{"url_path":"/sec/cik-0001872555/proxy/2026-05-19/000139834426009405","section_key":"body","section_title":"DEFA14A body","topic":"sec","document":{"doc_type":"DEFA14A","doc_date":"2026-05-19","source_url":"https://www.sec.gov/Archives/edgar/data/1872555/0001398344-26-009405-index.html","accession_number":"0001398344-26-009405","cik":"0001872555","ticker":null,"issuer_name":"Catholic Responsible Investments Funds","edgar_url":"https://www.sec.gov/Archives/edgar/data/1872555/0001398344-26-009405-index.html","primary_entity_key":"0001872555","primary_entity_name":"Catholic Responsible Investments Funds"},"word_count":6204,"has_tables":true,"body_markdown":"DEFA14A\n1\nfp0098935-1_defa14a.htm\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**SCHEDULE 14A INFORMATION**\n\nProxy Statement Pursuant to Section 14(a) of the\n\nSecurities Exchange Act of 1934 (Amendment No. __)\n\nFiled by the Registrant [X]\n\nFiled by a Party other than the Registrant [ ]\n\nCheck the appropriate box:\n\n[ ]\nPreliminary Proxy Statement\n\n[ ]\nConfidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))\n\n[ ]\nDefinitive Proxy Statement\n\n[X]\nDefinitive Additional Materials\n\n[ ]\nSoliciting Material under § 240.14a-12\n\n**CATHOLIC RESPONSIBLE INVESTMENTS FUNDS**\n\n(Name of Registrant as Specified In Its Charter)\n\n(Name of Person(s) Filing Proxy Statement, if other\nthan the Registrant)\n\nPayment of Filing Fee (Check all boxes that apply):\n\n[X]\nNo fee required\n\n[ ]\nFee paid previously with preliminary materials\n\n[ ]\nFee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11\n\n1\n\n**CATHOLIC RESPONSIBLE INVESTMENTS FUNDS**\n\n** **\n\nThe following updates and supplements certain information\ncontained in the Proxy Statement (the “Proxy Statement”) for the special meeting of shareholders for certain series of Catholic\nResponsible Investments Funds to be held on June 4, 2026 at 11:00 a.m., Eastern Time and at any and all adjournments, postponements or\ndelays thereof.\n\n**This supplement should be read in conjunction with\nthe Proxy Statement. Except as specifically supplemented by the information contained herein, this supplement does not modify any other\ninformation set forth in the Proxy Statement.**\n\n**Catholic Responsible Investments Magnus 45/55 Fund**\n\n**Catholic Responsible Investments Magnus 60/40 Beta\nPlus Fund**\n\n**Catholic Responsible Investments Magnus 60/40 Alpha\nPlus Fund**\n\n**Catholic Responsible Investments Magnus 75/25 Fund**\n\n**Catholic Responsible Investments Small-Cap Fund**\n\n** **\n\n**each, a series of**\n\n** **\n\n**CATHOLIC RESPONSIBLE INVESTMENTS FUNDS**\n\n**One Freedom Valley Drive**\n\n**Oaks, Pennsylvania 19456**\n\n** **\n\n**PROXY STATEMENT**\n\n**SPECIAL MEETING OF SHAREHOLDERS**\n\n**TO BE HELD ON JUNE 4, 2026**\n\n** **\n\nThis proxy statement is furnished in connection\nwith the solicitation of proxies by the Board of Trustees (the “Trustees” or the “Board”) of Catholic\nResponsible Investments Funds (the “Trust”) for use at the Special Meeting of Shareholders of the Catholic Responsible\nInvestments Magnus 45/55 Fund, the Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, the Catholic Responsible\nInvestments Magnus 60/40 Alpha Plus Fund, the Catholic Responsible Investments Magnus 75/25 Fund (each, a “Magnus Fund”\nand together, the “Magnus Funds”) and the Catholic Responsible Investments Small-Cap Fund (the “Small-Cap\nFund” and, together with the Magnus Funds, the “Funds”), each a series of the Trust, to be held on June 4, 2026\nat 11:00 a.m., Eastern Time at the offices of SEI Investments, One Freedom Valley Drive, Oaks, PA 19456, and at any adjourned\nsession thereof (such special meeting and any adjournment thereof are hereinafter referred to as the “Meeting”).\nShareholders of record of the Funds at the close of business on March 31, 2026 (the “Record Date” and such shareholders,\n“Shareholders”) are entitled to vote at the Meeting. The proxy card and this proxy statement are being mailed to\nShareholders on or about April 16, 2026.