Paper copies of the Funds’ shareholder reports are no longer sent by mail, unless you specifically request them from the Funds or from your financial intermediary, such as a broker-dealer or bank. Shareholder reports are available online and you will be notified by mail each time a report is posted on the Funds’ website and provided with a link to access the report online.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarter of each fiscal year on Form N-PORT. The Trust’s Forms N-PORT are available on the Commission’s website at http://www.sec.gov.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.

During the one-year reporting period ending February 29, 2024, global financial markets gyrated in response to concerns about central bank monetary policy, the strength of the global economy, and growing geopolitical tensions. Late in the period, global markets rallied in response to generally positive corporate results and investors’ hopes that the Federal Reserve (Fed) and other global monetary policy-makers would pivot to cutting interest rates as inflation subsided.

The Fed slowed the pace of its interest rate-hiking cycle over the first half of the reporting period as inflation cooled. The Fed raised the federal funds rate in three 0.25% increments between March and July 2023, to a range of 5.25% to 5.50%. However, the central bank left its benchmark rate unchanged for the remainder of the period, ending a rate-hiking cycle that had begun in March 2022. Minutes from the Fed’s meeting on January 30-31, 2024, released in late February, revealed that most Federal Open Market Committee (FOMC) members expressed concerns about reducing rates too soon at the risk of reigniting inflation. “Most participants noted the risks of moving too quickly to ease the stance of [monetary] policy and emphasized the importance of carefully assessing incoming data in judging whether inflation is moving down sustainably to 2 percent.” On a more dovish note, several meeting participants “pointed to downside risks to the economy associated with maintaining an overly restrictive stance for too long. In discussing risk-management considerations that could bear on the policy outlook, [meeting] participants remarked that while the risks to achieving the Committee’s employment and inflation goals were moving into better balance, they remained highly attentive to inflation risks.”

The U.S. Department of Labor reported that the U.S. consumer-price index (CPI) advanced 3.1% year-over-year in January 2024—down from the annual increase of 5.0% at the beginning of the reporting period in March 2023. Transportation and housing costs were the largest contributors to the upturn in the CPI over the 12-month period, while prices for energy services (electricity and utility gas services) declined. The 3.9% rolling 12-month rise in core inflation, as measured by the CPI for all items less food and energy, was unchanged from the year-over-year upturn in December—the smallest annual increase since August 2021.

The geopolitical news during the reporting period was dominated by the ongoing Russia-Ukraine war, and later, escalating tensions in the Middle East. Russia’s invasion of Ukraine marked its two-year anniversary on February 24, 2024, with little hope for a resolution in the near term.

Long-simmering tensions in the Middle East escalated to war following a surprise attack on Israel by Hamas in early October 2023. In addition to the casualties resulting from Hamas’ initial incursion into Israel, the militant group and some of its allies abducted more than 200 soldiers and civilians. A one-week ceasefire in the military conflict between Israel and Hamas expired on November 30, 2023, after the two sides could not reach an agreement on an extension. The truce had led to several hostage and prisoner exchanges between Israel and Hamas. Each side blamed the other for the failure to extend the ceasefire, and fighting resumed following the expiration of the truce.

In late January 2024, the U.S. and U.K. (with support from Australia, Bahrain, Canada, and the Netherlands) conducted airstrikes on several targets in Yemen. The military action was in response to Houthi rebel attacks on commercial shipping in the Red Sea off the coast of Yemen. The Houthi movement is an Iran-backed militant group that seized Sanaa, Yemen’s capital, in 2014. The group has attacked U.S. military bases in Iraq and Syria, as well as numerous commercial ships in the Red Sea, forcing international shipping companies to reroute their vessels around the Cape of Good Hope in South Africa, putting upward pressure on freight costs. In late January 2024, an Iran-backed militia group conducted a drone attack at a U.S. military base in Jordan, killing three U.S. troops. In late February, the coalition struck 18 Houthi military targets in Yemen.

According to the second estimate from the Department of Commerce, U.S. gross domestic product (GDP) grew at an annualized rate of 3.2% in the fourth quarter of 2023, slightly lower than the initial estimate of 3.3% and down from the 4.9% rise in the third quarter. The U.S. economy expanded by 2.5% for the 2023 calendar year, topping 2022’s 1.9% annual rise, bolstered mainly by increases in consumer spending—which comprises more than two-thirds of U.S. GDP—and nonresidential fixed investment (purchases of both nonresidential structures and equipment

and software). The largest contributors to GDP growth for the fourth quarter included consumer spending, exports, state and local government spending, and nonresidential fixed investment. The government attributed the lower economic growth rate in the fourth quarter relative to the previous three-month period primarily to slowdowns in private inventory investment (a measure of the changes in values of inventories from one time period to the next) and federal government spending.

It appears that the U.K. economy slipped into recession—defined as two consecutive quarters of negative GDP growth—at the end of 2023. The Office for National Statistics (ONS) reported that U.K. GDP fell 0.2% over the fourth quarter of 2023, following a 0.1% dip during the third quarter. However, GDP was up 0.1% year-over-year versus the fourth quarter of 2022. According to Eurostat’s second estimate, eurozone GDP was flat in the fourth quarter of 2023, a slight uptick from the 0.1% decline in the third quarter, but increased 0.5% for the 2023 calendar year. The economies of Slovenia, Portugal, and Cyprus were the strongest performers for the fourth quarter, expanding 1.1%, 0.8% and 0.8%, respectively. Conversely, Ireland’s GDP fell 0.7%, while the economies of Estonia, Romania, and Finland each contracted by 0.4% during the quarter.

Inflation in the U.K. and the eurozone slowed considerably over the reporting period. The ONS reported that consumer prices in the U.K., as measured by the Consumer Prices Index (CPI) advanced 4.0% year-over-year in January 2024 (the most recent data available), down sharply from the 10.1% annual increase in January 2023. Core inflation, which excludes volatile food prices, rose at an annual rate of 5.1% in December 2023—a decline from the 6.3% year-over-year upturn in December 2022. Eurostat pegged the inflation rate for the eurozone at 2.9% for the 12-month period ending in December, significantly lower than the 9.2% annual increase in December 2022. Core inflation rose at an annual rate of 3.4% in December 2023, down from the 6.2% year-over-year increase in December 2022.

Global equity markets, as measured by the MSCI ACWI ex U.S. Index, gained 23.2% over the reporting period despite numerous bouts of volatility. North America was the top-performing region among the developed markets for the reporting period due mainly to strength in the U.S., while the Nordic countries benefited largely from a strong rally in Denmark. The Pacific ex Japan region posted a relatively small positive return and was the most notable laggard among developed markets over the period, attributable mainly to substantial weakness in Hong Kong. The top performers among emerging markets included Eastern Europe (particularly Poland, Hungary, and Greece) and Latin America (mainly Peru and Colombia), which achieved double-digit gains for the reporting period. Conversely, the Far East region posted a negative return and was the primary laggard among the emerging markets for the period, attributable mainly to notable weakness in China.

Global fixed-income assets, as represented by the Bloomberg Global Aggregate Bond Index, returned 3.1% for the reporting period. Global high-yield bonds outperformed their investment-grade corporate and government counterparts. In the U.S., high-yield bonds ended the period with substantial gains, outperforming investment-grade corporate bonds, U.S. Treasurys, and mortgage-backed securities (MBS). The U.S. Treasury yield curve remained inverted during the period, as yields on shorter-term bonds exceeded those on longer-dated securities. The yield on the 10-year U.S. Treasury note moved higher for most of the reporting period, crossing 5% in overnight trading on late October—its highest level since July 2007. The 10-year yield subsequently dropped to a low of 3.79% in late December 2023, then rebounded to end the reporting period at 4.25%—up 0.33% year-over-year (bond prices move inversely to interest rates). Yields rose in the shortest and longest segments of the Treasury curve over the period, but decreased modestly for maturities between one and three years. Yields on 2- and 3-year Treasury notes dipped 0.17% and 0.08%, respectively, during the period, while the yield on the 5-year note was up 0.8%. The yield spread between 10- and 2-year notes narrowed from -1.11% to -0.39% over the period.

Global commodity prices, as measured by the Bloomberg Commodity Total Return Index, fell 3.9% in U.S. dollar terms during the reporting period. Prices for West Texas Intermediate crude oil and Brent crude moved modestly higher over the period as ongoing geopolitical tensions in the Middle East spurred investors’ worries about a disruption in oil exports. The gold price ended the period in positive territory as the U.S. dollar weakened (gold prices generally move inversely to the U.S. dollar) and the Fed slowed and subsequently paused its rate-hiking cycle. The New York Mercantile Exchange (NYMEX) natural gas price fell over the reporting period due to an increase in inventories and falling demand due to above-average temperatures in the U.S. for much of the winter of 2023-2024. Wheat prices

declined during the reporting period, hampered by Russia’s shipments of large quantities of cheaply priced grain. The downturn more than offset a rebound in the wheat price in the fourth quarter of 2023, due mainly to a reduction in exports from Ukraine due to the nation’s ongoing conflict with Russia.

We still expect more subdued economic growth in the U.S. in 2024, perhaps deteriorating into a stagnant/mildly recessionary environment along the lines currently seen in the U.K. and much of Europe. While interest rates may no longer be rising, they remain high and are starting to bite harder. Households have smaller savings cushions to draw upon to sustain spending in excess of their incomes. Credit-card usage is up sharply and, as a result, delinquency rates are climbing. The situation is not yet critical or indicative of recession, but households will be more heavily reliant on a continued robust jobs market and strong wage growth in the months ahead. The good news is that the job market is still tight. However, there are signs of weakness cropping up.

Until January 2024, the U.S. inflation rate had decelerated more quickly than we had expected. The U.S. led the global acceleration of inflation in 2021 and 2022; in 2023, it led the way down. Both the U.S. and the eurozone have enjoyed a decline in inflation back toward the 2% level, measured on a year-over year basis, though the CPI reading in the U.S. came in higher than expected in January 2024. The U.K. and France have been lagging in terms of inflation levels, but, nonetheless, have registered a rather sharp slowdown from their inflation-rate peaks.

While stock indexes fared notably well in 2023, it is important to note that many widely followed indexes are capitalization-weighted and, therefore, the largest stocks have a disproportionate effect on performance. This was certainly the case in 2023, as the “Magnificent Seven” mega-cap tech stocks (Apple, Microsoft, Google parent Alphabet, Amazon.com, Nvidia, Meta, and Tesla) drove the bulk of the gains.

At the beginning of 2024, investors anticipated continued equity market dominance from the Magnificent Seven, double-digit corporate earnings growth, massive interest-rate cuts from the Fed, and inflation remaining subdued. It appears that fewer stocks included in the Magnificent Seven are having a significant impact on the U.S. equity market; shares of three of the mega-cap tech companies declined during the first two months of 2024. Furthermore, the most recent inflation data—a greater-than-expected 3.1% rise in the U.S. CP in January 2024—have dampened investors’ hopes for Fed rate cuts in the near term.

Unlike the stock market, the U.S. bond market’s rally in 2023 was broad, driven by a pivot in central bank policy that saw an end to interest-rate hikes. Despite the upturn in the bond market last year (and falling yields, as bond prices and yields move inversely), as well as bumpy performance in the first two months of 2024, we think that yields will likely remain more attractive than they have been in decades. This is good news for income-seeking investors.

The Bloomberg Commodity Total Return Index comprises futures contracts and tracks the performance of a fully collateralized investment in the index. This combines the returns of the index with the returns on cash collateral invested in 13-week (three-month) U.S. Treasury bills.

The Bloomberg U.S. Aggregate Bond Index is a benchmark index composed of U.S. securities in Treasury, government-related, corporate and securitized sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity and have an outstanding par value of at least $250 million.

The MSCI ACWI ex U.S. Index tracks the performance of the large- and mid-cap segments of the U.S. equity market. The index’s 624 constituents comprise approximately 85% of the free float-adjusted (i.e., including only shares that are available for public trading) market capitalization in the U.S.

The Russell 1000 Index tracks the performance of 1000 of the largest U.S. equity securities based on market capitalization. The index is a subset of the Russell 3000 Index, which comprises the 3,000 largest U.S. companies, and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership.

The Russell 1000 Growth Index tracks the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with relatively higher price-to-book ratios and lower expected growth values.

The Russell 1000 Value Index tracks the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

The Russell 2000 Index tracks the performance of the small-cap segment of the U S. equity market. The index is a subset of the Russell 3000 Index, which comprises the 3,000 largest U.S. companies, and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 3000 Index tracks the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.

I. Objective

The Catholic Values Equity Fund (the “Fund”) seeks long-term capital appreciation.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of February 29, 2024: Brandywine Global Investment Management, LLC (Brandywine); Copeland Capital Management, LLC (Copeland); Fred Alger Management, LLC (Alger); Jupiter Asset Management Ltd. (Jupiter); Lazard Asset Management LLC (Lazard); Leeward Investments, LLC (Leeward); and Parametric Portfolio Associates LLC (Parametric). During the fiscal year, Jupiter was added to the Fund, while Allspring Global Investments, LLC and Coho Partners, Ltd. were removed.

III. Returns

For the one-year period ending February 29, 2024, the Fund’s F class shares returned 21.08%. The Fund’s blended benchmark—the Russell 3000 Index (80%) and the MSCI ACWI ex-U.S. Index (20%) — returned 25.26%.

IV. Performance Discussion

During the reporting period, U.S. large-cap stocks, as measured by the Russell 1000 Index, garnered positive returns. In particular, U.S. large-cap growth stocks, as represented by the Russell 1000 Growth Index, delivered outsized gains, though U.S. large-cap value stocks, as measured by the Russell 1000 Value Index, recorded moderately positive performance for the period. U.S. small-cap stocks, as represented by the Russell 2000 Index, and non-U.S. stocks, as measured by the MSCI ACWI ex U.S. Index, also recorded positive returns, though not to the same magnitude as that of U.S. large-cap stocks. Global equity markets generally began the 12-month reporting period on a positive note, with optimism around artificial intelligence (AI), along with stronger-than-expected corporate earnings and economic data helping to offset investors’ concerns regarding economic recession risks and higher interest rates. About halfway through the reporting period, stubbornly high inflation and hawkish messaging from the Federal Reserve (Fed) led to worries that interest rates would stay higher for longer, which weighed on equity markets. In late October 2023, however, the Fed pivoted to a more dovish tone, signaling that further

interest-rate hikes likely would no longer be needed. This monetary policy stance, along with relatively strong consumer data and corporate earnings, spurred a strong market rally during the remainder of the reporting period.

In the U.S., growth stocks outperformed their value counterparts. This was attributable in part to the previously noted optimism around AI-related stocks and the likely end of interest-rate hikes. However, the primary driver of the upturn in U.S, large-cap stocks was the significant outperformance of the “Magnificent Seven” mega-cap growth stocks. During the reporting period, this group represented, on average, nearly 25% of the broad U.S. stock market capitalization. Outside of the U.S., growth stocks and value stocks generally recorded similar performance for the period.

From a sector perspective, information technology and communication services led the market due to the outperformance of mega-cap technology and social media stocks, as well as those related to AI. The consumer discretionary sector also outperformed as improving macroeconomic data helped to quell investors’ concerns about the potential for a recession. Conversely, diminishing worries about a potential recession led to underperformance for traditionally defensive sectors such as consumer staples and utilities.

The Fund posted a positive return during the reporting period, but lagged the Fund’s blended benchmark. The Fund’s underweight allocation to mega-cap stocks and overweight to small caps served as a meaningful headwind to performance given the outperformance of large- and mega-cap stocks relative to small caps. The Fund’s value tilt also detracted from relative performance due to the outperformance of growth stocks. From a sector perspective, the largest headwind was the Fund’s underweight to the information technology sector. Conversely, the Fund’s underweight to the health care and real estate sectors contributed positively to relative performance for the reporting period.

Among the Fund’s managers, Leeward was the weakest performer for the reporting period due to its overweight allocation to value stocks, and underweight to the information technology sector, and the general underperformance of smaller-cap stocks relative to the broader global equity markets. Brandywine’s underperformance for the period was attributable to a meaningful overweight allocation to value stocks, and an underweight to the information technology sector. Copeland’s small/mid-cap strategy lagged the Fund’s benchmark due to its underweight to the most expensive stocks in the market, as well as the general

underperformance of small- and mid-cap stocks over the period. Lazard underperformed versus the benchmark due to unfavorable stock selection in the financials, consumer discretionary, and communication services sectors, along with the general underperformance of non-U.S. stocks during the period.

In contrast, Alger was the Fund’s strongest-performing manager as its overweight allocation to relatively higher-growth and higher-momentum stocks served as a significant tailwind. Alger’s overweight to the information technology sector, as well as favorable stock selection in the information technology, communication services, and health care sectors, also contributed to the outperformance. Copeland’s large-cap strategy slightly outperformed due to positive stock selection in the materials, energy, and health care sectors. Parametric, which provided the Fund with exposure to the Russell 1000 Index, performed in line with the index after an adjustment to screen out companies that do not meet the Fund’s environmental, social, and governance (ESG) requirements.

Investing is subject to risk, including the possible loss of principal. Past performance is not an indication of future results.

The MSCI ACWI ex U.S. Index is a market capitalization-weighted index that tracks the performance of over 2,000 companies, and is representative of the market structure of 48 developed and emerging-market countries in North and South America, Europe, Africa, and the Pacific Rim.

AVERAGE ANNUAL TOTAL RETURN¹
	One-Year Return	Three-Year Return	Five-Year Return	Annualized Inception to Date
Class F	21.08%	6.76%	10.69%	9.02%
Class Y	21.04%	6.84%	10.79%	9.16%
Russell 3000 Index	28.60%	9.90%	13.94%	12.04%
80/20 Russell 3000 Index & MSCI ACWI ex U.S. Index	25.26%	8.21%	12.25%	10.49%

Comparison of Change in the Value of a $10,000 Investment in the Catholic Values Equity Fund, Class F, versus the Russell 3000 Index and 80/20 Russell 3000 Index & MSCI ACWI ex U.S. Index

Comparison of Change in the Value of a $10,000 Investment in the Catholic Values Equity Fund, Class Y, versus the Russell 3000 Index and 80/20 Russell 3000 Index & MSCI ACWI ex U.S. Index

For the year ended 2/29/2024. Past performance is no indication of future performance. Class Y shares were offered beginning on 5/29/2015 and Class F shares were offered beginning 4/30/2015. The graph is based on only the Class Y; performance for Class F would be different due to differences in fee structures. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

The Catholic Values Fixed Income Fund (the Fund) seeks a high level of current income with preservation of capital.

II. Investment Approach

III. Returns

For the one-year period ending February 29, 2024, the Fund’s F class shares returned 2.77%. The Fund’s benchmark—the Bloomberg U.S. Aggregate Bond Index, which tracks the performance of U.S. securities in Treasury, government-related, corporate and securitized sectors—returned 3.33%.

IV. Performance Discussion

The Federal Reserve (Fed) continued to tighten monetary policy during the first half of the reporting period, but paused in July 2023, following its eleventh interest-rate hike since March 2022, leaving the federal-funds rate at a range of 5.25-5.50% for the remainder of the period. During the fourth quarter of 2023, bond yields declined, reversing the rise in yields during the third quarter of 2023. Throughout 2023, yields moved higher due to increased U.S. Treasury supply and weakening overseas demand for the securities, and persistent inflation. In November and December 2023, Treasury yields rallied on the Fed’s dovish pivot, with the 10-year U.S. Treasury yield ending the calendar year at 3.88%, essentially where it began after peaking at slightly above 5.00% in intraday trading in late October. U.S. Treasury yields ratcheted higher during the final two months of the reporting period on a more hawkish tone by the Fed and an uptick in the month-over-month U.S. inflation rate.

Agency mortgage-backed securities (MBS) comprised the only spread sector to underperform the overall U.S. fixed-income market, as measured by the Bloomberg U.S. Aggregate Bond Index, for the reporting period. The Fed’s monetary policy tightening and continued interest-rate volatility weighed on the sector. Yield spreads on

investment- grade corporate bonds tightened further as fundamentals remained strong and issuance was met with solid demand given the high yields. Asset-backed securities (ABS) outperformed the overall market as well, with consumers remaining resilient in the face of elevated inflation as rising wages supported spending.

The 2-year U.S. Treasury yield decreased by 17 basis points (0.17%) to 4.64% over the reporting period, while the yield on 10-year Treasury rose 30 basis points to 4.25%; the 30-year Treasury yields rose 37 basis points to 4.30%. This resulted in a less inverted yield curve. During the final months of the reporting period, yields reversed the steepening bias, with the front end of the yield curve pricing out Fed rate cuts and rising further than short-term yields.

The Fund’s overweight to corporate credit enhanced performance for the reporting period. Security selection within the financials and industrials sectors contributed to Fund performance, while security selection within utilities was a detractor. The Fund’s holdings in the energy sector benefited from the rise in oil prices over the reporting period. The Fund’s positions in large money center banks performed well as investors continued to view these companies favorably given their strong balance sheets and the excess liquidity in the financial system. An overweight to ABS contributed to Fund performance given the strength of the U.S. consumer. Security selection within agency MBS and an overweight to agency commercial mortgage-backed securities (CMBS) enhanced Fund performance during the reporting period. Security selection within higher-quality CMBS tranches also benefited performance. The Fund’s allocation to non-agency MBS had a positive impact on performance for the period as fundamentals in the U.S. housing market remained strong. The Fund’s yield-curve positioning bolstered performance due to an overweight allocation to 30-year Treasurys. The allocation to non-U.S. dollar currencies was a modest detractor from performance as the greenback appreciated during the period. The allocation to the Canadian dollar had a modestly positive impact on Fund performance, while a long position in the Australian dollar weighed on performance

Among the Fund’s managers, IRM outperformed the benchmark Bloomberg U.S. Aggregate Bond Index for the reporting period, benefiting from both an overweight position and security selection within the financial sector. IRM’s slightly underweight position and poor security selection in the industrials sector detracted from Fund performance. An overweight allocation to utilities bolstered Fund performance, while security selection in

the sector had a negative impact. An overweight to ABS and security selection in high-quality CMBS contributed positively to Fund performance for the period. Western underperformed for the period as security selection within CMBS detracted, along with an allocation to utilities and municipal bonds. Western benefited from security selection within the corporate sector, particularly within financials and industrials. The manager’s long duration position detracted from performance for the reporting period.

Regarding the use of derivatives during the reporting period, the Fund employed U.S. Treasury futures, Secured Overnight Financing Rate (SOFR) futures, and to-be-announced (TBA) forward contracts in an effort to efficiently manage duration, yield-curve and market exposures (TBA securities comprise contracts to buy or sell mortgage-backed securities on a specific date).

Investing is subject to risk, including the possible loss of principal. Past performance is not an indication of future results.

The Bloomberg U.S. Aggregate Bond Index tracks the performance of U.S. securities in the Treasury, government-related, corporate, and securitized sectors.

