UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-23718

Catholic Responsible Investments Funds

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

Michael Beattie

c/o SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-866-348-6466

Date of fiscal year end: October 31, 2025

Date of reporting period: April 30, 2025

Item 1.

Reports to Stockholders.

(a)

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1) is attached hereto.

Catholic Responsible Investments Funds

Catholic Responsible Investments Ultra Short Bond Fund

Institutional Class Shares - CRHSX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Institutional Class Shares of the Catholic Responsible Investments Ultra Short Bond Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Ultra Short Bond Fund, Institutional Class Shares	$18	0.35%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$105,286,807	204	$60,761	34%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Mortgage-Backed Security	0.1%
U.S. Government Agency Obligation	3.3%
Commercial Paper	4.3%
Repurchase Agreements	11.1%
Corporate Obligations	23.2%
U.S. Treasury Obligations	28.1%
Asset-Backed Securities	31.8%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
U.S. Treasury Bills	4.248%	06/20/25	5.8%
U.S. Treasury Bills	4.271%	05/22/25	5.0%
U.S. Treasury Bills	4.264%	05/27/25	3.6%
FHLB	0.000%	08/28/17	3.3%
U.S. Treasury Bills	4.249%	05/13/25	2.8%
U.S. Treasury Bills	4.229%	06/26/25	2.3%
U.S. Treasury Bills	4.264%	06/10/25	2.2%
U.S. Treasury Bills	0.000%	06/24/25	2.0%
U.S. Treasury Notes, USBMMY3M + 0.170%	4.415%	10/31/25	1.6%
U.S. Treasury Bills	4.240%	05/01/25	1.4%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-348-6466 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

CRHSX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Short Duration Bond Fund

Institutional Class Shares - CRDSX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Institutional Class Shares of the Catholic Responsible Investments Short Duration Bond Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Short Duration Bond Fund, Institutional Class Shares	$18	0.35%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$508,021,837	424	$695,790	26%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Short-Term Investment	0.0%
Futures Contracts	0.1%
U.S. Government Agency Obligations	0.3%
Sovereign Debt	0.3%
Bank Loan Obligations	0.4%
Municipal Bonds	4.0%
Repurchase Agreements	4.1%
Mortgage-Backed Securities	11.3%
Asset-Backed Securities	19.2%
U.S. Treasury Obligations	26.1%
Corporate Obligations	35.7%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
U.S. Treasury Notes	1.875%	06/30/26	6.4%
U.S. Treasury Notes	3.125%	08/31/27	5.6%
U.S. Treasury Notes	4.250%	01/15/28	2.8%
U.S. Treasury Notes	4.000%	12/15/25	1.8%
U.S. Treasury Notes	0.625%	12/31/27	1.7%
U.S. Treasury Notes	4.625%	04/30/29	1.6%
U.S. Treasury Notes	4.000%	02/15/26	1.4%
U.S. Treasury Notes	1.875%	07/31/26	1.4%
U.S. Treasury Notes	0.500%	06/30/27	1.3%
U.S. Treasury Notes	4.250%	10/15/25	1.2%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CRDSX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Bond Fund

Institutional Class Shares - CRBSX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Institutional Class Shares of the Catholic Responsible Investments Bond Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Bond Fund, Institutional Class Shares	$18	0.35%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$2,376,755,458	1,315	$3,440,297	42%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
U.S. Government Agency Obligation	0.0%
Futures Contracts	0.1%
Bank Loan Obligations	0.1%
Sovereign Debt	1.3%
Municipal Bonds	2.9%
Asset-Backed Securities	8.1%
Mortgage-Backed Securities	27.9%
Corporate Obligations	28.1%
U.S. Treasury Obligations	29.6%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets
U.S. Treasury Notes	3.875%	08/15/34	2.8%
U.S. Treasury Notes	3.875%	08/15/33	1.7%
U.S. Treasury Notes, USBMMY3M + 0.150%	4.395%	04/30/26	1.5%
U.S. Treasury Notes, USBMMY3M + 0.098%	4.343%	01/31/27	1.3%
GNMA	6.000%	08/20/54	1.2%
U.S. Treasury Inflation Indexed Bonds	2.375%	02/15/55	1.0%
U.S. Treasury Notes, USBMMY3M + 0.205%	4.450%	10/31/26	0.9%
U.S. Treasury Notes	4.375%	01/31/32	0.9%
U.S. Treasury Notes	4.250%	06/30/31	0.9%
GNMA	6.000%	09/20/54	0.8%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CRBSX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Bond Fund

Investor Class Shares - CRBVX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Investor Class Shares of the Catholic Responsible Investments Bond Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Bond Fund, Investor Class Shares	$25	0.50%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$2,376,755,458	1,315	$3,440,297	42%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
U.S. Government Agency Obligation	0.0%
Futures Contracts	0.1%
Bank Loan Obligations	0.1%
Sovereign Debt	1.3%
Municipal Bonds	2.9%
Asset-Backed Securities	8.1%
Mortgage-Backed Securities	27.9%
Corporate Obligations	28.1%
U.S. Treasury Obligations	29.6%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets
U.S. Treasury Notes	3.875%	08/15/34	2.8%
U.S. Treasury Notes	3.875%	08/15/33	1.7%
U.S. Treasury Notes, USBMMY3M + 0.150%	4.395%	04/30/26	1.5%
U.S. Treasury Notes, USBMMY3M + 0.098%	4.343%	01/31/27	1.3%
GNMA	6.000%	08/20/54	1.2%
U.S. Treasury Inflation Indexed Bonds	2.375%	02/15/55	1.0%
U.S. Treasury Notes, USBMMY3M + 0.205%	4.450%	10/31/26	0.9%
U.S. Treasury Notes	4.375%	01/31/32	0.9%
U.S. Treasury Notes	4.250%	06/30/31	0.9%
GNMA	6.000%	09/20/54	0.8%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CRBVX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Opportunistic Bond Fund

Institutional Class Shares - CROSX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Institutional Class Shares of the Catholic Responsible Investments Opportunistic Bond Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Opportunistic Bond Fund, Institutional Class Shares	$21	0.41%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$701,741,233	348	$1,193,446	83%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Short-Term Investment	0.0%
U.S. Government Agency Obligation	0.0%
Futures Contracts	0.0%
Bank Loan Obligations	0.4%
Sovereign Debt	1.2%
Municipal Bonds	1.9%
Asset-Backed Securities	19.2%
U.S. Treasury Obligations	23.8%
Mortgage-Backed Securities	25.3%
Corporate Obligations	25.8%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
U.S. Treasury Notes	1.500%	02/15/30	7.3%
U.S. Treasury Notes, USBMMY3M + 0.150%	4.395%	04/30/26	4.3%
U.S. Treasury Notes	4.000%	02/28/30	3.8%
U.S. Treasury Notes, USBMMY3M + 0.205%	4.450%	10/31/26	2.3%
U.S. Treasury Notes, USBMMY3M + 0.125%	4.370%	07/31/25	2.0%
U.S. Treasury Notes, USBMMY3M + 0.170%	4.415%	10/31/25	1.8%
GNMA	6.000%	08/20/54	1.6%
GNMA	6.000%	09/20/54	1.5%
GNMA	6.000%	07/20/54	1.3%
U.S. Treasury Notes	3.875%	08/15/34	1.3%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CROSX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Opportunistic Bond Fund

Investor Class Shares - CROVX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Investor Class Shares of the Catholic Responsible Investments Opportunistic Bond Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Opportunistic Bond Fund, Investor Class Shares	$28	0.56%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$701,741,233	348	$1,193,446	83%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Short-Term Investment	0.0%
U.S. Government Agency Obligation	0.0%
Futures Contracts	0.0%
Bank Loan Obligations	0.4%
Sovereign Debt	1.2%
Municipal Bonds	1.9%
Asset-Backed Securities	19.2%
U.S. Treasury Obligations	23.8%
Mortgage-Backed Securities	25.3%
Corporate Obligations	25.8%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
U.S. Treasury Notes	1.500%	02/15/30	7.3%
U.S. Treasury Notes, USBMMY3M + 0.150%	4.395%	04/30/26	4.3%
U.S. Treasury Notes	4.000%	02/28/30	3.8%
U.S. Treasury Notes, USBMMY3M + 0.205%	4.450%	10/31/26	2.3%
U.S. Treasury Notes, USBMMY3M + 0.125%	4.370%	07/31/25	2.0%
U.S. Treasury Notes, USBMMY3M + 0.170%	4.415%	10/31/25	1.8%
GNMA	6.000%	08/20/54	1.6%
GNMA	6.000%	09/20/54	1.5%
GNMA	6.000%	07/20/54	1.3%
U.S. Treasury Notes	3.875%	08/15/34	1.3%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CROVX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Equity Index Fund

Institutional Class Shares - CRQSX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Institutional Class Shares of the Catholic Responsible Investments Equity Index Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Equity Index Fund, Institutional Class Shares	$4	0.09%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$3,763,653,651	439	$894,440	12%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Rights	0.0%
Short-Term Investment	0.0%
Futures Contracts	0.0%
Materials	2.2%
Utilities	2.5%
Real Estate	2.8%
Energy	3.3%
Consumer Staples	6.7%
Health Care	7.9%
Industrials	8.1%
Communication Services	9.9%
Consumer Discretionary	10.3%
Financials	14.9%
Information Technology	30.9%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Apple			6.9%
Microsoft			6.4%
NVIDIA			5.7%
Amazon.com			3.7%
Meta Platforms, Cl A			2.6%
Berkshire Hathaway, Cl B			2.4%
Alphabet, Cl A			2.0%
Broadcom			1.9%
Tesla			1.7%
Alphabet, Cl C			1.7%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CRQSX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Small-Cap Fund

Institutional Class Shares - CRSSX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Institutional Class Shares of the Catholic Responsible Investments Small-Cap Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Small-Cap Fund, Institutional Class Shares	$13	0.28%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$489,010,513	577	$544,602	14%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Rights	0.0%
Futures Contracts	0.0%
Short-Term Investment	1.6%
Utilities	2.4%
Communication Services	3.1%
Consumer Staples	3.4%
Energy	3.8%
Materials	5.0%
Real Estate	8.1%
Health Care	11.3%
Information Technology	12.0%
Consumer Discretionary	12.5%
Industrials	18.4%
Financials	19.5%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Mr Cooper Group			0.6%
Qorvo			0.5%
Armstrong World Industries			0.5%
TG Therapeutics			0.5%
Stride			0.5%
SPX Technologies			0.5%
Badger Meter			0.5%
Teleflex			0.5%
Brinker International			0.5%
Essential Properties Realty Trust			0.5%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CRSSX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Multi-Style US Equity Fund

Institutional Class Shares - CRTSX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Institutional Class Shares of the Catholic Responsible Investments Multi-Style US Equity Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Multi-Style US Equity Fund, Institutional Class Shares	$32	0.66%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$739,600,291	308	$2,463,405	23%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Real Estate	1.1%
Utilities	2.6%
Energy	3.5%
Materials	4.5%
Consumer Staples	5.7%
Communication Services	6.9%
Consumer Discretionary	7.6%
Health Care	8.1%
Industrials	11.8%
Financials	16.5%
Information Technology	30.9%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Microsoft			5.8%
Apple			4.3%
Amazon.com			3.8%
NVIDIA			3.6%
Meta Platforms, Cl A			2.6%
Broadcom			2.2%
TransDigm Group			2.0%
Linde			1.9%
Visa, Cl A			1.9%
Salesforce			1.9%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CRTSX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Multi-Style US Equity Fund

Investor Class Shares - CRTVX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Investor Class Shares of the Catholic Responsible Investments Multi-Style US Equity Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Multi-Style US Equity Fund, Investor Class Shares	$40	0.81%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$739,600,291	308	$2,463,405	23%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Real Estate	1.1%
Utilities	2.6%
Energy	3.5%
Materials	4.5%
Consumer Staples	5.7%
Communication Services	6.9%
Consumer Discretionary	7.6%
Health Care	8.1%
Industrials	11.8%
Financials	16.5%
Information Technology	30.9%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Microsoft			5.8%
Apple			4.3%
Amazon.com			3.8%
NVIDIA			3.6%
Meta Platforms, Cl A			2.6%
Broadcom			2.2%
TransDigm Group			2.0%
Linde			1.9%
Visa, Cl A			1.9%
Salesforce			1.9%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CRTVX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments International Equity Fund

Institutional Class Shares - CRLSX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Institutional Class Shares of the Catholic Responsible Investments International Equity Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments International Equity Fund, Institutional Class Shares	$41	0.80%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$1,852,667,622	311	$5,992,646	21%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	20.9%
Short-Term Investment	0.8%
United States	2.2%
Ireland	2.2%
Italy	3.2%
India	3.7%
Canada	4.2%
Taiwan	4.8%
Netherlands	6.6%
China	7.7%
Japan	8.9%
France	9.3%
Germany	9.7%
United Kingdom	13.3%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Tencent Holdings			2.6%
Taiwan Semiconductor Manufacturing			2.4%
Nintendo			2.1%
SAP			2.0%
3i Group			1.8%
Siemens Energy			1.8%
Deutsche Telekom			1.7%
Spotify Technology			1.6%
Sea ADR			1.6%
Taiwan Semiconductor Manufacturing ADR			1.4%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CRLSX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments International Equity Fund