\n\nThe Magnus Funds currently offer two classes of shares\nof beneficial interest, Investor Shares and Institutional Shares, and the Small-Cap Fund currently offers a single class of shares of\nbeneficial interest, Institutional Shares (collectively, the “Shares”). Each full Share will be entitled to one vote at the\nMeeting and each fraction of a Share will be entitled to the fraction of a vote equal to the proportion of a full Share represented by\nthe fractional Share. As of the Record Date, the Funds had the following Shares issued and outstanding:\n\n1\n\n**Fund**\n**Share Class**\n**Shares Issued and Outstanding**\n\nCatholic Responsible Investments Magnus 45/55 Fund\nInvestor Shares\n3,877,796.273\n\nInstitutional Shares\n12,549,091.855\n\nCatholic Responsible Investments Magnus 60/40 Beta Plus Fund\nInvestor Shares\n15,033,289.782\n\nInstitutional Shares\n41,068,964.663\n\nCatholic Responsible Investments Magnus 60/40 Alpha Plus Fund\nInvestor Shares\n37,305,575.324\n\nInstitutional Shares\n103,118,860.682\n\nCatholic Responsible Investments Magnus 75/25 Fund\nInvestor Shares\n3,522,463.224\n\nInstitutional Shares\n14,687,586.504\n\nCatholic Responsible Investments Small-Cap Fund\nInstitutional Shares\n55,530,941.097\n\nAs used in this proxy statement, the Trust’s\nBoard of Trustees is referred to as the “Board,” and the term “Trustee” includes each trustee of the Trust. A\nTrustee who is not an “interested person” of the Trust, as defined in the Investment Company Act of 1940, as amended (the\n“1940 Act”), is referred to in this proxy statement as an “Independent Trustee.”\n\nAt the Meeting, Shareholders of record of the Magnus\nFunds as of the close of business on the Record Date will be asked to approve Proposal 1, and Shareholders of record of the Small-Cap\nFund as of the close of business on the Record Date will be asked to approve Proposal 2, and Shareholders of the Funds will be asked to\ntransact such other business, if any, as may properly come before the Meeting. The table below outlines the Proposals.\n\n**Proposal**\n**Description of Proposal**\n**Applicable Fund(s)**\n\nProposal 1\nApprove an increase in the Magnus Funds’ contractual advisory fees.\n\nCatholic Responsible Investments Magnus 45/55 Fund\n\nCatholic Responsible Investments Magnus 60/40 Beta Plus Fund\n\nCatholic Responsible Investments Magnus 60/40 Alpha Plus Fund\n\nCatholic Responsible Investments Magnus 75/25 Fund\n\nProposal 2\nApprove an increase in the Small-Cap Fund’s contractual advisory fees.\nCatholic Responsible Investments Small-Cap Fund\n\n** **\n\n**Background**\n\n** **\n\nChristian Brothers Investment Services, Inc. (“CBIS”\nor the “Adviser”) serves as investment adviser to the Funds pursuant to an investment advisory agreement dated November 17,\n2021 (the “Current Advisory Agreement”) between the Trust and the Adviser on behalf of the Funds. Pursuant to the terms of\nthe Current Advisory Agreement, CBIS is responsible for managing the Funds’ investment strategy in accordance with each Fund’s\ninvestment objective. CBIS seeks to achieve the Funds’ investment objectives by allocating the Funds’ assets directly or\nindirectly through various sub-advisers that manage portions of the assets of certain Funds. The Magnus Funds are “funds of funds,”\nmeaning that each Magnus Fund seeks to achieve its objective by investing in a combination of other series of the Trust, including the\nSmall-Cap Fund, in accordance with its target asset class allocation. The Small-Cap Fund is passively managed pursuant to an indexing\ninvestment strategy, meaning that the Fund does not seek to outperform, but rather attempts to replicate, before expenses, the performance\nof its underlying index, the S&P SmallCap 600® Index. To manage the Small-Cap Fund’s investments, CBIS delegates certain\nadvisory duties to an investment sub-adviser, RhumbLine Advisers (“RhumbLine” or the “Sub-Adviser”), pursuant\nto an investment sub-advisory agreement between CBIS and RhumbLine dated May 1, 2022, as amended March 1, 2023. Following the effectiveness\nof the proposed amendment, CBIS intends to dismiss RhumbLine and replace RhumbLine with four different sub-advisers consistent with the\nSmall-Cap Fund’s change from a passive to an active strategy following a transitionary period.\n\n2\n\nThe Funds and CBIS have obtained an exemptive order\nfrom the U.S. Securities and Exchange Commission (the “SEC”) that permits CBIS, subject to certain conditions, to select,\nappoint and terminate new sub-advisers for each Fund with the approval of the Board of the Trust but without obtaining shareholder approval.\nThe order also permits each Fund to disclose the fees paid to its sub-advisers only in the aggregate in its registration statement.\n\nUnder the 1940 Act, a material amendment to an advisory\nagreement must be approved by a vote of a majority of the outstanding voting securities of a fund. Therefore, the proposed increase in\nthe advisory fees of the Funds would result in a material amendment to the Current Advisory Agreement and requires Shareholder approval\nof a new investment advisory agreement before becoming effective.