AVERAGE ANNUAL TOTAL RETURN¹
	One-Year Return	Three-Year Return	Five-Year Return	Annualized Inception to Date
Class F	2.77%	-3.57%	0.40%	1.11%
Class Y	2.75%	-3.53%	0.46%	1.25%
Bloomberg U.S. Aggregate Bond Index	3.33%	-3.16%	0.56%	1.05%

Comparison of Change in the Value of a $10,000 Investment in the Fixed Income Fund, Class F, versus the Bloomberg U.S. Aggregate Bond Index

For the year ended 2/29/2024. Past performance is no indication of future performance. Class F shares were offered beginning on 4/30/2015 and Class Y shares were offered beginning 5/29/2015. The graph is based on only the Class F; performance for Class Y would be different due to differences in fee structures. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

Comparison of Change in the Value of a $10,000 Investment in the Fixed Income Fund, Class Y, versus the Bloomberg U.S. Aggregate Bond Index

1	For the year ended 2/29/2024. Past performance is no indication of future performance. Class Y shares were offered beginning on 5/29/2015 and Class F shares were offered beginning 4/30/2015. The graph is based on only the Class Y; performance for Class F would be different due to differences in

^†Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 97.5%

Communication Services — 7.3%
Alphabet Inc, Cl A *		10,632	$	1,472
Alphabet Inc, Cl C *		24,600		3,439
AT&T Inc		60,883		1,031
Cable One Inc		159		72
Charter Communications Inc, Cl A *		128		38
Cogent Communications Holdings Inc		1,022		83
Comcast Corp, Cl A		14,311		613
Electronic Arts Inc		3,208		447
Fox Corp		2,882		82
IAC *		443		25
Interpublic Group of Cos Inc/The		4,252		134
ITV PLC		1,798,410		1,273
Liberty Media -Liberty Formula One, Cl C *		1,082		79
Liberty Media -Liberty Live, Cl C *		690		27
Liberty Media -Liberty SiriusXM *		2,161		63
Madison Square Garden Sports C *		191		36
Match Group *		514		19
Meta Platforms, Cl A		8,313		4,074
Netflix Inc *		1,697		1,023
New York Times Co/The, Cl A		2,073		92
News		6,196		167
Nexstar Media Group Inc, Cl A		8,041		1,336
Omnicom Group Inc		911		81
Paramount Global, Cl A		2,056		43
Paramount Global, Cl B		2,018		22
Pinterest Inc, Cl A *		5,993		220
Scout24 AG		17,453		1,269
Shutterstock		560		27
Spotify Technology SA *		2,274		583
Take-Two Interactive Software Inc *		1		—
TEGNA		5,058		71
Telefonica Brasil		26,800		294
Tencent Holdings Ltd		13,500		478
TKO Group Holdings, Cl A		1,782		149
T-Mobile US Inc		11,233		1,834


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Toei Animation Co Ltd		1,300	$	161
Trade Desk Inc, Cl A *		825		70
TripAdvisor Inc *		1,860		50
Universal Music Group		12,959		391
Verizon Communications Inc		25,510		1,021
Walt Disney Co/The		23,104		2,578
WPP		162,418		1,453
ZoomInfo Technologies, Cl A *		2,140		36

				26,456
Consumer Discretionary — 9.7%
ADT Inc		5,625		41
Advance Auto Parts Inc		623		42
Airbnb, Cl A *		1,045		165
Amazon.com Inc *		28,151		4,976
American Eagle Outfitters Inc		16,752		398
Aptiv PLC *		636		51
Aramark		2,596		79
Autoliv		1,309		152
AutoNation *		266		40
AutoZone Inc *		44		132
Bath & Body Works		2,927		134
Best Buy Co Inc		976		79
Birkenstock Holding *		1,446		72
Booking Holdings Inc *		269		933
BorgWarner Inc		537		17
BRP		4,398		290
Brunswick Corp		1,228		107
Burberry Group		53,534		870
Burlington Stores Inc *		404		83
Capri Holdings *		1,728		80
CarMax Inc *		744		59
Carnival Corp *		4,654		74
Carter's Inc		1,053		85
Cheesecake Factory Inc/The		2,627		93
Chipotle Mexican Grill Inc, Cl A *		81		218
Choice Hotels International		641		72
Columbia Sportswear Co		602		50
Continental AG		4,785		384
Coupang, Cl A *		3,716		69
Crocs *		590		72
Darden Restaurants Inc		375		64
Deckers Outdoor Corp *		571		511
Dick's Sporting Goods Inc		1,799		320
Dollarama Inc		4,949		383
DoorDash, Cl A *		31		4
Dorman Products *		812		76
DR Horton Inc		286		43
eBay Inc		5,427		257
Etsy Inc *		427		31
Expedia Group *		485		66
Fila Holdings		3,344		96
Five Below Inc *		501		101


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Floor & Decor Holdings Inc, Cl A *		1,447	$	175
Ford Motor Co		4,403		55
GameStop, Cl A *		2,112		30
Gap Inc/The		4,895		93
Garmin Ltd		814		112
General Motors Co		31,836		1,305
Gentex		9,742		356
Genuine Parts		393		59
Goodyear Tire & Rubber Co/The *		5,890		70
Grand Canyon Education *		215		29
H&R Block Inc		2,629		129
Harley-Davidson		6,355		230
Hasbro Inc		526		26
Hilton Worldwide Holdings Inc		2,280		466
Home Depot Inc/The		6,276		2,389
Hyatt Hotels Corp, Cl A		774		119
Industria de Diseno Textil SA		35,350		1,569
Kohl's Corp		21,983		613
Lear Corp		411		56
Leggett & Platt		3,003		61
Lithia Motors, Cl A		418		125
LKQ		1,209		63
Lowe's Cos Inc		4,275		1,029
Lucid Group *		11,073		37
lululemon athletica Inc *		285		133
Macy's Inc		595		10
Magna International Inc		12,236		674
Marriott International Inc/MD, Cl A		679		170
Marriott Vacations Worldwide		483		45
Mattel Inc *		910		18
McDonald's Corp		368		108
MercadoLibre Inc *		664		1,059
MGM Resorts International *		2,405		104
Mister Car Wash *		6,801		56
Mohawk Industries Inc *		721		85
Murphy USA		644		269
NIKE Inc, Cl B		4,189		435
Nikon		11,800		117
Nordstrom Inc		1,516		32
Norwegian Cruise Line Holdings Ltd *		2,379		46
NVR *		23		175
Ollie's Bargain Outlet Holdings *		1,782		143
O'Reilly Automotive Inc *		141		153
Oxford Industries		1,191		121
Peloton Interactive Inc, Cl A *		1,049		5
Penske Automotive Group		933		143
Petco Health & Wellness, Cl A *		6,097		16
Phinia		107		4
Planet Fitness, Cl A *		917		57
Polaris Inc		549		51
Pool Corp		3,309		1,317
PulteGroup Inc		48		5


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
PVH Corp		1,066	$	146
Ralph Lauren, Cl A		847		157
Ross Stores Inc		15,582		2,321
Royal Caribbean Cruises Ltd *		765		94
Service Corp International/US		1,305		95
Shimano Inc		2,400		334
Starbucks Corp		9,660		917
Steven Madden		2,716		116
Swatch Group AG		254		60
Tapestry		2,532		120
Tempur Sealy International		2,754		150
Tesla Inc *		4,361		880
Texas Roadhouse, Cl A		566		85
TJX Cos Inc/The		5,133		509
TopBuild *		268		108
Topgolf Callaway Brands *		2,933		42
Tractor Supply Co		1,428		363
Travel + Leisure		1,185		53
Ulta Beauty Inc *		893		490
Under Armour, Cl A *		4,708		42
Urban Outfitters Inc *		2,117		88
Vail Resorts Inc		213		49
Valvoline Inc *		2,446		104
VF Corp		1,652		27
Victoria's Secret *		3,430		98
Wendy's Co/The		2,626		48
Whirlpool		461		49
Williams-Sonoma Inc		555		131
Wingstop Inc		789		277
Wyndham Hotels & Resorts Inc		874		67
YETI Holdings Inc *		1,751		72
Yum! Brands Inc		560		77

				34,785
Consumer Staples — 6.9%
Archer-Daniels-Midland Co		1,290		68
Brown-Forman Corp, Cl B		1,103		66
Bunge Global		963		91
Campbell Soup Co		5,858		250
Casey's General Stores Inc		4,991		1,520
Clorox Co/The		495		76
Coca-Cola Co/The		19,406		1,165
Colgate-Palmolive Co		7,124		616
Conagra Brands Inc		45,001		1,264
Constellation Brands Inc, Cl A		3,138		780
Costco Wholesale Corp		2,137		1,590
Coty Inc, Cl A *		5,378		67
Danone		22,831		1,458
Darling Ingredients *		1,535		65
Diageo PLC		36,258		1,358
Dollar General Corp		5,925		861
Dollar Tree Inc *		565		83
Estee Lauder, Cl A		422		63


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Flowers Foods Inc		2,694	$	60
General Mills Inc		7,218		463
Hain Celestial Group Inc/The *		2,713		27
Hershey Co/The		1,957		368
Hormel Foods Corp		2,233		79
Ingredion Inc		6,376		750
Inter Parfums		1		—
JM Smucker Co/The		5,753		691
Kellogg Co		3,231		178
Keurig Dr Pepper Inc		1,806		54
Kimberly-Clark Corp		2,896		351
Kraft Heinz Co/The		1,549		55
Kroger Co/The		26,965		1,338
Lamb Weston Holdings Inc		1,288		132
Lancaster Colony		634		131
LG Household & Health Care		3,915		938
McCormick & Co Inc/MD		1,882		130
MGP Ingredients		213		18
Mondelez International Inc, Cl A		12,727		930
Olaplex Holdings *		17,269		32
PepsiCo Inc		6,225		1,029
Performance Food Group *		132		10
Pernod Ricard SA		7,569		1,266
Pigeon Corp		4,200		43
Sysco Corp		10,064		815
Target Corp		1,620		248
TreeHouse Foods Inc *		2,188		78
Tyson Foods Inc, Cl A		8,486		460
Unilever PLC		29,486		1,444
US Foods Holding Corp *		13,632		692
Walgreens Boots Alliance Inc		28,358		603
Walmart		1,977		116
WK Kellogg		807		12

				24,982
Energy — 4.1%
Antero Midstream		5,338		72
Antero Resources Corp *		3,254		84
Baker Hughes Co, Cl A		22,837		676
BP		62,631		365
BP PLC ADR		29,443		1,030
Canadian Natural Resources Ltd		19,655		1,370
ChampionX		1,745		54
Cheniere Energy Inc		2,503		388
Chesapeake Energy		749		62
Chevron Corp		13,000		1,976
Chord Energy		419		68
Civitas Resources		2,159		148
ConocoPhillips		8,365		941
Coterra Energy		2,108		54
Devon Energy Corp		6,524		287
Diamondback Energy Inc		8,304		1,516
EOG Resources Inc		6,401		733


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
EQT Corp		6,571	$	244
Exxon Mobil Corp		6,446		674
Halliburton Co		4,010		141
Hess Corp		1,868		272
HF Sinclair		1,178		65
Kinder Morgan Inc/DE		19,664		342
Marathon Oil Corp		2,359		57
Marathon Petroleum Corp		2,427		411
New Fortress Energy, Cl A		2,147		76
Occidental Petroleum Corp		1,070		65
ONEOK Inc		2,578		194
Ovintiv		1,218		60
Phillips 66		680		97
Pioneer Natural Resources Co		2,995		704
Range Resources Corp		2,464		78
Schlumberger Ltd		4,621		223
Shell		6,417		202
Shell PLC ADR		6,492		408
Southwestern Energy Co *		15,313		107
TechnipFMC		4,011		87
Texas Pacific Land		71		112
Valero Energy Corp		1,795		254
Williams Inc		4,821		173

				14,870
Financials — 15.4%
Affiliated Managers Group Inc		631		99
Aflac Inc		1,184		96
AGNC Investment Corp ^‡		2,829		27
AIA Group Ltd		138,600		1,126
AIB Group		122,736		569
Allfunds Group PLC		8,950		64
Allstate Corp/The		3,384		540
Ally Financial Inc		2,235		83
American Express Co		2,128		467
Ameriprise Financial Inc		2,593		1,056
Annaly Capital Management ^‡		3,097		59
Aon PLC, Cl A		2,132		674
Apollo Global Management		658		74
Arch Capital Group *		2,300		201
Ares Management, Cl A		1,251		166
Arthur J Gallagher		588		143
Assurant		485		88
Assured Guaranty Ltd		1,974		181
Axis Capital Holdings		1,754		110
Banco do Brasil SA		102,900		1,201
Bank of America Corp		46,998		1,622
Bank of New York Mellon Corp/The		6,146		345
Bank OZK		9,680		424
Barclays PLC		733,152		1,525
Berkshire Hathaway Inc, Cl B *		5,435		2,225
BlackRock Inc, Cl A		860		698
Blackstone		1,004		128


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Block, Cl A *		934	$	74
BOK Financial Corp		794		67
Brighthouse Financial Inc *		1,395		65
Brown & Brown		1,634		138
Capital One Financial Corp		657		90
Carlyle Group		1,855		85
Charles Schwab Corp/The		8,887		593
Chimera Investment Corp ^‡		7,819		34
Chubb Ltd		1,561		393
Cincinnati Financial		726		83
Citigroup Inc		41,337		2,294
Citizens Financial Group Inc		14,083		442
City Holding		679		68
CME Group Inc, Cl A		2,621		578
CNA Financial Corp		184		8
Cohen & Steers Inc		792		58
Columbia Banking System		2,761		50
Comerica Inc		724		36
Commerce Bancshares Inc/MO		1,315		68
Credit Acceptance Corp *		209		116
Cullen/Frost Bankers Inc		599		65
Discover Financial Services		6,650		803
East West Bancorp Inc		1,870		136
Equitable Holdings Inc		4,036		138
Euronet Worldwide *		554		61
Evercore Inc, Cl A		786		147
Everest Re Group Ltd		248		91
Eversource Energy		5,900		346
FactSet Research Systems Inc		1,748		809
Fidelity National Financial		1,791		91
Fidelity National Information Services Inc		613		42
Fifth Third Bancorp		1,877		64
First American Financial		1,122		66
First Citizens BancShares, Cl A		16		25
First Hawaiian Inc		1,924		40
First Horizon National Corp		10,810		152
First Interstate BancSystem, Cl A		2,479		65
Fiserv Inc *		689		103
FleetCor Technologies Inc *		370		103
FNB Corp		33,393		445
Franklin Resources Inc		1,707		47
Gjensidige Forsikring		4,629		73
Global Payments Inc		12,170		1,578
Globe Life		1,091		138
Goldman Sachs Group Inc/The		270		105
Hamilton Lane, Cl A		801		92
Hanover Insurance Group		687		90
Hartford Financial Services Group Inc/The		4,339		416
HDFC Bank Ltd ADR		5,126		274
Home BancShares Inc/AR		2,656		62
Houlihan Lokey, Cl A		658		85
Huntington Bancshares Inc/OH		11,006		144


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Independent Bank		1,149	$	60
Intercontinental Exchange Inc		804		111
Invesco Ltd		3,179		49
Jack Henry & Associates Inc		408		71
Janus Henderson Group PLC		2,562		80
Jefferies Financial Group		2,802		117
JPMorgan Chase & Co		11,669		2,171
KeyCorp		3,317		47
Kinsale Capital Group		3,878		2,002
KKR & Co Inc, Cl A		2,511		247
Lincoln National Corp		1,943		53
London Stock Exchange Group PLC		1,038		117
LPL Financial Holdings		709		190
LVMH Moet Hennessy Louis Vuitton		2,068		1,886
M&T Bank Corp		1,119		156
MarketAxess Holdings Inc		311		66
Marsh & McLennan Cos Inc		4,729		957
Mastercard Inc, Cl A		677		321
MetLife Inc		4,026		281
MGIC Investment Corp		7,078		141
Moody's Corp		2,034		772
Morgan Stanley		20,904		1,799
Morningstar Inc		253		76
MSCI Inc, Cl A		1,904		1,068
Nasdaq Inc		1,761		99
National Bank Holdings, Cl A		2,089		71
NCR Atleos *		916		20
New York Community Bancorp		16,482		79
NMI Holdings, Cl A *		2,141		64
Northern Trust Corp		2,012		165
NU Holdings, Cl A *		8,157		90
Old National Bancorp		5,074		83
Old Republic International		2,551		74
OneMain Holdings Inc, Cl A		1,860		88
Partners Group Holding AG		614		885
PayPal Holdings Inc *		4,618		279
Pinnacle Financial Partners		2,549		211
PNC Financial Services Group Inc/The		2,121		312
Popular Inc		8,265		692
Primerica		683		168
Principal Financial Group Inc		1,152		93
Progressive Corp/The		5,075		962
Prosperity Bancshares Inc		1,900		119
Prudential Financial Inc		5,745		626
Raymond James Financial Inc		1,360		164
Regions Financial Corp		5,506		103
Reinsurance Group of America		1		—
RenaissanceRe Holdings		345		78
Rithm Capital ^‡		6,833		74
Rocket Inc, Cl A *		6,200		78
S&P Global Inc		3,343		1,432
SLM Corp		12,309		256


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
SoFi Technologies *		7,540	$	68
Standard Chartered		19,735		167
Starwood Property Trust ^‡		4,020		82
State Street Corp		10,717		790
Stifel Financial		1,841		140
Synchrony Financial		2,944		122
Synovus Financial Corp		5,299		201
T Rowe Price Group Inc		674		76
TPG, Cl A		2,239		99
Tradeweb Markets, Cl A		874		92
Travelers Cos Inc/The		433		96
Truist Financial Corp		2,659		93
Univest Financial Corp		3,376		68
Unum Group		3,649		180
US Bancorp		8,898		373
UWM Holdings		11,185		71
Valley National Bancorp		7,913		65
Virtu Financial Inc, Cl A		3,660		66
Visa Inc, Cl A		14,423		4,077
W R Berkley		1,406		118
Webster Financial Corp		5,867		279
Western Alliance Bancorp		2,780		160
Western Union Co		8,954		120
WEX Inc *		324		71
White Mountains Insurance Group		78		138
Willis Towers Watson PLC		1,893		516
Wintrust Financial Corp		1,614		155
XP, Cl A		28,710		679
Zions Bancorp NA		1,209		48

				55,640
Health Care — 10.5%
Acadia Healthcare Co Inc *		4,280		357
agilon health *		753		5
Align Technology Inc *		210		63
Alnylam Pharmaceuticals Inc *		1,376		208
Amedisys Inc *		685		64
AmerisourceBergen Corp, Cl A		3,458		815
Apellis Pharmaceuticals *		1,267		78
Avantor Inc *		19,635		484
Azenta *		9,220		601
Baxter International Inc		11,232		460
Boston Scientific Corp *		15,011		994
Cardinal Health Inc		3,870		433
Certara *		1,816		31
Chemed Corp		1,244		779
Coloplast, Cl B		7,648		1,017
CVS Health Corp		26,983		2,007
DENTSPLY SIRONA Inc		5,715		187
DexCom Inc *		5,879		676
Doximity, Cl A *		19		1
Edwards Lifesciences Corp *		8,452		717
Elanco Animal Health Inc *		48,080		764


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Elevance Health		1,813	$	909
Encompass Health Corp		4,007		298
Enovis *		1,056		63
Ensign Group Inc/The		582		73
Envista Holdings Corp *		2,745		57
Exact Sciences Corp *		2,022		116
Exelixis Inc *		13,403		294
Fortrea Holdings *		513		19
Globus Medical Inc, Cl A *		2,130		115
Henry Schein Inc *		2,467		189
Hologic Inc *		1,306		96
Hoya		9,900		1,289
Humana Inc		345		121
ICON PLC *		2,556		819
ICU Medical Inc *		171		19
IDEXX Laboratories Inc *		1,427		821
Incyte Corp *		7,222		421
Insulet Corp *		385		63
Integra LifeSciences Holdings Corp *		1,163		43
Intuitive Surgical Inc *		2,584		996
Ionis Pharmaceuticals Inc *		1,566		71
IQVIA Holdings Inc *		3,034		750
Jazz Pharmaceuticals PLC *		7,319		870
Koninklijke Philips *		37,918		760
Koninklijke Philips NV *		45,450		910
Laboratory Corp of America Holdings		513		111
LeMaitre Vascular		2,009		141
M3		9,600		138
Masimo Corp *		645		83
McKesson Corp		2,480		1,293
Medpace Holdings Inc *		238		95
Medtronic PLC		20,584		1,716
Mettler-Toledo International Inc *		640		798
Molina Healthcare Inc *		1		—
Natera *		6,182		535
Neurocrine Biosciences Inc *		4,676		610
Novocure Ltd *		1,591		24
Penumbra Inc *		330		77
Premier Inc, Cl A		12,059		252
Prestige Consumer Healthcare *		16,138		1,123
Quest Diagnostics Inc		2,735		342
QuidelOrtho *		738		34
Repligen Corp *		2,688		521
ResMed Inc		2,818		490
Royalty Pharma PLC, Cl A		12,435		377
Sotera Health *		14,036		211
STERIS PLC		6,400		1,491
Stevanato Group		2,450		81
Stryker Corp		2,405		839
Tandem Diabetes Care Inc *		159		4
Teladoc Health Inc *		293		4
Teleflex Inc		1,029		229


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
TransMedics Group *		4,957	$	404
United Therapeutics Corp *		2,281		515
US Physical Therapy Inc		80		8
Vaxcyte *		1,194		88
Veeva Systems Inc, Cl A *		1,171		264
Waters Corp *		2,039		688
West Pharmaceutical Services Inc		1,809		648
Zimmer Biomet Holdings Inc		5,327		662
Zoetis Inc, Cl A		9,779		1,939

				37,758
Industrials — 12.9%
ABM Industries Inc		2,652		110
Acuity Brands		561		141
AECOM		1,218		108
AerCap Holdings NV *		15,761		1,216
AGCO Corp		675		74
Air Lease Corp, Cl A		6,874		276
Alaska Air Group Inc *		2,479		93
Allegion PLC		536		69
Allison Transmission Holdings Inc		2,275		171
American Airlines Group Inc *		4,404		69
AMETEK Inc		3,249		585
AO Smith Corp		943		78
AP Moller - Maersk, Cl B		783		1,108
Armstrong World Industries Inc		1,080		130
Assa Abloy AB, Cl B		45,170		1,290
Automatic Data Processing Inc		7,280		1,828
AutoStore Holdings *		26,907		43
Avis Budget Group		323		35
AZEK, Cl A *		2,408		116
Booz Allen Hamilton Holding, Cl A		1,232		182
Broadridge Financial Solutions Inc		381		78
CACI International, Cl A *		373		140
Carlisle		402		141
Carrier Global		2,640		147
Caterpillar Inc		256		86
Ceridian HCM Holding *		1,194		83
CH Robinson Worldwide Inc		994		74
ChargePoint Holdings *		7,231		15
Chart Industries Inc *		994		142
Cintas Corp		215		135
Clarivate PLC *		9,578		69
CNH Industrial		58,813		703
Computershare		12,046		203
Concentrix Corp		404		29
Copart Inc *		3,236		172
Core & Main, Cl A *		1,847		88
CSX Corp		4,524		172
Cummins Inc		1,667		448
Deere & Co		1,975		721
Delta Air Lines Inc		15,680		663
Diploma PLC		8,463		370


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Donaldson Co Inc		397	$	28
Dover Corp		1,366		226
Eaton Corp PLC		3,964		1,146
EMCOR Group		908		285
Emerson Electric Co		1,607		172
Enerpac Tool Group, Cl A		25,912		873
EnPro Industries		1,183		184
ExlService Holdings *		5,410		168
Expeditors International of Washington Inc		896		107
Experian		34,554		1,480
Fastenal Co		1,128		82
FedEx Corp		2,248		560
Ferguson		409		86
Flowserve Corp		1,306		55
Fortive Corp		627		53
Fortune Brands Home & Security		945		77
FTI Consulting Inc *		918		190
Gates Industrial Corp PLC *		5,238		77
Generac Holdings *		427		48
Genpact Ltd		21,598		734
GFL Environmental		29,646		1,070
Graco Inc		401		37
Harsco *		86,138		677
Hayward Holdings *		5,405		80
HEICO Corp		12		2
Hertz Global Holdings *		6,414		50
Hexcel Corp		889		66
Howmet Aerospace		2,891		192
Hubbell Inc, Cl B		100		38
Huron Consulting Group *		270		27
IDEX		425		100
Illinois Tool Works Inc		3,263		855
Ingersoll Rand Inc		1,197		109
Insperity		1,029		105
ITT		1,117		141
JB Hunt Transport Services Inc		477		98
Johnson Controls International PLC		9,066		537
Kirby Corp *		2,029		178
Knight-Swift Transportation Holdings Inc, Cl A		1,117		63
Korn Ferry		1,643		105
Landstar System Inc		336		64
Legrand SA		13,342		1,350
Lennox International Inc		194		91
LG		2,526		178
Lincoln Electric Holdings		809		208
Lyft, Cl A *		1,618		26
ManpowerGroup Inc		944		68
Masco Corp		1,109		85
Masonite International *		628		82
MasTec *		834		63
MDU Resources Group Inc		2,166		47