Investor Class Shares - CRLVX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Investor Class Shares of the Catholic Responsible Investments International Equity Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments International Equity Fund, Investor Class Shares	$48	0.95%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$1,852,667,622	311	$5,992,646	21%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	20.9%
Short-Term Investment	0.8%
United States	2.2%
Ireland	2.2%
Italy	3.2%
India	3.7%
Canada	4.2%
Taiwan	4.8%
Netherlands	6.6%
China	7.7%
Japan	8.9%
France	9.3%
Germany	9.7%
United Kingdom	13.3%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Tencent Holdings			2.6%
Taiwan Semiconductor Manufacturing			2.4%
Nintendo			2.1%
SAP			2.0%
3i Group			1.8%
Siemens Energy			1.8%
Deutsche Telekom			1.7%
Spotify Technology			1.6%
Sea ADR			1.6%
Taiwan Semiconductor Manufacturing ADR			1.4%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CRLVX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments International Small-Cap Fund

Institutional Class Shares - CRNSX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Institutional Class Shares of the Catholic Responsible Investments International Small-Cap Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments International Small-Cap Fund, Institutional Class Shares	$59	1.15%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$107,728,912	413	$435,095	26%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
Futures Contracts	0.1%
Other Countries	22.5%
Short-Term Investment	0.9%
Exchange-Traded Fund	1.7%
Switzerland	2.2%
South Korea	2.4%
France	2.9%
Taiwan	3.2%
India	3.6%
Germany	3.7%
Sweden	4.0%
Australia	4.2%
Italy	5.1%
Canada	5.6%
United Kingdom	9.7%
Japan	24.0%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Buzzi			1.3%
iShares MSCI EAFE Small-Capital ETF			1.1%
Viscofan			1.1%
Alten			1.0%
MEITEC Group Holdings			1.0%
Orix JREIT,			1.0%
IMI			0.9%
Nomad Foods			0.9%
DTS			0.9%
Tate & Lyle			0.8%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CRNSX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Magnus 45/55 Fund

Institutional Class Shares - CMNSX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Institutional Class Shares of the Catholic Responsible Investments Magnus 45/55 Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Magnus 45/55 Fund, Institutional Class Shares	$0	0.00%^{Footnote Reference†}

Footnote	Description
Footnote†	The expense ratios do not include expenses of the underlying affiliated investment companies.

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$127,422,835	8	$-	3%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Open-End Mutual Funds	99.6%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Holdings

Holding Name			Percentage of Total Net Assets
Catholic Responsible Investments Bond Fund, Cl Institutional Shares^{Footnote Reference**}			27.2%
Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares^{Footnote Reference**}			22.9%
Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares^{Footnote Reference**}			13.6%
Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares^{Footnote Reference**}			13.6%
Catholic Responsible Investments International Equity Fund, Cl Institutional Shares^{Footnote Reference**}			9.1%
Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares^{Footnote Reference**}			6.9%
Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			4.0%
Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			2.3%

Footnote	Description
Footnote^**	Affiliated Investment

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CMNSX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Magnus 45/55 Fund

Investor Class Shares - CMNVX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Investor Class Shares of the Catholic Responsible Investments Magnus 45/55 Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Magnus 45/55 Fund, Investor Class Shares	$7	0.15%^{Footnote Reference†}

Footnote	Description
Footnote†	The expense ratios do not include expenses of the underlying affiliated investment companies.

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$127,422,835	8	$-	3%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Open-End Mutual Funds	99.6%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Holdings

Holding Name			Percentage of Total Net Assets
Catholic Responsible Investments Bond Fund, Cl Institutional Shares^{Footnote Reference**}			27.2%
Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares^{Footnote Reference**}			22.9%
Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares^{Footnote Reference**}			13.6%
Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares^{Footnote Reference**}			13.6%
Catholic Responsible Investments International Equity Fund, Cl Institutional Shares^{Footnote Reference**}			9.1%
Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares^{Footnote Reference**}			6.9%
Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			4.0%
Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			2.3%

Footnote	Description
Footnote^**	Affiliated Investment

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CMNVX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund

Institutional Class Shares - CMPSX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Institutional Class Shares of the Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Institutional Class Shares	$0	0.00%^{Footnote Reference†}

Footnote	Description
Footnote†	The expense ratios do not include expenses of the underlying affiliated investment companies.

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$1,362,714,548	8	$-	5%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Open-End Mutual Funds	99.9%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Holdings

Holding Name			Percentage of Total Net Assets
Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares^{Footnote Reference**}			24.3%
Catholic Responsible Investments Bond Fund, Cl Institutional Shares^{Footnote Reference**}			19.4%
Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares^{Footnote Reference**}			15.1%
Catholic Responsible Investments International Equity Fund, Cl Institutional Shares^{Footnote Reference**}			12.6%
Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares^{Footnote Reference**}			9.7%
Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares^{Footnote Reference**}			9.6%
Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			6.1%
Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			3.1%

Footnote	Description
Footnote^**	Affiliated Investment

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CMPSX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund

Investor Class Shares - CMPVX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Investor Class Shares of the Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Investor Class Shares	$7	0.15%^{Footnote Reference†}

Footnote	Description
Footnote†	The expense ratios do not include expenses of the underlying affiliated investment companies.

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$1,362,714,548	8	$-	5%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Open-End Mutual Funds	99.9%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Holdings

Holding Name			Percentage of Total Net Assets
Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares^{Footnote Reference**}			24.3%
Catholic Responsible Investments Bond Fund, Cl Institutional Shares^{Footnote Reference**}			19.4%
Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares^{Footnote Reference**}			15.1%
Catholic Responsible Investments International Equity Fund, Cl Institutional Shares^{Footnote Reference**}			12.6%
Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares^{Footnote Reference**}			9.7%
Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares^{Footnote Reference**}			9.6%
Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			6.1%
Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			3.1%

Footnote	Description
Footnote^**	Affiliated Investment

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CMPVX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Magnus 60/40 Beta Plus Fund

Institutional Class Shares - CMMSX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Institutional Class Shares of the Catholic Responsible Investments Magnus 60/40 Beta Plus Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Institutional Class Shares	$0	0.00%^{Footnote Reference†}

Footnote	Description
Footnote†	The expense ratios do not include expenses of the underlying affiliated investment companies.

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$548,299,702	7	$-	5%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Open-End Mutual Funds	99.9%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Holdings

Holding Name			Percentage of Total Net Assets
Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares^{Footnote Reference**}			39.4%
Catholic Responsible Investments Bond Fund, Cl Institutional Shares^{Footnote Reference**}			19.4%
Catholic Responsible Investments International Equity Fund, Cl Institutional Shares^{Footnote Reference**}			12.6%
Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares^{Footnote Reference**}			9.7%
Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares^{Footnote Reference**}			9.6%
Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			6.1%
Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			3.1%

Footnote	Description
Footnote^**	Affiliated Investment

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CMMSX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Magnus 60/40 Beta Plus Fund

Investor Class Shares - CMMVX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Investor Class Shares of the Catholic Responsible Investments Magnus 60/40 Beta Plus Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Investor Class Shares	$7	0.15%^{Footnote Reference†}

Footnote	Description
Footnote†	The expense ratios do not include expenses of the underlying affiliated investment companies.

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$548,299,702	7	$-	5%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Open-End Mutual Funds	99.9%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Holdings

Holding Name			Percentage of Total Net Assets
Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares^{Footnote Reference**}			39.4%
Catholic Responsible Investments Bond Fund, Cl Institutional Shares^{Footnote Reference**}			19.4%
Catholic Responsible Investments International Equity Fund, Cl Institutional Shares^{Footnote Reference**}			12.6%
Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares^{Footnote Reference**}			9.7%
Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares^{Footnote Reference**}			9.6%
Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			6.1%
Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			3.1%

Footnote	Description
Footnote^**	Affiliated Investment

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CMMVX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Magnus 75/25 Fund

Institutional Class Shares - CMUSX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Institutional Class Shares of the Catholic Responsible Investments Magnus 75/25 Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Magnus 75/25 Fund, Institutional Class Shares	$0	0.00%^{Footnote Reference†}

Footnote	Description
Footnote†	The expense ratios do not include expenses of the underlying affiliated investment companies.

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$207,920,999	8	$-	9%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Open-End Mutual Funds	99.7%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Holdings

Holding Name			Percentage of Total Net Assets
Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares^{Footnote Reference**}			33.8%
Catholic Responsible Investments International Equity Fund, Cl Institutional Shares^{Footnote Reference**}			15.6%
Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares^{Footnote Reference**}			15.1%
Catholic Responsible Investments Bond Fund, Cl Institutional Shares^{Footnote Reference**}			12.0%
Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			7.5%
Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares^{Footnote Reference**}			6.0%
Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares^{Footnote Reference**}			6.0%
Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			3.9%

Footnote	Description
Footnote^**	Affiliated Investment

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CMUSX-SAR-2025

Catholic Responsible Investments Funds

Catholic Responsible Investments Magnus 75/25 Fund

Investor Class Shares - CMUVX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Investor Class Shares of the Catholic Responsible Investments Magnus 75/25 Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cbisonline.com/us/legal-financial/. You can also request this information by contacting us at 866-348-6466.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Catholic Responsible Investments Magnus 75/25 Fund, Investor Class Shares	$7	0.15%^{Footnote Reference†}

Footnote	Description
Footnote†	The expense ratios do not include expenses of the underlying affiliated investment companies.

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$207,920,999	8	$-	9%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Open-End Mutual Funds	99.7%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Holdings

Holding Name			Percentage of Total Net Assets
Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares^{Footnote Reference**}			33.8%
Catholic Responsible Investments International Equity Fund, Cl Institutional Shares^{Footnote Reference**}			15.6%
Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares^{Footnote Reference**}			15.1%
Catholic Responsible Investments Bond Fund, Cl Institutional Shares^{Footnote Reference**}			12.0%
Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			7.5%
Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares^{Footnote Reference**}			6.0%
Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares^{Footnote Reference**}			6.0%
Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares^{Footnote Reference**}			3.9%

Footnote	Description
Footnote^**	Affiliated Investment

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

866-348-6466
https://cbisonline.com/us/legal-financial/

Householding

CMUVX-SAR-2025

(b)

Not applicable

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not appliable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

(a)

The Schedules of Investments are included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Financial statements and financial highlights are filed herein.

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2025

Table of Contents

Financial Statements (Form N-CSRS Item 7)
Schedules of Investments	1
Statements of Assets and Liabilities	107
Statements of Operations	110
Statements of Changes in Net Assets	113
Financial Highlights	120
Notes to Financial Statements	125
Other Information (Form N-CSRS Items 8-11)	157

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2025 (Unaudited)

SCHEDULE OF INVESTMENTS
ASSET-BACKED SECURITIES — 31.8%
	Face Amount		Value
Automotive — 23.0%
Ally Auto Receivables Trust, Ser 2023-1, Cl A3
5.460%, 05/15/28	$	362,642	$	365,512
American Credit Acceptance Receivables Trust, Ser 2024-2, Cl A
5.900%, 02/12/27 (A)		57,341		57,414
AmeriCredit Automobile Receivables Trust, Ser 2022-2, Cl A3
4.380%, 04/18/28		115,455		115,365
AmeriCredit Automobile Receivables Trust, Ser 2024-1, Cl A2B
4.950%, SOFR30A + 0.600%, 02/18/28 (B)		444,505		444,199
ARI Fleet Lease Trust, Ser 2023-B, Cl A2
6.050%, 07/15/32 (A)		258,294		260,321
ARI Fleet Lease Trust, Ser 2024-A, Cl A2
5.300%, 11/15/32 (A)		333,168		334,854
BMW Vehicle Lease Trust, Ser 2024-2, Cl A2A
4.290%, 01/25/27		341,863		341,346
Capital One Prime Auto Receivables Trust, Ser 2022-1, Cl A3
3.170%, 04/15/27		53,769		53,462
CarMax Auto Owner Trust, Ser 2022-2, Cl A3
3.490%, 02/16/27		112,418		112,033
CarMax Auto Owner Trust, Ser 2022-4, Cl A3
5.340%, 08/16/27		181,939		182,533
CarMax Auto Owner Trust, Ser 2023-3, Cl A2A
5.720%, 11/16/26		45,227		45,263
CarMax Auto Owner Trust, Ser 2023-3, Cl A2B
4.945%, SOFR30A + 0.600%, 11/16/26 (B)		196,735		196,774
CarMax Auto Owner Trust, Ser 2023-4, Cl A2B
5.145%, SOFR30A + 0.800%, 12/15/26 (B)		105,597		105,653
CarMax Auto Owner Trust, Ser 2024-1, Cl A2B
4.965%, SOFR30A + 0.620%, 03/15/27 (B)		30,680		30,686