\n\nThe table below reflects the current investment advisory\nfee schedule and the proposed investment advisory fee schedule:\n\n**Fund**\n**Current Advisory Fee Rate**\n**New Advisory Fee Rate**\n\nCatholic Responsible Investments Magnus 45/55 Fund\n0.00%\n0.05%\n\nCatholic Responsible Investments Magnus 60/40 Beta Plus Fund\n0.00%\n0.05%\n\nCatholic Responsible Investments Magnus 60/40 Alpha Plus Fund\n0.00%\n0.05%\n\nCatholic Responsible Investments Magnus 75/25 Fund\n0.00%\n0.05%\n\nCatholic Responsible Investments Small-Cap Fund\n0.20%\n0.78%\n\nIf approved by Shareholders, the amended investment\nadvisory agreement (the “New Advisory Agreement”) will replace the Current Advisory Agreement. There will be no other changes\nto the terms of the New Advisory Agreement other than the increase in investment advisory fees. However, as discussed further in the Proxy\nStatement, the Magnus Funds and the Small-Cap Fund will receive additional services and the Small-Cap Fund will change from a passively\nmanaged fund to an actively managed fund.\n\nThe Board unanimously approved the New Advisory Agreement\nbetween CBIS and the Trust at an in-person meeting held on February 25, 2026, contingent on Shareholder approval. The Board’s considerations\nin determining to approve the New Advisory Agreement are discussed below. Accordingly, the Funds are seeking Shareholder approval to approve\nthe New Advisory Agreement with the amendment to the fee schedule. If Shareholders do not approve the New Advisory Agreement, the Board\nand CBIS may consider other alternatives for the Funds.\n\n**PROPOSAL 1 – APPROVAL OF A MATERIAL AMENDMENT\nTO THE INVESTMENT ADVISORY AGREEMENT BETWEEN THE TRUST, ON BEHALF OF THE MAGNUS FUNDS, AND CBIS**\n\nCBIS is requesting Shareholder approval for a material\namendment to the Magnus Funds’ Current Advisory Agreement, the principal effect of which would be to increase the advisory fee that\nCBIS would receive for managing the Magnus Funds. Each Magnus Fund’s current contractual advisory fee is 0.00% of the Magnus Fund’s\naverage daily net assets. CBIS is proposing an increase in the level of each Magnus Fund’s contractual advisory fee to 0.05% of\nits average daily net assets.\n\nBeginning March 1, 2025, CBIS entered into an expense\nlimitation agreement (the “Original Expense Limitation Agreement”) with the Trust pursuant to which CBIS agreed to limit each\nMagnus Fund’s total annual operating expenses (excluding Shareholder Servicing Fees, interest, taxes, brokerage commissions and\nother costs and expenses relating to the securities that are purchased and sold by the Fund, dividend and interest expenses on securities\nsold short, acquired fund fees and expenses, fees and expenses incurred in connection with tax reclaim recovery services, other expenditures\nwhich are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses, such as litigation\nexpenses (collectively, “excluded expenses”) to 0.03% of the average daily net assets of each Magnus Fund’s Investor\nShares and Institutional Shares.\n\n3\n\nBeginning March 1, 2026, CBIS entered into a new expense\nlimitation agreement (the “Current Expense Limitation Agreement”) with the Trust pursuant to which CBIS has agreed to limit\neach Magnus Fund’s total annual operating expenses (excluding excluded expenses) to 0.06% of the average daily net assets of each\nMagnus Fund’s Investor Shares and Institutional Shares.\n\nIf Shareholders approve the New Advisory Agreement,\na new expense cap will become effective under the Current Expense Limitation Agreement, pursuant to which CBIS will limit each Magnus\nFund’s total annual operating expenses (excluding excluded expenses) to 0.11% of the average daily net assets of each Magnus Fund’s\nInvestor Shares and Institutional Shares (the “New Magnus Fund Expense Cap”). The New Magnus Fund Expense Cap will remain\nin place until February 28, 2028 and will annually renew thereafter unless terminated in accordance with its terms.\n\nAt an in-person meeting of the Board of the Trust\nheld on February 25, 2026, the Board approved the material amendment to the advisory agreement that would result in an increase in advisory\nfees payable to CBIS, subject to Shareholder approval. In connection with the proposal to increase the advisory fees payable to CBIS,\nCBIS informed the Board that it would be providing additional advisory services to the Magnus Funds to add and implement a Dynamic Asset\nAllocation (“DAA”) framework within the Magnus Funds. If Proposal 1 is not approved with respect to a Magnus Fund, CBIS will not implement the DAA framework for that Magnus Fund. If Proposal\n1 is approved with respect to one or more Magnus Funds, CBIS will implement the DAA framework for those Magnus Funds for which Proposal\n1 is approved.