Strategy. The Fund is a fund of funds, meaning that it seeks to achieve its objective by investing in other Catholic Responsible Investments Funds mutual funds (the Underlying Funds) that represent a variety of asset classes and investment styles. The Funds asset allocation strategy emphasizes investments in equity securities (and certain other instruments described below) in an amount equal to 60% of its assets and exposure to fixed-income securities in an amount equal to 40% of its assets, with a bias towards passive management in the equity portion of the portfolio. The portfolios of the Magnus 60/40 Beta Plus Fund and the Magnus 60/40 Alpha Plus Fund reflect the same allocation to stocks and fixed-income securities, but the Magnus 60/40 Beta … Show more… The Fund is a fund of funds, meaning that it seeks to achieve its objective by investing in other Catholic Responsible Investments Funds mutual funds (the Underlying Funds) that represent a variety of asset classes and investment styles. The Funds asset allocation strategy emphasizes investments in equity securities (and certain other instruments described below) in an amount equal to 60% of its assets and exposure to fixed-income securities in an amount equal to 40% of its assets, with a bias towards passive management in the equity portion of the portfolio. The portfolios of the Magnus 60/40 Beta Plus Fund and the Magnus 60/40 Alpha Plus Fund reflect the same allocation to stocks and fixed-income securities, but the Magnus 60/40 Beta Plus Fund is more heavily allocated to Underlying Funds that use a passive management strategy, and the Magnus 60/40 Alpha Plus Fund is more heavily allocated to Underlying Funds that use an active management strategy. Under normal circumstances, the Fund does not make direct investments into assets other than the underlying Catholic Responsible Investments Funds indicated in the chart below, government securities and short-term paper. The following table indicates the funds neutral mix; that is, how the funds investments generally will be allocated among the major asset classes over the long term. The table also shows the neutral weightings of each underlying fund currently being used within the various asset classes. This information is as of the date of this prospectus. Equity Securities (Stock Funds) 60.00% Fixed-Income Securities (Bond Funds) 40.00% Catholic Responsible Investments Equity Index Fund 39.00% Catholic Responsible Investments Ultra Short Bond Fund 0.00% Catholic Responsible Investments Multi-Style US Equity Fund 0.00% Catholic Responsible Investments Short Duration Bond Fund 10.00% Catholic Responsible Investments International Equity Fund 12.00% Catholic Responsible Investments Opportunistic Bond Fund 10.00% Catholic Responsible Investments Small-Cap Fund 6.00% Catholic Responsible Investments Bond Fund 20.00% Catholic Responsible Investments International Small-Cap Fund 3.00% The Adviser, with the assistance of the Funds primary sub-adviser, Mercer Investments LLC (Mercer), regularly reviews the Fund and may make changes to the Funds asset class allocations that deviate from the neutral mix to emphasize investments that the Adviser believes will provide the most favorable outlook for achieving the Funds long-term objective. The Fund may also deviate from the neutral mix due to differences in asset class performance or prevailing market conditions. To do this, the Adviser will rely on the experience of its investment personnel and its evaluation of the overall financial markets, including, but not limited to, information about the economy, interest rates, and the long-term absolute and relative returns of various asset classes. Consideration will also be given to the investment styles of the managers of the Underlying Funds and their historic patterns of performance relative to their asset class and to other Underlying Funds. Under normal circumstances, however, the Fund will not deviate more than 2.5% from its targeted allocation of Underlying Funds. The following table shows the Funds target asset class allocations generally. Under normal circumstances, the Funds general target asset class allocations may vary up to 5% in either direction. Equity Securities (Stock Funds) Fixed-Income Securities (Bond Funds) Target Allocation 60.00% 40.00% Permissible Range 55.00-65.00% 35.00-45.00% As noted above, the Adviser has engaged Mercer to provide ongoing research, opinions and recommendations of institutional asset managers and their investment funds for consideration by the Adviser, on behalf of the Fund, with respect to sub-adviser selection and portfolio construction. Mercer also provides certain non-advisory services for the Fund. However, Mercer does not have discretionary authority with respect to the investment of the Funds assets. The Adviser, working closely with Mercer and in consideration of its recommendations, uses both a quantitative screening process and qualitative selection process when selecting investments for the Fund to implement its investment strategy. The Adviser and Mercer conduct research on various investment managers and investment options in order to establish a selection of investments to fulfill the Funds investment objectives. Mercers assistance and recommendations for selection of investment funds are made according to asset allocation, return expectations and other guidelines set by the Adviser with oversight of the Board. No assurance can be given that any or all investment strategies, or the Funds investment program, will be successful. Catholic Responsible Investing The Fund, through its investments in the Underlying Funds, will invest its assets in a manner consistent with the components, details and definitions of Catholic Responsible Investing (CRI) as adopted from time to time by the De La Salle Brothers of the Christian Schools. CRI is an investment strategy designed specifically to help investors seek sound financial returns while remaining faithful to the teachings of the Roman Catholic Church. The components and details of CRI are intended to reflect both the charism (or founding spirit) and the current teachings of the Roman Catholic Church and, as such, the components and details are as adopted from time to time by the De La Salle Brothers of the Christian Schools, currently through the action of its civil entity, the Adviser. CRI blends core Roman Catholic Church teaching with a disciplined, diversified investment process aimed at delivering competitive, risk-adjusted returns over time. Currently, the three components of CRI are Catholic investment screening, active ownership and diversified investment management. For more information about the Funds policy to invest consistent with CRI and these three components, please see the section of the prospectus entitled More Information about the Funds Investment Objectives, Principal Investment Strategies and Principal Risks, Fundamental Investment Policy of Catholic Responsible Investing. As part of the Funds Catholic Responsible Investing Process, the Adviser maintains a master list of global securities that are restricted from inclusion in an underlying Funds portfolio. While the Catholic Responsible Investing screening criteria are designed to exclude certain companies or investments from the potential investment universe because these companies operate businesses deemed inconsistent with Catholic values, the Adviser does not anticipate this reduction to have a material impact on an Underlying Funds ability to achieve its investment objective, and consequently does not anticipate this reduction to have a material impact on the Funds ability to achieve its investment objective. With respect to the Underlying Funds that the Fund may invest in, the Adviser seeks to balance the impact of the Catholic Responsible Investing screening criteria by either overweighting select portfolio holdings or substituting additional holdings so that the Funds overall portfolio composition is adjusted to achieve its investment objective. As a result, Fund performance (and an underlying Funds performance) may be different than a fund with a similar investment strategy that does not invest in accordance with Catholic Responsible Investing screening criteria. Show less