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Mercury Systems *		1,569	$	47
Middleby *		535		81
MSA Safety Inc		401		74
MSC Industrial Direct Co Inc, Cl A		5,596		565
Nordson Corp		843		224
Norfolk Southern Corp		420		106
nVent Electric PLC		2,436		164
Old Dominion Freight Line		1,601		708
Oshkosh Corp		1,137		126
Otis Worldwide Corp		9,970		950
Owens Corning		790		118
PACCAR Inc		1,156		128
Parker-Hannifin Corp		356		191
Paychex Inc		550		67
Paycom Software Inc		217		40
Paycor HCM *		2,683		57
Paylocity Holding Corp *		467		79
Pentair PLC		1,364		106
Quanta Services		191		46
RB Global		1,099		83
Regal Beloit Corp		733		126
RELX PLC		41,092		1,798
Republic Services Inc, Cl A		700		129
Robert Half International Inc		1,607		129
Rockwell Automation Inc		1,053		300
Rollins Inc		2,023		89
Ryder System Inc		2,375		271
Saia *		191		110
Schneider National Inc, Cl B		2,470		58
Science Applications International		1,200		168
Sensata Technologies Holding PLC		6,719		231
Signify		53,197		1,427
SiteOne Landscape Supply *		487		82
SMS Co Ltd		24,300		430
Snap-on Inc		657		181
Societe BIC		942		68
Southwest Airlines Co		1,122		38
Standex International		1,404		243
Stanley Black & Decker Inc		4,972		444
Sunrun Inc *		439		5
Tetra Tech Inc		1,268		225
Timken Co/The		1,209		102
Toro Co/The		721		67
Toromont Industries Ltd		5,172		475
Trane Technologies PLC		3,126		881
TransDigm Group Inc		333		392
TransUnion		974		76
Trex Inc *		956		88
Uber Technologies Inc *		1,349		107
UniFirst		449		76
Union Pacific Corp		3,457		877
United Airlines Holdings Inc *		1,164		53


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
United Parcel Service Inc, Cl B		5,859	$	869
United Rentals Inc		308		214
Valmont Industries Inc		292		62
Verisk Analytics Inc, Cl A		474		115
Vestis		1,298		24
Waste Connections		8,623		1,435
Waste Management Inc		3,911		804
Watsco Inc		331		130
WESCO International Inc		964		144
Westinghouse Air Brake Technologies Corp		2,694		381
WillScot Mobile Mini Holdings *		3,052		146
Wolters Kluwer		5,498		868
Woodward Inc		800		113
WW Grainger Inc		873		850
Xylem Inc/NY		5,273		670

				46,355
Information Technology — 23.0%
Accenture PLC, Cl A		5,970		2,237
Adobe Inc *		2,572		1,441
Advanced Micro Devices Inc *		10,905		2,100
Akamai Technologies Inc *		5,807		644
Allegro MicroSystems *		1,597		50
Alteryx, Cl A *		1,413		68
Amdocs Ltd		872		80
Amphenol Corp, Cl A		1,822		199
Analog Devices Inc		326		63
ANSYS Inc *		247		83
Apple Inc		50,767		9,176
Applied Materials Inc		5,360		1,081
Arista Networks Inc *		3,205		890
Arrow Electronics Inc *		1,030		121
ASML Holding NV		2,251		2,120
Aspen Technology *		322		62
Atlassian, Cl A *		1		—
Autodesk Inc *		334		86
Avnet Inc		1,907		89
Belden		657		56
Bentley Systems, Cl B		2,299		118
Broadcom Inc		2,959		3,848
Brother Industries		27,000		453
Cadence Design Systems Inc *		832		253
CDW Corp		3,695		910
Check Point Software Technologies Ltd *		7,699		1,235
Ciena Corp *		1,878		107
Cirrus Logic Inc *		1,236		113
Cisco Systems Inc		19,204		929
Cloudflare, Cl A *		666		66
Cognex Corp		6,582		260
Cognizant Technology Solutions Corp, Cl A		869		69
Coherent *		2,594		154
Confluent, Cl A *		550		19
Datadog, Cl A *		1,075		141


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
DocuSign Inc, Cl A *		497	$	26
Dolby Laboratories Inc, Cl A		1,050		85
Dropbox Inc, Cl A *		2,225		53
DXC Technology Co *		2,083		46
Elastic NV *		642		86
Enphase Energy Inc *		500		64
Entegris		553		74
F5 Networks Inc *		506		95
Fair Isaac *		42		53
First Solar Inc *		733		113
Fortinet *		1,010		70
Gartner *		205		95
Gen Digital		2,665		57
GLOBALFOUNDRIES *		1,155		63
Globant SA *		146		33
GoDaddy Inc, Cl A *		6,990		798
Guidewire Software *		1,075		128
Halma		2,400		70
Harmonic *		9,616		126
Hewlett Packard Enterprise Co		41,813		637
Hexagon, Cl B		36,106		423
HP Inc		23,918		678
HubSpot Inc *		83		51
Intel Corp		13,342		574
International Business Machines Corp		678		125
Intuit Inc		4,062		2,693
IPG Photonics Corp *		692		60
Jabil Inc		593		85
Juniper Networks Inc		15,906		589
Keyence		100		47
Keysight Technologies Inc *		2,282		352
KLA Corp		445		304
Kulicke & Soffa Industries		1,690		80
Kyndryl Holdings *		13,827		304
Lam Research Corp		1,066		1,000
Largan Precision		3,000		246
Lattice Semiconductor Corp *		677		52
Littelfuse Inc		331		79
Lotes		3,000		97
Lumentum Holdings *		1,071		52
Manhattan Associates *		64		16
Marvell Technology		11,348		813
Micron Technology Inc		16,638		1,508
Microsoft Corp		32,892		13,605
MKS Instruments Inc		668		82
MongoDB Inc, Cl A *		261		117
Monolithic Power Systems Inc		659		475
Motorola Solutions Inc		3,797		1,255
National Bank of Canada		17,662		1,379
nCino *		762		23
NCR Corp *		1,832		27
NetApp Inc		1,531		136


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Nokia		426,148	$	1,503
Nutanix Inc, Cl A *		3,455		218
NVIDIA Corp		10,159		8,037
Okta Inc, Cl A *		276		30
ON Semiconductor Corp *		675		53
Oracle Corp		3,681		411
Palo Alto Networks *		1		—
Power Integrations Inc		800		57
PTC Inc *		1		—
QUALCOMM Inc		6,941		1,095
RingCentral Inc, Cl A *		199		7
Roper Technologies Inc		137		75
salesforce.com Inc *		4,299		1,328
Samsung Electronics Co Ltd		28,151		1,552
SAP SE		9,775		1,829
ServiceNow Inc *		277		214
Silicon Laboratories *		508		70
Skyworks Solutions Inc		606		64
Smartsheet Inc, Cl A *		1,379		58
Snowflake, Cl A *		867		163
Splunk Inc *		489		76
Synopsys Inc *		73		42
Taiwan Semiconductor Manufacturing Co Ltd ADR		20,795		2,676
TD SYNNEX		404		42
Teledyne Technologies Inc *		157		67
Teradata Corp *		1,199		45
Teradyne Inc		2,868		297
Texas Instruments Inc		3,813		638
Trimble Inc *		1,500		92
Twilio Inc, Cl A *		463		28
Tyler Technologies *		237		104
Ubiquiti		331		39
UiPath, Cl A *		4,862		115
Unity Software *		585		17
Universal Display Corp		2,260		394
VeriSign Inc *		2,996		585
ViaSat Inc *		2,518		49
Viavi Solutions *		6,176		59
Vontier Corp		9,773		420
Western Digital Corp *		2,446		145
Wolfspeed *		341		9
Workday Inc, Cl A *		1,592		469
Zebra Technologies, Cl A *		677		189
Zoom Video Communications, Cl A *		186		13
Zscaler Inc *		487		118

				82,912
Materials — 3.7%
Air Products and Chemicals Inc		2,804		656
Albemarle		467		64
Alcoa Corp		4,724		129
Amcor PLC		8,591		78


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Anglo American PLC		16,944	$	365
AptarGroup Inc		1,090		153
Arcadium Lithium *		45,410		249
Ardagh Metal Packaging		19,120		63
Avery Dennison Corp		548		119
Axalta Coating Systems Ltd *		19,933		652
Ball Corp		927		59
Berry Global Group Inc		1,072		62
Cabot Corp		1,164		99
Celanese, Cl A		707		107
CF Industries Holdings Inc		2,717		219
Chemours		3,046		60
Cleveland-Cliffs *		4,585		95
Covestro AG *		14,389		783
Crown Holdings Inc		5,279		404
Dow Inc		975		54
DuPont de Nemours Inc		9,451		654
Eastman Chemical Co		4,713		414
Ecolab Inc		466		105
Element Solutions		5,641		133
FMC Corp		11,270		636
Freeport-McMoRan Inc		5,276		199
Graphic Packaging Holding		4,953		129
Huntsman Corp		4,477		115
Ingevity *		1,326		61
Innospec		1,185		147
International Flavors & Fragrances Inc		737		56
International Paper Co		1,238		44
Linde		168		75
Louisiana-Pacific		1,691		125
LyondellBasell Industries NV, Cl A		607		61
Martin Marietta Materials		1,672		966
Mosaic Co/The		2,498		78
NewMarket Corp		145		93
Newmont Corp		14,973		468
Nucor Corp		870		167
O-I Glass Inc, Cl I *		8,446		143
Packaging Corp of America		472		86
PPG Industries Inc		510		72
Quaker Chemical Corp		241		48
Reliance Steel & Aluminum Co		4,765		1,531
Rio Tinto		5,521		445
Royal Gold Inc		466		48
Scotts Miracle-Gro		796		52
Sealed Air		1,831		64
Sherwin-Williams Co/The		3,062		1,017
Sonoco Products Co		903		51
SSR Mining		5,467		23
Steel Dynamics Inc		1,777		238
United States Steel Corp		4,118		195
Vulcan Materials Co		363		96


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Westrock Co		1,448	$	66

				13,371
Real Estate — 2.1%
Alexandria Real Estate Equities Inc ^‡		322		40
American Homes 4 Rent, Cl A ^‡		2,436		90
American Tower Corp ^‡		3,377		672
Americold Realty Trust ^‡		1,965		50
AvalonBay Communities Inc ^‡		909		161
Boston Properties Inc ^‡		2,949		191
Brixmor Property Group ^‡		4,961		112
CBRE Group Inc, Cl A *		5,245		482
Corporate Office Properties Trust ^‡		3,768		91
CoStar Group Inc *		712		62
Cousins Properties ^‡		2,645		60
Crown Castle Inc ^‡		4,114		452
CubeSmart ^‡		1,472		64
Digital Realty Trust Inc ^‡		437		64
EastGroup Properties ^‡		635		112
Equinix Inc ^‡		1,139		1,012
Equity LifeStyle Properties ^‡		1,548		104
Equity Residential ^‡		780		47
Essex Property Trust Inc ^‡		187		43
Extra Space Storage Inc ^‡		1,179		166
Federal Realty Investment Trust ^‡		402		41
First Industrial Realty Trust ^‡		1,196		63
Healthpeak Properties Inc ^‡		3,935		66
Highwoods Properties ^‡		2,287		56
Host Hotels & Resorts Inc ^‡		9,310		193
Howard Hughes Holdings *		411		31
Iron Mountain Inc ^‡		1,533		121
Jones Lang LaSalle Inc *		410		78
Kilroy Realty Corp ^‡		811		31
Kimco Realty Corp ^‡		2,506		50
Lamar Advertising, Cl A ^‡		862		95
Mid-America Apartment Communities ^‡		482		61
National Retail Properties Inc ^‡		993		40
Newmark Group, Cl A ^‡		11,057		119
Park Hotels & Resorts		5,035		84
Prologis Inc ^‡		6,809		908
Public Storage ^‡		298		85
Rayonier ^‡		2,788		96
Realty Income Corp ^‡		1,634		85
Regency Centers Corp ^‡		826		51
Rexford Industrial Realty ^‡		1,192		61
SBA Communications Corp, Cl A ^‡		1,053		220
Simon Property Group Inc ^‡		566		84
STAG Industrial ^‡		3,653		136
Swire Pacific, Cl A		14,500		120
Terreno Realty ^‡		1,746		112
UDR Inc ^‡		2,288		81
Ventas Inc ^‡		1,890		80
Vornado Realty Trust Co ^‡		765		20


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Welltower Inc ^‡		1,829	$	169
Weyerhaeuser Co ^‡		2,954		102
Zillow Group, Cl C *		1,894		106

				7,720
Utilities — 1.9%
AES Corp/The		4,013		61
Alliant Energy Corp		1,828		87
Ameren Corp		786		56
American Electric Power Co Inc		1,847		157
American Water Works Co Inc		2,358		279
Atmos Energy Corp		534		60
Avangrid Inc		2,174		68
Brookfield Infrastructure, Cl A		1,361		45
Brookfield Renewable, Cl A		3,044		72
CenterPoint Energy Inc		3,540		97
Clearway Energy, Cl C		2,159		47
CMS Energy Corp		5,948		341
Consolidated Edison Inc		3,038		265
Dominion Energy Inc		1,583		76
DTE Energy Co		931		101
Duke Energy Corp		2,448		225
Edison International		7,451		507
Entergy Corp		595		60
Essential Utilities Inc		1,211		42
Evergy Inc		833		41
Exelon Corp		15,856		568
FirstEnergy Corp		9,890		362
IDACORP, Cl Rights		994		88
National Fuel Gas		1,319		64
NextEra Energy Inc		11,697		646
NiSource Inc		1,440		38
NRG Energy Inc		15,179		840
OGE Energy		2,708		89
Pinnacle West Capital Corp		566		39
PPL Corp		23,068		608
Public Service Enterprise Group Inc		1,010		63
Sempra Energy		932		66


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Spire		978	$	58
UGI Corp		1,904		47
Vistra Energy Corp		2,937		160
WEC Energy Group Inc		737		58
Xcel Energy Inc		6,735		355

				6,836
Total Common Stock
(Cost $249,132) ($ Thousands)				351,685

PREFERRED STOCK — 0.5%

Consumer Discretionary — 0.1%
Volkswagen (A)		2,540		344


Consumer Staples — 0.4%
Henkel & KGaA (A)		19,311		1,454


Total Preferred Stock
(Cost $1,869) ($ Thousands)				1,798

		Number of Rights
RIGHTS — 0.0%
United States — 0.0%
Abiomed Inc *^‡^‡		297		–
Total Rights
(Cost $—) ($ Thousands)				–


	Shares
CASH EQUIVALENT — 1.1%
SEI Daily Income Trust, Government Fund, Institutional Class
5.140%**^†		4,022,043		4,022
Total Cash Equivalent
(Cost $4,022) ($ Thousands)				4,022
Total Investments in Securities — 99.1%
(Cost $255,023) ($ Thousands)			$	357,505

A list of the open futures contracts held by the Fund at February 29, 2024 is as follows:

^†	Investment in Affiliated Security (see Note 5).
^‡	Real Estate Investment Trust.
(A)	No interest rate available.
^‡^‡	Expiration date not available.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

MSCI — Morgan Stanley Capital International

NASDAQ – National Association of Securities Dealers and Automated Quotations

PLC — Public Limited Company

S&P— Standard & Poor's

The following is a summary of the level of inputs used as of February 29, 2024, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Common Stock

351,685

–

351,685

Preferred Stock

1,798

–

1,798

Rights

–

Cash Equivalent

4,022

–

4,022

Total Investments in Securities

357,505

–

357,505

Other Financial Instruments

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Futures Contracts*

Unrealized Appreciation

290

–

290

Total Other Financial Instruments

290

–

290

Security valued at zero.

*	Futures contracts are valued at the unrealized appreciation on the instrument.

The following is a summary of the Fund’s transactions with affiliates for the year ended February 29, 2024 ($ Thousands):

^†Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 34.6%
Agency Mortgage-Backed Obligations — 29.3%
FHLMC
6.500%, 02/01/2053 to 05/01/2053	$	267	$	272
6.000%, 03/01/2035 to 09/01/2053		531		543
5.500%, 04/01/2030 to 09/01/2053		1,016		1,013
5.000%, 06/01/2041 to 05/01/2053		1,132		1,108
4.500%, 06/01/2038 to 11/01/2052		997		955
4.000%, 07/01/2037 to 02/01/2053		846		792
3.500%, 04/01/2033 to 04/01/2052		1,359		1,240
3.000%, 06/01/2034 to 09/01/2050		2,908		2,595
2.500%, 01/01/2050 to 05/01/2052		4,344		3,628
2.000%, 09/01/2040 to 11/01/2051		2,999		2,428
1.500%, 11/01/2040 to 03/01/2052		477		378
FHLMC ARM
5.619%, US0012M + 1.626%, 10/01/2046(A)		194		197
5.483%, US0012M + 1.597%, 06/01/2047(A)		93		95
3.096%, US0012M + 1.621%, 02/01/2050(A)		64		60
3.006%, US0012M + 1.628%, 11/01/2048(A)		47		44
2.875%, US0012M + 1.619%, 11/01/2047(A)		53		51
FHLMC CMO, Ser 2014-328, Cl S4, IO
0.074%, 02/15/2038(A)		18		1
FHLMC CMO, Ser 2014-4415, Cl IO, IO
0.212%, 04/15/2041(A)		79		4
FHLMC CMO, Ser 2015-4494, Cl AI, IO
0.124%, 11/15/2038(A)		83		5
FHLMC CMO, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		47		40
FHLMC CMO, Ser 2020-5010, Cl JI, IO
2.500%, 09/25/2050		77		12


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC CMO, Ser 2020-5018, Cl MI, IO
2.000%, 10/25/2050	$	81	$	11
FHLMC CMO, Ser 2020-5038, Cl PJ
0.750%, 10/25/2050		307		214
FHLMC CMO, Ser 2021-5071, Cl IH, IO
2.500%, 02/25/2051		81		10
FHLMC CMO, Ser 2021-5118, Cl NI, IO
2.000%, 02/25/2051		767		99
FHLMC CMO, Ser 2022-5224, Cl HL
4.000%, 04/25/2052		200		179
FHLMC CMO, Ser 2022-5230, Cl PE
2.000%, 12/25/2051		100		77
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1517, Cl X1, IO
1.323%, 07/25/2035(A)		235		24
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1519, Cl X1, IO
0.595%, 12/25/2035(A)		2,060		96
FHLMC Multifamily Structured Pass-Through Certificates, Ser K124, Cl X1, IO
0.718%, 12/25/2030(A)		2,985		115
FHLMC STACR Debt Notes, Ser 2023-DNA2, Cl M1A
7.422%, SOFR30A + 2.100%, 04/25/2043(A)(B)		182		186
FHLMC STACR REMIC Trust, Ser 2020-DNA1, Cl B1
7.736%, SOFR30A + 2.414%, 01/25/2050(A)(B)		180		187
FHLMC STACR REMIC Trust, Ser 2020-DNA3, Cl B1
10.536%, SOFR30A + 5.214%, 06/25/2050(A)(B)		145		160
FHLMC STACR REMIC Trust, Ser 2022-DNA2, Cl M2
9.072%, SOFR30A + 3.750%, 02/25/2042(A)(B)		100		104
FHLMC STACR REMIC Trust, Ser 2022-DNA3, Cl B1
10.972%, SOFR30A + 5.650%, 04/25/2042(A)(B)		120		129
FHLMC STACR REMIC Trust, Ser 2022-DNA6, Cl M1A
7.472%, SOFR30A + 2.150%, 09/25/2042(A)(B)		79		80
FNMA
6.500%, 01/01/2053 to 12/01/2053		185		189
6.000%, 12/01/2052 to 06/01/2053		467		473
5.500%, 08/01/2049 to 09/01/2053		980		975
5.000%, 07/01/2052 to 08/01/2053		2,725		2,676
4.500%, 07/01/2033 to 01/01/2059		3,182		3,075
4.000%, 01/01/2037 to 06/01/2057		2,907		2,722
3.500%, 12/01/2034 to 06/01/2052		3,751		3,414


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
3.000%, 11/01/2034 to 09/01/2061	$	4,428	$	3,902
2.810%, 04/01/2025		40		39
2.500%, 01/01/2032 to 07/01/2061		7,253		6,155
2.000%, 10/01/2040 to 03/01/2052		3,674		2,976
1.500%, 03/01/2042 to 03/01/2051		173		135
FNMA ARM
4.969%, US0012M + 1.588%, 04/01/2047(A)		114		115
FNMA CMO, Ser 2012-118, Cl VZ
3.000%, 11/25/2042		127		113
FNMA CMO, Ser 2014-6, Cl Z
2.500%, 02/25/2044		129		108
FNMA CMO, Ser 2015-55, Cl IO, IO
0.309%, 08/25/2055(A)		74		2
FNMA CMO, Ser 2015-56, Cl AS, IO
0.714%, 08/25/2045(A)		106		13
FNMA CMO, Ser 2020-56, Cl AQ
2.000%, 08/25/2050		200		153
FNMA CMO, Ser 2020-57, Cl TA
2.000%, 04/25/2050		48		41
FNMA CMO, Ser 2020-96, Cl IN, IO
3.000%, 01/25/2051		154		25
FNMA CMO, Ser 2020-97, Cl AI, IO
2.000%, 01/25/2051		515		69
FNMA Connecticut Avenue Securities, Ser 2014-C02, Cl 1M2
8.036%, SOFR30A + 2.714%, 05/25/2024(A)		78		78
FNMA TBA
6.000%, 04/15/2054		400		401
5.000%, 03/15/2054		500		485
4.500%, 03/15/2054 to 04/15/2054		600		568
3.000%, 03/15/2045		200		171
FRESB Mortgage Trust, Ser 2019-SB63, Cl A5H
6.146%, 02/25/2039(A)		172		166
GNMA
6.500%, 01/20/2054		100		102
6.000%, 07/20/2053 to 01/20/2054		296		300
5.500%, 11/20/2052 to 08/20/2053		1,060		1,057
5.000%, 11/20/2048 to 08/20/2053		721		706
4.500%, 01/15/2042 to 09/20/2052		1,132		1,096
4.000%, 08/15/2045 to 05/20/2052		520		488
3.500%, 04/20/2046 to 04/20/2052		910		829
3.000%, 09/15/2042 to 04/20/2052		1,333		1,169
2.500%, 03/20/2051 to 02/20/2053		1,495		1,263
2.000%, 10/20/2050 to 03/20/2051		1,414		1,150
GNMA CMO, Ser 2007-51, Cl SG, IO
1.146%, 08/20/2037(A)		6		–
GNMA CMO, Ser 2012-34, Cl SA, IO
0.616%, 03/20/2042(A)		62		7


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA CMO, Ser 2012-43, Cl SN, IO
1.164%, 04/16/2042(A)	$	50	$	7
GNMA CMO, Ser 2012-H27, Cl AI, IO
1.741%, 10/20/2062(A)		21		1
GNMA CMO, Ser 2014-118, Cl HS, IO
0.766%, 08/20/2044(A)		105		12
GNMA CMO, Ser 2020-123, Cl NI, IO
2.500%, 08/20/2050		73		10
GNMA CMO, Ser 2020-160, Cl YI, IO
2.500%, 10/20/2050		75		10
GNMA CMO, Ser 2020-175, Cl GI, IO
2.000%, 11/20/2050		71		8
GNMA CMO, Ser 2020-H09, Cl FL
6.613%, TSFR1M + 1.264%, 05/20/2070(A)		61		60
GNMA CMO, Ser 2021-176, Cl IN, IO
2.500%, 10/20/2051		251		34
GNMA CMO, Ser 2021-188, Cl PA
2.000%, 10/20/2051		278		228
GNMA CMO, Ser 2021-223, Cl P
2.000%, 06/20/2051		83		72
GNMA CMO, Ser 2021-57, Cl BI, IO
3.000%, 03/20/2051		344		55
GNMA CMO, Ser 2021-96, Cl VI, IO
2.500%, 06/20/2051		251		34
GNMA CMO, Ser 2022-139, Cl AL
4.000%, 07/20/2051		100		89
GNMA CMO, Ser 2022-189, Cl PT
2.500%, 10/20/2051		93		75
GNMA CMO, Ser 2022-63, Cl LM
3.500%, 10/20/2050		100		83
GNMA TBA
5.500%, 03/15/2054		600		596
5.000%, 03/15/2054		1,100		1,074
4.500%, 03/15/2054		400		382
4.000%, 03/15/2054		200		186
GNMA, Ser 2020-103, Cl AD
1.450%, 01/16/2063		116		87
GNMA, Ser 2020-178, Cl IO, IO
1.422%, 10/16/2060(A)		1,113		99
GNMA, Ser 2022-113, Cl Z
2.000%, 09/16/2061		620		338
GNMA, Ser 2022-3, Cl IO, IO
0.640%, 02/16/2061(A)		288		14