\n\nThe DAA framework is intended to enhance risk-adjusted\nreturns through disciplined allocation decisions that respond to changing market conditions, while remaining consistent with the Magnus\nFunds’ overall investment objectives and governance standards. Subject to market conditions, liquidity considerations, and implementation\nefficiency, any allocation changes would be implemented either through reweighting existing underlying fund investments or, where appropriate,\nthrough the use of derivatives. The use of derivatives would allow CBIS to equitize cash and express market, currency, or duration tilts\nin an efficient manner with unlevered positions.\n\nThe DAA framework is designed to allow each Magnus\nFund to balance operational simplicity and governance clarity with the ability to respond rapidly to evolving market opportunities and\nrisks. The DAA framework is model-driven and would be reviewed daily. CBIS believes that this approach is designed to ensure that allocation\ndecisions are disciplined and grounded in observable market dynamics, rather than exclusively subjective judgment.\n\nCBIS believes the implementation of the DAA framework\njustifies the proposed advisory fee increase of the Magnus Funds from 0.00% to 0.05% of the Magnus Funds’ average daily net assets\nfor the following reasons, among others:\n\n·Continuous model development, monitoring, and validation;\n\n·Daily signal review and disciplined execution;\n\n·Enhanced portfolio construction expertise across cash instruments and derivatives;\n\n·Additional operational, risk management, and governance infrastructure;\n\n·The ability to respond efficiently across a wider opportunity set during periods of market stress or dislocation;\nand\n\n·The DAA framework offers the potential for additional performance returns of the Magnus Funds.\n\nEach Magnus Fund will bear its pro rata portion of\nall expenses related to conducting this proxy, including but not limited to, preparation, printing and mailing of this proxy statement\nand its enclosures, legal fees and solicitation costs (together, “Proxy Costs”). As of March 23, 2026, aggregate Proxy Costs\nfor the Magnus Funds are estimated to be $85,620, or 0.0034% of each Magnus Fund’s net assets. The actual Proxy Costs borne by each\nMagnus Fund may be greater or less than the foregoing amount.\n\n4\n\nThe following tables describe the fees and expenses\nassociated with holding Institutional Shares and Investor Shares of each Magnus Fund. The tables compare the fee and expense information\nfor each Magnus Fund currently and the *pro forma* estimated fees and expenses for the Magnus Fund following the approval of the\nproposed New Advisory Agreement. *Pro forma* expense ratios of the Magnus Funds shown should not be considered an actual representation\nof future expenses. Such *pro forma* expense ratios of the Magnus Funds project anticipated expense levels, but actual ratios may\nbe greater or less than those shown.\n\nCatholic Responsible Investments Magnus 45/55 Fund\n\nThis table describes the fees and expenses that you\nmay pay if you buy, hold, and sell Investor Shares and Institutional Shares of the Fund and compares (i) the Fund’s actual operating\nexpenses for the fiscal year ended October 31, 2025 under the Current Advisory Agreement restated to show the effect of the Current Expense\nLimitation Agreement that became effective on March 1, 2026 with (ii) the Fund’s hypothetical or pro forma operating expenses for\nthe fiscal year ended October 31, 2025 if the New Advisory Agreement and New Magnus Fund Expense Cap had been in place for the entire\nfiscal year.\n\n**Fiscal Year Ended October 31, 2025**\n**Pro Forma**\n\n**Investor**\n\n**Shares**\n\n**Institutional\nShares**\n\n**Investor**\n\n**Shares**\n\n**Institutional\nShares**\n\n**Shareholder Fees (fees paid directly from your investment)**\n\nRedemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days)\n0.00%\n0.00%\n0.00%\n0.00%\n\n**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**\n\nManagement Fees\n\n0.00%\n\n0.00%\n\n0.05%\n\n0.05%\n\nOther Expenses\n\n0.26%\n\n0.11%\n\n0.26%\n\n0.11%\n\nShareholder Servicing Fee\n0.15%\n\nNone\n\n0.15%\n\nNone\n\nOther Operating Expenses\n0.11%\n\n0.11%\n\n0.11%\n\n0.11%\n\nAcquired Fund Fees and Expenses (AFFE)1\n\n0.37%\n\n0.37%\n\n0.37%\n\n0.37%\n\nTotal Annual Fund Operating Expenses\n\n0.63%\n\n0.48%\n\n0.68%\n\n0.53%\n\nLess Fee Reductions and/or Expense Reimbursements2, 3\n\n(0.05)%\n\n(0.05)%\n\n(0.05)%\n\n(0.05)%\n\nTotal Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements\n\n0.58%\n\n0.43%\n\n0.63%\n\n0.48%\n\n1AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other funds, including\nmoney market funds and exchange-traded funds.