of risk is the United States. A company’s “country of risk” is a proprietary Bloomberg value primarily driven by four factors: country of domicile, country of listing, country of largest revenue, and reporting currency. The Index is reconstituted and rebalanced on a quarterly basis in March, June, September and December to reflect changes in the constituents of the Parent Index and changes in policies and practices related to USCCB Guidelines and screening considerations, as determined by BISL and Sustainalytics. As of November 30, 2024, the Index consisted of approximately 2,666 constituents.

The Fund attempts to replicate the Index by investing all, or substantially all, of its assets in the companies that make up the Index, holding each company in approximately the same proportion as its weighting in the Index.

The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated.