Knights of Columbus Limited Duration I (Knights of Columbus Limited Dur) Fonds

Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds. It invests primarily in U.S. issuers and investment-grade securities, but may hold securities that are rated below investment grade ("high yield" or "junk bonds"). The fund may invest in securities with any maturity or duration, but seeks to maintain an average duration similar to that of the Bloomberg 1-3 Year U.S. government/Credit Index, which generally ranges between zero and three years.