\n\n2Pursuant to the Current Expense Limitation Agreement, CBIS has contractually agreed to waive fees and\nreimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding Shareholder Servicing Fees, interest,\ntaxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividend\nand interest expenses on securities sold short, AFFE, fees and expenses incurred in connection with tax reclaim recovery services, other\nexpenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses, such as\nlitigation expenses (collectively, “excluded expenses”)) from exceeding 0.06% of the average daily net assets of the Fund’s\nInvestor Shares and Institutional Shares until February 28, 2027 (the “contractual expense limit”). In addition, CBIS may\nreceive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual\nexpense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period\npreceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below\nthe contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This\nagreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by CBIS, upon ninety (90) days’ prior written\nnotice to the Trust, effective as of the close of business on February 28, 2027.\n\n5\n\n3Subject to shareholder approval of the New Advisory Agreement, CBIS has contractually agreed to waive\nfees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding Shareholder Servicing Fees,\ninterest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund,\ndividend and interest expenses on securities sold short, AFFE, fees and expenses incurred in connection with tax reclaim recovery services,\nother expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses,\nsuch as litigation expenses (collectively, “excluded expenses”)) from exceeding 0.11% of the average daily net assets of the\nFund’s Investor Shares and Institutional Shares until February 28, 2028 (the “contractual expense limit”). In addition,\nCBIS may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the\ncontractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year\nperiod preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are\nbelow the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.\nThis agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by CBIS, upon ninety (90) days’ prior written\nnotice to the Trust, effective as of the close of business on February 28, 2028.\n\n**Example**\n\nThis Example is intended to help you compare the cost\nof investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for\nthe time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment\nhas a 5% return each year and that the Fund’s operating expenses (including one year of capped expenses in each period) remain the\nsame.\n\n**Fiscal Year Ended October 31, 2025**\n\nAlthough your actual costs may be higher or lower,\nbased on these assumptions your costs would be:\n\n**1 Year**\n**3 Years**\n**5 Years**\n**10 Years**\n\nInvestor Shares\n$59\n$197\n$346\n$782\n\nInstitutional Shares\n$44\n$149\n$264\n$599\n\n****\n\n6\n\n**Pro Forma**\n\nAlthough your actual costs may be higher or lower,\nbased on these assumptions and assuming the New Advisory Agreement and New Magnus Fund Expense Cap were in place throughout the fiscal\nyear ended October 31, 2025, your costs would be:\n\n**1 Year**\n**3 Years**\n**5 Years**\n**10 Years**\n\nInvestor Shares\n$64\n$213\n$374\n$842\n\nInstitutional Shares\n$49\n$165\n$291\n$660\n\nCatholic Responsible Investments Magnus 60/40 Beta\nPlus Fund\n\nThis table describes the fees and expenses that you\nmay pay if you buy, hold, and sell Investor Shares and Institutional Shares of the Fund and compares (i) the Fund’s actual operating\nexpenses for the fiscal year ended October 31, 2025 under the Current Advisory Agreement restated to show the effect of the Current Expense\nLimitation Agreement that became effective on March 1, 2026 with (ii) the Fund’s hypothetical or pro forma operating expenses for\nthe fiscal year ended October 31, 2025 if the New Advisory Agreement and New Magnus Fund Expense Cap had been in place for the entire\nfiscal year.\n\n**Fiscal Year Ended October 31, 2025**\n**Pro Forma**\n\n**Investor**\n\n**Shares**\n\n**Institutional\nShares**\n\n**Investor**\n\n**Shares**\n\n**Institutional\nShares**\n\n**Shareholder Fees (fees paid directly from your investment)**\n\nRedemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days)\n0.00%\n0.00%\n0.00%\n0.00%\n\n**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**\n\nManagement Fees\n\n0.00%\n\n0.00%\n\n0.05%\n\n0.05%\n\nOther Expenses\n\n0.19%\n\n0.04%\n\n0.19%\n\n0.04%\n\nShareholder Servicing Fee\n0.15%\n\nNone\n\n0.15%\n\nNone\n\nOther Operating Expenses\n0.04%\n\n0.04%\n\n0.04%\n\n0.04%\n\nAcquired Fund Fees and Expenses (AFFE)1\n\n0.32%\n\n0.32%\n\n0.32%\n\n0.32%\n\nTotal Annual Fund Operating Expenses2, 3\n\n0.51%\n\n0.36%\n\n0.56%\n\n0.41%\n\n1AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other funds, including\nmoney market funds and exchange-traded funds.