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
CarMax Auto Owner Trust, Ser 2025-2, Cl A1
4.468%, 05/15/26	$	110,000	$	110,054
Carvana Auto Receivables Trust, Ser 2025-N1, Cl A1
4.636%, 03/10/26 (A)		154,963		154,965
Chesapeake Funding II, Ser 2023-1A, Cl A2
5.595%, SOFR30A + 1.250%, 05/15/35 (A)(B)		77,440		77,760
Chesapeake Funding II, Ser 2023-2A, Cl A1
6.160%, 10/15/35 (A)		73,761		74,800
Citizens Auto Receivables Trust, Ser 2023-1, Cl A3
5.840%, 01/18/28 (A)		330,969		333,356
Citizens Auto Receivables Trust, Ser 2024-1, Cl A2B
4.945%, SOFR30A + 0.600%, 10/15/26 (A)(B)		146,133		146,168
Citizens Auto Receivables Trust, Ser 2024-2, Cl A2A
5.540%, 11/16/26 (A)		148,030		148,285
Citizens Auto Receivables Trust, Ser 2024-2, Cl A2B
4.885%, SOFR30A + 0.540%, 11/16/26 (A)(B)		666,134		666,189
CPS Auto Receivables Trust, Ser 2024-C, Cl A
5.880%, 02/15/28 (A)		362,102		363,740
DT Auto Owner Trust, Ser 2021-2A, Cl D
1.500%, 02/16/27 (A)		338,276		336,081
DT Auto Owner Trust, Ser 2023-3A, Cl A
6.290%, 08/16/27 (A)		9,768		9,783
Enterprise Fleet Financing, Ser 2023-1, Cl A2
5.510%, 01/22/29 (A)		450,348		451,693
Enterprise Fleet Financing, Ser 2024-3, Cl A2
5.310%, 04/20/27 (A)		70,428		70,661
Enterprise Fleet Financing, Ser 2024-4, Cl A1
4.724%, 10/21/25 (A)		99,755		99,766
Enterprise Fleet Financing, Ser 2025-2, Cl A1
4.555%, 05/20/26 (A)		245,000		245,048
Ford Credit Auto Lease Trust, Ser 2024-A, Cl A2B
4.845%, SOFR30A + 0.500%, 07/15/26 (B)		9,663		9,663

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Ford Credit Auto Lease Trust, Ser 2024-A, Cl A3
5.060%, 05/15/27	$	375,000	$	375,890
Ford Credit Auto Lease Trust, Ser 2024-B, Cl A2A
5.180%, 02/15/27		68,625		68,749
Ford Credit Auto Lease Trust, Ser 2024-B, Cl A2B
4.745%, SOFR30A + 0.400%, 02/15/27 (B)		187,817		187,760
Ford Credit Auto Lease Trust, Ser 2025-A, Cl A2B
4.755%, SOFR30A + 0.410%, 08/15/27 (B)		435,000		434,628
Ford Credit Auto Owner Trust, Ser 2022-B, Cl A4
3.930%, 08/15/27		600,000		597,867
Ford Credit Auto Owner Trust, Ser 2022-C, Cl A3
4.480%, 12/15/26		41,938		41,911
Ford Credit Auto Owner Trust, Ser 2023-A, Cl A3
4.650%, 02/15/28		278,477		278,668
Ford Credit Auto Owner Trust, Ser 2023-B, Cl A2A
5.570%, 06/15/26		16,042		16,049
Ford Credit Auto Owner Trust, Ser 2023-C, Cl A2A
5.680%, 09/15/26		80,505		80,610
Ford Credit Auto Owner Trust, Ser 2024-B, Cl A2B
4.745%, SOFR30A + 0.400%, 04/15/27 (B)		299,078		298,997
Ford Credit Auto Owner Trust, Ser 2024-C, Cl A1
4.922%, 10/15/25		12,209		12,211
Ford Credit Auto Owner Trust, Ser 2024-D, Cl A1
4.604%, 12/15/25		96,188		96,187
Ford Credit Auto Owner Trust, Ser 2025-A, Cl A2B
4.755%, SOFR30A + 0.410%, 12/15/27 (B)		600,000		599,386
GM Financial Automobile Leasing Trust, Ser 2025-1, Cl A1
4.408%, 02/20/26		154,859		154,831
GM Financial Consumer Automobile Receivables Trust, Ser 2021-3, Cl A4
0.730%, 08/16/27		149,118		147,797

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
GM Financial Consumer Automobile Receivables Trust, Ser 2022-4, Cl A3
4.820%, 08/16/27	$	904,562	$	905,052
GM Financial Consumer Automobile Receivables Trust, Ser 2023-4, Cl A2B
4.877%, SOFR30A + 0.530%, 11/16/26 (B)		86,001		86,015
GM Financial Consumer Automobile Receivables Trust, Ser 2024-2, Cl A2B
4.737%, SOFR30A + 0.390%, 03/16/27 (B)		182,539		182,448
GM Financial Consumer Automobile Receivables Trust, Ser 2024-3, Cl A2A
5.350%, 06/16/27		85,906		86,123
GMF Floorplan Owner Revolving Trust Series, Ser 2025-1A, Cl A2
4.945%, SOFR30A + 0.600%, 03/15/29 (A)(B)		1,195,000		1,192,403
Honda Auto Receivables Owner Trust, Ser 2023-2, Cl A2
5.410%, 04/15/26		6,939		6,941
Honda Auto Receivables Owner Trust, Ser 2023-3, Cl A2
5.710%, 03/18/26		53		53
Honda Auto Receivables Owner Trust, Ser 2025-2, Cl A2B
–%, SOFR30A + 0.480%, 01/18/28 (B)		160,000		160,000
Hyundai Auto Lease Securitization Trust, Ser 2023-B, Cl A4
5.170%, 04/15/27 (A)		271,000		271,421
Hyundai Auto Lease Securitization Trust, Ser 2023-C, Cl A2B
4.945%, SOFR30A + 0.600%, 03/16/26 (A)(B)		122,557		122,563
Hyundai Auto Lease Securitization Trust, Ser 2023-C, Cl A4
5.840%, 09/15/27 (A)		200,000		202,127
Hyundai Auto Lease Securitization Trust, Ser 2024-A, Cl A2B
4.845%, SOFR30A + 0.500%, 06/15/26 (A)(B)		219,371		219,344

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Hyundai Auto Lease Securitization Trust, Ser 2024-B, Cl A2B
4.795%, SOFR30A + 0.450%, 10/15/26 (A)(B)	$	604,316	$	604,063
Hyundai Auto Receivables Trust, Ser 2023-C, Cl A2B
4.975%, SOFR30A + 0.630%, 01/15/27 (B)		42,907		42,921
Hyundai Auto Receivables Trust, Ser 2024-B, Cl A2A
5.150%, 06/15/27		160,359		160,798
Hyundai Auto Receivables Trust, Ser 2024-C, Cl A1
4.750%, 10/15/25		795		796
Hyundai Auto Receivables Trust, Ser 2024-C, Cl A2B
4.745%, SOFR30A + 0.400%, 09/15/27 (B)		297,000		296,900
Hyundai Auto Receivables Trust, Ser 2025-A, Cl A2B
4.685%, SOFR30A + 0.340%, 12/15/27 (B)		1,105,000		1,103,438
M&T Bank Auto Receivables Trust, Ser 2025-1A, Cl A1
4.514%, 02/17/26 (A)		235,984		235,913
Mercedes-Benz Auto Lease Trust, Ser 2024-A, Cl A2B
4.765%, SOFR30A + 0.420%, 02/16/27 (B)		70,057		70,018
Mercedes-Benz Auto Receivables Trust, Ser 2023-2, Cl A2
5.920%, 11/16/26		53,447		53,518
Nissan Auto Lease Trust, Ser 2024-A, Cl A2A
5.110%, 10/15/26		171,944		172,123
Nissan Auto Lease Trust, Ser 2024-B, Cl A2A
5.050%, 06/15/27		211,367		212,107
Nissan Auto Lease Trust, Ser 2024-B, Cl A2B
4.755%, SOFR30A + 0.410%, 06/15/27 (B)		845,468		844,942
Nissan Auto Receivables Owner Trust, Ser 2022-A, Cl A3
1.860%, 08/17/26		63,327		62,987
Nissan Auto Receivables Owner Trust, Ser 2023-A, Cl A3
4.910%, 11/15/27		313,001		313,554
Nissan Auto Receivables Owner Trust, Ser 2023-B, Cl A2B
4.905%, SOFR30A + 0.560%, 05/15/26 (B)		92,648		92,670

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Nissan Auto Receivables Owner Trust, Ser 2024-B, Cl A1
4.703%, 10/15/25	$	77,722	$	77,728
Santander Drive Auto Receivables Trust, Ser 2022-2, Cl B
3.440%, 09/15/27		53,568		53,462
Santander Drive Auto Receivables Trust, Ser 2023-2, Cl A3
5.210%, 07/15/27		54,723		54,737
Santander Drive Auto Receivables Trust, Ser 2023-5, Cl A2
6.310%, 07/15/27		12,904		12,912
Santander Drive Auto Receivables Trust, Ser 2023-6, Cl A2
6.080%, 05/17/27		12,486		12,496
Santander Drive Auto Receivables Trust, Ser 2025-1, Cl A2
4.760%, 08/16/27		511,376		511,390
SBNA Auto Lease Trust, Ser 2023-A, Cl A3
6.510%, 04/20/27 (A)		350,000		351,970
SBNA Auto Lease Trust, Ser 2024-A, Cl A3
5.390%, 11/20/26 (A)		500,000		501,095
SBNA Auto Lease Trust, Ser 2025-A, Cl A1
4.489%, 02/20/26 (A)		192,580		192,555
SFS Auto Receivables Securitization Trust, Ser 2023-1A, Cl A2A
5.890%, 03/22/27 (A)		2,665		2,667
SFS Auto Receivables Securitization Trust, Ser 2023-1A, Cl A3
5.470%, 10/20/28 (A)		600,000		604,465
SFS Auto Receivables Securitization Trust, Ser 2024-3A, Cl A2
4.710%, 05/22/28 (A)		228,864		228,819
SFS Auto Receivables Securitization Trust, Ser 2025-1A, Cl A1
4.492%, 02/20/26 (A)		82,238		82,233
Toyota Auto Receivables Owner Trust, Ser 2023-D, Cl A2A
5.800%, 11/16/26		74,301		74,446

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Toyota Auto Receivables Owner Trust, Ser 2024-C, Cl A2B
4.715%, SOFR30A + 0.370%, 05/17/27 (B)	$	922,043	$	921,931
Volkswagen Auto Lease Trust, Ser 2023-A, Cl A3
5.810%, 10/20/26		252,450		253,525
Volkswagen Auto Lease Trust, Ser 2024-A, Cl A2B
4.820%, SOFR30A + 0.470%, 12/21/26 (B)		325,799		325,333
Volkswagen Auto Loan Enhanced Trust, Ser 2024-1, Cl A1
4.622%, 11/20/25		31,962		31,963
Westlake Automobile Receivables Trust, Ser 2025-1A, Cl A1
4.565%, 01/15/26 (A)		372,066		372,044
World Omni Auto Receivables Trust, Ser 2021-D, Cl C
1.720%, 06/15/28		325,000		319,658
World Omni Auto Receivables Trust, Ser 2022-A, Cl A3
1.660%, 05/17/27		165,093		163,805
World Omni Auto Receivables Trust, Ser 2023-B, Cl A3
4.660%, 05/15/28		325,685		325,958
World Omni Auto Receivables Trust, Ser 2023-D, Cl A2A
5.910%, 02/16/27		39,625		39,707
World Omni Automobile Lease Securitization Trust, Ser 2024-A, Cl A2B
4.775%, SOFR30A + 0.430%, 02/16/27 (B)		439,217		439,278
World Omni Automobile Lease Securitization Trust, Ser 2025-A, Cl A2B
4.735%, SOFR30A + 0.390%, 12/15/27 (B)		1,000,000		998,538
World Omni Select Auto Trust, Ser 2024-A, Cl A2A
5.370%, 02/15/28		233,611		234,187
				24,223,108
Credit Card — 2.0%
Barclays Dryrock Issuance Trust, Ser 2023-2, Cl A
5.245%, SOFR30A + 0.900%, 08/15/28 (B)		500,000		500,804
CARDS II Trust, Ser 2024-1A, Cl A
5.037%, SOFRRATE + 0.680%, 07/15/29 (A)(B)		280,000		280,264