				58,092
Non-Agency Mortgage-Backed Obligations — 5.3%
Angel Oak Mortgage Trust, Ser 2022-3, Cl A3
4.136%, 01/25/2067(A)(B)		103		93
BANK, Ser 2017-BNK8, Cl XA, IO
0.710%, 11/15/2050(A)		1,346		28


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
BANK, Ser 2018-BNK10, Cl A5
3.688%, 02/15/2061	$	160	$	151
BANK, Ser 2019-BNK21, Cl XA, IO
0.837%, 10/17/2052(A)		4,027		142
BBCCRE Trust, Ser 2015-GTP, Cl D
4.563%, 08/10/2033(A)(B)		140		115
Bear Stearns Asset-Backed Securities I Trust, Ser 2004-AC6, Cl A1
5.750%, 11/25/2034(C)		45		37
Benchmark Mortgage Trust, Ser 2018-B1, Cl A5
3.666%, 01/15/2051(A)		190		176
Benchmark Mortgage Trust, Ser 2019-B17, Cl A2
2.211%, 03/15/2053		395		364
Benchmark Mortgage Trust, Ser 2020-B22, Cl ASB
1.731%, 01/15/2054		474		416
BPR Trust 2022-OANA, Ser OANA, Cl A
7.216%, TSFR1M + 1.898%, 04/15/2037(A)(B)		140		140
BRAVO Residential Funding Trust, Ser 2022-NQM3, Cl A1
5.108%, 07/25/2062(A)(B)		158		154
BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl A
6.132%, TSFR1M + 0.814%, 09/15/2036(A)(B)		287		284
BX Commercial Mortgage Trust, Ser 2023-XL3, Cl A
7.079%, TSFR1M + 1.761%, 12/09/2040(A)(B)		569		573
BX Mortgage Trust, Ser 2022-MVRK, Cl A
6.785%, TSFR1M + 1.467%, 03/15/2039(A)(B)		168		167
CD Mortgage Trust, Ser 2017-CD5, Cl A4
3.431%, 08/15/2050		180		167
CENT Trust, Ser 2023-CITY, Cl A
7.938%, TSFR1M + 2.620%, 09/15/2038(A)(B)		130		131
Chevy Chase Funding Mortgage-Backed Certificates, Ser 2004-2A, Cl A1
5.705%, TSFR1M + 0.384%, 05/25/2035(A)(B)		37		35
CIM Trust, Ser 2023-R4, Cl A1
5.000%, 05/25/2062(A)(B)		145		143
Citigroup Commercial Mortgage Trust, Ser 2019-C7, Cl XA, IO
0.857%, 12/15/2072(A)		1,066		40
COMM Mortgage Trust, Ser 2015-CR26, Cl A4
3.630%, 10/10/2048		417		402


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl F
8.015%, TSFR1M + 2.697%, 05/15/2036(A)(B)	$	190	$	189
CSAIL Commercial Mortgage Trust, Ser 2015-C2, Cl AS
3.849%, 06/15/2057(A)		210		202
CSMC Trust, Ser 2017-TIME, Cl A
3.646%, 11/13/2039(B)		100		86
CSMC Trust, Ser 2018-J1, Cl A2
3.500%, 02/25/2048(A)(B)		119		105
CSMC Trust, Ser 2022-RPL4, Cl A1
3.904%, 04/25/2062(A)(B)		198		185
DTP Commercial Mortgage Trust, Ser 2023-STE2, Cl A
6.038%, 01/15/2041(A)(B)		100		99
EverBank Mortgage Loan Trust, Ser 2018-1, Cl A22
3.500%, 02/25/2048(A)(B)		34		30
FS Commercial Mortgage Trust, Ser 2023-4SZN, Cl B
7.544%, 11/10/2039(A)(B)		160		165
GCAT 2024-INV1 Trust, Ser 2024-INV1, Cl 1A2
5.500%, 01/25/2054(A)(B)		188		184
GS Mortgage Securities II, Ser 2018-SRP5, Cl A
7.165%, TSFR1M + 1.914%, 09/15/2031(A)(B)		169		120
GS Mortgage Securities Trust, Ser 2018-SRP5, Cl B
8.365%, TSFR1M + 3.114%, 09/15/2031(A)(B)		169		55
GS Mortgage Securities Trust, Ser 2020-GSA2, Cl AAB
1.662%, 12/12/2053		260		232
ILPT Commercial Mortgage Trust, Ser 2022-LPF2, Cl A
7.563%, TSFR1M + 2.245%, 10/15/2039(A)(B)		160		160
Impac CMB Trust, Ser 2005-4, Cl 1M1
6.080%, TSFR1M + 0.544%, 05/25/2035(A)		18		16
Impac Secured Assets Trust, Ser 2006-2, Cl 2M3
7.085%, TSFR1M + 1.764%, 08/25/2036(A)		2		2
JPMDB Commercial Mortgage Securities Trust, Ser 2017-C7, Cl XA, IO
0.830%, 10/15/2050(A)		1,310		29
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-PHH, Cl F
8.675%, TSFR1M + 3.357%, 06/15/2035(A)(B)		250		14


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Mortgage Trust, Ser 2005-S2, Cl 2A15
6.000%, 09/25/2035	$	84	$	59
JPMorgan Mortgage Trust, Ser 2018-5, Cl A1
3.500%, 10/25/2048(A)(B)		15		13
JPMorgan Mortgage Trust, Ser 2020-3, Cl A3A
3.000%, 08/25/2050(A)(B)		65		55
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C32, Cl ASB
3.514%, 12/15/2049		169		164
Morgan Stanley Capital I Trust, Ser 2019-BPR, Cl A
7.321%, TSFR1M + 1.992%, 05/15/2036(A)(B)		106		105
MSCG Trust, Ser 2015-ALDR, Cl A2
3.462%, 06/07/2035(A)(B)		110		99
MSWF Commercial Mortgage Trust, Ser 2023-2, Cl A5
6.014%, 12/15/2056(A)		110		117
Natixis Commercial Mortgage Securities Trust, Ser 2019-FAME, Cl A
3.047%, 08/15/2036(B)		110		100
New Residential Mortgage Loan Trust, Ser 2017-3A, Cl A1
4.000%, 04/25/2057(A)(B)		100		94
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B2
4.250%, 09/25/2059(A)(B)		188		174
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B1
4.000%, 09/25/2059(A)(B)		188		174
New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1
2.492%, 09/25/2059(A)(B)		168		154
NJ Trust, Ser 2023-GSP, Cl A
6.697%, 01/06/2029(A)(B)		100		103
Nomura Asset Acceptance Alternative Loan Trust, Ser 2007-1, Cl 1A4
6.638%, 03/25/2047(C)		90		84
OBX Trust, Ser 2022-NQM1, Cl A2
3.001%, 11/25/2061(A)(B)		120		86
OBX Trust, Ser 2022-NQM6, Cl A1
4.700%, 07/25/2062(B)(C)		156		152
OBX Trust, Ser 2022-NQM7, Cl A1
5.110%, 08/25/2062(B)(C)		153		151
OBX Trust, Ser 2023-NQM7, Cl A1
6.844%, 04/25/2063(B)(C)		216		218
OBX Trust, Ser 2024-NQM3, Cl A3
6.433%, 12/25/2063(B)(C)		100		100
PRKCM Trust, Ser 2022-AFC1, Cl A1A
4.100%, 04/25/2057(A)(B)		85		82


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Residential Mortgage Loan Trust, Ser 2019-3, Cl A1
2.633%, 09/25/2059(A)(B)	$	5	$	5
Seasoned Credit Risk Transfer Trust, Ser 2018-1, Cl MA
3.000%, 05/25/2057		163		150
Seasoned Credit Risk Transfer Trust, Ser 2018-3, Cl MA
3.349%, 08/25/2057(A)		146		137
Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MA
3.500%, 03/25/2058		205		192
Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA
3.500%, 08/25/2058		247		231
Seasoned Credit Risk Transfer Trust, Ser 2020-2, Cl MA
2.000%, 11/25/2059		126		111
Seasoned Credit Risk Transfer Trust, Ser 2020-3, Cl MA
2.000%, 05/25/2060		116		100
Seasoned Credit Risk Transfer Trust, Ser 2021-1, Cl MA
2.000%, 09/25/2060		177		151
Seasoned Credit Risk Transfer Trust, Ser 2022-1, Cl MAU
3.250%, 11/25/2061		299		267
Seasoned Credit Risk Transfer Trust, Ser 2022-2, Cl MA
3.000%, 04/25/2062		234		206
SMRT, Ser 2022-MINI, Cl D
7.268%, TSFR1M + 1.950%, 01/15/2039(A)(B)		110		107
SREIT Trust, Ser 2021-MFP2, Cl A
6.254%, TSFR1M + 0.936%, 11/15/2036(A)(B)		110		109
UBS Commercial Mortgage Trust, Ser 2018-C12, Cl A2
4.152%, 08/15/2051		10		10
UBS Commercial Mortgage Trust, Ser 2018-C13, Cl ASB
4.241%, 10/15/2051		503		488
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl AS
3.872%, 05/15/2048(A)		270		255


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust, Ser 2016-C37, Cl A4
3.525%, 12/15/2049	$	156	$	149


				10,583
Total Mortgage-Backed Securities
(Cost $73,741) ($ Thousands)				68,675



CORPORATE OBLIGATIONS — 28.1%
Communication Services — 2.9%
AT&T
6.808%, US0003M + 1.180%, 06/12/2024 (A)		462		463
5.350%, 09/01/2040		21		20
4.500%, 03/09/2048		39		33
4.350%, 06/15/2045		20		17
3.650%, 09/15/2059		32		22
3.500%, 06/01/2041		151		116
2.550%, 12/01/2033		339		267
2.300%, 06/01/2027		60		55
2.250%, 02/01/2032		50		40
CCO Holdings
4.750%, 02/01/2032 (B)		100		81
4.500%, 05/01/2032		100		79
4.500%, 06/01/2033 (B)		20		15
Charter Communications Operating
6.484%, 10/23/2045		20		18
6.384%, 10/23/2035		580		561
5.750%, 04/01/2048		90		75
5.500%, 04/01/2063		30		23
5.375%, 04/01/2038		10		9
5.375%, 05/01/2047		10		8
5.125%, 07/01/2049		10		8
5.050%, 03/30/2029		40		38
4.908%, 07/23/2025		30		30
4.800%, 03/01/2050		30		22
4.400%, 04/01/2033		210		184
3.500%, 03/01/2042		10		6
Comcast
4.250%, 10/15/2030		200		191
4.150%, 10/15/2028		40		39
4.049%, 11/01/2052		150		119
4.000%, 08/15/2047		10		8
4.000%, 03/01/2048		10		8
3.999%, 11/01/2049		10		8
3.969%, 11/01/2047		90		71
3.950%, 10/15/2025		70		69
3.750%, 04/01/2040		20		16
3.450%, 02/01/2050		40		29
3.400%, 04/01/2030		20		18


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.400%, 07/15/2046	$	10	$	7
3.300%, 04/01/2027		190		181
3.150%, 03/01/2026		20		19
2.937%, 11/01/2056		27		17
2.887%, 11/01/2051		254		161
2.800%, 01/15/2051		40		25
2.350%, 01/15/2027		260		242
DISH DBS
5.750%, 12/01/2028 (B)		30		21
5.250%, 12/01/2026 (B)		40		32
Fox
6.500%, 10/13/2033		50		53
5.476%, 01/25/2039		70		65
Rogers Communications
5.300%, 02/15/2034		60		59
Sprint Spectrum
4.738%, 03/20/2025 (B)		72		71
Take-Two Interactive Software
3.700%, 04/14/2027		290		277
Telefonica Emisiones SAU
5.213%, 03/08/2047		150		135
T-Mobile USA
5.150%, 04/15/2034		40		39
4.500%, 04/15/2050		50		42
3.875%, 04/15/2030		130		121
3.750%, 04/15/2027		10		10
3.500%, 04/15/2025		200		196
3.500%, 04/15/2031		80		71
3.400%, 10/15/2052		30		21
3.375%, 04/15/2029		20		18
3.000%, 02/15/2041		10		7
2.875%, 02/15/2031		20		17
2.625%, 02/15/2029		30		27
2.550%, 02/15/2031		20		17
2.250%, 02/15/2026		10		9
2.250%, 11/15/2031		10		8
Verizon Communications
5.500%, 03/16/2047		6		6
5.250%, 03/16/2037		20		20
4.500%, 08/10/2033		160		151
4.329%, 09/21/2028		300		291
4.125%, 08/15/2046		30		25
4.000%, 03/22/2050		30		24
3.400%, 03/22/2041		10		8
3.150%, 03/22/2030		30		27
3.000%, 03/22/2027		10		9
2.650%, 11/20/2040		30		21
2.625%, 08/15/2026		10		9
2.550%, 03/21/2031		61		51
2.100%, 03/22/2028		30		27
1.750%, 01/20/2031		130		104


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Warnermedia Holdings
6.412%, 03/15/2026	$	30	$	30
5.141%, 03/15/2052		175		142
5.050%, 03/15/2042		10		8
4.279%, 03/15/2032		80		71
4.054%, 03/15/2029		20		19
3.755%, 03/15/2027		20		19

				5,796

Consumer Discretionary — 2.7%
Amazon.com
4.950%, 12/05/2044		157		155
4.250%, 08/22/2057		10		9
4.100%, 04/13/2062		374		310
4.050%, 08/22/2047		30		26
3.875%, 08/22/2037		280		250
3.600%, 04/13/2032		110		101
3.450%, 04/13/2029		20		19
3.300%, 04/13/2027		10		9
3.150%, 08/22/2027		50		47
3.100%, 05/12/2051		120		85
2.100%, 05/12/2031		20		17
1.500%, 06/03/2030		30		25
1.200%, 06/03/2027		60		54
Aptiv
3.250%, 03/01/2032		430		371
Cox Communications
3.350%, 09/15/2026 (B)		231		220
CSC Holdings
4.500%, 11/15/2031 (B)		200		149
Element Fleet Management
1.600%, 04/06/2024 (B)		491		489
Ford Motor
6.100%, 08/19/2032		30		30
4.750%, 01/15/2043		20		16
3.250%, 02/12/2032		30		25
Ford Motor Credit
6.798%, 11/07/2028		378		392
4.950%, 05/28/2027		230		223
4.000%, 11/13/2030		200		177
2.900%, 02/16/2028		227		203
2.900%, 02/10/2029		220		192
General Motors
6.250%, 10/02/2043		50		50
6.125%, 10/01/2025		50		50
5.600%, 10/15/2032		10		10
5.150%, 04/01/2038		20		19
General Motors Financial
2.400%, 10/15/2028		553		486
Home Depot
3.350%, 04/15/2050		90		65
3.300%, 04/15/2040		10		8


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.250%, 04/15/2032	$	100	$	89
2.700%, 04/15/2030		20		17
2.500%, 04/15/2027		30		28
Lennar
5.000%, 06/15/2027		10		10
4.750%, 11/29/2027		20		20
4.500%, 04/30/2024		20		20
Lowe's
5.625%, 04/15/2053		245		243
5.000%, 04/15/2040		53		50
4.500%, 04/15/2030		20		20
3.700%, 04/15/2046		96		72
NCL
8.125%, 01/15/2029 (B)		40		42
NIKE
3.375%, 03/27/2050		50		38
3.250%, 03/27/2040		10		8
2.750%, 03/27/2027		20		19
2.400%, 03/27/2025		30		29
Nissan Motor
3.522%, 09/17/2025 (B)		200		192
Royal Caribbean Cruises
6.250%, 03/15/2032 (B)		30		30
Time Warner Cable
7.300%, 07/01/2038		90		90
6.550%, 05/01/2037		10		9
Time Warner Cable Enterprises
8.375%, 07/15/2033		50		55
VOC Escrow
5.000%, 02/15/2028 (B)		30		29

				5,392

Consumer Staples — 0.3%
Anheuser-Busch
4.900%, 02/01/2046		180		166
3.650%, 02/01/2026		6		6
Anheuser-Busch InBev Worldwide
5.550%, 01/23/2049		20		21
4.350%, 06/01/2040		50		45
4.000%, 04/13/2028		20		19
3.500%, 06/01/2030		20		18
Coca-Cola
3.375%, 03/25/2027		20		19
2.600%, 06/01/2050		20		13
Constellation Brands
4.750%, 11/15/2024		80		79
4.350%, 05/09/2027		20		20
3.600%, 05/09/2024		30		30
Costco Wholesale
1.600%, 04/20/2030		40		33
1.375%, 06/20/2027		70		63


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Hershey
0.900%, 06/01/2025	$	10	$	10
Kraft Heinz Foods
5.200%, 07/15/2045		20		19
4.375%, 06/01/2046		10		8
4.250%, 03/01/2031		10		10
Mars
3.200%, 04/01/2030 (B)		10		9
2.700%, 04/01/2025 (B)		30		29
Mondelez International
1.500%, 05/04/2025		70		67
PepsiCo
2.875%, 10/15/2049		20		14
1.625%, 05/01/2030		20		17

				715

Energy — 3.6%
Apache
7.750%, 12/15/2029		20		21
5.350%, 07/01/2049		20		16
4.750%, 04/15/2043		10		8
4.250%, 01/15/2044		150		104
BP Capital Markets America
3.633%, 04/06/2030		20		19
3.588%, 04/14/2027		10		10
3.000%, 02/24/2050		50		33
Cameron LNG
3.302%, 01/15/2035 (B)		70		58
2.902%, 07/15/2031 (B)		60		51
Cheniere Energy
4.625%, 10/15/2028		20		19
Cheniere Energy Partners
4.000%, 03/01/2031		10		9
3.250%, 01/31/2032		40		33
Chevron
3.078%, 05/11/2050		10		7
2.954%, 05/16/2026		30		29
Chevron USA
3.850%, 01/15/2028		30		29
Columbia Pipelines Operating
6.544%, 11/15/2053 (B)		20		21
6.036%, 11/15/2033 (B)		100		103
Continental Resources
5.750%, 01/15/2031 (B)		40		39
4.900%, 06/01/2044		20		16
4.375%, 01/15/2028		30		29
2.268%, 11/15/2026 (B)		20		19
Coterra Energy
4.375%, 03/15/2029		180		173
3.900%, 05/15/2027		80		77
DCP Midstream Operating
6.450%, 11/03/2036 (B)		10		10


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Devon Energy
5.850%, 12/15/2025	$	30	$	30
5.600%, 07/15/2041		50		47
5.000%, 06/15/2045		240		208
Diamondback Energy
3.500%, 12/01/2029		30		27
3.250%, 12/01/2026		10		10
Ecopetrol
5.875%, 05/28/2045		110		81
4.625%, 11/02/2031		20		17
Energy Transfer
9.597%, US0003M + 4.028%(A)(D)		70		69
7.125%, H15T5Y + 5.306%(A)(D)		50		48
6.750%, H15T5Y + 5.134%(A)(D)		10		10
6.500%, H15T5Y + 5.694%(A)(D)		20		19
6.250%, 04/15/2049		190		192
5.750%, 02/15/2033		270		272
5.250%, 04/15/2029		30		30
5.000%, 05/15/2050		30		26
4.950%, 06/15/2028		20		20
4.150%, 09/15/2029		20		19
3.750%, 05/15/2030		110		100
2.900%, 05/15/2025		10		9
Enterprise Products Operating
6.650%, 10/15/2034		20		22
5.375%, TSFR3M + 2.832%, 02/15/2078 (A)		10		9
4.850%, 03/15/2044		50		46
4.150%, 10/16/2028		380		367
EOG Resources
4.950%, 04/15/2050		70		65
4.150%, 01/15/2026		20		20
3.900%, 04/01/2035		40		36
EQT
3.900%, 10/01/2027		260		246
3.625%, 05/15/2031 (B)		20		17
Exxon Mobil
4.327%, 03/19/2050		30		26
4.114%, 03/01/2046		90		76
3.482%, 03/19/2030		40		37
3.043%, 03/01/2026		40		39
2.992%, 03/19/2025		20		20
Halliburton
5.000%, 11/15/2045		40		37
3.800%, 11/15/2025		2		2
Kinder Morgan
5.200%, 03/01/2048		10		9
4.300%, 06/01/2025		30		29
4.300%, 03/01/2028		80		78
Kinder Morgan Energy Partners
4.250%, 09/01/2024		40		40


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
MEG Energy
5.875%, 02/01/2029 (B)	$	10	$	10
MPLX
5.500%, 02/15/2049		20		19
4.875%, 06/01/2025		140		139
4.800%, 02/15/2029		80		78
4.700%, 04/15/2048		60		50
4.500%, 04/15/2038		10		9
Occidental Petroleum
7.875%, 09/15/2031		10		11
7.500%, 05/01/2031		60		66
6.950%, 07/01/2024		4		4
6.200%, 03/15/2040		105		107
5.550%, 03/15/2026		30		30
4.625%, 06/15/2045		20		16
4.400%, 04/15/2046		10		8
4.400%, 08/15/2049		70		52
4.100%, 02/15/2047		70		52
3.500%, 08/15/2029		20		18
3.400%, 04/15/2026		20		19
3.200%, 08/15/2026		30		28
3.000%, 02/15/2027		20		19
0.000%, 10/10/2036 (E)		665		351
ONEOK
6.625%, 09/01/2053		90		97
6.050%, 09/01/2033		60		62
5.800%, 11/01/2030		30		30
5.550%, 11/01/2026		10		10
Pertamina Persero
6.000%, 05/03/2042 (B)		200		198
Petrobras Global Finance BV
7.375%, 01/17/2027		100		104
6.850%, 06/05/2115		50		47
5.750%, 02/01/2029		50		50
Phillips 66
3.605%, 02/15/2025		95		93
3.550%, 10/01/2026		232		223
Pioneer Natural Resources
2.150%, 01/15/2031		50		42
1.900%, 08/15/2030		20		17
1.125%, 01/15/2026		10		9
Range Resources
4.875%, 05/15/2025		30		30
Schlumberger Holdings
3.900%, 05/17/2028 (B)		471		452
Shell International Finance BV
4.375%, 05/11/2045		50		44
4.000%, 05/10/2046		50		41
3.250%, 04/06/2050		50		36
2.875%, 05/10/2026		80		76
2.750%, 04/06/2030		20		18


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Southwestern Energy
5.375%, 03/15/2030	$	220	$	210
Targa Resources
4.200%, 02/01/2033		20		18
Targa Resources Partners
5.500%, 03/01/2030		20		20
5.000%, 01/15/2028		10		10
4.875%, 02/01/2031		50		47
Teck Resources
3.900%, 07/15/2030		30		27
Tennessee Gas Pipeline
2.900%, 03/01/2030 (B)		60		52
Transcontinental Gas Pipe Line
7.850%, 02/01/2026		50		52
Venture Global Calcasieu Pass
3.875%, 11/01/2033 (B)		20		17
Western Midstream Operating
5.250%, 02/01/2050		20		18
4.500%, 03/01/2028		10		10
4.050%, 02/01/2030		100		92
3.100%, 02/01/2025		140		136
Williams
7.750%, 06/15/2031		140		153
7.500%, 01/15/2031		10		11
5.750%, 06/24/2044		70		69