\n\n2Pursuant to the Current Expense Limitation Agreement, CBIS has contractually agreed to waive fees and\nreimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding Shareholder Servicing Fees, interest,\ntaxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividend\nand interest expenses on securities sold short, AFFE, fees and expenses incurred in connection with tax reclaim recovery services, other\nexpenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses, such as\nlitigation expenses (collectively, “excluded expenses”)) from exceeding 0.06% of the average daily net assets of the Fund’s\nInvestor Shares and Institutional Shares until February 28, 2027 (the “contractual expense limit”). In addition, CBIS may\nreceive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual\nexpense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period\npreceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below\nthe contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This\nagreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by CBIS, upon ninety (90) days’ prior written\nnotice to the Trust, effective as of the close of business on February 28, 2027.\n\n7\n\n3Subject to shareholder approval of the New Advisory Agreement, CBIS has contractually agreed to waive\nfees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding Shareholder Servicing Fees,\ninterest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund,\ndividend and interest expenses on securities sold short, AFFE, fees and expenses incurred in connection with tax reclaim recovery services,\nother expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses,\nsuch as litigation expenses (collectively, “excluded expenses”)) from exceeding 0.11% of the average daily net assets of the\nFund’s Investor Shares and Institutional Shares until February 28, 2028 (the “contractual expense limit”). In addition,\nCBIS may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the\ncontractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year\nperiod preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are\nbelow the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.\nThis agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by CBIS, upon ninety (90) days’ prior written\nnotice to the Trust, effective as of the close of business on February 28, 2028.\n\n**Example**\n\nThis Example is intended to help you compare the cost\nof investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for\nthe time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment\nhas a 5% return each year and that the Fund’s operating expenses remain the same.\n\n**Fiscal Year Ended October 31, 2025**\n\nAlthough your actual costs may be higher or lower,\nbased on these assumptions your costs would be:\n\n**1 Year**\n**3 Years**\n**5 Years**\n**10 Years**\n\nInvestor Shares\n$52\n$164\n$285\n$640\n\nInstitutional Shares\n$37\n$116\n$202\n$456\n\n**Pro Forma**\n\nAlthough your actual costs may be higher or lower,\nbased on these assumptions and assuming the New Advisory Agreement and New Magnus Fund Expense Cap were in place throughout the fiscal\nyear ended October 31, 2025, your costs would be:\n\n**1 Year**\n**3 Years**\n**5 Years**\n**10 Years**\n\nInvestor Shares\n$57\n$179\n$313\n$701\n\nInstitutional Shares\n$42\n$132\n$230\n$518\n\n8\n\nCatholic Responsible Investments Magnus 60/40 Alpha\nPlus Fund\n\nThis table describes the fees and expenses that you\nmay pay if you buy, hold, and sell Investor Shares and Institutional Shares of the Fund and compares (i) the Fund’s actual operating\nexpenses for the fiscal year ended October 31, 2025 under the Current Advisory Agreement restated to show the effect of the Current Expense\nLimitation Agreement that became effective on March 1, 2026 with (ii) the Fund’s hypothetical or pro forma operating expenses for\nthe fiscal year ended October 31, 2025 if the New Advisory Agreement and New Magnus Fund Expense Cap had been in place for the entire\nfiscal year.