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Citibank Credit Card Issuance Trust, Ser 2023-A2, Cl A2
5.028%, SOFRRATE + 0.630%, 12/08/27 (B)	$	1,172,000	$	1,173,196
Evergreen Credit Card Trust, Ser 2024-1A, Cl A
5.040%, SOFRRATE + 0.680%, 07/17/28 (A)(B)		170,000		170,159
				2,124,423
Other Asset-Backed Securities — 6.8%
522 Funding CLO, Ser 2021-3A, Cl AR
5.571%, TSFR3M + 1.302%, 10/20/31 (A)(B)		121,274		121,232
Amur Equipment Finance Receivables XII, Ser 2023-1A, Cl A2
6.090%, 12/20/29 (A)		473,776		479,191
Apidos CLO XXX, Ser 2024-XXXA, Cl A1AR
5.350%, TSFR3M + 1.080%, 10/18/31 (A)(B)		275,191		274,652
Auxilior Term Funding, Ser 2023-1A, Cl A2
6.180%, 12/15/28 (A)		303,835		306,407
Bain Capital Credit CLO, Ser 2024-2A, Cl A1R
5.350%, TSFR3M + 1.080%, 07/19/31 (A)(B)		843,314		842,493
Cbam, Ser 2018-7A, Cl A
5.631%, TSFR3M + 1.362%, 07/20/31 (A)(B)		160,691		160,632
CCG Receivables Trust, Ser 2025-1, Cl A1
4.497%, 03/16/26 (A)		275,033		274,971
CNH Equipment Trust, Ser 2022-C, Cl A3
5.150%, 04/17/28		328,176		329,971
CNH Equipment Trust, Ser 2024-A, Cl A2
5.190%, 07/15/27		182,301		182,433
CNH Equipment Trust, Ser 2024-B, Cl A2B
4.745%, SOFR30A + 0.400%, 10/15/27 (B)		442,894		442,892
Daimler Trucks Retail Trust, Ser 2022-1, Cl A3
5.230%, 02/17/26		144,611		144,679
Dell Equipment Finance Trust, Ser 2023-3, Cl A2
6.100%, 04/23/29 (A)		21,438		21,461
DLLAA, Ser 2025-1A, Cl A1
4.466%, 01/20/26 (A)		126,620		126,600

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
DLLAA, Ser 2025-1A, Cl A2
4.700%, 10/20/27 (A)	$	150,000	$	150,316
Dryden 30 Senior Loan Fund, Ser 2017-30A, Cl AR
5.405%, TSFR3M + 1.082%, 11/15/28 (A)(B)		52,493		52,475
GreatAmerica Leasing Receivables Funding, Ser 2025-1, Cl A1
4.462%, 03/16/26 (A)		182,294		182,241
HPEFS Equipment Trust, Ser 2022-2A, Cl D
4.940%, 03/20/30 (A)		350,000		349,955
HPEFS Equipment Trust, Ser 2023-2A, Cl A2
6.040%, 01/21/31 (A)		86,756		86,910
John Deere Owner Trust, Ser 2022-A, Cl A3
2.320%, 09/15/26		113,961		113,434
John Deere Owner Trust, Ser 2023-A, Cl A3
5.010%, 11/15/27		310,577		311,380
John Deere Owner Trust, Ser 2023-C, Cl A2
5.760%, 08/17/26		8,606		8,611
Kubota Credit Owner Trust, Ser 2025-1A, Cl A1
4.481%, 02/16/26 (A)		525,198		525,125
MMAF Equipment Finance, Ser 2017-B, Cl A5
2.720%, 06/15/40 (A)		145,271		144,717
Octagon Investment Partners XVI, Ser 2018-1A, Cl A1R
5.561%, TSFR3M + 1.282%, 07/17/30 (A)(B)		192,649		192,582
PFS Financing, Ser 2024-A, Cl A
5.195%, SOFR30A + 0.850%, 01/15/28 (A)(B)		350,000		350,494
PFS Financing, Ser 2025-A, Cl A
4.995%, SOFR30A + 0.650%, 01/15/29 (A)(B)		285,000		284,055
SCF Equipment Trust, Ser 2025-1A, Cl A1
4.522%, 02/20/26 (A)		153,200		153,180
Tesla Sustainable Energy Trust, Ser 2024-1A, Cl A1
4.830%, 12/03/25 (A)		13,724		13,724
Volvo Financial Equipment Series, Ser 2024-1A, Cl A1
5.073%, 09/15/25 (A)		22,010		22,015

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Volvo Financial Equipment Series, Ser 2025-1A, Cl A1
4.491%, 03/16/26 (A)	$	452,172	$	452,076
				7,100,904
Total Asset-Backed Securities
(Cost $33,456,794)				33,448,435

U.S. TREASURY OBLIGATIONS — 28.1%

U.S. Treasury Bills
4.271%, 05/22/25(C)	$	5,225,000	$	5,212,068
4.264%, 05/27/25(C)		3,800,000		3,788,400
4.264%, 06/10/25(C)		2,300,000		2,289,218
4.250%, 06/03/25(C)		1,500,000		1,494,200
4.249%, 05/13/25(C)		2,925,000		2,920,890
4.248%, 06/20/25(C)		6,100,000		6,064,260
4.240%, 05/01/25(C)		1,525,000		1,525,000
4.229%, 06/26/25(C)		2,425,000		2,409,014
0.000%, 06/24/25(D)		2,125,000		2,111,533
U.S. Treasury Notes
4.415%, USBMMY3M + 0.170%, 10/31/25(B)		1,725,000		1,725,600

Total U.S. Treasury Obligations
(Cost $29,541,154)				29,540,183

CORPORATE OBLIGATIONS — 23.2%

CONSUMER DISCRETIONARY — 1.2%
American Honda Finance MTN
5.118%, SOFRINDX + 0.720%, 10/05/26(B)	$	472,000	$	472,138
Toyota Motor Credit
5.133%, SOFRRATE + 0.770%, 08/07/26(B)		550,000		550,994
4.851%, SOFRINDX + 0.450%, 04/10/26(B)		200,000		199,784
				1,222,916
FINANCIALS — 18.7%
American Express
5.764%, SOFRINDX + 1.350%, 10/30/26(B)		550,000		552,123
5.124%, SOFRRATE + 0.760%, 02/13/26(B)		550,000		551,128
Athene Global Funding MTN
5.402%, SOFRINDX + 1.030%, 08/27/26(A)(B)		350,000		350,583
Australia & New Zealand Banking Group
5.214%, SOFRRATE + 0.810%, 01/18/27(A)(B)		900,000		903,321

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Australia & New Zealand Banking Group NY
5.375%, 07/03/25	$	550,000	$	550,708
Bank of America MTN
3.875%, 08/01/25		550,000		549,040
3.500%, 04/19/26		525,000		520,691
Bank of Nova Scotia
1.300%, 06/11/25		275,000		273,955
Banque Federative du Credit Mutuel
4.935%, 01/26/26(A)		450,000		451,333
4.524%, 07/13/25(A)		550,000		549,291
Charles Schwab
3.850%, 05/21/25		200,000		199,845
Citibank
5.438%, 04/30/26		550,000		555,542
5.202%, SOFRRATE + 0.805%, 09/29/25(B)		315,000		315,357
Commonwealth Bank of Australia NY
4.640%, SOFRRATE + 0.250%, 03/26/26(B)		575,000		575,000
Cooperatieve Rabobank UA MTN
5.103%, SOFRINDX + 0.700%, 07/18/25(B)		550,000		550,499
4.850%, 01/09/26		525,000		526,586
4.680%, SOFRRATE + 0.320%, 02/04/26(B)		425,000		424,924
Corebridge Global Funding
0.900%, 09/22/25(A)		575,000		566,711
Deutsche Bank NY
4.162%, 05/13/25		350,000		349,923
Intercontinental Exchange
3.650%, 05/23/25		550,000		549,697
JPMorgan Chase
3.300%, 04/01/26		625,000		619,238
JPMorgan Chase Bank
5.379%, SOFRRATE + 1.000%, 12/08/26(B)		525,000		527,754
Lloyds Bank
3.500%, 05/14/25		350,000		349,907
Met Tower Global Funding MTN
3.700%, 06/13/25(A)		300,000		299,578
Metropolitan Life Global Funding I MTN
4.050%, 08/25/25(A)		550,000		549,131
National Australia Bank
4.966%, 01/12/26		550,000		552,298
Nationwide Building Society MTN
3.900%, 07/21/25(A)		350,000		349,359

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
1.000%, 08/28/25(A)	$	300,000	$	296,197
New York Life Global Funding MTN
3.600%, 08/05/25(A)		600,000		598,287
0.950%, 06/24/25(A)		600,000		596,513
Nordea Bank Abp
4.750%, 09/22/25(A)		550,000		550,440
Pacific Life Global Funding II MTN
1.375%, 04/14/26(A)		400,000		389,117
Royal Bank of Canada MTN
1.200%, 04/27/26		550,000		533,555
1.150%, 06/10/25		350,000		348,632
Skandinaviska Enskilda Banken
5.339%, SOFRRATE + 0.960%, 06/09/25(A)(B)		550,000		550,368
Svenska Handelsbanken NY
4.570%, SOFRRATE + 0.180%, 08/11/25(B)		725,000		725,066
Truist Financial MTN
3.700%, 06/05/25		550,000		549,398
US Bancorp
1.450%, 05/12/25		1,218,000		1,216,755
Wells Fargo
3.000%, 04/22/26		250,000		246,700
				19,714,550
HEALTH CARE — 0.5%
Boston Scientific
1.900%, 06/01/25		550,000		548,553

INDUSTRIALS — 1.2%
Air Lease MTN
2.875%, 01/15/26		350,000		345,052
Caterpillar Financial Services
4.500%, 01/07/27		225,000		226,845
John Deere Capital
4.500%, 01/08/27		225,000		226,917
Protective Life Global Funding
1.618%, 04/15/26(A)		482,000		469,532
				1,268,346
INFORMATION TECHNOLOGY — 0.9%
International Business Machines
4.000%, 07/27/25		550,000		549,100
QUALCOMM
3.450%, 05/20/25		350,000		349,776
				898,876

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
MATERIALS — 0.2%
Glencore Funding
5.147%, SOFRINDX + 0.750%, 10/01/26(A)(B)	$	250,000	$	249,742

UTILITIES — 0.5%
Georgia Power
4.666%, SOFRINDX + 0.280%, 09/15/26(B)		550,000		547,645

Total Corporate Obligations
(Cost $24,469,616)				24,450,628

REPURCHASE AGREEMENTS — 11.1%

Citi Treasury
4.360%, dated 04/30/25, to be repurchased on 05/01/25, repurchase price $3,800,460, (collateralized by various U.S. Treasury Obligations, par values $100 - $4,038,600, 3.625% - 4.750%, 11/15/2052 - 02/15/2054; with total market value $3,876,304).	$	3,800,000	$	3,800,000
Gold Triparty Mortgage
4.380%, dated 04/30/25, to be repurchased on 05/01/25, repurchase price $4,100,499, (collateralized by various U.S. Treasury Obligations, par values $570,306 - $2,740,864, 3.000% - 6.000%, 3/20/2048 - 04/20/2055; with total market value $4,182,000).		4,100,000		4,100,000
Socgen Triparty Treasury
4.360%, dated 04/30/25, to be repurchased on 05/01/25, repurchase price $3,800,460, (collateralized by a U.S. Treasury Obligation, par value $3,798,200, 4.750%, 02/15/2045; with total market value $3,876,025).		3,800,000		3,800,000

Total Repurchase Agreements
(Cost $11,700,000)				11,700,000

COMMERCIAL PAPER — 4.3%
	Face Amount		Value
ANZ Group Holdings Ltd
0.000%, 08/27/25(D)	$	550,000	$	549,863
BOFA Securities Inc
0.000%, 12/19/25(D)		925,000		924,999
Gotham Funding Corp
4.418%, 05/20/25(C)		1,000,000		997,571
SHTTRM Advances Micro Devices
4.371%, 05/22/25(C)		1,200,000		1,196,813
Swedbank AB
0.000%, 08/04/25(D)		400,000		400,037
Toyota Motor Credit Corp
4.446%, 07/28/25(C)		475,000		469,914

Total Commercial Paper
(Cost $4,539,614)				4,539,197

U.S. GOVERNMENT AGENCY OBLIGATION — 3.3%

FHLB DN
0.000%, 08/28/17(C)	$	3,575,000	$	3,526,201

Total U.S. Government Agency Obligation
(Cost $3,515,182)				3,526,201

MORTGAGE-BACKED SECURITY — 0.1%

FNMA, Ser 2014-53, Cl VB
3.500%, 01/25/35	$	115,635	$	114,840

Total Mortgage-Backed Security
(Cost $113,597)				114,840
Total Investments in Securities— 101.9%
(Cost $107,335,957)			$	107,319,484

Percentages are based on Net Assets of $105,286,807.

(A)	Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value of these securities at April 30, 2025 was $22,751,996 and represented 21.6% of Net Assets.
(B)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for 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.

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2025 (Unaudited)

(C)	Interest rate represents the security's effective yield at the time of purchase.
(D)	Zero coupon security.