				7,095

Financials — 10.3%
AIA Group MTN
3.200%, 03/11/2025 (B)		270		264
American Express
4.050%, 05/03/2029		50		48
3.375%, 05/03/2024		20		20
Aon North America
5.450%, 03/01/2034		110		110
Aviation Capital Group
1.950%, 01/30/2026 (B)		301		280
Bank of America
5.288%, SOFRRATE + 1.910%, 04/25/2034 (A)		256		252
3.419%, TSFR3M + 1.302%, 12/20/2028 (A)		42		39
3.311%, SOFRRATE + 1.580%, 04/22/2042 (A)		467		354
2.592%, SOFRRATE + 2.150%, 04/29/2031 (A)		90		77
2.572%, SOFRRATE + 1.210%, 10/20/2032 (A)		90		74
Bank of America MTN
5.000%, 01/21/2044		20		19
4.948%, SOFRRATE + 2.040%, 07/22/2028 (A)		221		219


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.450%, 03/03/2026	$	10	$	10
4.376%, SOFRRATE + 1.580%, 04/27/2028 (A)		100		97
4.330%, TSFR3M + 1.782%, 03/15/2050 (A)		150		128
4.250%, 10/22/2026		50		49
4.083%, TSFR3M + 3.412%, 03/20/2051 (A)		110		89
4.000%, 01/22/2025		420		414
3.970%, TSFR3M + 1.332%, 03/05/2029 (A)		150		143
3.593%, TSFR3M + 1.632%, 07/21/2028 (A)		90		85
2.972%, SOFRRATE + 1.330%, 02/04/2033 (A)		40		33
Bank of Montreal MTN
1.850%, 05/01/2025		70		67
Bank of New York Mellon MTN
4.289%, SOFRRATE + 1.418%, 06/13/2033 (A)		160		150
1.600%, 04/24/2025		20		19
Bank of Nova Scotia
4.588%, H15T5Y + 2.050%, 05/04/2037 (A)		40		36
1.300%, 06/11/2025		40		38
Barclays
6.490%, SOFRRATE + 2.220%, 09/13/2029 (A)		582		600
Blackstone Holdings Finance
6.250%, 08/15/2042 (B)		118		121
5.000%, 06/15/2044 (B)		200		181
BNP Paribas
5.894%, SOFRRATE + 1.866%, 12/05/2034 (A)(B)		200		204
5.125%, H15T1Y + 1.450%, 01/13/2029 (A)(B)		200		199
4.400%, 08/14/2028 (B)		200		193
Brighthouse Financial
4.700%, 06/22/2047		4		3
Capital One Financial
6.312%, SOFRRATE + 2.640%, 06/08/2029 (A)		311		318
4.927%, SOFRRATE + 2.057%, 05/10/2028 (A)		42		41
Charles Schwab
6.136%, SOFRRATE + 2.010%, 08/24/2034 (A)		20		21
5.875%, 08/24/2026		100		101
Citigroup
8.125%, 07/15/2039		60		76
4.910%, SOFRRATE + 2.086%, 05/24/2033 (A)		40		38


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.658%, SOFRRATE + 1.887%, 05/24/2028 (A)	$	20	$	20
4.650%, 07/23/2048		180		160
4.450%, 09/29/2027		70		68
4.412%, SOFRRATE + 3.914%, 03/31/2031 (A)		233		220
4.125%, 07/25/2028		90		86
3.980%, TSFR3M + 1.600%, 03/20/2030 (A)		110		103
3.785%, SOFRRATE + 1.939%, 03/17/2033 (A)		160		142
3.700%, 01/12/2026		100		97
3.520%, TSFR3M + 1.413%, 10/27/2028 (A)		148		139
3.400%, 05/01/2026		510		491
3.106%, SOFRRATE + 2.842%, 04/08/2026 (A)		30		29
2.572%, SOFRRATE + 2.107%, 06/03/2031 (A)		10		8
Cooperatieve Rabobank UA
4.375%, 08/04/2025		250		245
Credit Agricole
8.125%, USSW5 + 6.185%(A)(B)(D)		260		265
Credit Suisse Group
9.750%, H15T5Y + 6.383%(B)(D)		200		–
Credit Suisse NY
7.950%, 01/09/2025		322		328
GA Global Funding Trust
5.500%, 01/08/2029 (B)		521		515
Guardian Life Global Funding
1.100%, 06/23/2025 (B)		10		9
HSBC Holdings
7.390%, SOFRRATE + 3.350%, 11/03/2028 (A)		230		244
ING Groep
6.114%, SOFRRATE + 2.090%, 09/11/2034 (A)		300		309
Intercontinental Exchange
4.950%, 06/15/2052		10		9
4.600%, 03/15/2033		60		58
Intesa Sanpaolo MTN
5.017%, 06/26/2024 (B)		200		199
JPMorgan Chase
4.950%, 06/01/2045		100		94
4.565%, SOFRRATE + 1.750%, 06/14/2030 (A)		180		174
4.493%, TSFR3M + 3.790%, 03/24/2031 (A)		298		286
4.203%, TSFR3M + 1.522%, 07/23/2029 (A)		590		567
3.845%, SOFRRATE + 0.980%, 06/14/2025 (A)		100		99


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.509%, TSFR3M + 1.207%, 01/23/2029 (A)	$	310	$	292
3.109%, SOFRRATE + 2.440%, 04/22/2051 (A)		10		7
2.522%, SOFRRATE + 2.040%, 04/22/2031 (A)		130		111
2.083%, SOFRRATE + 1.850%, 04/22/2026 (A)		60		58
KKR Group Finance III
5.125%, 06/01/2044 (B)		215		196
KKR Group Finance VIII
3.500%, 08/25/2050 (B)		137		94
Liberty Mutual Group
4.569%, 02/01/2029 (B)		349		336
Lincoln National
3.400%, 01/15/2031		33		29
Lloyds Banking Group
3.900%, 03/12/2024		536		536
Macquarie Group
1.340%, SOFRRATE + 1.069%, 01/12/2027 (A)(B)		302		279
Macquarie Group MTN
5.033%, US0003M + 1.750%, 01/15/2030 (A)(B)		280		276
Manulife Financial
3.703%, 03/16/2032		340		310
Massachusetts Mutual Life Insurance
5.672%, 12/01/2052 (B)		305		304
3.375%, 04/15/2050 (B)		144		99
Mastercard
3.850%, 03/26/2050		10		8
Metropolitan Life Global Funding I MTN
3.300%, 03/21/2029 (B)		361		331
Metropolitan Life Insurance
7.800%, 11/01/2025 (B)		267		275
Mitsubishi UFJ Financial Group
3.837%, H15T1Y + 1.125%, 04/17/2026 (A)		200		196
Moody's
3.250%, 05/20/2050		235		166
Morgan Stanley
2.484%, SOFRRATE + 1.360%, 09/16/2036 (A)		20		16
Morgan Stanley MTN
3.772%, TSFR3M + 1.402%, 01/24/2029 (A)		90		85
3.622%, SOFRRATE + 3.120%, 04/01/2031 (A)		384		349
3.125%, 07/27/2026		450		429
2.511%, SOFRRATE + 1.200%, 10/20/2032 (A)		180		148
2.188%, SOFRRATE + 1.990%, 04/28/2026 (A)		100		96


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
National Securities Clearing
5.000%, 05/30/2028 (B)	$	351	$	354
1.500%, 04/23/2025 (B)		250		240
NatWest Group
3.073%, H15T1Y + 2.550%, 05/22/2028 (A)		200		186
New York Life Global Funding
0.950%, 06/24/2025 (B)		30		28
PayPal Holdings
1.650%, 06/01/2025		30		29
Peachtree Corners Funding Trust
3.976%, 02/15/2025 (B)		225		221
PNC Financial Services Group
5.812%, SOFRRATE + 1.322%, 06/12/2026 (A)		20		20
5.676%, SOFRRATE + 1.902%, 01/22/2035 (A)		247		248
5.582%, SOFRRATE + 1.841%, 06/12/2029 (A)		80		80
5.354%, SOFRRATE + 1.620%, 12/02/2028 (A)		470		470
Principal Life Global Funding II
1.250%, 06/23/2025 (B)		10		10
Prudential Funding Asia
3.125%, 04/14/2030		315		281
Royal Bank of Canada MTN
1.150%, 06/10/2025		40		38
Santander Holdings USA
4.500%, 07/17/2025		10		10
State Street
3.152%, SOFRRATE + 2.650%, 03/30/2031 (A)		110		98
2.901%, SOFRRATE + 2.600%, 03/30/2026 (A)		95		92
Teachers Insurance & Annuity Association of America
4.900%, 09/15/2044 (B)		90		82
Toronto-Dominion Bank MTN
4.456%, 06/08/2032		50		48
1.150%, 06/12/2025		30		28
Truist Financial MTN
6.047%, SOFRRATE + 2.050%, 06/08/2027 (A)		40		40
UBS
4.500%, 06/26/2048		400		366
UBS Group
4.550%, 04/17/2026		250		246
4.194%, SOFRRATE + 3.730%, 04/01/2031 (A)(B)		250		230
1.364%, H15T1Y + 1.080%, 01/30/2027 (A)(B)		200		184
UBS Group Funding Jersey
4.125%, 04/15/2026 (B)		449		436


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
US Bancorp
5.836%, SOFRRATE + 2.260%, 06/12/2034 (A)	$	20	$	20
5.775%, SOFRRATE + 2.020%, 06/12/2029 (A)		40		40
5.727%, SOFRRATE + 1.430%, 10/21/2026 (A)		169		170
5.678%, SOFRRATE + 1.860%, 01/23/2035 (A)		192		192
1.450%, 05/12/2025		20		19
US Bancorp MTN
2.215%, SOFRRATE + 0.730%, 01/27/2028 (A)		10		9
Visa
4.300%, 12/14/2045		70		63
3.150%, 12/14/2025		30		29
2.050%, 04/15/2030		20		17
WEA Finance
3.750%, 09/17/2024 (B)		200		197
Wells Fargo MTN
5.574%, SOFRRATE + 1.740%, 07/25/2029 (A)		40		40
5.557%, SOFRRATE + 1.990%, 07/25/2034 (A)		360		359
3.350%, SOFRRATE + 1.500%, 03/02/2033 (A)		20		17

				20,437

Health Care — 1.1%
CVS Health
5.125%, 07/20/2045		60		54
5.050%, 03/25/2048		220		196
4.300%, 03/25/2028		30		29
4.250%, 04/01/2050		70		56
4.125%, 04/01/2040		10		8
3.875%, 07/20/2025		18		18
3.750%, 04/01/2030		30		28
3.625%, 04/01/2027		30		29
2.125%, 09/15/2031		30		24
1.875%, 02/28/2031		10		8
CVS Pass-Through Trust
7.507%, 01/10/2032 (B)		296		306
6.036%, 12/10/2028		130		130
5.926%, 01/10/2034 (B)		430		424
Elevance Health
4.550%, 05/15/2052		20		17
4.100%, 05/15/2032		100		92
3.650%, 12/01/2027		30		29
3.350%, 12/01/2024		20		20
Fresenius Medical Care US Finance II
4.750%, 10/15/2024 (B)		50		50


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Humana
4.500%, 04/01/2025	$	10	$	10
2.150%, 02/03/2032		10		8
PeaceHealth Obligated Group
1.375%, 11/15/2025		430		400
Solventum
5.900%, 04/30/2054 (B)		70		68
5.600%, 03/23/2034 (B)		70		70
5.450%, 03/13/2031 (B)		60		59
5.400%, 03/01/2029 (B)		70		70

				2,203

Industrials — 2.6%
AerCap Ireland Capital DAC
3.000%, 10/29/2028		417		375
2.450%, 10/29/2026		150		138
Air Canada Pass-Through Trust, Ser 2015-1, Cl A
3.600%, 03/15/2027 (B)		192		181
Air Lease
5.300%, 02/01/2028		40		40
3.375%, 07/01/2025		20		19
American Airlines
8.500%, 05/15/2029 (B)		40		42
Burlington Northern Santa Fe
2.875%, 06/15/2052		30		19
Canadian National Railway
3.650%, 02/03/2048		151		120
Canadian Pacific Railway
6.125%, 09/15/2115		167		176
3.100%, 12/02/2051		40		27
Carlisle
2.200%, 03/01/2032		288		228
Carrier Global
2.700%, 02/15/2031		10		9
Cintas No. 2
4.000%, 05/01/2032		20		19
3.700%, 04/01/2027		30		29
Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A
4.000%, 10/29/2024		120		118
CSX
3.800%, 04/15/2050		331		257
Deere
3.750%, 04/15/2050		40		33
3.100%, 04/15/2030		10		9
Delta Air Lines
7.375%, 01/15/2026		30		31
4.750%, 10/20/2028 (B)		50		49
4.500%, 10/20/2025 (B)		17		17
2.900%, 10/28/2024		40		39


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Delta Air Lines Pass-Through Trust, Ser 2020-1AA
2.000%, 06/10/2028	$	134	$	120
Eaton
4.150%, 11/02/2042		70		61
Ferguson Finance
4.500%, 10/24/2028 (B)		394		384
3.250%, 06/02/2030 (B)		230		205
Genpact Luxembourg SARL
1.750%, 04/10/2026		292		264
GFL Environmental
4.250%, 06/01/2025 (B)		20		20
Mileage Plus Holdings
6.500%, 06/20/2027 (B)		28		28
Norfolk Southern
4.837%, 10/01/2041		200		186
Penske Truck Leasing Lp
5.550%, 05/01/2028 (B)		542		545
Republic Services
2.500%, 08/15/2024		20		20
Ryder System MTN
5.250%, 06/01/2028		355		356
Spirit Loyalty Cayman
8.000%, 09/20/2025 (B)		24		17
TransDigm
7.125%, 12/01/2031 (B)		20		21
6.625%, 03/01/2032 (B)		40		40
United Airlines
4.625%, 04/15/2029 (B)		130		120
4.375%, 04/15/2026 (B)		20		19
United Airlines Pass-Through Trust, Ser 2014-1, Cl A
4.000%, 04/11/2026		448		434
United Rentals North America
3.875%, 02/15/2031		100		89
3.750%, 01/15/2032		20		17
Verisk Analytics
3.625%, 05/15/2050		202		148
Waste Connections
5.000%, 03/01/2034		50		49

				5,118

Information Technology — 0.9%
Apple
3.850%, 08/04/2046		156		130
3.200%, 05/13/2025		80		78
Broadcom
4.926%, 05/15/2037 (B)		20		19
4.750%, 04/15/2029		253		248
4.110%, 09/15/2028		237		227
3.137%, 11/15/2035 (B)		150		119
1.950%, 02/15/2028 (B)		139		124


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
CommScope
6.000%, 03/01/2026 (B)	$	20	$	18
Constellation Software
5.461%, 02/16/2034 (B)		187		187
Lam Research
2.875%, 06/15/2050		92		62
Micron Technology
5.875%, 02/09/2033		20		20
NVIDIA
3.700%, 04/01/2060		50		39
3.500%, 04/01/2050		10		8
2.850%, 04/01/2030		20		18
NXP BV
2.700%, 05/01/2025		30		29
Oracle
3.950%, 03/25/2051		266		198
Prosus MTN
3.061%, 07/13/2031 (B)		200		162
Salesforce
2.700%, 07/15/2041		40		29
Sprint Capital
8.750%, 03/15/2032		10		12
Texas Instruments
1.750%, 05/04/2030		20		17

				1,744

Materials — 0.5%
Anglo American Capital
4.750%, 04/10/2027 (B)		200		196
3.625%, 09/11/2024 (B)		200		197
Ball
3.125%, 09/15/2031		30		25
Freeport-McMoRan
5.450%, 03/15/2043		160		149
5.400%, 11/14/2034		20		19
4.625%, 08/01/2030		10		10
4.550%, 11/14/2024		10		10
MEGlobal BV MTN
4.250%, 11/03/2026 (B)		200		192
Southern Copper
5.250%, 11/08/2042		120		113
Suzano Austria GmbH
3.750%, 01/15/2031		90		79
3.125%, 01/15/2032		20		16

				1,006

Real Estate — 0.8%
Alexandria Real Estate Equities
4.700%, 07/01/2030		527		507
American Tower Trust #1
5.490%, 03/15/2028 (B)		351		354


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Federal Realty OP
1.250%, 02/15/2026	$	233	$	215
Simon Property Group
1.750%, 02/01/2028		501		443

				1,519

Utilities — 2.4%
American Transmission Systems
2.650%, 01/15/2032 (B)		30		25
Aquarion
4.000%, 08/15/2024 (B)		192		190
Berkshire Hathaway Energy
4.450%, 01/15/2049		600		506
Consolidated Edison of New York
3.950%, 04/01/2050		20		16
3.350%, 04/01/2030		20		18
DTE Electric Securitization Funding I
2.640%, 12/01/2026		197		189
DTE Energy
4.875%, 06/01/2028		192		189
Duke Energy Carolinas
3.950%, 03/15/2048		98		77
Duke Energy Florida
3.200%, 01/15/2027		230		220
Duke Energy Ohio
3.650%, 02/01/2029		50		47
Eversource Energy
3.150%, 01/15/2025		111		109
Exelon
5.625%, 06/15/2035		60		60
5.100%, 06/15/2045		328		299
4.700%, 04/15/2050		69		60
FirstEnergy
5.100%, 07/15/2047		120		103
4.150%, 07/15/2027		50		47
1.600%, 01/15/2026		20		19
Interstate Power and Light
2.300%, 06/01/2030		295		249
NextEra Energy Capital Holdings
3.550%, 05/01/2027		292		278
NSTAR Electric
3.950%, 04/01/2030		230		215
Oglethorpe Power
6.200%, 12/01/2053 (B)		403		414
Pacific Gas and Electric
5.450%, 06/15/2027		120		120
4.950%, 06/08/2025		40		40
3.300%, 08/01/2040		10		7
2.500%, 02/01/2031		20		16
2.100%, 08/01/2027		20		18
PG&E Wildfire Recovery Funding
4.722%, 06/01/2037		456		446


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.594%, 06/01/2030	$	313	$	298
Southern
3.250%, 07/01/2026		415		397
Xcel Energy
3.400%, 06/01/2030		188		168

				4,840

Total Corporate Obligations
(Cost $60,763) ($ Thousands)				55,865



U.S. TREASURY OBLIGATIONS — 27.0%
U.S. Treasury Bills
5.321%, 03/07/2024 (F)		240		240
5.305%, 05/09/2024 (F)		920		911
5.279%, 05/02/2024 (F)		680		674
5.275%, 05/28/2024 (F)		430		424
U.S. Treasury Bonds
4.750%, 11/15/2043		500		514
4.750%, 11/15/2053		1,720		1,830
4.500%, 02/15/2044		86		86
4.375%, 08/15/2043		4,480		4,386
4.250%, 02/15/2054		225		221
4.125%, 08/15/2053		539		516
4.000%, 11/15/2052		100		94
3.875%, 02/15/2043		340		311
3.875%, 05/15/2043		3,183		2,911
3.750%, 11/15/2043		90		81
3.625%, 02/15/2053		210		184
3.625%, 05/15/2053		4,487		3,926
3.375%, 08/15/2042		639		546
3.375%, 11/15/2048		50		42
3.250%, 05/15/2042		110		92
3.000%, 02/15/2049		310		240
3.000%, 08/15/2052		1,878		1,452
2.875%, 08/15/2045		480		371
2.875%, 05/15/2049		70		53
2.875%, 05/15/2052		290		218
2.750%, 08/15/2047		460		342
2.513%, 05/15/2049 (F)		410		135
2.375%, 02/15/2042		526		386
2.375%, 05/15/2051		300		202
2.250%, 02/15/2052		1,049		686
2.000%, 11/15/2041		120		83
2.000%, 02/15/2050		20		12
2.000%, 08/15/2051		749		461
1.875%, 02/15/2051		3,050		1,826
1.875%, 11/15/2051		572		341
1.625%, 11/15/2050		2,320		1,303
1.375%, 08/15/2050		790		415
1.250%, 05/15/2050		520		264


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Inflation Protected Securities
1.125%, 01/15/2033	$	762	$	713
0.125%, 01/15/2030		465		419
U.S. Treasury Notes
5.000%, 08/31/2025		170		171
5.000%, 09/30/2025		50		50
4.750%, 07/31/2025		520		519
4.625%, 09/15/2026		40		40
4.625%, 09/30/2028		20		20
4.625%, 09/30/2030		510		520
4.375%, 08/31/2028		4,010		4,023
4.375%, 11/30/2028		681		684
4.375%, 11/30/2030		630		633
4.250%, 02/28/2031		640		639
4.125%, 07/31/2028		40		40
4.125%, 08/31/2030		270		268
4.000%, 01/31/2029		774		765
4.000%, 07/31/2030		880		866
4.000%, 01/31/2031		710		699
4.000%, 02/15/2034		151		148
3.875%, 08/15/2033		3,094		3,002
3.625%, 05/15/2026		1,006		986
3.375%, 05/15/2033		3,739		3,488
2.750%, 04/30/2027		180		171
2.750%, 08/15/2032		215		192
2.000%, 11/15/2026		2,220		2,082
1.500%, 01/31/2027		1,840		1,694
1.250%, 11/30/2026		3,010		2,762
1.125%, 01/15/2025		1,110		1,073
0.250%, 05/31/2025		90		85

Total U.S. Treasury Obligations
(Cost $57,467) ($ Thousands)				53,531



ASSET-BACKED SECURITIES — 8.6%
Automotive — 1.9%

Avis Budget Rental Car Funding AESOP, Ser 2021-1A, Cl A
1.380%, 08/20/2027 (B)		130		119
Citizens Auto Receivables Trust, Ser 2024-1, Cl A3
5.110%, 04/17/2028 (B)		509		508
Ford Credit Auto Owner Trust, Ser 2020-1, Cl A
2.040%, 08/15/2031 (B)		400		387
Ford Credit Auto Owner Trust, Ser 2021-1, Cl A
1.370%, 10/17/2033 (B)		254		235


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Ford Credit Floorplan Master Owner Trust, Ser 2018-4, Cl A
4.060%, 11/15/2030	$	150	$	144
GMF Floorplan Owner Revolving Trust, Ser 2023-2, Cl A
5.340%, 06/15/2030 (B)		468		475
Hertz Vehicle Financing, Ser 2021-1A, Cl A
1.210%, 12/26/2025 (B)		100		97
Hertz Vehicle Financing, Ser 2022-5A, Cl B
4.280%, 09/25/2028 (B)		250		237
NextGear Floorplan Master Owner Trust, Ser 2022-1A, Cl A2
2.800%, 03/15/2027 (B)		489		475
Toyota Auto Loan Extended Note Trust, Ser 2021-1A, Cl A
1.070%, 02/27/2034 (B)		456		421
Toyota Lease Owner Trust, Ser 2024-A, Cl A3
5.250%, 04/20/2027 (B)		410		411
US Bank, Ser 2023-1, Cl B
6.789%, 08/25/2032 (B)		232		233
				3,742

Mortgage Related Securities — 0.1%

Bear Stearns Asset-Backed Securities I Trust, Ser 2004-HE7, Cl M1
6.335%, TSFR1M + 1.014%, 08/25/2034 (A)		134		129


Other Asset-Backed Securities — 6.6%

AIMCO CLO, Ser 2017-AA, Cl AR
6.629%, TSFR3M + 1.312%, 04/20/2034 (A)(B)		298		298
AMSR Trust, Ser 2021-SFR3, Cl A
1.476%, 10/17/2038 (B)		300		272
AMSR Trust, Ser 2022-SFR3, Cl A
4.000%, 10/17/2039 (B)		236		226
AMSR Trust, Ser 2023-SFR1, Cl A
4.000%, 04/17/2040 (B)		410		389
Applebee's Funding, Ser 2023-1A, Cl A2
7.824%, 03/05/2053 (B)		170		176
BankAmerica Manufactured Housing Contract Trust, Ser 1996-1, Cl B1
7.875%, 10/10/2026		510		10
Cifc Funding, Ser 2024-3A, Cl A
6.916%, TSFR3M + 1.600%, 01/20/2037 (A)(B)		614		615
CIT Mortgage Loan Trust, Ser 2007-1, Cl 1M1
6.935%, TSFR1M + 1.614%, 10/25/2037 (A)(B)		115		114
College Ave Student Loans, Ser 2021-C, Cl C
3.060%, 07/26/2055 (B)		150		130