\n\n**Fiscal Year Ended October 31, 2025**\n**Pro Forma**\n\n**Investor**\n\n**Shares**\n\n**Institutional\nShares**\n\n**Investor**\n\n**Shares**\n\n**Institutional\nShares**\n\n**Shareholder Fees (fees paid directly from your investment)**\n\nRedemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days)\n0.00%\n0.00%\n0.00%\n0.00%\n\n**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**\n\nManagement Fees\n\n0.00%\n\n0.00%\n\n0.05%\n\n0.05%\n\nOther Expenses\n\n0.17%\n\n0.02%\n\n0.17%\n\n0.02%\n\nShareholder Servicing Fee\n0.15%\n\nNone\n\n0.15%\n\nNone\n\nOther Operating Expenses\n0.02%\n\n0.02%\n\n0.02%\n\n0.02%\n\nAcquired Fund Fees and Expenses (AFFE)1\n\n0.47%\n\n0.47%\n\n0.47%\n\n0.47%\n\nTotal Annual Fund Operating Expenses2, 3\n\n0.64%\n\n0.49%\n\n0.69%\n\n0.54%\n\n1AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other funds, including\nmoney market funds and exchange-traded funds.\n\n2Pursuant to the Current Expense Limitation Agreement, CBIS has contractually agreed to waive fees and\nreimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding Shareholder Servicing Fees, interest,\ntaxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividend\nand interest expenses on securities sold short, AFFE, fees and expenses incurred in connection with tax reclaim recovery services, other\nexpenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses, such as\nlitigation expenses (collectively, “excluded expenses”)) from exceeding 0.06% of the average daily net assets of the Fund’s\nInvestor Shares and Institutional Shares until February 28, 2027 (the “contractual expense limit”). In addition, CBIS may\nreceive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual\nexpense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period\npreceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below\nthe contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This\nagreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by CBIS, upon ninety (90) days’ prior written\nnotice to the Trust, effective as of the close of business on February 28, 2027.\n\n9\n\n3Subject to shareholder approval of the New Advisory Agreement, CBIS has contractually agreed to waive\nfees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding Shareholder Servicing Fees,\ninterest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund,\ndividend and interest expenses on securities sold short, AFFE, fees and expenses incurred in connection with tax reclaim recovery services,\nother expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses,\nsuch as litigation expenses (collectively, “excluded expenses”)) from exceeding 0.11% of the average daily net assets of the\nFund’s Investor Shares and Institutional Shares until February 28, 2028 (the “contractual expense limit”). In addition,\nCBIS may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the\ncontractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year\nperiod preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are\nbelow the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.\nThis agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by CBIS, upon ninety (90) days’ prior written\nnotice to the Trust, effective as of the close of business on February 28, 2028.\n\n**Example**\n\nThis Example is intended to help you compare the cost\nof investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for\nthe time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment\nhas a 5% return each year and that the Fund’s operating expenses remain the same.\n\n**Fiscal Year Ended October 31, 2025**\n\nAlthough your actual costs may be higher or lower,\nbased on these assumptions your costs would be:\n\n**1 Year**\n**3 Years**\n**5 Years**\n**10 Years**\n\nInvestor Shares\n$65\n$205\n$357\n$798\n\nInstitutional Shares\n$50\n$157\n$274\n$616\n\n**Pro Forma**\n\nAlthough your actual costs may be higher or lower,\nbased on these assumptions and assuming the New Advisory Agreement and New Magnus Fund Expense Cap were in place throughout the fiscal\nyear ended October 31, 2025, your costs would be:\n\n**1 Year**\n**3 Years**\n**5 Years**\n**10 Years**\n\nInvestor Shares\n$70\n$221\n$384\n$859\n\nInstitutional Shares\n$55\n$173\n$302\n$677\n\n10\n\nCatholic Responsible Investments Magnus 75/25 Fund\n\nThis table describes the fees and expenses that you\nmay pay if you buy, hold, and sell Investor Shares and Institutional Shares of the Fund and compares (i) the Fund’s actual operating\nexpenses for the fiscal year ended October 31, 2025 under the Current Advisory Agreement restated to show the effect of the Current Expense\nLimitation Agreement that became effective on March 1, 2026 with (ii) the Fund’s hypothetical or pro forma operating expenses for\nthe fiscal year ended October 31, 2025 if the New Advisory Agreement and New Magnus Fund Expense Cap had been in place for the entire\nfiscal year.