Cl — Class

FNMA — Federal National Mortgage Association

MTN — Medium Term Note

Ser — Series

SOFR30A — Secured Overnight Financing Rate 30-day Average

SOFRINDX — Secured Overnight Financing Rate Index

SOFRRATE — Secured Overnight Financing Rate

TSFR3M — Term Secured Overnight Financing Rate 3 Month

USBMMY3M — U.S. Treasury Bill Money Market Yield 3 Month

As of April 30, 2025, all of the Fund's investments in securities were considered Level 2, in accordance with the authoritative guidance of fair value measurements and disclosure under accounting principles generally accepted in the United States of America.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2025 (Unaudited)

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 35.7%
	Face Amount		Value
COMMUNICATION SERVICES — 1.3%
AT&T
2.750%, 06/01/31	$	975,000	$	873,035
Charter Communications Operating
6.150%, 11/10/26		1,875,000		1,910,683
Comcast
5.100%, 06/01/29		1,150,000		1,184,117
Take-Two Interactive Software
5.000%, 03/28/26		725,000		726,943
4.950%, 03/28/28		600,000		609,940
T-Mobile USA
3.750%, 04/15/27		600,000		593,252
Verizon Communications
7.750%, 12/01/30		775,000		890,386
				6,788,356
CONSUMER DISCRETIONARY — 2.3%
AutoZone
5.125%, 06/15/30		965,000		985,471
Daimler Truck Finance North America
5.600%, 08/08/25(A)		500,000		500,639
5.125%, 09/25/27(A)		1,155,000		1,167,467
5.000%, 01/15/27(A)		325,000		327,070
DR Horton
2.600%, 10/15/25		2,575,000		2,550,609
General Motors Financial
5.400%, 05/08/27		1,000,000		1,009,722
Hyatt Hotels
5.750%, 01/30/27		750,000		762,518
5.250%, 06/30/29		1,150,000		1,152,294
Hyundai Capital America
5.950%, 09/21/26(A)		750,000		761,402
5.275%, 06/24/27(A)		400,000		403,142
5.250%, 01/08/27(A)		750,000		754,881
O'Reilly Automotive
5.750%, 11/20/26		850,000		866,029
Toyota Motor Credit MTN
3.375%, 04/01/30		185,000		175,953
				11,417,197
CONSUMER STAPLES — 1.1%
Coca-Cola Consolidated
5.250%, 06/01/29		290,000		297,769
CVS Pass-Through Trust
6.036%, 12/10/28		1,589,361		1,608,415
Element Fleet Management
5.643%, 03/13/27(A)		980,000		996,180
Keurig Dr Pepper
5.100%, 03/15/27		480,000		485,742
4.600%, 05/15/30		1,200,000		1,198,021

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
CONSUMER STAPLES — continued
Mars
4.600%, 03/01/28(A)	$	1,200,000	$	1,212,256
				5,798,383
ENERGY — 1.8%
Columbia Pipelines Holding
6.055%, 08/15/26(A)		290,000		294,036
Enbridge
5.900%, 11/15/26		720,000		733,566
Energy Transfer
6.050%, 12/01/26		925,000		943,142
Hess
4.300%, 04/01/27		1,750,000		1,745,423
MidAmerican Energy
3.650%, 04/15/29		2,000,000		1,957,327
ONEOK
5.550%, 11/01/26		1,325,000		1,342,340
Plains All American Pipeline
4.650%, 10/15/25		2,250,000		2,246,312
Williams
5.400%, 03/02/26		300,000		301,630
				9,563,776
FINANCIALS — 21.2%
ABN AMRO Bank
6.339%, H15T1Y + 1.650%, 09/18/27(A)(B)		1,200,000		1,226,168
African Development Bank
4.125%, 02/25/27		1,000,000		1,006,479
3.500%, 09/18/29		500,000		493,621
AIB Group
7.583%, SOFRRATE + 3.456%, 10/14/26(A)(B)		750,000		759,207
American Express
5.645%, SOFRINDX + 0.750%, 04/23/27(B)		700,000		707,136
5.389%, SOFRRATE + 0.970%, 07/28/27(B)		550,000		555,583
5.098%, SOFRRATE + 1.000%, 02/16/28(B)		650,000		658,010
Arab Energy Fund
1.483%, 10/06/26		930,000		891,814
Arab Petroleum Investments
5.428%, 05/02/29(A)		1,500,000		1,544,946
Ares Capital
7.000%, 01/15/27		900,000		924,480
Asian Infrastructure Investment Bank MTN
4.987%, SOFRINDX + 0.620%, 08/16/27(B)		2,000,000		2,013,644
Athene Global Funding
5.583%, 01/09/29(A)		875,000		894,401
5.339%, 01/15/27(A)		1,000,000		1,011,762

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Bank of America MTN
5.933%, SOFRRATE + 1.340%, 09/15/27(B)	$	1,500,000	$	1,528,204
5.819%, SOFRRATE + 1.570%, 09/15/29(B)		1,450,000		1,509,348
5.162%, SOFRRATE + 1.000%, 01/24/31(B)		775,000		788,311
3.705%, TSFR3M + 1.774%, 04/24/28(B)		1,000,000		985,476
Bank of New York Mellon
4.947%, SOFRRATE + 1.026%, 04/26/27(B)		470,000		472,484
Barclays
6.496%, SOFRRATE + 1.880%, 09/13/27(B)		500,000		511,119
5.829%, SOFRRATE + 2.210%, 05/09/27(B)		550,000		555,593
BB Blue Financing DAC
4.395%, 09/20/29		2,500,000		2,520,521
BNP Paribas
2.591%, SOFRRATE + 1.228%, 01/20/28(A)(B)		625,000		603,517
1.675%, SOFRRATE + 0.912%, 06/30/27(A)(B)		1,000,000		966,394
BPCE
6.612%, SOFRRATE + 1.980%, 10/19/27(A)(B)		1,125,000		1,155,222
5.203%, 01/18/27(A)		1,150,000		1,165,939
CaixaBank
6.684%, SOFRRATE + 2.080%, 09/13/27(A)(B)		750,000		769,169
Canadian Imperial Bank of Commerce
5.237%, 06/28/27		845,000		859,491
CDP Financial MTN
1.000%, 05/26/26(A)		1,000,000		969,302
Central American Bank for Economic Integration
5.000%, 02/09/26(A)		500,000		502,484
Citibank
4.876%, SOFRRATE + 0.712%, 11/19/27(B)		1,500,000		1,509,766
Citizens Bank
4.575%, SOFRRATE + 2.000%, 08/09/28(B)		600,000		599,367
ContourGlobal Power Holdings
6.750%, 02/28/30(A)		250,000		252,978
Cooperatieve Rabobank UA
1.106%, H15T1Y + 0.550%, 02/24/27(A)(B)		250,000		242,825
Corebridge Global Funding
5.200%, 01/12/29(A)		380,000		387,148

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
4.900%, 12/03/29(A)	$	925,000	$	930,231
Credit Agricole MTN
1.907%, SOFRRATE + 1.676%, 06/16/26(A)(B)		2,525,000		2,515,564
Danske Bank
5.427%, H15T1Y + 0.950%, 03/01/28(A)(B)		1,350,000		1,371,544
European Investment Bank
2.375%, 05/24/27		2,500,000		2,433,903
2.125%, 04/13/26		447,000		439,540
Fiserv
4.200%, 10/01/28		415,000		410,994
Goldman Sachs Bank USA NY
5.414%, SOFRRATE + 0.750%, 05/21/27(B)		1,150,000		1,160,507
Goldman Sachs Group
4.223%, TSFR3M + 1.563%, 05/01/29(B)		1,000,000		989,461
3.850%, 01/26/27		1,175,000		1,164,680
2.640%, SOFRRATE + 1.114%, 02/24/28(B)		625,000		604,112
Hanwha Futureproof
4.750%, 04/30/28(A)		500,000		505,032
HAT Holdings I
8.000%, 06/15/27(A)		500,000		512,765
HSBC Holdings
7.336%, SOFRRATE + 3.030%, 11/03/26(B)		1,000,000		1,012,695
5.887%, SOFRRATE + 1.570%, 08/14/27(B)		1,410,000		1,431,749
ING Groep
6.083%, SOFRRATE + 1.560%, 09/11/27(B)		735,000		749,592
1.400%, H15T1Y + 1.100%, 07/01/26(A)(B)		1,250,000		1,242,640
Inter-American Investment
4.125%, 02/15/28		500,000		504,678
International Bank for Reconstruction & Development MTN
3.381%, 03/31/27(C)		2,500,000		2,360,653
0.510%, 03/31/28(B)		1,000,000		978,934
International Development Association
4.375%, 11/27/29(A)		425,000		433,936
0.875%, 04/28/26(A)		1,000,000		970,001
0.375%, 09/23/25		1,500,000		1,476,451
International Finance Facility for Immunisation MTN
1.000%, 04/21/26		1,000,000		970,649

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Jackson National Life Global Funding
5.550%, 07/02/27(A)	$	595,000	$	607,208
JPMorgan Chase
6.087%, SOFRRATE + 1.570%, 10/23/29(B)		1,000,000		1,050,135
6.070%, SOFRRATE + 1.330%, 10/22/27(B)		2,500,000		2,561,951
5.571%, SOFRRATE + 0.930%, 04/22/28(B)		1,150,000		1,174,568
4.979%, SOFRRATE + 0.930%, 07/22/28(B)		980,000		990,932
3.702%, TSFR3M + 1.422%, 05/06/30(B)		825,000		797,302
1.045%, SOFRRATE + 0.800%, 11/19/26(B)		1,500,000		1,470,524
JPMorgan Chase Bank
5.110%, 12/08/26		1,150,000		1,166,851
KBC Group
5.796%, H15T1Y + 2.100%, 01/19/29(A)(B)		295,000		304,726
Kreditanstalt fuer Wiederaufbau
1.000%, 10/01/26		250,000		240,503
Lloyds Banking Group
5.985%, H15T1Y + 1.480%, 08/07/27(B)		750,000		761,525
5.087%, H15T1Y + 0.850%, 11/26/28(B)		1,200,000		1,213,907
Lseg US Finance
4.875%, 03/28/27(A)		1,000,000		1,009,883
M&T Bank
7.413%, SOFRRATE + 2.800%, 10/30/29(B)		1,400,000		1,504,432
4.833%, SOFRRATE + 0.930%, 01/16/29(B)		1,000,000		1,001,355
Manufacturers & Traders Trust
4.650%, 01/27/26		1,650,000		1,648,763
Marsh & McLennan
4.650%, 03/15/30		1,175,000		1,183,245
Morgan Stanley MTN
5.652%, SOFRRATE + 1.010%, 04/13/28(B)		1,150,000		1,173,581
5.449%, SOFRRATE + 1.630%, 07/20/29(B)		205,000		210,252
5.000%, 11/24/25		3,425,000		3,432,439
Morgan Stanley Bank
4.952%, SOFRRATE + 1.080%, 01/14/28(B)		1,150,000		1,158,857
Nationwide Building Society
6.557%, SOFRRATE + 1.910%, 10/18/27(A)(B)		1,125,000		1,155,696

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
NatWest Group
5.847%, H15T1Y + 1.350%, 03/02/27(B)	$	435,000	$	438,984
Nederlandse Waterschapsbank
4.500%, 01/16/30(A)		250,000		256,474
Nordea Bank Abp
5.375%, 09/22/27(A)		600,000		613,118
NTT Finance
5.104%, 07/02/27(A)		1,150,000		1,171,251
OPEC Fund for International Development
4.500%, 01/26/26(A)		1,200,000		1,201,484
Pacific Life Global Funding II
4.450%, 05/01/28(A)		1,200,000		1,205,889
PNC Bank
4.050%, 07/26/28		1,375,000		1,353,012
PNC Financial Services Group
6.615%, SOFRINDX + 1.730%, 10/20/27(B)		750,000		772,193
Principal Life Global Funding II
4.950%, 11/27/29(A)		1,175,000		1,189,632
RGA Global Funding
5.448%, 05/24/29(A)		590,000		607,357
Rocket Mortgage
2.875%, 10/15/26(A)		1,330,000		1,283,348
Santander Holdings USA
5.807%, SOFRRATE + 2.328%, 09/09/26(B)		1,000,000		1,002,976
SBA Tower Trust
4.831%, 10/15/29^‡(A)		1,955,000		1,927,226
Skandinaviska Enskilda Banken
5.125%, 03/05/27(A)		950,000		964,761
Standard Chartered
6.170%, H15T1Y + 2.050%, 01/09/27(A)(B)		700,000		706,110
UBS
4.864%, SOFRRATE + 0.720%, 01/10/28(B)		1,175,000		1,182,573
Wells Fargo MTN
6.303%, SOFRRATE + 1.790%, 10/23/29(B)		1,450,000		1,528,723
5.707%, SOFRRATE + 1.070%, 04/22/28(B)		1,150,000		1,175,228
5.244%, SOFRRATE + 1.110%, 01/24/31(B)		775,000		789,939
4.540%, SOFRRATE + 1.560%, 08/15/26(B)		2,950,000		2,947,559
Westpac New Zealand
5.132%, 02/26/27(A)		1,000,000		1,014,009
WLB Asset II D Pte
6.500%, 12/21/26(A)		1,000,000		953,354