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Corevest American Finance Trust, Ser 2021-1, Cl A
1.569%, 04/15/2053 (B)	$	276	$	255
Domino's Pizza Master Issuer, Ser 2021-1A, Cl A2I
2.662%, 04/25/2051 (B)		555		493
FirstKey Homes Trust, Ser 2020-SFR2, Cl A
1.266%, 10/19/2037 (B)		243		226
FirstKey Homes Trust, Ser 2021-SFR3, Cl A
2.135%, 12/17/2038 (B)		267		245
GoodLeap Sustainable Home Solutions Trust, Ser 2022-1GS, Cl A
2.700%, 01/20/2049 (B)		81		67
Home Partners of America Trust, Ser 2021-2, Cl A
1.901%, 12/17/2026 (B)		282		255
Merrill Lynch Mortgage Investors Trust, Ser 2004-WMC5, Cl M1
6.365%, TSFR1M + 1.044%, 07/25/2035 (A)		203		201
National Collegiate Student Loan Trust, Ser 2006-3, Cl B
5.795%, US0001M + 0.360%, 01/26/2032 (A)		250		208
Navient Private Education Refi Loan Trust, Ser 2020-DA, Cl A
1.690%, 05/15/2069 (B)		121		110
Navient Student Loan Trust, Ser 2016-3A, Cl A3
6.786%, SOFR30A + 1.464%, 06/25/2065 (A)(B)		105		106
Oak Street Investment Grade Net Lease Fund, Ser 2020-1A, Cl A1
1.850%, 11/20/2050 (B)		208		192
Oak Street Investment Grade Net Lease Fund, Ser 2020-1A, Cl A3
2.260%, 11/20/2050 (B)		230		205
Palmer Square CLO, Ser 2021-2A, Cl A1A3
6.578%, TSFR3M + 1.262%, 10/17/2031 (A)(B)		296		296
Palmer Square CLO, Ser 2022-2A, Cl A1
6.888%, TSFR3M + 1.570%, 07/20/2034 (A)(B)		250		250
Palmer Square Loan Funding, Ser 2022-2A, Cl A1
6.584%, TSFR3M + 1.270%, 10/15/2030 (A)(B)		300		300
PFS Financing, Ser 2022-A, Cl A
2.470%, 02/15/2027 (B)		463		450
Planet Fitness Master Issuer, Ser 2018-1A, Cl A2II
4.666%, 09/05/2048 (B)		295		288


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Progress Residential Trust, Ser 2023-SFR2, Cl A
4.500%, 10/17/2028 (B)	$	528	$	513
Sabey Data Center Issuer, Ser 2020-1, Cl A2
3.812%, 04/20/2045 (B)		77		74
Sabey Data Center Issuer, Ser 2021-1, Cl A2
1.881%, 06/20/2046 (B)		466		418
SBA Small Business Investment, Ser 2023-10A, Cl 1
5.168%, 03/10/2033		312		309
SLM Student Loan Trust, Ser 2021-10A, Cl A4
6.283%, US0003M + 0.670%, 12/17/2068 (A)(B)		92		91
Stack Infrastructure Issuer, Ser 2019-2A, Cl A2
3.080%, 10/25/2044 (B)		159		155
Structured Asset Investment Loan Trust, Ser 2003-BC12, Cl 2A
6.155%, TSFR1M + 0.834%, 11/25/2033 (A)		113		109
Structured Asset Securities Mortgage Loan Trust, Ser 2007-WF1, Cl A1
5.855%, TSFR1M + 0.534%, 02/25/2037 (A)		106		103
Taco Bell Funding, Ser 2021-1A, Cl A2II
2.294%, 08/25/2051 (B)		424		367
Tricon American Homes Trust, Ser 2019-SFR1, Cl A
2.750%, 03/17/2038 (B)		284		268
Tricon American Homes Trust, Ser 2020-SFR2, Cl A
1.482%, 11/17/2039 (B)		218		191
U.S. Small Business Administration, Ser 2010-20B, Cl 1
4.140%, 02/01/2030		27		26
U.S. Small Business Administration, Ser 2011-20G, Cl 1
3.740%, 07/01/2031		104		99
U.S. Small Business Administration, Ser 2011-20H, Cl 1
3.290%, 08/01/2031		58		54
U.S. Small Business Administration, Ser 2013-20G, Cl 1
3.150%, 07/01/2033		234		218
U.S. Small Business Administration, Ser 2014-20C, Cl 1
3.210%, 03/01/2034		222		208
U.S. Small Business Administration, Ser 2015-20F, Cl 1
2.980%, 06/01/2035		68		62
U.S. Small Business Administration, Ser 2017-20H, Cl 1
2.750%, 08/01/2037		154		138


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
U.S. Small Business Administration, Ser 2018-20A, Cl 1
2.920%, 01/01/2038	$	149	$	135
U.S. Small Business Administration, Ser 2018-20B, Cl 1
3.220%, 02/01/2038		227		207
U.S. Small Business Administration, Ser 2018-20E, Cl 1
3.500%, 05/01/2038		149		137
U.S. Small Business Administration, Ser 2019-20D, Cl 1
2.980%, 04/01/2039		19		17
U.S. Small Business Administration, Ser 2019-25G, Cl 1
2.690%, 07/01/2044		19		16
U.S. Small Business Administration, Ser 2022-25D, Cl 1
3.500%, 04/01/2047		320		289
U.S. Small Business Administration, Ser 2022-25E, Cl 1
3.940%, 05/01/2047		324		301
U.S. Small Business Administration, Ser 2022-25G, Cl 1
3.930%, 07/01/2047		431		400
U.S. Small Business Administration, Ser 2022-25K, Cl 1
5.130%, 11/01/2047		251		250
U.S. Small Business Administration, Ser 2023-25C, Cl 1
4.930%, 03/01/2048		251		249
U.S. Small Business Administration, Ser 2023-25G, Cl 1
5.180%, 07/01/2048		466		467
U.S. Small Business Administration, Ser 2023-25J, Cl 1
5.820%, 10/01/2048		436		451
Vantage Data Centers Issuer, Ser 2020-1A, Cl A2
1.645%, 09/15/2045 (B)		162		151
Wendy's Funding, Ser 2019-1A, Cl A2I
3.783%, 06/15/2049 (B)		138		132
Wind River CLO, Ser 2021-3A, Cl A
6.729%, TSFR3M + 1.412%, 07/20/2033 (A)(B)		250		250
				13,232

Total Asset-Backed Securities
(Cost $18,032) ($ Thousands)				17,103


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS — 1.2%
Acrisure LLC, 2021-2 Additional Term Loan, 1st Lien
9.691%, 02/15/2027	$	30	$	30
Air Canada, Term Loan, 1st Lien
8.935%, 08/11/2028 (A)		30		30
Ali Group, Term Loan B, 1st Lien
7.441%, 07/30/2029 (A)		37		37
Allied Universal Holdco LLC, Initial Term Loan, 1st Lien
9.176%, 05/12/2028 (A)		116		115
Alterra Mountain Company, Series B-2 Term Loan, 1st Lien
8.941%, 08/17/2028 (A)		38		38
Amwins Group Inc., Intial Term Loan, 1st Lien
8.191%, 02/19/2028		10		10
Amwins Group, Inc., Term Loan, 1st Lien
7.691%, 02/19/2028 (A)		9		9
API Group, 1st Lien
7.691%, 10/01/2026		24		24
Asplundh Tree Expert, LLC, Amendment No. 1 Term Loan, 1st Lien
7.176%, 09/07/2027 (A)		9		9
Asurion LLC, B-8 Term Loan, 1st Lien
8.691%, 12/23/2026 (A)		43		43
Asurion LLC, B-9 Term Loan, 1st Lien
8.691%, 07/31/2027 (A)		29		29
Asurion, LLC, New B-11 Term Loan, 1st Lien
9.676%, 08/19/2028 (A)		48		48
athenahealth Group Inc., Initial Term Loan, 1st Lien
8.576%, 02/15/2029 (A)		97		96
Brown Group Holdings, LLC, Intitial Term Loan, 1st Lien
8.176%, 06/07/2028 (A)		39		39
Castlelake Aviation One Designated Activity Company, Initial Term Loan, 1st Lien
7.875%, 10/22/2026 (A)		49		49
Charter Communications Operating
7.329%, 12/07/2030		73		72
Citadel Securities LP, 2023 Term Loan
7.576%, 07/29/2030		29		29
Cloudera, Inc., Initial Term Loan, 1st Lien
9.329%, 10/08/2028 (A)		21		21
Coherent Corp., Initial Term B Loan, 1st Lien
8.191%, 07/02/2029 (A)		52		52
Cotiviti Hldgs Inc, Term Loan
0.000%, 02/21/2031 (G)		170		169
DCert Buyer, Inc., Initial Term Loan, 1st Lien
9.326%, LIBOR + 4.000%, 10/16/2026 (A)		106		105


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Deerfield Dakora Holding, LLC, Term Loan, 1st Lien
9.098%, 04/09/2027	$	52	$	52
First Eagles Holdings, Inc., Refinancing Term Loan (2020), 1st Lien
7.948%, 02/01/2027		19		19
Focus Financial Partners, LLC Tranche B-7
8.076%, 06/30/2028		77		77
Garda World Security Corporation, Term
9.625%, 02/01/2029		14		14
Genesee & Wyoming Inc., Initial Term Loan, 1st Lien
7.448%, LIBOR + 2.000%, 12/30/2026 (A)		76		76
GFL Environmental Inc., Term Loan
7.816%, CME Term SOFR + 0.000%, 05/31/2027		33		33
GTCR W Merger Sub LLC, 1st Lien
8.326%, 01/31/2031		130		130
Harbor Freight Tools USA, Inc., Initial Loan (2021), 1st Lien
8.191%, 10/19/2027		48		47
Icon Public Limited Company, Lux Term Loan, 1st Lien
7.860%, 07/03/2028 (A)		38		38
Icon Public Limited Company, U.S. Term Loan, 1st Lien
7.860%, 07/03/2028 (A)		9		9
Jazz Pharmaceuticals Public Limited
8.441%, 05/05/2028		79		79
KKR Apple Bidco LLC, Intial Term Loan, 1st Lien
8.191%, 09/22/2028 (A)		30		30
Medline Borrower, LP, Initial Dollar Term Loan, 1st Lien
8.441%, 10/23/2028 (A)		39		39
Milano Acquistion, Term B Loan, 1st Lien
9.448%, 10/01/2027 (A)		58		55
Nexstar Broadcasting, Inc., Term B-4 Loan, 1st Lien
7.941%, LIBOR + 2.750%, 09/18/2026 (A)		21		21
PCI Gaming Authority, Term B Facility Loan, 1st Lien
7.941%, LIBOR + 2.500%, 05/29/2026 (A)		22		22
Peraton Corp., Term B Loan, 1st Lien
9.176%, 02/01/2028 (A)		106		106
Phoenix Guarantor Inc.m Tranche B-4 Term
8.576%, 02/21/2031		102		101
Quikrete Holdings Inc., Fourth Amendment Loan, 1st Lien
8.191%, 03/19/2029		39		39


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Setanta Aircraft, Term Loan B, 1st Lien
7.610%, 11/05/2028	$	80	$	80
Sotera, Health Holdings, LLC, Refinancing Loan, 1st Lien
8.191%, 12/11/2026 (A)		50		50
Triton Water Holdings, Inc., Initial Term Loan, 1st Lien
8.860%, 03/31/2028 (A)		59		57
UFC Holdings, LLC, Term B-3 Loan, 1st Lien
8.336%, 04/29/2026		25		25
VFH Parent LLC, Initial Term Loan, 1st Lien
8.426%, 01/13/2029 (A)		29		29
Virgin Media Bristol LLC, N Facility, 1st Lien
7.932%, LIBOR + 2.500%, 01/31/2028 (A)		75		75


Total Loan Participations
(Cost $2,362) ($ Thousands)				2,357



MUNICIPAL BONDS — 0.7%
California — 0.2%
California State, Build America, GO
7.500%, 04/01/2034		280		329


Colorado — 0.1%
City & County of Denver, Airport System Revenue, Ser C, RB
1.722%, 11/15/2027		190		171


Illinois — 0.2%
Chicago, Metropolitan Water Reclamation District, GO
5.720%, 12/01/2038		345		364


Massachusetts — 0.1%
Massachusetts State, Educational Financing Authority, Ser A, RB
4.141%, 07/01/2027		285		278


Michigan — 0.0%
Michigan State University, Ser A, RB
4.165%, 08/15/2122		83		66


New York — 0.1%
New York State, Urban Development, RB
5.770%, 03/15/2039		275		280



Total Municipal Bonds
(Cost $1,639) ($ Thousands)				1,488


Description	Face Amount (Thousands)			Market Value ($ Thousands)
SOVEREIGN DEBT — 0.6%

Argentine Republic Government International Bond
3.500%, 07/09/2041(C)	$	20		$	7
1.000%, 07/09/2029		14			6
0.750%, 07/09/2030(C)		170			78
Brazilian Government International Bond
4.750%, 01/14/2050		200			148
Colombia Government International Bond
5.625%, 02/26/2044		200			156
Mexico Government International Bond
4.600%, 02/10/2048		430			339
Nigeria Government International Bond MTN
6.500%, 11/28/2027(B)		200			182
Peruvian Government International Bond
5.625%, 11/18/2050		70			69
Provincia de Buenos Aires MTN
6.375%, 09/01/2037(B)(C)		337			130

Total Sovereign Debt
(Cost $1,373) ($ Thousands)					1,115


	Shares
CASH EQUIVALENT — 1.1%
SEI Daily Income Trust, Government Fund, Institutional Class
5.140%**^†		2,273,891			2,274
Total Cash Equivalent
(Cost $2,274) ($ Thousands)					2,274

PURCHASED OPTIONS — 0.0%
Total Purchased Options
(Cost $27) ($ Thousands)					27

Total Investments in Securities — 101.9%
(Cost $217,678) ($ Thousands)				$	202,435


Description	Face Amount (Thousands)			Market Value ($ Thousands)
TBA SECURITIES SOLD SHORT — (0.3)%
FNMA TBA
3.500%, 04/15/2054	$	(200	)	$	(178	)
2.500%, 04/15/2054		(400	)		(329	)

Total TBA Securities Sold Short
(Proceeds $505) ($ Thousands)					(507	)


Total Investments Sold Short — (0.3)%
(Proceeds $505) ($ Thousands)				$	(507	)

WRITTEN OPTIONS — (0.0)%
Total Written Options
(Premiums Received $47) ($ Thousands)				$	(23	)

A list of the open options held by the Fund at February 29, 2024, is as follows:

A list of the open futures contracts held by the Fund at February 29, 2024, is as follows:

A list of the open forward foreign currency contracts held by the Fund at February 29, 2024, is as follows:

A list of open centrally cleared swap agreements held by the Fund at February 29, 2024, is as follows:

A list of open over the counter swap agreements held by the Fund at February 29, 2024, is as follows:

	Percentages are based on Net Assets of $198,617 ($ Thousands).
**	The rate reported is the 7-day effective yield as of February 29, 2024.
^†	Investment in Affiliated Security (see Note 5).
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(B)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On February 29, 2024, the value of these securities amounted to $32,606 ($ Thousands), representing 16.4% of the Net Assets of the Fund.
(C)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(D)	Perpetual security with no stated maturity date.
(E)	Zero coupon security.
(F)	Interest rate represents the security's effective yield at the time of purchase.
(G)	No interest rate available.

ARM — Adjustable Rate Mortgage

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CDI — Brazilian Interbank Deposit Rate (Certificado de Deposito Interbancario)

Cl — Class

CLO — Collateralized Loan Obligation

CMO — Collateralized Mortgage Obligation

CNH — Chinese Yuan Offshore

DAC — Designated Activity Company

EUR — Euro

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FRESB — Freddie Mac Small Balance Mortgage Trust

GBP — British Pound Sterling

GNMA — Government National Mortgage Association

GO — General Obligation

H15T1Y — U.S. Treasury Yield Curve Rate T Note Constant Maturity 1 Year

H15T5Y — U.S. Treasury Yield Curve Rate T Note Constant Maturity 5 Year

IDR — Indonesian Rupiah

IO — Interest Only — face amount represents notional amount

JPY — Japanese Yen

LIBOR— London Interbank Offered Rate

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

NOK — Norwegian Krone

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

STACR — Structured Agency Credit Risk

The following is a summary of the level of inputs used as of February 29, 2024, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Mortgage-Backed Securities

–

68,675

–

68,675

Corporate Obligations

–

55,865

–

55,865

U.S. Treasury Obligations

–

53,531

–

53,531

Asset-Backed Securities

–

17,103

–

17,103

Loan Participations

–

2,357

–

2,357

Municipal Bonds

–

1,488

–

1,488

Sovereign Debt

–

1,115

–

1,115

Cash Equivalent

2,274

–

2,274

Purchased Options

–

Total Investments in Securities

2,301

200,134

–

202,435

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
TBA Securities Sold Short		–			(507	)		–		(507	)
Written Options		(23	)		–			–		(23	)

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		79			–			–		79
Unrealized Depreciation		(26	)		–			–		(26	)
Forward Contracts*
Unrealized Appreciation		–			16			–		16
Unrealized Depreciation		–			(101	)		–		(101	)
Centrally Cleared Swaps
Credit Default Swaps*
Unrealized Appreciation		–			127			–		127
Unrealized Depreciation		–			(9	)		–		(9	)
Interest Rate Swaps*
Unrealized Appreciation		–			525			–		525
Unrealized Depreciation		–			(109	)		–		(109	)
OTC Swap
Interest Rate Swap*
Unrealized Depreciation		–			(7	)		–		(7	)
Total Other Financial Instruments		30			(65	)		–		(35	)

*	Futures contracts, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The following is a summary of the transactions with affiliates for the year ended February 29, 2024 ($ Thousands):

1. ORGANIZATION

SEI Catholic Values Trust (the “Trust”) is organized as a Delaware statutory trust under a Declaration of Trust dated December 8, 2014.

The Trust is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end investment company with two operational Funds: Catholic Values Equity Fund (“Equity Fund”) and Catholic Values Fixed Income Fund (“Fixed Income Fund”) (each a “Fund,” collectively, the “Funds”), both of which are diversified Funds. The Trust is registered to offer: Class F and Class Y shares of the Funds. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Funds’ prospectuses provide a description of each Fund’s investment objective and strategies.

In addition to its objective and strategies, each of the Funds makes investment decisions consistent with Catholic values on a range of social and moral concerns that may include: protecting human life; promoting human dignity; reducing arms production; pursuing economic justice; protecting the environment, and encouraging corporate responsibility. Potential investments for the Funds are first selected for financial soundness and then evaluated according to the Funds’ social criteria. The Adviser has engaged an independent compliance support organization that has identified a list of issuers that do not align with Catholic values. The Funds will not invest in issuers identified through this process. The Adviser reserves the right to modify the criteria from time to time to maintain alignment with evolving Catholic social and moral positions.

2. SIGNIFICANT ACCOUNTING POLICIES

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation —Pursuant to the requirements of the 1940 Act and Rule 2a-5, the administrator, as

delegated by the Board of Trustees (the "Board"), has the responsibility for the valuation of Fund investments with readily available market quotations in accordance with the Funds' Valuation and Pricing Policy. The Trust's Board of Trustees has designated SEI Investments Management Corporation ("SIMC") as the Valuation Designee for the Funds pursuant to Rule 2a-5 (the "Rule") under the 1940 Act. The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board's designation, has appointed a valuation committee of SIMC persons to function as the Valuation Designee (the "Committee") and has established a Valuation and Pricing Policy to implement the Rule and the Fund's' Valuation and Pricing Policy (together with SIMC's Valuation and Pricing Policy, the "Procedures").

Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (“NASDAQ”) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. The Funds value securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of ETFs, which are priced as equity securities. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, or in the case of an equity tranche of a CDO/CLO, the Funds will value the securities using a bid price from at least one independent broker. If such prices are not readily available or cannot be valued using the methodologies described above, the Funds will value the security using the Funds’ Fair Value Pricing Policies

and Procedures (“Fair Value Procedures”), as described below.

On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Funds’ Fair Value Procedures until a price from an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less may be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or lower than the price a Fund would receive if it sold the instrument. Further, the value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer-specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.

Options and warrants are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price.

Futures and swaps cleared through a central clearing house (“Centrally Cleared swaps”) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time a Fund calculates its NAV, the settlement price may not be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SIMC,

through the Committee or a Sub-Adviser (“Sub-Adviser”), as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC or a Sub-Adviser, as applicable, monitors the reliability of prices obtained from any pricing service and shall promptly notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify the Committee, if it receives such notification from a Sub-Adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

The Funds’ Fair Value Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board. However, when the change would not materially affect valuation of a Fund’s net assets or involve a material departure in pricing methodology from that of the Fund’s existing pricing agent or pricing methodology, approval may be obtained at the next regularly scheduled meeting of the Board.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Procedures. The Committee must monitor for circumstances that may necessitate that a security be valued using the Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event (as defined below). When a security is valued in accordance with the Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Valuation Designee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

The determination of a security’s fair value price often involves the consideration of a number of subjective

factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its Net Asset Value (“NAV”). The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a “Significant Event”), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security’s last close and the time that the Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of the Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares.

A Significant Event may relate to a single issuer or to an entire market sector. If SIMC or a Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Funds calculate NAV, it may request that a Committee meeting be called. In addition, the Funds use several processes, with respect to certain securities to monitor the pricing data supplied by various sources, including price comparisons and price movements. Any identified discrepancies are researched and subject to the procedures described above.

The Equity Fund and Fixed Income Fund, which may hold international securities, use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, these Funds will value the non-U.S.

securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2 — Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, warrants, swaps and forward contracts.

The valuation techniques used by the Funds to measure fair value during the year ended February 29, 2024 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended February 29, 2024, there have been no significant changes to the Trust’s fair valuation methodologies. For details of the investment classifications reference the Schedules of Investments.

Security Transactions and Investment Income — Security transactions are recorded on the trade date. Costs used in determining net realized capital gains and losses on the sale of securities are on the basis of specific identification. Dividend income is recognized on the ex-dividend date, and interest income is recognized using the accrual basis of accounting. Income from payment-in-kind securities is recorded daily based on the effective interest method of accrual.

Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.

Amortization and accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security, which is not materially different from the effective interest method. Amortization of premiums and discounts is included in interest income.

Foreign Currency Translation — The books and records of the Funds investing in international securities are maintained in U.S. dollars on the following basis:

(i) market value of investment securities, assets and liabilities at the current rate of exchange; and

(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

Forward Foreign Currency Contracts — To the extent consistent with its Investment Objective and Strategies, a Fund may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. A Fund may also engage in currency transactions to enhance that Fund’s returns. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The

Funds realize gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for Federal income tax purposes.

The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open forward foreign currency contracts as of February 29, 2024, if applicable.

Futures Contracts — To the extent consistent with its Investment Objective and Strategies, a Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. In addition, fixed income funds will utilize futures contracts to help manage duration and yield curve exposure. These Funds’ investments in futures contracts are designed to enable the Funds to more closely approximate the performance of their benchmark indices. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are market-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When contracts are closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, futures contracts involve the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities.

It is the Funds’ policy to present the gross variation margin payable and the gross variation margin receivable of the future contracts separately on the Statements of Assets and Liabilities as the Funds do not have a master netting agreement with the counter party to the future contracts.

Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of February 29, 2024, if applicable.

Master Limited Partnerships — Investments in units of master limited partnerships (“MLPs”) involve risks that differ from an investment in common stock. Holders of the units of master limited partnerships have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of master limited partnerships. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of a master limited partnership, including a conflict arising as a result of incentive distribution payments. The benefit a Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to a Fund of distributions from the MLP, likely causing a reduction in the value of a Fund's shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on a Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole.

Inflation-Indexed Bonds — Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included in interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Options Written/Purchased — To the extent consistent with its investment objective and strategies, a Fund may invest in financial options contracts to add return or to hedge their existing portfolio securities. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a

liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from purchasing or writing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes. In connection with option agreement securities may be set aside as collateral by a Fund’s custodian.

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open options contracts as February 29, 2024, if applicable.