\n\n**Fiscal Year Ended October 31, 2025**\n**Pro Forma**\n\n**Investor**\n\n**Shares**\n\n**Institutional\nShares**\n\n**Investor**\n\n**Shares**\n\n**Institutional\nShares**\n\n**Shareholder Fees (fees paid directly from your investment)**\n\nRedemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days)\n0.00%\n0.00%\n0.00%\n0.00%\n\n**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**\n\nManagement Fees\n\n0.00%\n\n0.00%\n\n0.05%\n\n0.05%\n\nOther Expenses\n\n0.22%\n\n0.07%\n\n0.22%\n\n0.07%\n\nShareholder Servicing Fee\n0.15%\n\nNone\n\n0.15%\n\nNone\n\nOther Operating Expenses\n0.07%\n\n0.07%\n\n0.07%\n\n0.07%\n\nAcquired Fund Fees and Expenses (AFFE)1\n\n0.40%\n\n0.40%\n\n0.40%\n\n0.40%\n\nTotal Annual Fund Operating Expenses\n\n0.62%\n\n0.47%\n\n0.67%\n\n0.52%\n\nLess Fee Reductions and/or Expense Reimbursements2, 3\n\n(0.01)%\n\n(0.01)%\n\n(0.01)%\n\n(0.01)%\n\nTotal Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements\n\n0.61%\n\n0.46%\n\n0.66%\n\n0.51%\n\n1AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other funds, including\nmoney market funds and exchange-traded funds.\n\n2Pursuant to the Current Expense Limitation Agreement, CBIS has contractually agreed to waive fees and\nreimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding Shareholder Servicing Fees, interest,\ntaxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividend\nand interest expenses on securities sold short, AFFE, fees and expenses incurred in connection with tax reclaim recovery services, other\nexpenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses, such as\nlitigation expenses (collectively, “excluded expenses”)) from exceeding 0.06% of the average daily net assets of the Fund’s\nInvestor Shares and Institutional Shares until February 28, 2027 (the “contractual expense limit”). In addition, CBIS may\nreceive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual\nexpense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period\npreceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below\nthe contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This\nagreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by CBIS, upon ninety (90) days’ prior written\nnotice to the Trust, effective as of the close of business on February 28, 2027.\n\n11\n\n3Subject to shareholder approval of the New Advisory Agreement, CBIS has contractually agreed to waive\nfees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding Shareholder Servicing Fees,\ninterest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund,\ndividend and interest expenses on securities sold short, AFFE, fees and expenses incurred in connection with tax reclaim recovery services,\nother expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses,\nsuch as litigation expenses (collectively, “excluded expenses”)) from exceeding 0.11% of the average daily net assets of the\nFund’s Investor Shares and Institutional Shares until February 28, 2028 (the “contractual expense limit”). In addition,\nCBIS may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the\ncontractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year\nperiod preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are\nbelow the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.\nThis agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by CBIS, upon ninety (90) days’ prior written\nnotice to the Trust, effective as of the close of business on February 28, 2028.\n\n**Example**\n\nThis Example is intended to help you compare the cost\nof investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for\nthe time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment\nhas a 5% return each year and that the Fund’s operating expenses (including one year of capped expenses in each period) remain the\nsame.\n\n**Fiscal Year Ended October 31, 2025**\n\nAlthough your actual costs may be higher or lower,\nbased on these assumptions your costs would be:\n\n**1 Year**\n**3 Years**\n**5 Years**\n**10 Years**\n\nInvestor Shares\n$62\n$198\n$345\n$773\n\nInstitutional Shares\n$47\n$150\n$262\n$590\n\n**Pro Forma**\n\nAlthough your actual costs may be higher or lower,\nbased on these assumptions and assuming the New Advisory Agreement and New Magnus Fund Expense Cap were in place throughout the fiscal\nyear ended October 31, 2025, your costs would be:\n\n**1 Year**\n**3 Years**\n**5 Years**\n**10 Years**\n\nInvestor Shares\n$67\n$213\n$372\n$834\n\nInstitutional Shares\n$52\n$166\n$290\n$652\n\n**THE BOARD OF TRUSTEES, INCLUDING THE INDEPENDENT\nTRUSTEES, UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “FOR” PROPOSAL 1.**\n\n12"}