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
WLB Asset VI Pte
7.250%, 12/21/27(A)	$	1,000,000	$	1,036,735
				107,852,790
HEALTH CARE — 1.1%
CommonSpirit Health
1.547%, 10/01/25		1,000,000		986,538
Elevance Health
5.150%, 06/15/29		220,000		225,226
Icon Investments Six DAC
5.809%, 05/08/27		265,000		270,163
Royalty Pharma
1.750%, 09/02/27		1,275,000		1,195,479
Smith & Nephew
5.150%, 03/20/27		515,000		520,952
Solventum
5.450%, 02/25/27		1,150,000		1,166,483
Stryker
4.700%, 02/10/28		1,200,000		1,213,234
				5,578,075
INDUSTRIALS — 1.1%
AerCap Ireland Capital DAC
6.100%, 01/15/27		1,000,000		1,020,810
4.875%, 04/01/28		925,000		929,701
HEICO
5.250%, 08/01/28		270,000		275,566
Mileage Plus Holdings
6.500%, 06/20/27(A)		607,500		609,406
Norfolk Southern
2.300%, 05/15/31		1,000,000		877,532
Penske Truck Leasing Lp
5.350%, 01/12/27(A)		485,000		490,249
Waste Management
4.950%, 07/03/27		1,150,000		1,170,929
				5,374,193
INFORMATION TECHNOLOGY — 1.3%
Broadcom
5.050%, 04/15/30		1,175,000		1,194,613
Cadence Design Systems
4.300%, 09/10/29		760,000		757,598
Flex
6.000%, 01/15/28		550,000		561,949
Foundry JV Holdco
5.500%, 01/25/31(A)		1,175,000		1,188,206
Open Text
6.900%, 12/01/27(A)		1,295,000		1,324,771
Oracle
2.300%, 03/25/28		650,000		614,303
Sprint Capital
6.875%, 11/15/28		550,000		587,721
				6,229,161

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
MATERIALS — 0.2%
Celanese US Holdings
6.415%, 07/15/27	$	748,000	$	755,116

REAL ESTATE — 0.3%
COPT Defense Properties
2.250%, 03/15/26^‡		550,000		536,545
Welltower OP
2.050%, 01/15/29^‡		1,200,000		1,099,576
				1,636,121
UTILITIES — 4.0%
AEP Texas
3.950%, 06/01/28		1,200,000		1,177,546
Alliant Energy Finance
5.400%, 06/06/27(A)		910,000		921,745
Consumers 2023 Securitization Funding
5.550%, 03/01/28		1,057,702		1,073,001
Continental Wind
6.000%, 02/28/33(A)		888,416		919,689
Electricite de France
3.625%, 10/13/25(A)		500,000		497,239
Emera US Finance
3.550%, 06/15/26		1,025,000		1,009,050
FirstEnergy Pennsylvania Electric
5.150%, 03/30/26(A)		500,000		501,293
Georgia Power
4.850%, 03/15/31		1,200,000		1,217,429
Korea Electric Power
4.875%, 01/31/27(A)(D)		250,000		252,216
New York State Electric & Gas
2.150%, 10/01/31(A)		500,000		423,114
NextEra Energy Operating Partners
7.250%, 01/15/29(A)		1,016,000		1,005,793
Oncor Electric Delivery
0.550%, 10/01/25		2,649,000		2,604,951
PG&E Recovery Funding
4.838%, 06/01/33		3,920,000		3,915,440
San Diego Gas & Electric
4.950%, 08/15/28		1,000,000		1,018,518
Southern Power
4.150%, 12/01/25		1,000,000		996,740
0.900%, 01/15/26		1,000,000		973,995

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
UTILITIES — continued
Texas Electric Market Stabilization Funding N
4.265%, 08/01/34(A)	$	2,040,480	$	2,030,196
				20,537,955
Total Corporate Obligations
(Cost $180,126,582)				181,531,123

U.S. TREASURY OBLIGATIONS — 26.1%

U.S. Treasury Notes
4.625%, 04/30/29	$	7,650,000	$	7,911,176
4.250%, 10/15/25		6,050,000		6,052,422
4.250%, 01/15/28		13,880,000		14,102,297
4.000%, 12/15/25		8,975,000		8,971,962
4.000%, 02/15/26		7,225,000		7,222,686
3.750%, 04/30/27		1,113,000		1,115,739
3.750%, 04/15/28		1,752,000		1,758,570
3.125%, 08/31/27		28,700,000		28,381,609
1.875%, 06/30/26		33,310,000		32,564,429
1.875%, 07/31/26		7,200,000		7,030,687
1.250%, 06/30/28		2,085,000		1,937,584
0.625%, 12/31/27		9,300,000		8,596,687
0.500%, 06/30/27		7,200,000		6,735,375

Total U.S. Treasury Obligations
(Cost $131,571,176)				132,381,223

ASSET-BACKED SECURITIES — 19.2%

Automotive — 12.1%
Americredit Automobile Receivables Trust, Ser 2022-1, Cl A3
2.450%, 11/18/26	$	2,321	$	2,319
Americredit Automobile Receivables Trust, Ser 2023-1, Cl A3
5.620%, 11/18/27		904,919		908,678
ARI Fleet Lease Trust, Ser 2023-B, Cl A2
6.050%, 07/15/32 (A)		206,636		208,250
Bank of America Auto Trust, Ser 2023-1A, Cl A3
5.530%, 02/15/28 (A)		704,886		710,128
Bank of America Auto Trust, Ser 2023-2A, Cl A3
5.740%, 06/15/28 (A)		1,015,000		1,027,130
BMW Vehicle Lease Trust, Ser 2023-2, Cl A3
5.990%, 09/25/26		607,732		610,616

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
BMW Vehicle Owner Trust, Ser 2023-A, Cl A3
5.470%, 02/25/28	$	404,081	$	406,791
Bridgecrest Lending Auto Securitization Trust, Ser 2024-1, Cl A3
5.530%, 01/18/28		305,949		306,421
Carmax Auto Owner Trust, Ser 2022-3, Cl B
4.690%, 02/15/28		800,000		800,807
CarMax Auto Owner Trust, Ser 2023-1, Cl A3
4.750%, 10/15/27		325,946		326,033
Carmax Auto Owner Trust, Ser 2023-3, Cl A3
5.280%, 05/15/28		735,000		740,259
CarMax Auto Owner Trust, Ser 2024-4, Cl A2A
4.670%, 12/15/27		1,053,503		1,053,531
Carvana Auto Receivables Trust, Ser 2021-N3, Cl B
0.660%, 06/12/28		79,323		76,204
Carvana Auto Receivables Trust, Ser 2024-P1, Cl A3
5.050%, 04/10/29 (A)		1,912,000		1,923,572
Chesapeake Funding II, Ser 2023-1A, Cl A1
5.650%, 05/15/35 (A)		501,081		503,953
Citizens Auto Receivables Trust, Ser 2023-2, Cl A3
5.830%, 02/15/28 (A)		1,055,000		1,064,140
Citizens Auto Receivables Trust, Ser 2024-1, Cl A3
5.110%, 04/17/28 (A)		500,000		502,803
DT Auto Owner Trust, Ser 2023-3A, Cl A
6.290%, 08/16/27 (A)		86,052		86,182
Enterprise Fleet Financing, Ser 2022-3, Cl A2
4.380%, 07/20/29 (A)		76,992		76,872
Enterprise Fleet Financing, Ser 2023-1, Cl A2
5.510%, 01/22/29 (A)		204,533		205,140
Enterprise Fleet Financing, Ser 2023-2, Cl A2
5.560%, 04/22/30 (A)		1,044,255		1,050,694
Enterprise Fleet Financing, Ser 2023-3, Cl A2
6.400%, 03/20/30 (A)		1,876,448		1,907,027
Enterprise Fleet Financing, Ser 2024-1, Cl A3
5.160%, 09/20/30 (A)		355,000		361,377

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Enterprise Fleet Financing, Ser 2025-2, Cl A3
4.410%, 06/20/29 (A)	$	375,000	$	375,049
Flagship Credit Auto Trust, Ser 2023-2, Cl A2
5.760%, 04/15/27 (A)		17,690		17,697
Flagship Credit Auto Trust, Ser 2023-2, Cl A3
5.220%, 12/15/27 (A)		599,000		599,446
Flagship Credit Auto Trust, Ser 2023-3, Cl A3
5.440%, 04/17/28 (A)		761,000		763,510
Ford Credit Auto Owner Trust, Ser 2021-REV1, Cl A
1.370%, 10/17/33 (A)		245,000		237,873
Ford Credit Auto Owner Trust, Ser 2024-C, Cl A3
4.070%, 07/15/29		550,000		549,111
Ford Credit Auto Owner Trust, Ser 2024-D, Cl A3
4.610%, 08/15/29		565,000		570,301
Ford Credit Floorplan Master Owner Trust A, Ser 2024-1, Cl A1
5.290%, 04/15/29 (A)		1,200,000		1,222,121
Ford Credit Floorplan Master Owner Trust, Ser 2023-1, Cl A1
4.920%, 05/15/28 (A)		730,000		733,157
Foursight Capital Automobile Receivables Trust, Ser 2023-1, Cl A3
5.390%, 12/15/27 (A)		382,868		383,205
Foursight Capital Automobile Receivables Trust, Ser 2023-2, Cl A2
5.990%, 05/15/28 (A)		193,086		194,131
GLS Auto Select Receivables Trust, Ser 2023-2A, Cl A2
6.370%, 06/15/28 (A)		372,775		376,148
GM Financial Automobile Leasing Trust, Ser 2023-1, Cl A4
5.160%, 01/20/27		1,000,000		1,000,462
GM Financial Automobile Leasing Trust, Ser 2023-2, Cl A3
5.050%, 07/20/26		260,646		260,782
GM Financial Consumer Automobile Receivables Trust, Ser 2023-2, Cl A3
4.470%, 02/16/28		395,421		395,318

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
GM Financial Consumer Automobile Receivables Trust, Ser 2023-3, Cl A3
5.450%, 06/16/28	$	1,850,000	$	1,862,053
GM Financial Consumer Automobile Receivables Trust, Ser 2023-4, Cl A4
5.710%, 02/16/29		500,000		513,795
GM Financial Consumer Automobile Receivables Trust, Ser 2024-1, Cl A3
4.850%, 12/18/28		525,000		528,013
GMF Floorplan Owner Revolving Trust, Ser 2024-1A, Cl A1
5.130%, 03/15/29 (A)		2,275,000		2,308,250
Honda Auto Receivables Owner Trust, Ser 2023-2, Cl A3
4.930%, 11/15/27		1,250,000		1,254,152
Honda Auto Receivables Owner Trust, Ser 2023-4, Cl A3
5.670%, 06/21/28		1,950,000		1,976,461
Honda Auto Receivables Owner Trust, Ser 2024-1, Cl A4
5.170%, 05/15/30		880,000		895,223
Honda Auto Receivables Owner Trust, Ser 2025-2, Cl A3
4.150%, 10/15/29		460,000		460,252
Hyundai Auto Lease Securitization Trust, Ser 2023-A, Cl A4
4.940%, 11/16/26 (A)		237,419		237,442
Hyundai Auto Lease Securitization Trust, Ser 2023-B, Cl A4
5.170%, 04/15/27 (A)		875,000		876,352
Hyundai Auto Lease Securitization Trust, Ser 2023-C, Cl A3
5.800%, 12/15/26 (A)		1,405,000		1,411,084
Hyundai Auto Receivables Trust, Ser 2023-A, Cl A3
4.580%, 04/15/27		232,754		232,581
Hyundai Auto Receivables Trust, Ser 2023-B, Cl A3
5.480%, 04/17/28		1,842,964		1,855,319
Lendbuzz Securitization Trust, Ser 2023-3A, Cl A2
7.500%, 12/15/28 (A)		558,418		572,409
M&T Bank Auto Receivables Trust, Ser 2024-1A, Cl A3
5.220%, 02/17/32 (A)		1,110,000		1,124,383
Mercedes-Benz Auto Lease Trust, Ser 2023-A, Cl A3
4.740%, 01/15/27		1,638,710		1,638,759

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Mercedes-Benz Auto Lease Trust, Ser 2024-A, Cl A3
5.320%, 01/18/28	$	2,000,000	$	2,022,265
Mercedes-Benz Auto Receivables Trust, Ser 2023-1, Cl A3
4.510%, 11/15/27		523,522		523,379
Porsche Financial Auto Securitization Trust, Ser 2023-2A, Cl A3
5.790%, 01/22/29 (A)		329,980		331,798
Santander Drive Auto Receivables Trust, Ser 2022-2, Cl C
3.760%, 07/16/29		980,000		972,250
Santander Drive Auto Receivables Trust, Ser 2023-3, Cl A3
5.610%, 10/15/27		172,583		172,855
Santander Drive Auto Receivables Trust, Ser 2024-1, Cl A3
5.250%, 04/17/28		255,000		255,400
SBNA Auto Lease Trust, Ser 2024-A, Cl A3
5.390%, 11/20/26 (A)		880,000		881,919
SFS Auto Receivables Securitization Trust, Ser 2023-1A, Cl A3
5.470%, 10/20/28 (A)		1,070,000		1,077,913
SFS Auto Receivables Securitization Trust, Ser 2024-1A, Cl A3
4.950%, 05/21/29 (A)		340,000		341,992
Tesla Auto Lease Trust, Ser 2023-A, Cl A3
5.890%, 06/22/26 (A)		942,918		944,659
Tesla Auto Lease Trust, Ser 2023-A, Cl A4
5.940%, 07/20/27 (A)		2,500,000		2,506,117
Tesla Auto Lease Trust, Ser 2023-B, Cl A3
6.130%, 09/21/26 (A)		278,695		279,694
Tesla Auto Lease Trust, Ser 2024-A, Cl A3
5.300%, 06/21/27 (A)		1,170,000		1,175,679
Tesla Auto Lease Trust, Ser 2024-B, Cl A2A
4.790%, 01/20/27 (A)		437,630		437,803
Tesla Auto Lease Trust, Ser 2024-B, Cl A3
4.820%, 10/20/27 (A)		500,000		502,596