Securities Sold Short — To the extent consistent with its Investment Objective and Strategies, a Fund may engage in short sales. Short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. A Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by a Fund. Until the security is replaced, a Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. Dividends and interest are shown as an expense for financial reporting purposes. To borrow the security, a Fund also may be required to pay a premium, which would decrease proceeds of the security sold. The proceeds of the short sale are retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A gain, limited to the price at which a Fund sold the security short, or a loss,

unlimited in size, will be recognized upon the close of a short sale.

Refer to each Fund’s Schedule of Investments for details regarding securities sold short as of February 29, 2024, if applicable.

Swap Agreements — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in swap contracts as an efficient means to synthetically obtain exposure to securities or baskets of securities and to manage a Fund’s interest rate duration and yield curve exposure. Swap contracts may also be used to mitigate a Fund’s overall level of risk and/or a Fund’s risk to particular types of securities, currencies or market segments. Interest rate swaps may further be used to manage a Fund’s yield spread sensitivity. A Fund may buy credit default swaps in an attempt to manage credit risk where a Fund has credit exposure to an issuer, and a Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “Basket” of securities representing a particular index. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“Centrally Cleared swaps”). Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit default swaps involve periodic payments by a Fund or counterparty based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the recovery rate used to settle the contracts. The recovery rate is a function of how many credit default swap investors wish to deliver the security or receive the security. The recovery rate is determined through an auction process. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value

of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR or some other form of indices on the notional amount. Payments received or made are recorded as realized gains or loss. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the Statements of Assets and Liabilities. Interest rate swap contracts outstanding at period end, if any, are listed after a Fund’s portfolio. In connection with swap agreements securities may be set aside as collateral by a Fund’s custodian.

Swaps are “marked-to-market” daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statements of Operations. Centrally Cleared swaps are valued at the settlement price established each day by the board on exchange on which they are traded. The daily settlement prices for centrally cleared swaps are provided by an independent source. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of Centrally Cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“Variation Margin”) on the Statements of Assets and Liabilities.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.

It is the Funds’ policy to present the gross variation margin payable and the gross variation margin receivable of the swap contracts separately on the Statements of Assets and Liabilities as the Funds do not have a master netting agreement with the counter party to the swap contracts. See Note 3 for further details. Refer to each Fund’s Schedule of Investments, for details regarding open swap agreements as of February 29, 2024, if applicable.

Delayed Delivery Transactions — To the extent consistent with its Investment Objective and Strategies, a Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary

settlement period. When delayed delivery purchases are outstanding, the Fund will set aside liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security.

Collateralized Debt Obligations — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in collateralized debt obligations (“CDOs”), which include collateralized loan obligations (“CLOs”) and other similarly structured securities. CLOs are a type of asset-backed securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses.

For CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “Equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CDO trust typically has a higher rating and lower yield than its underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CDO securities as a class.

The risks of an investment in a CDO depend largely on its Class and its collateral securities. Normally, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Funds as illiquid securities; however, an active dealer market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities (e.g., interest rate risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility

that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Funds may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Restricted Securities — Throughout the period, the Funds may own private placement investments that were purchased through private offerings or acquired through initial public offerings that could not be sold without prior registration under the Securities Act of 1933 or pursuant to an exemption there from. In addition, the Funds had generally agreed to further restrictions on the disposition of certain holdings as set forth in various agreements entered into in connection with the purchase of those investments. These investments were valued at amortized cost, which approximates fair value, as determined in accordance with the procedures approved by the Board of Trustees. At February 29, 2024, the Funds did not own any restricted securities.

Classes — Class-specific expenses are borne by that class of shares. Income, expenses, and realized and unrealized gains/losses and non- class-specific expenses are allocated to the respective class on the basis of relative daily net assets.

Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Funds are prorated to the Funds on the basis of relative net assets.

Cash — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash equivalents on the Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

Dividends and Distributions to Shareholders — The Equity Fund will distribute its net investment income annually. The Fixed Income Fund declares its net investment income daily and distributes monthly. The Funds make distributions of capital gains, if any, at least annually.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital

gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

3. CREDIT DERIVATIVES

A Fund may use credit default swaps to reduce risk where a Fund has exposure to the issuer, or to take an active long or short position with respect to the likelihood of an event of default. The reference obligation of the swap can be a single issuer, a “basket” of issuers, or an index. The underlying referenced assets are corporate debt, sovereign debt and asset backed securities.

The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event for corporate or sovereign reference obligations means bankruptcy, failure to pay, obligation acceleration, repudiation/moratorium or restructuring. For credit default swaps on asset-backed securities, credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down.

If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.

If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with

As of February 29, 2024, the Fixed Income Fund is the seller (“Providing Protection”) on a total notional amount of $14.8 million. The notional amounts of the swaps are not recorded in the financial statements. The notional amounts approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund were the seller of protection and a credit event were to occur. Those credit default swaps (“CDS”) for which the Fund is providing protection at balance sheet date are summarized as follows:

* The credit spread on the underlying asset is generally indicative of the current status of the underlying risk of the Fund having to perform. The spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a contract. Higher credit spreads with a shorter contract term is indicative of a higher likelihood of performance by the Fund.

The credit spread disclosed above for each reference obligation where the Fund is the seller of protection is a representation of the current payment/performance risk of the swap.

The following tables include only Funds that had exposure to derivatives held throughout the period. For Funds that held derivatives throughout the period with only one type of risk exposure, additional information can be found on the Schedules of Investments and the Statements of Operations.

The fair value of derivative instruments as of February 29, 2024 was as follows ($ Thousands):

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets & Liabilities.

^† Includes cumulative appreciation/depreciation of swap contracts as reported in the Schedules of Investments. Market Value is reported within the Statements of Assets & Liabilities for OTC swap contracts that have paid premiums. Only current day’s variation margin is reported within the Statement of Assets & Liabilities for centrally cleared swap contracts.

The effect of derivative instruments on the Statements of Operations for the year ended February 29, 2024.

Amount of realized gain or (loss) on derivatives recognized in income ($ Thousands):

Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($ Thousands):

The following table discloses the average quarterly balances of the Funds’ derivative activity during the year ended February 29, 2024 ($ Thousands):

daily and paid monthly, based on the average daily net assets of each Fund.

The Fund has adopted a shareholder servicing plan (the “Shareholder Servicing Plan”) under which a shareholder servicing fee of up to 0.25% of the average daily net assets of Class F shares of the Funds will be paid to other service providers. Under the Shareholder Servicing Plan, other service providers may perform, or may compensate other service providers for performing, certain shareholder and administrative services.

The Adviser, Administrator and/or Distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, Trustee fees, prime broker fees, interest and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at a specified level.

The waivers by the Funds’ Adviser, Administrator and/or Distributor are limited to the Funds’ direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses. The waivers are voluntary and the Funds’ Adviser, Administrator and/or Distributor may discontinue all or part of any of these waivers at any time.

Investment Sub-Advisory Agreements — As of February 29, 2024, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:

Investment Sub-Adviser

Catholic Values Equity Fund

Brandywine Global Investment Management, LLC

Copeland Capital Management, LLC

Fred Alger Management, LLC

Jupiter Asset Management Ltd.

Lazard Asset Management LLC

Leeward Investments, LLC

Parametric Portfolio Associates, LLC

Catholic Values Fixed Income Fund

Income Research & Management

Western Asset Management Company, LLC

Western Asset Management Company Limited

Under the investment sub-advisory agreements, each sub-adviser receives an annual fee, paid by SIMC.

U.S. Bank, N.A. serves as the custodian of the Fixed Income Fund. Brown Brothers Harriman & Co. serves as the custodian of the Equity Fund. The custodians play no role in determining the investment policies of the Funds or which securities are to be purchased or sold in the Funds.

Investment in Affiliated Securities — The Funds may invest in the SEI Daily Income Trust Government Fund, an affiliated money market fund to manage excess cash or to serve as margin or collateral for derivative positions. Refer to each Fund’s Schedule of Investments for details regarding transactions with affiliates for the year ended February 29, 2024, if applicable.

Payment to Affiliates — Certain officers and Trustees of the Trust are also officers and/or Trustees of the Administrator, Adviser, or the Distributor. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The

Administrator, Adviser and/or the Distributor pays compensation of Officers and affiliated Trustees.

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the administrator, are paid for by the Trust as incurred.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (the “Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes.

Participation in the Program is voluntary for both borrowing and lending funds.

Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the Trust’s Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. For the year ended February 29, 2024 the Trust has not participated in the Program.

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities other than temporary cash investments, during the year ended February 29, 2024, were as follows:

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Catholic Values Equity Fund
Purchases	$	—	$	90,403	$	90,403
Sales		—		102,348		102,348
Catholic Values Fixed Income Fund
Purchases		197,898		20,833		218,731
Sales		168,035		20,704		188,739

7. FEDERAL TAX INFORMATION

It is each Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required.

Reclassification of Components of Net Assets — The timing and characterization of certain income and capital gain distributions are determined annually in accordance with Federal tax regulations which may differ from accounting principles generally accepted in the United States. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for the reporting period may differ from distributions during such period. These book/tax differences may be temporary or permanent in nature. The permanent differences are primarily attributable to gains and losses on passive foreign investment companies and distribution reclassification. The temporary differences are primarily attributable to perpetual bond adjustments, FX mark-to-market, mark-to-market on open futures, straddle loss deferral, deferred start-up costs, and passive foreign investment companies marked to market. There are no permanent differences in the current year that would require a charge or credit to distributable earnings or Paid-in Capital accounts.

The tax character of dividends and distributions during the last two fiscal years was as follows:

As of February 29, 2024, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at February 29, 2024, were as follows:

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of February 29, 2024, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. Policy to record interest and penalties, if any.

8. CONCENTRATION/RISKS

In the normal course of business, a Fund may enter into contracts that provide general indemnifications by a Fund to the counterparty to the contract. A Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against a Fund and, therefore, cannot be established; however, based on experience, management believes the risk of loss from such claim is considered remote.

The following descriptions provide additional information about some of the risks of investing in the Funds:

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade ( junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these

securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as “high yield bonds,” but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets.

Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer’s underlying asset portfolio and the issuer’s ability to issue new asset-backed commercial paper.

Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

Catholic Values Investing Risk — The Funds consider the United States Conference of Catholic Bishops' Socially Responsible Investing Guidelines (“Guidelines”) in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Guidelines. This means that the Funds may underperform other similar mutual funds that do not consider the Guidelines when making investment decisions.

Currency Risk — Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency

controls or other political developments in the United States or abroad.

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Depositary Receipts Risk — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

Derivatives Risk — The Fund’s use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, credit risk, valuation risk and liquidity risk. Credit risk is described above. Leverage risk and liquidity risk are described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the investment. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a swap. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by some shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

Duration Risk — The longer-term securities in which the Fund may invest are more volatile. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Current Market Conditions Risk — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. As a means to fight inflation, which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates and expect to continue to do so, and

the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. U.S. regulators have proposed several changes to market and issuer regulations that could directly impact the Funds, and any regulatory changes could adversely impact the Funds' ability to achieve its investment strategies or make certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds.

Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries since political

turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

Foreign Sovereign Debt Securities Risk — The risk that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

Interest Rate Risk — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

Investment Style Risk —The risk that the equity or fixed income securities in which a Fund invests may underperform other segments of the equity or fixed income markets or the equity or fixed income markets as a whole.

Leverage Risk — The Fund’s use of equity swaps may result in the Fund’s total investment exposure substantially exceeding the value of its portfolio securities and the Fund’s investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund’s

share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund’s use of leverage may result in a heightened risk of investment loss.

Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters or epidemics, or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.

Manager Risk — The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Advisers and allocating assets to such Sub-Advisers, as well as the Sub-Advisers' success or failure in implementing the Fund's investment strategies. SIMC or a Sub-Adviser may be incorrect in assessing market trends, the value or growth capability of particular securities or asset classes.

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors

such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund’s actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund’s expectation. Along with prepayment risk, mortgage backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

Participation Notes (P-Notes) Risk — Participation notes (P-Notes) are participation interest notes that are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity, debt, currency or market. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies or foreign securities markets that they seek to replicate. However, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate.

Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund’s performance.

Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

Small and Medium Capitalization Risk —The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small

capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.

U.S. Government Securities Risk —Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

Please refer to each Fund’s current prospectus for additional disclosure regarding the risks associated with investing in the Funds. The foregoing is not intended to be a complete discussion of the risks associated with the investment strategies of the Funds.

9. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of February 29, 2024, SPTC held of record the following:


Catholic Values Equity Fund
Class F	98.28%
Class Y	60.59%
Catholic Values Fixed Income Fund
Class F	97.14%
Class Y	58.36%

SPTC is not a direct service provider to the Funds. However, SPTC performs a key role in the comprehensive investment solution that SEI provides to investors. SPTC holds the vast majority of shares in the Funds as custodian for shareholders that are clients of the advisors and financial planners. SPTC maintains accounts at SEI Institutional Transfer Agency (“SITA”), and operates in an omnibus fund account environment.

10. REGULATORY MATTERS

Effective June 30, 2023, the U.K. Financial Conduct Authority stopped compelling or inducing banks to submit London Inter-Bank Offered Rate (LIBOR) rates. Investments impacted by the discontinuation of LIBOR may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (composed of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate (SOFR), a broad measure of secured overnight U.S. Treasury repo rates, to replace U.S. dollar LIBOR. In response to the discontinuation of LIBOR, investors have added fallback provisions to existing contracts for investments whose value is tied to LIBOR, with most fallback provisions requiring the adoption of SOFR as a replacement rate. On March 15, 2022, the Adjustable Interest Rate Act was signed into law (the “LIBOR Act”), which, in conjunction with regulations adopted by the Federal Reserve Board, establishes SOFR as the default fallback rate for any U.S. contract without a fallback provision. As of July 1, 2023 and continuing through September 30, 2024, U.K. Financial Conduct Authority has permitted the publishing 1-, 3- and 6-month synthetic U.S. dollar LIBOR settings based on SOFR to serve as a fallback for non-U.S. contracts. Transitioning away from LIBOR may affect the value, liquidity or return of an investment or result in administrative costs or delays.

11. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements as of February 29, 2024.

To the Shareholders of the Funds and Board of Trustees SEI Catholic Values Trust:

We have audited the accompanying statements of assets and liabilities of SEI Catholic Values Trust, comprised of Catholic Values Equity Fund and Catholic Values Fixed Income Fund (collectively, the Funds), including the schedules of investments, as of February 29, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 29, 2024, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 29, 2024, by correspondence with the custodians, transfer agent, agent banks and brokers or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more SEI Funds investment companies since 2005.

Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of positions in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-800-342-5734.

All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund’s average net assets; this percentage is known as the fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (September 1, 2023 through February 29, 2024).

Actual fund return: This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% return: This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

Pursuant to Rule 22e-4 under the 1940 Act, the Trust, on behalf of the Funds, has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Program is overseen by the SIMC Liquidity Risk Oversight Committee, and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund.

At a meeting of the Board held on January 31, 2024, the Trustees received a report from the SIMC Liquidity Risk Oversight Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation. The SIMC Liquidity Risk Oversight Committee determined, and reported to the Board, that the Program remains reasonably designed to assess and manage each Fund’s liquidity risk and that the Program adequately and effectively managed each Fund’s liquidity risk during the 2023 calendar year. The SIMC Liquidity Risk Oversight Committee also reported that with respect to the Trust there were no reportable liquidity events during the period. The SIMC Liquidity Risk Oversight Committee noted that the Program was updated to reflect the current process for overriding liquidity classifications and related controls.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

BOARD OF TRUSTEES CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited)

SEI Catholic Values Trust (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (each member, a “Trustee” and, collectively, the “Trustees” or the “Board”), the sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers’ skills and investment results in managing assets for specific asset classes, investment styles and strategies.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of a Fund’s Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”) cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In the case of the initial approval of a Sub-Advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required, pursuant to an exemptive order that has been granted to the Trust by the Securities and Exchange Commission. In connection with their consideration of such initial approvals and renewals, the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve or renew an Investment Advisory Agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve or renew the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, during the course of the Trust’s fiscal year, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Advisers, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data that was engaged to prepare an assessment of the Funds in connection with the renewal of the Investment Advisory Agreements (the “Broadridge Report”); (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Advisers’ expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance

over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indexes.

At the March 20-22, 2023 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, each Sub-Advisory Agreement was either initially approved or, if the Sub-Advisory Agreement was already in effect (unless operating under an initial two year term) renewed at meetings of the Board held during the course of the Trust’s fiscal year on March 20-22, 2023, June 12-14, 2023, September 11-13, 2023 and December 4-6, 2023. In each case, the Board’s approval (or renewal) was based on its consideration and evaluation of the factors described above, as discussed at the meetings and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and each Sub-Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support the approval or renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or its affiliates.

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered the Broadridge Report. The Broadridge Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the approval or renewal of Sub-Advisory Agreements, the Board considered the performance of the Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support the renewal of SIMC’s Advisory Agreement, and the performance of each Sub-Adviser was sufficient to support the approval or renewal of the Sub-Advisory Agreement.

Fees. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratios in comparison to those of the Funds’ respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various asset levels, actual management fees (including transfer agent expenses), and actual total expenses for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC’s and its affiliates’ voluntary waivers of management and other fees to prevent total Fund operating expenses from exceeding any applicable cap and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for its distribution channels. In determining the appropriateness of fees, the Board also took into consideration the impact of fees incurred indirectly by the Funds as a result of investments into underlying funds, including funds from which SIMC or its affiliates earn fees. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and that

BOARD OF TRUSTEES CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Concluded)

such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported the approval or renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the approval or renewal of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC’s advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of SIMC and the Sub-Advisers is reasonable and supported the approval or renewal of the Investment Advisory Agreements.

Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the approval or renewal, as applicable, of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

For shareholders who do not have a February 29, 2024, taxable year end, this notice is for informational purposes only. For shareholders with a February 29, 2024, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended February 29, 2024, the Funds are designating long and qualifying dividend income with regard to distributions paid during the year as follows:

(1) “Dividends Received Deduction” represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).

(2) “Qualifying Dividend Income” represent qualifying dividends as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. It is the intention of the Fund to designate the max amount permitted by law.

(3) The percentage of this column represents that amount of ordinary dividend income that qualified for 20% Business Income Deduction.

(4) “U.S. Government Interest” represent the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax.

(5) The percentage in this column represents the amount of “Interest Related Dividend” and is reflected as a percentage of ordinary income distribution. Interest related dividends are exempted from U.S. withholding tax when paid to foreign investors.

(6) The percentage of this column represents the amount of “Short Term Capital Gain Dividend” and is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.

* Shareholders who are residents of California, Connecticut and New York, these funds have not met the statutory threshold requirements to permit exemption of these amounts from state income tax.

Items (A), (B), (C) and (D) are based on the percentage of each fund’s total distribution.

Items (E) and (F) are based on the percentage of “Ordinary Income Distributions”.

Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.

Trustees

Robert A. Nesher, Chairman

William M. Doran

Nina Lesavoy

James M. Williams

Susan C. Cote

James B. Taylor

Christine Reynolds

Officers

Robert A. Nesher

President and Chief Executive Officer

Glenn R. Kurdziel

Controller and Chief Financial Officer

Stephen Panner

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

Katherine Mason

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Bridget E. Sudall

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

For more information call

1 800 DIAL SEI

(1 800 342 5734)

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(a) (1) The Registrant’s Board of Trustees has determined that the Registrant has one audit committee financial expert serving on the audit committee.

(a) (2) The audit committee financial expert is Susan C. Cote. Ms. Cote is independent as defined in Form N-CSR Item 3 (a) (2).

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2024 and 2023 as follows:

(e)(1) The Registrant’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules on auditor independence and whether the provision of such services would compromise the auditor’s independence.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services: (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.

The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees (or the manner of their determination) to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

(g)(1) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2024 and 2023 were $285,509 and $334,750, respectively. Non-audit fees consist of a SSAE No. 16 review of fund accounting and administration operations and an attestation report in accordance with Rule 17Ad-13.

(h) During the past fiscal year, the Registrant’s principal accountant provided certain non-audit services to the Registrant’s investment adviser or to entities controlling, controlled by, or under common control with the Registrant’s investment adviser that provide ongoing services to the Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of the Registrant’s Board of Trustees reviewed and considered these non-audit services provided by the Registrant’s principal accountant to the Registrant’s affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the "Committee") currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee's Charter, adopted on June 18, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation(Thousands)
Long Contracts
Russell 2000 Index E-MINI		9		Mar-2024	$	886	$	926	$	40
S&P 500 Index E-MINI		13		Mar-2024		3,067		3,317		250
					$	3,953	$	4,243	$	290

Security Description		Value 2/28/2023				Purchases at Cost				Proceeds from Sales				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Value 2/29/2024				Income				Capital Gains
SEI Daily Income Trust, Government Fund, Institutional Class		$	4,801			$	23,847			$	(24,626	)		$	—			$	—			$	4,022			$	239			$	—

Letter to Shareholders	1
Management Discussion and Analysis of Fund Performance	5
Schedules of Investments	11
Statements of Assets and Liabilities	44
Statements of Operations	45
Statements of Changes in Net Assets	46
Financial Highlights	47
Notes to Financial Statements	48
Report of Independent Registered Public Accounting Firm	65
Trustees and Officers of the Trust	66
Disclosure of Fund Expenses	70
Review of the Liquidity Risk Management Program	71
Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements	72
Notice to Shareholders	76

	Percentages are based on Net Assets of $360,783 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of February 29, 2024.

Description	Number of Contracts			Notional Amount (Thousands)			Exercise Price		Expiration Date		Value (Thousands)
PURCHASED OPTIONS — 0.0%
Put Options
December 2024, 3 Month SOFR Option		12		$	2,880		$	96.00		12/21/2024	$	22
March 2024, U.S. 5Y Future Option		41			4,356			106.25		3/16/2024		–
March 2024, U.S. 10Y Future Option		20			2,190			109.50		3/16/2024		–

					9,426							22


Call Options
March 2024, U.S. 5Y Future Option		41			4,397			107.25		3/16/2024		1
March 2024, U.S. 10Y Future Option		20			2,220			111.00		3/16/2024		–
USD C/EUR P EXPIRATION: 03/12/2024 Strike Price $1.0808		930,519			1,006			1.08		3/16/2024		4

					7,623							5


Total Purchased Options				$	17,049						$	27
WRITTEN OPTIONS — 0.0%
Put Options
December 2024, 3 Month SOFR Option		(12	)	$	(2,865	)		95.50		12/21/2024	$	(12	)
March 2024, U.S. 5Y Future Option		(14	)		(1,494	)		106.75		03/16/2024		(1	)
March 2024, U.S. 10Y Future Option		(7	)		(772	)		110.25		03/16/2024		–

					(5,131	)						(13	)


Call Options
December 2024, 3 Month SOFR Option		(12	)		(2,914	)		97.13		12/21/2024		(2	)
September 2024, 3 Month SOFR Option		(28	)		(6,790	)		97.00		09/21/2024		(3	)
March 2024, U.S. 5Y Future Option		(14	)		(1,494	)		106.75		03/16/2024		(3	)
March 2024, U.S. 10Y Future Option		(7	)		(772	)		110.25		03/16/2024		(2	)

					(11,970	)						(10	)


Total Written Options				$	(17,101	)					$	(23	)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		03/13/24		USD	319		EUR	294	$	(1	)
Citigroup		04/19/24		CAD	270		USD	202		3
Citigroup		04/19/24		USD	322		EUR	292		(5	)
Citigroup		04/19/24		EUR	348		NOK	3,944		(4	)
Citigroup		04/19/24		GBP	370		USD	471		3
Citigroup		04/19/24		USD	541		AUD	807		(15	)
Citigroup		04/19/24		USD	639		IDR	9,959,840		(6	)
Citigroup		04/19/24		EUR	460		USD	501		3
Citigroup		04/19/24		EUR	430		USD	464		(3	)
Citigroup		04/19/24		USD	927		CAD	1,241		(12	)
Citigroup		04/19/24		USD	1,539		JPY	220,193		(55	)
Citigroup		04/19/24		CNH	3,835		USD	539		5
Citigroup		04/19/24		IDR	9,959,840		USD	635		2
									$	(85	)

Credit Default Swap - Buy Protection
Reference Entity/ Obligation	Pay Rate		Payment Frequency		Termination Date		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments/ Receipts (Thousands)			Net Unrealized Appreciation (Depreciation) (Thousands)
CDX.NA.HY.41		5.00%		Quarterly		12/20/2028	$	164	$	(10	)	$	(1	)	$	(9	)

Credit Default Swap - Sell Protection
Reference Entity/ Obligation	Receive Rate		Payment Frequency		Termination Date		Notional Amount (Thousands)		Value (Thousands)		Upfront Payments/ Receipts (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
CDX.NA.IG.41		1.00%		Quarterly		12/20/2028	$	14,833	$	305	$	178	$	127

Interest Rate Swaps
Fund Pays	Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments/ Receipts (Thousands)			Net Unrealized Appreciation (Depreciation) (Thousands)
USD-SOFR-OIS COMPOUND		4.1% FIXED		Annually		03/10/2026		USD		6,682	$	(52	)	$	57		$	(109	)
3.54%		SOFR		Annually		10/31/2030		USD		3,059		68			15			53
3.4% FIXED		USD-SOFR-OIS COMPOUND		Annually		03/10/2034		USD		1,490		57			(23	)		80
1.5%		SOFR		Annually		02/15/2047		USD		175		60			2			58
1.52%	Secured Overnight Financing Rate - SOFR			Annually		02/15/2047		USD		268		91			(9	)		100
2.6%		SOFR		Annually		02/15/2048		USD		1,170		210			107			103
3.05% FIXED		USD-SOFR-OIS COMPOUND		Annually		02/15/2048		USD		864		94			32			62
3.15%		SOFR		Annually		05/15/2048		USD		1,140		106			39			67
3.87%		SOFR		Annually		02/28/2031		USD		2,385		(3	)		(5	)		2
											$	631		$	215		$	416

	Catholic Values Equity Fund			Catholic Values Fixed Income Fund
Assets:
Investments, at Value ^†	$	353,483		$	200,161
Affiliated Investments, at Value ^†^†		4,022			2,274
Cash		2,793			3
Cash Collateral on Futures		212			221
Cash Collateral on Centrally Cleared Swap Contracts		–			532
Foreign Currency, at Value ^†^†^†		35			105
Receivable for Fund Shares Sold		2			1
Receivable for Investment Securities Sold		1,092			795
Dividends and Interest Receivable		448			1,343
Receivable for Investment Securities Sold - TBA		–			811
Unrealized Appreciation on Forward Foreign Currency Contracts		–			16
Foreign Tax Reclaim Receivable		84			–
Due from custodian		–			84
Receivable for Variation Margin on Swap Contracts		–			3
Receivable for Variation Margin on Futures Contracts		21			–
Prepaid Expenses		13			8
Total Assets		362,205			206,357
Liabilities:
Payable for Investment Securities Purchased		1,105			5,943
Payable for Fund Shares Redeemed		16			11
Income Distribution Payable		–			3
OTC Swap Contracts, at Value		–			7
Options Written, at Value #		–			23
Payable for Investment Securities Purchased - TBA		–			811
TBA Securities Sold Short, at Value @		–			507
Payable for Variation Margin on Futures Contracts		–			146
Payable for Variation Margin on Swap Contracts		–			24
Administration Fees Payable		66			–
Shareholder Servicing Fees Payable, Class F		24			11
Unrealized Depreciation on Forward Foreign Currency Contracts		–			101
Trustees Fees Payable		2			1
Chief Compliance Officer Fees Payable		1			1
Investment Advisory Fees Payable		117			45
Accrued Expense Payable		91			106
Total Liabilities		1,422			7,740
Net Assets	$	360,783		$	198,617
^† Cost of Investments	$	251,001		$	215,404
^†^† Cost of Affiliated Investments		4,022			2,274
^†^†^† Cost of Foreign Currency		35			96
@ Proceeds from TBA Securities Sold Short		–			(505	)
# Premiums Received on Written Options		–			(47	)
Net Assets:
Paid-in Capital — (Unlimited Authorization — No Par Value)	$	251,831		$	229,086
Total Distributable Earnings (Accumulated Losses)		108,952			(30,469	)
Net Assets	$	360,783		$	198,617
Net Asset Value, Offering and Redemption Price Per Share — Class F	$	15.05		$	8.57
		($328,426,310 ÷ 21,826,244 shares	)		($147,199,801 ÷ 17,182,373 shares	)
Net Asset Value, Offering and Redemption Price Per Share — Class Y	$	15.02		$	8.57
		($32,357,038 ÷ 2,154,215 shares	)		($51,417,616 ÷ 5,998,665 shares	)

	Catholic Values Equity Fund			Catholic Values Fixed Income Fund
Investment Income:
Dividends	$	5,917		$	–
Income from Affiliated Registered Investment Company⁽¹⁾		239			150
Interest Income		100			7,426
Less: Foreign Taxes Withheld		(193	)		–
Total Investment Income		6,063			7,576
Expenses:
Investment Advisory Fees		1,947			646
Administration Fees		974			369
Shareholder Servicing Fees, Class F Shares		740			352
Professional Fees		74			42
Registration Fees		55			33
Pricing Fees		35			164
Custodian/Wire Agent Fees		30			77
Printing Fees		28			20
Trustees' Fees		8			5
Chief Compliance Officer Fees		3			1
Other Expenses		41			25
Total Expenses		3,935			1,734
Less:
Waiver of Investment Advisory Fees		(593	)		(95	)
Reimbursement from Investment Adviser		–			–
Waiver of Shareholder Servicing Fees, Class F Shares		(706	)		(352	)
Waiver of Administration Fees		(127	)		(138	)
Net Expenses		2,509			1,149
Net Investment Income		3,554			6,427
Net Realized Gain (Loss) on:
Investments		12,167			(7,116	)
Futures Contracts		718			(630	)
Forward Foreign Currency Contracts		20			(166	)
Foreign Currency Transactions		(25	)		109
Foreign Capital Gains Tax		(6	)		–
Written Options and Swaptions		–			733
Purchased Options and Swaptions		–			(674	)
Swap Contracts		–			768
Net Realized Gain (Loss)		12,874			(6,976	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		47,036			6,519
Futures Contracts		243			32
TBA Securities Sold Short		–			(2	)
Forward Foreign Currency Contracts		–			(30	)
Foreign Capital Gains Tax		11			–
Foreign Currency and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		7			19
Written Options and Swaptions		–			101
Purchased Options and Swaptions		–			(1	)
Swap Contracts		–			(796	)
Net Change in Unrealized Appreciation (Depreciation)		47,297			5,842
Net Realized and Unrealized Gain (Loss)		60,171			(1,134	)
Net Increase in Net Assets Resulting from Operations	$	63,725		$	5,293

(1)	See Note 5 in the Notes to the Financial Statements.
	Amounts designated as "—" are $0 or have been rounded to $0.
	The accompanying notes are an integral part of the financial statements.

	Catholic Values Equity Fund						Catholic Values Fixed Income Fund
		2/29/2024			2/28/2023			2/29/2024			2/28/2023
Operations:
Net Investment Income	$	3,554		$	3,340		$	6,427		$	4,414
Net realized gain (loss)		12,874			(5,074	)		(6,976	)		(7,560	)
Net change in unrealized appreciation (depreciation)		47,297			(24,247	)		5,842			(17,594	)
Net Increase (Decrease) in Net Assets Resulting from Operations		63,725			(25,981	)		5,293			(20,740	)
Distributions:
Class F		(4,001	)		(9,737	)		(4,380	)		(3,260	)
Class Y		(403	)		(954	)		(1,456	)		(1,014	)
Total Distributions		(4,404	)		(10,691	)		(5,836	)		(4,274	)
Capital Share Transactions:
Class F:
Proceeds from Shares Issued		9,791			4,210			18,715			4,164
Reinvestment of Dividends & Distributions		3,972			9,716			4,349			3,243
Cost of Shares Redeemed		(25,930	)		(8,704	)		(5,442	)		(5,563	)
Net Increase (Decrease) in Net Assets from Class F Transactions		(12,167	)		5,222			17,622			1,844
Class Y:
Proceeds from Shares Issued		6,452			375			14,807			1,498
Reinvestment of Dividends & Distributions		402			952			1,456			1,013
Cost of Shares Redeemed		(6,642	)		(1,182	)		(4,507	)		(3,044	)
Net Increase (Decrease) in Net Assets from Class Y Transactions		212			145			11,756			(533	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions		(11,955	)		5,367			29,378			1,311
Net Increase (Decrease) in Net Assets		47,366			(31,305	)		28,835			(23,703	)
Net Assets:
Beginning of Year		313,417			344,722			169,782			193,485
End of Year	$	360,783		$	313,417		$	198,617		$	169,782
Capital Share Transactions:
Class F:
Shares Issued		737			325			2,162			466
Shares Issued in Lieu of Dividends & Distributions		276			805			507			366
Shares Redeemed		(1,937	)		(677	)		(631	)		(621	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(924	)		453			2,038			211
Class Y:
Shares Issued		482			29			1,746			168
Shares Issued in Lieu of Dividends & Distributions		28			79			170			114
Shares Redeemed		(499	)		(93	)		(518	)		(345	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		11			15			1,398			(63	)

	Net Asset Value, Beginning of Year		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gains (Losses) on Investments⁽¹⁾			Total from Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Dividends and Distributions			Net Asset Value, End of Year		Total Return^†			Net Assets End of Year ($ Thousands)		Ratio of Net Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Waivers)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate^†
Catholic Values Equity Fund
Class F
2024	$	12.59	$	0.15	$	2.49		$	2.64		$	(0.14	)	$	(0.04	)	$	(0.18	)	$	15.05		21.08	%	$	328,426		0.78	%		1.24	%		1.10	%		28	%
2023		14.12		0.14		(1.23	)		(1.09	)		(0.13	)		(0.31	)		(0.44	)		12.59		(7.57	)		286,483		0.86			1.24			1.07			33
2022		15.20		0.10		1.34			1.44			(0.10	)		(2.42	)		(2.52	)		14.12		8.72			314,736		0.86			1.23			0.61			37
2021		11.71		0.11		3.82			3.93			(0.12	)		(0.32	)		(0.44	)		15.20		33.76			294,671		0.86			1.23			0.87			65
2020		11.93		0.15		0.14			0.29			(0.15	)		(0.36	)		(0.51	)		11.71		2.09			218,926		0.86			1.24			1.19			34
Class Y
2024	$	12.57	$	0.15	$	2.48		$	2.63		$	(0.14	)	$	(0.04	)	$	(0.18	)	$	15.02		21.04	%	$	32,357		0.76	%		0.99	%		1.10	%		28	%
2023		14.09		0.15		(1.22	)		(1.07	)		(0.14	)		(0.31	)		(0.45	)		12.57		(7.42	)		26,934		0.76			0.99			1.17			33
2022		15.17		0.11		1.35			1.46			(0.12	)		(2.42	)		(2.54	)		14.09		8.82			29,986		0.76			0.98			0.68			37
2021		11.69		0.13		3.81			3.94			(0.14	)		(0.32	)		(0.46	)		15.17		33.84			21,759		0.76			0.98			0.99			65
2020		11.90		0.16		0.15			0.31			(0.16	)		(0.36	)		(0.52	)		11.69		2.28			22,026		0.76			0.99			1.31			34
Catholic Values Fixed Income Fund
Class F
2024	$	8.60	$	0.30	$	(0.06	)	$	0.24		$	(0.24	)	$	(0.03	)	$	(0.27	)	$	8.57		2.77	%	$	147,200		0.63	%		1.00	%		3.48	%		105	%
2023		9.87		0.22		(1.27	)		(1.05	)		(0.22	)		—			(0.22	)		8.60		(10.70	)		130,176		0.71			0.97			2.51			101
2022		10.34		0.15		(0.38	)		(0.23	)		(0.21	)		(0.03	)		(0.24	)		9.87		(2.29	)		147,409		0.71			0.97			1.48			76
2021		10.56		0.19		0.05			0.24			(0.20	)		(0.26	)		(0.46	)		10.34		2.25			137,169		0.71			0.95			1.88			126
2020		9.83		0.25		0.84			1.09			(0.28	)		(0.08	)		(0.36	)		10.56		11.28			115,971		0.71			0.95			2.54			128
Class Y
2024	$	8.61	$	0.30	$	(0.06	)	$	0.24		$	(0.25	)	$	(0.03	)	$	(0.28	)	$	8.57		2.75	%	$	51,417		0.61	%		0.75	%		3.50	%		105	%
2023		9.88		0.23		(1.28	)		(1.05	)		(0.22	)		—			(0.22	)		8.61		(10.65	)		39,606		0.61			0.72			2.60			101
2022		10.35		0.16		(0.38	)		(0.22	)		(0.22	)		(0.03	)		(0.25	)		9.88		(2.21	)		46,076		0.61			0.72			1.58			76
2021		10.56		0.21		0.05			0.26			(0.21	)		(0.26	)		(0.47	)		10.35		2.45			38,212		0.61			0.70			1.99			126
2020		9.84		0.27		0.82			1.09			(0.29	)		(0.08	)		(0.37	)		10.56		11.28			58,798		0.61			0.70			2.62			128

^†	Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.
(1)	Per share net investment income and net realized and unrealized gains (losses) calculated using average shares.
	The accompanying notes are an integral part of the financial statements.
	Amounts designated as "—" are either $0 or have been rounded to $0.

MAXIMUM POTENTIAL AMOUNT OF FUTURE PAYMENTS BY CONTRACT TERM
FIXED INCOME FUND		0-6 MONTHS		6-12 MONTHS		1-5 YEARS		5-10 YEARS		> 10 YEARS	Total
Current credit spread* on underlying (in basis points)
0-100	$	—	$	—	$	14,833,000	$	—	$	—	$	14,833,000
> than 100		—		—		—		—		—		—
Total	$	—	$	—	$	14,833,000	$	—	$	—	$	14,833,000

	Asset Derivatives				Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value			Statements of Assets and Liabilities Location	Fair Value
Derivatives not accounted for as hedging instruments:
Catholic Values Equity Fund
Equity contracts	Unrealized appreciation on futures contracts	$	290	*	Unrealized depreciation on futures contracts	$	—
Total Derivatives not accounted for as hedging instruments		$	290			$	—

	Asset Derivatives				Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value			Statements of Assets and Liabilities Location	Fair Value
Derivatives not accounted for as hedging instruments:
Catholic Values Fixed Income Fund
Credit Contracts	Unrealized appreciation on swap contracts	$	127	^{^†}	Unrealized depreciation on swap contracts	$	9	^{^†}
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		16		Unrealized loss on forward foreign currency contracts		101
Interest rate contracts	Unrealized appreciation on futures contracts		79	*	Unrealized depreciation on futures contracts		26	*
	Unrealized appreciation on swap contracts		525	^{^†}	Unrealized depreciation on swap contracts		116	^{^†}
	Investments purchased, at value		27		Options written, at value		23
Total Derivatives not accounted for as hedging instruments		$	774			$	275

	Catholic Values Equity Fund		Catholic Values Fixed Income Fund
Futures Contracts:
Average Notional Balance Long	$	4,927	$	26,844
Average Notional Balance Short		–		17,819
Forward Foreign Currency Contracts:
Average Notional Balance Long		–		6,355
Average Notional Balance Short		–		6,285
Credit Default Swaps:
Average Notional Balance Buy Protection		–		165
Average Notional Balance Sell Protection		–		14,963
Interest Rate Swaps
Average Notional Balance		–		29,306
Options/Swaptions:
Average Notional Balance Long^†		–		79
Average Notional Balance Short^†		–		86

	Advisory Fee			Shareholder Servicing Fee			Voluntary Expense Limitation
Catholic Values Equity Fund
Class F		0.60	%		0.25	%		0.86	%
Class Y		0.60	%		0.00	%		0.76	%
Catholic Values Fixed Income Fund
Class F		0.35	%		0.25	%		0.71	%
Class Y		0.35	%		0.00	%		0.61	%

	First $1.5 Billion		Next $500 Million		Next $500 Million		Next $500 Million		Over $3 Billion
Catholic Values Equity Fund	0.300	%	0.260	%	0.210	%	0.1700	%	0.120	%
Catholic Values Fixed Income Fund	0.200	%	0.1775	%	0.1550	%	0.1325	%	0.110	%

	Ordinary Income ($ Thousands)		Long-term Capital Gain ($ Thousands)		Total ($ Thousands)
Catholic Values Equity Fund
2024	$	3,386	$	1,018	$	4,404
2023		3,477		7,214		10,691
Catholic Values Fixed Income Fund
2024		5,836		—		5,836
2023		4,274		—		4,274

	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post- October Losses ($ Thousands)		Late Year Ordinary Losses ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Distributable Earnings/ (Accumulated Losses) ($ Thousands)
Catholic Values Equity Fund	$	447	$	8,367	$	—		$	—	$	—	$	100,150		$	(12	)	$	108,952
Catholic Values Fixed Income Fund		612		—		(15,033	)		—		—		(14,850	)		(1,198	)		(30,469	)

		Short-Term Loss ($ Thousands)				Long-Term Loss ($ Thousands)				Total ($ Thousands)
Catholic Values Fixed Income Fund		$	4,983			$	10,050			$	15,033

	Federal Tax Cost ($ Thousands)		Aggregate Gross Unrealized Appreciation ($ Thousands)		Aggregate Gross Unrealized Depreciation ($ Thousands)			Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
Catholic Values Equity Fund	$	257,353	$	115,203	$	(15,053	)	$	100,150
Catholic Values Fixed Income Fund		217,836		1,189		(16,039	)		(14,850	)

Name, Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
INTERESTED TRUSTEES
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 77 yrs. old	Chairman of the Board of Trustees*	since 2015	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	98	President and Director of SEI Structured Credit Fund, LP. Director of SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Multi-Strategy Funds PLC, SEI Global Nominee Ltd and SEI Investments—Unit Trust Management (UK) Limited. President, Director and Chief Executive Officer of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. President, Chief Executive Officer and Trustee of SEI Liquid Asset Trust from 1989 to 2016. President, Chief Executive Officer and Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of The KP Funds from 2013 to 2020. Vice Chairman of O'Connor EQUUS (closed-end investment company) from 2014 to 2016. Vice Chairman of Winton Series Trust from 2014 to 2017. Vice Chairman of The Advisors' Inner Circle Fund III and Winton Diversified Opportunities Fund (closed-end investment company) from 2014 to 2018. Vice Chairman of Gallery Trust from 2015 to 2018. Vice Chairman of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2018. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. President, Chief Executive Officer and Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.
William M. Doran One Freedom Valley Drive Oaks, PA 19456 83 yrs. old	Trustee*	since 2015	Self-employed consultant since 2003. Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003). Counsel to the Trust, SEI Investments, SIMC, the Administrator and the Distributor.	98	Director of SEI Investments since 1985; Secretary of SEI Investments since 1978. Director of SEI Investments Distribution Co. since 2003. Director of SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Investments (Asia) Limited, SEI Global Nominee Ltd. and SEI Investments—Unit Trust Management (UK) Limited. Trustee of SEI Liquid Asset Trust from 1982 to 2016. Trustee of O'Connor EQUUS (closed-end investment company) from 2014 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of Winton Series Trust from 2014 to 2017. Trustee of The Advisors’ Inner Circle Fund and The Advisors’ Inner Circle Fund II from 1991 to 2018. Trustee of Bishop Street Funds from 2006 to 2018. Trustee of The KP Funds from 2013 to 2018. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) from 2014 to 2018. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2021. Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
TRUSTEES (continued)
Nina Lesavoy One Freedom Valley Drive, Oaks, PA 19456 66 yrs. old	Trustee	since 2015	Founder and Managing Director, Avec Capital (strategic fundraising firm) since 2008. Managing Director, Cue Capital (strategic fundraising firm) from March 2002-March 2008.	98	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2003 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee/Director of SEI Structured Credit Fund, L.P., SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.
James M. Williams One Freedom Valley Drive, Oaks, PA 19456 76 yrs. old	Trustee	since 2015	Vice President and Chief Investment Officer, J. Paul Getty Trust, Non-Profit Foundation for Visual Arts, since December 2002. President, Harbor Capital Advisors and Harbor Mutual Funds, 2000-2002. Manager, Pension Asset Management, Ford Motor Company, 1997-1999.	98	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2004 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee/Director of Ariel Mutual Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.
Susan C. Cote One Freedom Valley Drive Oaks, PA 19456 69 years old	Trustee	since 2015	Retired since July 2015. Treasurer and Chair of Finance, Investment and Audit Committee of the New York Women's Foundation from 2012 to 2017. Member of the Ernst & Young LLP Retirement Investment Committee, 2009-2015. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006-2015. Partner, Ernst & Young LLP from 1997-2015. Americas Director of Asset Management, Ernst & Young LLP from 2006-2013. Prudential, 1983-1997.	98	Trustee of SEI Insurance Products Trust from 2015 to 2020. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, New Covenant Funds, Adviser Managed Trust, SEI Catholic Values Trust and SEI Exchange Traded Funds.
James B. Taylor One Freedom Valley Drive Oaks, PA 19456 73 years old	Trustee	since 2018	Retired since December 2017. Chief Investment Officer at Georgia Tech Foundation from 2008 to 2017. Chief Investment Officer at Delta Air Lines from 1983 to 2007. Member of the Investment Committee of Institute of Electrical and Electronic Engineers from 1999 to 2004. President, Vice President and Treasurer for Southern Benefits Conference from 1998 to 2000.	98	Trustee of SEI Insurance Products Trust from 2018 to 2020. Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.
Christine Reynolds One Freedom Valley Drive Oaks, PA 19456 65 years old	Trustee	since 2019	Retired since December 2016. Executive Vice President, Fidelity Investments from 2014-2016. President, Fidelity Pricing and Cash Management Services and Chief Financial Officer of Fidelity Funds from 2008-2014. Chief Operating Officer, Fidelity Pricing and Cash Management Services from 2007-2008. President and Treasurer, Fidelity Funds from 2004-2007. Anti-Money Laundering Officer, Fidelity Funds in 2004. Executive Vice President, Fidelity Funds from 2002-2004. Audit Partner, PricewaterhouseCoopers from 1992-2002.	98	Trustee of SEI Insurance Products Trust from 2019 to 2020. Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.

	Beginning Account Value 9/1/23		Ending Account Value 2/29/24		Annualized Expense Ratios			Expenses Paid During Period *
Catholic Values Equity Fund
Actual Fund Return
Class F	$	1,000.00	$	1,121.70		0.86	%	$	4.54
Class Y		1,000.00		1,122.10		0.76			4.01
Hypothetical 5% Return
Class F	$	1,000.00	$	1,020.59		0.86	%	$	4.32
Class Y		1,000.00		1,021.08		0.76			3.82

	(A) Return of Capital		(B) Long Term Capital Gains Distributions (Tax Basis)		(C) Ordinary Income Distributions (Tax Basis)		(D) Total Distributions (Tax Basis)		(E) Dividends Qualifying for Corporate Dividends Rec. Deduction (1)		(F) Qualifying Dividend Income (15% Tax Rate for QDI) (2)		Qualifying Business Income (3)		(G) U.S. Government Interest (4)		(H) Interest Related Dividends (5)		(I) Short-Term Capital Gain Dividends (6)
Equity Fund*		0.00%		23.11%		76.89%		100.00%		100.00%		100.00%		0.00%		0.00%		1.80%		0.00%
Fixed Income Fund*		0.00%		0.00%		100.00%		100.00%		0.00%		0.00%		0.00%		0.00%		100.00%		0.00%

		Fiscal Year 2024			Fiscal Year 2023
		All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees(1)	$65,220	$0	N/A	$65,220	$0	N/A
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees	$0	$0	$0	$0	$0	$0
(d)	All Other Fees(2)	$0	$285,509	$0	$0	$334,750	$0

	Fiscal 2024	Fiscal 2023
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

		SEI Catholic Values Trust


By:		/s/ Robert A. Nesher
		Robert A. Nesher
		President and Chief Executive Officer

By:		/s/ Glenn R. Kurdziel
		Glenn R. Kurdziel
		Controller and Chief Financial Officer