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Tesla Electric Vehicle Trust, Ser 2023-1, Cl A2A
5.540%, 12/21/26 (A)	$	425,475	$	426,317
Tesla Electric Vehicle Trust, Ser 2023-1, Cl A3
5.380%, 06/20/28 (A)		310,000		313,054
Toyota Lease Owner Trust, Ser 2023-A, Cl A3
4.930%, 04/20/26 (A)		134,770		134,815
Toyota Lease Owner Trust, Ser 2023-A, Cl A4
5.050%, 08/20/27 (A)		1,925,000		1,926,675
Toyota Lease Owner Trust, Ser 2024-B, Cl A4
4.250%, 01/22/29 (A)		1,500,000		1,499,703
USAA Auto Owner Trust, Ser 2023-A, Cl A3
5.580%, 05/15/28 (A)		904,994		910,610
Volkswagen Auto Lease Trust, Ser 2024-A, Cl A3
5.210%, 06/21/27		320,000		323,005
Volkswagen Auto Loan Enhanced Trust, Ser 2024-1, Cl A3
4.630%, 07/20/29		710,000		715,390
Westlake Automobile Receivables Trust, Ser 2023-P1, Cl A2
5.890%, 02/16/27 (A)		113,492		113,853
Wheels Fleet Lease Funding 1, Ser 2023-1A, Cl A
5.800%, 04/18/38 (A)		889,028		895,305
Wheels Fleet Lease Funding 1, Ser 2023-2A, Cl A
6.460%, 08/18/38 (A)		850,540		863,674
World Omni Select Auto Trust, Ser 2023-A, Cl A3
5.650%, 07/17/28		678,690		680,791
				61,513,277
Other Asset-Backed Securities — 7.1%
Affirm Asset Securitization Trust, Ser 2024-A, Cl A
5.610%, 02/15/29 (A)		550,000		552,258
Amur Equipment Finance Receivables XI, Ser 2022-2A, Cl A2
5.300%, 06/21/28 (A)		126,334		126,509
Amur Equipment Finance Receivables XIII, Ser 2024-1A, Cl A2
5.380%, 01/21/31 (A)		244,584		246,841

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Amur Equipment Finance Receivables XIII, Ser 2024-1A, Cl B
5.370%, 01/21/31 (A)	$	190,000	$	192,834
Apidos CLO XXII, Ser 2020-22A, Cl A1R
5.591%, TSFR3M + 1.060%, 04/20/31 (A)(B)		212,503		212,495
Auxilior Term Funding, Ser 2023-1A, Cl A2
6.180%, 12/15/28 (A)		260,840		263,037
Blue Owl Asset Leasing Trust, Ser 2024-1A, Cl A2
5.050%, 03/15/29 (A)		277,202		277,682
Buttermilk Park CLO, Ser 2024-1A, Cl A1R
5.336%, TSFR3M + 1.080%, 10/15/31 (A)(B)		1,297,872		1,296,375
CCG Receivables Trust, Ser 2023-1, Cl A2
5.820%, 09/16/30 (A)		341,524		343,612
Centersquare Issuer, Ser 2025-1A, Cl A2
5.500%, 03/26/55 (A)		1,050,000		1,033,688
CIFC Funding, Ser 2024-5A, Cl AR
5.690%, TSFR3M + 1.410%, 07/17/37 (A)(B)		1,275,000		1,274,002
Cloud Capital Holdco, Ser 2024-1A, Cl A2
5.781%, 11/22/49 (A)		1,015,000		1,016,150
CNH Equipment Trust, Ser 2023-A, Cl A3
4.810%, 08/15/28		935,376		939,925
Dell Equipment Finance Trust, Ser 2023-2, Cl A3
5.650%, 01/22/29 (A)		327,635		328,980
Dell Equipment Finance Trust, Ser 2023-3, Cl A3
5.930%, 04/23/29 (A)		590,000		594,573
Dext ABS, Ser 2023-2, Cl A2
6.560%, 05/15/34 (A)		505,534		510,376
DLLAA, Ser 2023-1A, Cl A3
5.640%, 02/22/28 (A)		475,000		480,726
DLLAD, Ser 2023-1A, Cl A3
4.790%, 01/20/28 (A)		672,821		674,412
DLLMT, Ser 2023-1A, Cl A3
5.340%, 03/22/27 (A)		1,378,803		1,384,152
DLLST, Ser 2024-1A, Cl A3
5.050%, 08/20/27 (A)		265,000		266,219
Frontier Issuer, Ser 2023-1, Cl A2
6.600%, 08/20/53 (A)		1,000,000		1,015,632

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Frontier Issuer, Ser 2023-1, Cl C
11.500%, 08/20/53 (A)	$	1,000,000	$	1,048,462
Frontier Issuer, Ser 2024-1, Cl A2
6.190%, 06/20/54 (A)		300,000		308,497
Golub Capital Partners CLO, Ser 2017-24A, Cl AR
6.165%, TSFR3M + 1.862%, 11/05/29 (A)(B)		294,722		294,621
GreatAmerica Leasing Receivables, Ser 2023-1, Cl A2
5.350%, 02/16/26 (A)		127,781		127,890
GreatAmerica Leasing Receivables, Ser 2024-1, Cl A3
4.980%, 01/18/28 (A)		585,000		589,293
HPEFS Equipment Trust, Ser 2023-2A, Cl A3
5.990%, 01/21/31 (A)		285,000		286,042
John Deere Owner Trust, Ser 2023-A, Cl A3
5.010%, 11/15/27		694,711		696,485
Kubota Credit Owner Trust, Ser 2023-2A, Cl A2
5.610%, 07/15/26 (A)		429,866		430,480
Kubota Credit Owner Trust, Ser 2024-2A, Cl A3
5.260%, 11/15/28 (A)		1,950,000		1,982,276
MMAF Equipment Finance, Ser 2021-A, Cl A5
1.190%, 11/13/43 (A)		620,000		602,498
MMAF Equipment Finance, Ser 2023-A, Cl A2
5.790%, 11/13/26 (A)		400,925		402,003
Mosaic Solar Loan Trust, Ser 2020-1A, Cl B
3.100%, 04/20/46 (A)		124,777		108,814
Neuberger Berman Loan Advisers CLO 38, Ser 2025-38A, Cl AR2
5.230%, TSFR3M + 0.960%, 10/20/36 (A)(B)		2,000,000		1,983,756
Octagon Investment Partners 35, Ser 2018-1A, Cl A1A
5.591%, TSFR3M + 1.060%, 01/20/31 (A)(B)		414,479		414,471
Octagon Investment Partners 36, Ser 2018-1A, Cl A1
5.488%, TSFR3M + 0.970%, 04/15/31 (A)(B)		195,017		194,950
PFS Financing, Ser 2024-B, Cl A
4.950%, 02/15/29 (A)		2,050,000		2,068,832
Progress Residential Trust, Ser 2024-SFR3, Cl A
3.000%, 06/17/41 (A)		953,989		889,026

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Progress Residential Trust, Ser 2025-SFR1, Cl A
3.400%, 02/17/42 (A)(E)	$	780,000	$	731,163
Retained Vantage Data Centers Issuer, Ser 2024-1A, Cl A2
4.992%, 09/15/49 (A)		765,000		756,918
SCF Equipment Leasing, Ser 2023-1A, Cl A2
6.560%, 01/22/30 (A)		70,837		70,912
SCF Equipment Trust, Ser 2025-1A, Cl A2
4.820%, 07/22/30 (A)		125,000		125,186
Sunnova Helios XI Issuer, Ser 2023-A, Cl A
5.300%, 05/20/50 (A)		891,215		864,344
Sunnova Helios XII Issuer, Ser 2023-B, Cl A
5.300%, 08/22/50 (A)		873,814		851,692
Sunnova Hestia I Issuer, Ser 2023-GRID1, Cl 1A
5.750%, 12/20/50 (A)		1,436,744		1,450,119
Switch ABS Issuer, Ser 2025-1A, Cl A2
5.036%, 03/25/55 (A)		1,000,000		971,762
TCI-Flatiron CLO, Ser 2021-1A, Cl AR
5.545%, TSFR3M + 1.222%, 11/17/30 (A)(B)		86,044		86,006
Tesla Sustainable Energy Trust, Ser 2024-1A, Cl A2
5.080%, 06/21/50 (A)		1,500,000		1,508,397
T-Mobile US Trust, Ser 2024-2A, Cl A
4.250%, 05/21/29 (A)		1,900,000		1,896,928
VFI ABS, Ser 2023-1A, Cl A
7.270%, 03/26/29 (A)		166,182		167,180
Vivint Solar Financing V, Ser 2018-1A, Cl A
4.730%, 04/30/48 (A)		411,678		388,762
Vivint Solar Financing V, Ser 2018-1A, Cl B
7.370%, 04/30/48 (A)		157,334		149,467
Vivint Solar Financing VII, Ser 2020-1A, Cl B
3.220%, 07/31/51 (A)		850,949		678,131
				36,155,841
Total Asset-Backed Securities
(Cost $96,947,301)				97,669,118

MORTGAGE-BACKED SECURITIES — 11.3%
	Face Amount		Value
Agency Mortgage-Backed Obligations — 5.1%
FHLMC
5.000%, 07/01/35	$	87,762	$	88,628
FHLMC Multifamily ML Certificates, Ser 2023-ML18, Cl XCA, IO
1.505%, 09/25/37 (B)		16,950,728		1,764,178
FHLMC, Ser 2003-2690, Cl TZ
4.500%, 10/15/33		877,939		881,273
FHLMC, Ser 2017-4750, Cl PA
3.000%, 07/15/46		417,405		407,778
FHLMC, Ser 2022-5243, Cl A
5.000%, 12/25/48		2,117,470		2,132,361
FHLMC, Ser 2023-5290, Cl DE
5.000%, 11/25/44		2,261,286		2,267,837
FNMA
5.000%, 03/01/34		67,858		68,714
3.500%, 11/01/34		367,514		364,925
FNMA, Ser 2009-62, Cl WA
5.582%, 08/25/39 (B)		14,605		14,715
FNMA, Ser 2011-17, Cl ZM
3.500%, 03/25/31		1,117,301		1,101,619
FNMA, Ser 2013-104, Cl TY
3.000%, 10/25/33		2,078,543		2,006,669
FNMA, Ser 2013-43, Cl MB
3.500%, 05/25/33		829,813		812,555
FNMA, Ser 2017-12, Cl KE
3.000%, 03/25/47		390,959		374,453
FNMA, Ser 2017-19, Cl EA
3.000%, 03/25/47		973,834		937,304
FNMA, Ser 2017-87, Cl P
3.000%, 02/25/46		1,023,999		995,277
FNMA, Ser 2019-18, Cl A
3.500%, 05/25/49		442,444		422,975
FNMA, Ser 2022-29, Cl MG
4.500%, 11/25/42		1,185,271		1,184,730
FNMA, Ser 2022-72, Cl CB
5.250%, 07/25/39		3,354,735		3,390,868
FNMA, Ser 2022-76, Cl HC
5.000%, 12/25/43		1,940,408		1,952,457
FNMA, Ser 2024-58, Cl BA
5.000%, 09/25/53		1,815,573		1,836,204
GNMA, Ser 2011-57, Cl BA
3.000%, 05/20/40		5,409		5,381
GNMA, Ser 2017-99, Cl WA
4.975%, 12/20/32 (B)		101,999		102,458
GNMA, Ser 2022-177, Cl LA
3.500%, 01/20/52		143,282		141,542
GNMA, Ser 2023-146, Cl CT
5.000%, 10/20/34		801,515		803,569

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2025 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
GNMA, Ser 2023-49, Cl A
4.500%, 07/20/48	$	1,649,373	$	1,648,856
				25,707,326
Non-Agency Mortgage-Backed Obligations — 6.2%
Angel Oak Mortgage Trust, Ser 2024-5, Cl A1
4.950%, 07/25/68 (A)(E)		867,990		860,716
Angel Oak Mortgage Trust, Ser 2024-8, Cl A1
5.338%, 05/27/69 (A)(E)		380,361		379,263
Angel Oak Mortgage Trust, Ser 2024-9, Cl A1
5.138%, 09/25/69 (A)(E)		1,456,187		1,447,767
BANK, Ser 2018-BN10, Cl ASB
3.641%, 02/15/61		223,250		220,349
BANK, Ser 2024-BNK48, Cl A1
4.333%, 10/15/57		520,168		517,702
BBCMS Mortgage Trust, Ser 2024-C28, Cl A1
4.910%, 09/15/57		728,788		733,278
BBCMS Mortgage Trust, Ser 2024-C30, Cl A1
4.902%, 11/15/57		1,101,308		1,111,904
BBCMS Mortgage Trust, Ser 2025-C32, Cl A1
4.968%, 02/15/62		833,650		844,243
BRAVO Residential Funding Trust, Ser 2024-NQM5, Cl A1
5.803%, 06/25/64 (A)(E)		1,598,417		1,604,457
BX Commercial Mortgage Trust, Ser 2022-AHP, Cl A
5.312%, TSFR1M + 0.990%, 01/17/39 (A)(B)		492,000		489,847
BX Commercial Mortgage Trust, Ser 2022-AHP, Cl AS
5.812%, TSFR1M + 1.490%, 01/17/39 (A)(B)		2,500,000		2,478,125
BX Commercial Mortgage Trust, Ser 2022-AHP, Cl B
6.162%, TSFR1M + 1.840%, 01/17/39 (A)(B)		1,750,000		1,725,937
BX Trust, Ser 2022-CLS, Cl B
6.300%, 10/13/27 (A)		2,200,000		2,213,449
CHI Commercial Mortgage Trust, Ser SFT, Cl A
5.665%, 04/15/42 (A)(B)		250,000		252,423
CHI Commercial Mortgage Trust, Ser SFT, Cl XA, IO
0.310%, 04/15/42 (A)(B)		975,000		10,450
COLT, Ser 2025-1, Cl A1
5.699%, 01/25/70 (A)(E)		682,306		684,820

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Extended Stay America Trust, Ser 2021-ESH, Cl B
5.817%, TSFR1M + 1.494%, 07/15/38 (A)(B)	$	945,429	$	941,884
FREMF Mortgage Trust, Ser 2015-K49, Cl B
3.851%, 10/25/48 (A)(B)		1,950,000		1,938,531
FREMF Mortgage Trust, Ser 2019-K89, Cl B
4.436%, 01/25/51 (A)(B)		1,400,000		1,381,914
FREMF Mortgage Trust, Ser 2019-K94, Cl B
4.099%, 07/25/52 (A)(B)		1,262,000		1,207,616
GCAT Trust, Ser 2024-NQM2, Cl A1
6.085%, 06/25/59 (A)(E)		925,331		934,090
GS Mortgage Securities Trust, Ser 2021-DM, Cl AS
5.822%, TSFR1M + 1.499%, 11/15/36 (A)(B)		2,500,000		2,471,792
GSR Mortgage Loan Trust, Ser 2004-9, Cl 3A1
5.441%, 08/25/34 (B)		7,797		7,209
Hudson Yards Mortgage Trust, Ser 2016-10HY, Cl A
2.835%, 08/10/38 (A)		1,000,000		971,878
Manhattan West Mortgage Trust, Ser 2020-1MW, Cl C
2.413%, 09/10/39 (A)(B)		214,000		198,832
MHC Commercial Mortgage Trust, Ser 2021-MHC, Cl A
5.237%, TSFR1M + 0.915%, 04/15/38 (A)(B)		573,778		573,060
Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-3, Cl A1
6.000%, 07/25/54 (A)(B)		264,696		265,503
Morgan Stanley Residential Mortgage Loan Trust, Ser 2025-NQM1, Cl A1
5.738%, 11/25/69 (A)(B)		971,634		977,381
OBX Trust, Ser 2023-NQM2, Cl A1
6.319%, 01/25/62 (A)(E)		649,587		650,946
OBX Trust, Ser 2024-NQM13, Cl A1
5.116%, 06/25/64 (A)		277,042		275,854
OBX Trust, Ser 2024-NQM15, Cl A1
5.316%, 10/25/64 (A)(E)		507,220		506,578
OBX Trust, Ser 2024-NQM7, Cl A1
6.243%, 03/25/64 (A)(E)		619,870		625,097

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2025 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Sequoia Mortgage Trust, Ser 2013-2, Cl A
1.874%, 02/25/43 (B)	$	71,362	$	60,895
STWD Mortgage Trust, Ser 2021-LIH, Cl D
6.741%, TSFR1M + 2.419%, 11/15/36 (A)(B)		450,000		441,844
Verus Securitization Trust, Ser 2024-4, Cl A1
6.218%, 06/25/69 (A)(E)		838,195		845,175
Wells Fargo Commercial Mortgage Trust, Ser 2024-C63, Cl A1
4.894%, 08/15/57		830,233		836,301
				31,687,110
Total Mortgage-Backed Securities
(Cost $56,084,791)				57,394,436

REPURCHASE AGREEMENTS — 4.1%

Barclays Capital
4.370%, dated 04/30/25, to be repurchased on 05/01/25, repurchase price $10,401,262, (collateralized by a U.S. Treasury Obligation, par value $10,679,900, 3.875%, 08/15/2033; with total market value $10,608,038).	$	10,400,000	$	10,400,000
Socgen Triparty Treasury
4.360%, dated 04/30/25, to be repurchased on 05/01/25, repurchase price $10,601,284, (collateralized by a U.S. Treasury Obligation, par value $10,595,000, 4.750%, 02/15/2045; with total market value $10,812,091).		10,600,000		10,600,000

Total Repurchase Agreements
(Cost $21,000,000)				21,000,000

MUNICIPAL BONDS — 4.0%

California — 1.0%
California Community Choice Financing Authority, RB
6.125%, 04/01/30	$	1,420,000	$	1,470,180
5.950%, 08/01/29		825,000		843,245

MUNICIPAL BONDS — continued
	Face Amount		Value
Mount Diablo Unified School District, Ser B-NE, GO
5.548%, 08/01/27	$	400,000	$	405,951
Peralta Community College District, Ser C-2, GO
4.600%, 06/01/25		250,000		250,029
San Diego Unified School District, GO
3.915%, 07/01/28		600,000		599,283
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB
4.655%, 10/01/27		1,400,000		1,423,271
				4,991,959
Colorado — 0.2%
Broomfield Urban Renewal Authority, TA
4.700%, 12/01/28		800,000		814,774

Hawaii — 0.1%
State of Hawaii Department of Business Economic Development & Tourism, Ser A-2, RB
3.242%, 01/01/31		737,744		721,546

Illinois — 0.2%
Chicago Housing Authority, Ser B, RB
3.822%, 01/01/26		250,000		249,081
Village of Deerfield Illinois, Ser B, GO
4.000%, 12/01/28		1,250,000		1,247,789
				1,496,870
Indiana — 0.0%
City of Fort Wayne Indiana, RB
10.750%, 12/01/29		117,179		12

Iowa — 0.0%
Iowa Finance Authority, RB
7.000%, 11/01/27 (A)		250,000		254,147

Louisiana — 0.1%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB
3.615%, 02/01/29		522,107		519,913

Maryland — 0.1%
Montgomery County Housing Opportunities Commission, RB
4.412%, 12/01/27		350,000		353,560

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2025 (Unaudited)

MUNICIPAL BONDS — continued
	Face Amount		Value
Montana — 0.2%
County of Gallatin Montana, RB
11.500%, 09/01/27 (A)	$	750,000	$	774,781
				774,781
New Hampshire — 0.7%
New Hampshire Business Finance Authority, RB
4.650%, 02/01/29 (A)(B)		2,500,000		2,500,000
4.520%, 07/01/33 (A)(B)		850,000		850,000
				3,350,000
New Jersey — 0.6%
Jersey City Municipal Utilities Authority, Ser B, RB
4.800%, 05/01/26		450,000		450,537
New Jersey Economic Development Authority, RB
4.984%, 03/01/27		1,000,000		1,010,172
4.927%, 03/01/26		1,000,000		1,003,428
New Jersey Transportation Trust Fund Authority, Ser BB, RB
4.608%, 06/15/26		510,000		512,390
				2,976,527
New York — 0.1%
New York State Energy Research & Development Authority, Ser A, RB
5.822%, 04/01/27		665,000		676,601

Oklahoma — 0.1%
Oklahoma Development Finance Authority, Ser C, RB
5.450%, 08/15/28		600,000		614,528

Oregon — 0.3%
Warm Springs Reservation Confederated Tribe, Ser S, RB
2.370%, 11/01/27 (A)		1,000,000		944,455
2.165%, 11/01/26 (A)		500,000		481,342
				1,425,797
Pennsylvania — 0.1%
Redevelopment Authority of the City of Philadelphia, Ser A, RB
4.653%, 09/01/25		275,000		275,284

South Dakota — 0.0%
South Dakota Housing Development Authority, Ser E, RB
5.460%, 05/01/53		225,000		230,286

MUNICIPAL BONDS — continued
	Face Amount		Value
West Virginia — 0.2%
Tobacco Settlement Finance Authority, RB
2.351%, 06/01/28	$	1,000,000	$	938,783

Total Municipal Bonds
(Cost $20,288,783)				20,415,368

BANK LOAN OBLIGATIONS — 0.4%

ECOLOGICAL SERVICES & EQUIPMENT — 0.4%
LTR Intermediate Holdings Term Loan
9.460%, 05/05/28	$	248,708	$	234,823
Terraform Power Operating Specified Refinancing Term Loan
6.299%, TSFR1M + 2.500%, 05/21/29(B)		1,629,083		1,592,428
				1,827,251
Total Bank Loan Obligations
(Cost $1,876,188)				1,827,251

SOVEREIGN DEBT — 0.3%

JAPAN — 0.1%
Japan Bank for International Cooperation
1.625%, 01/20/27	$	500,000	$	481,029


SWEDEN — 0.2%
Kommuninvest I Sverige
4.625%, 09/29/28(A)		1,000,000		1,030,220


Total Sovereign Debt
(Cost $1,473,515)				1,511,249

U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.3%

Export-Import Bank of the United States
2.628%, 11/12/26	$	960,428	$	944,841

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2025 (Unaudited)

U.S. GOVERNMENT AGENCY OBLIGATIONS — continued
	Face Amount		Value
United States International Development Finance
1.790%, 10/15/29	$	273,654	$	260,280

Total U.S. Government Agency Obligations
(Cost $1,231,630)				1,205,121

SHORT-TERM INVESTMENT — 0.0%
	Shares
State Street Institutional US Government Money Market Fund, Premier Class, 4.290%, (F)
(Cost $72,975)		72,975	$	72,975
Total Short-Term Investment
(Cost $72,975)				72,975
Total Investments in Securities— 101.4%
(Cost $510,672,941)			$	515,007,864

Percentages are based on Net Assets of $508,021,837.

A list of the open futures contracts held by the Fund at April 30, 2025, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
U.S. 2-Year Treasury Note		292		Jun-2025	$	60,286,527	$	60,779,344	$	492,817

^‡	Real Estate Investment Trust.
(A)	Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value of these securities at April 30, 2025 was $160,055,733 and represented 31.5% of Net Assets.
(B)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for 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.
(C)	Zero coupon security.
(D)	This security or a partial position of this security is on loan at April 30, 2025. The total market value of securities on loan at April 30, 2025 was $71,351.

(E)	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.
(F)	This security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2025, was $72,975.

ABS — Asset-Backed Security

Cl — Class

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

H15T1Y — US Treasury Yield Curve Rate T Note Constant Maturity 1 Year

IO — Interest Only — face amount represents notional amount

MTN — Medium Term Note

RB — Revenue Bond

Ser — Series

SOFRINDX — Secured Overnight Financing Rate Index

SOFRRATE — Secured Overnight Financing Rate

TA — Tax Allocation

TSFR1M — Term Secured Overnight Financing Rate 1 Month

TSFR3M — Term Secured Overnight Financing Rate 3 Month

The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund’s investments carried at market value:
Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	181,531,123	$	—	$	181,531,123
U.S. Treasury Obligations		—		132,381,223		—		132,381,223
Asset-Backed Securities		—		97,669,118		—		97,669,118
Mortgage-Backed Securities		—		57,394,436		—		57,394,436
Repurchase Agreements		—		21,000,000		—		21,000,000
Municipal Bonds		—		20,415,368		—		20,415,368
Bank Loan Obligations		—		1,827,251		—		1,827,251
Sovereign Debt		—		1,511,249		—		1,511,249
U.S. Government Agency Obligations		—		1,205,121		—		1,205,121
Short-Term Investment		72,975		—		—		72,975

Total Investments in Securities	$	72,975	$	514,934,889	$	—	$	515,007,864

Other Financial Instruments

Level 1

Level 2

Level 3

Total

Futures Contracts*

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2025 (Unaudited)

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Unrealized Appreciation	$	492,817	$	–	$	–	$	492,817
Total Other Financial Instruments	$	492,817	$	–	$	–	$	492,817

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

Amounts designated as “–” are $0.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

SCHEDULE OF INVESTMENTS
U.S. TREASURY OBLIGATIONS — 29.6%
	Face Amount		Value
U.S. Treasury Bonds
4.750%, 11/15/43	$	5,420,000	$	5,475,894
4.750%, 02/15/45		4,270,000		4,299,356
4.750%, 11/15/53		3,323,000		3,344,206
4.625%, 05/15/44		19,110,000		18,960,703
4.625%, 11/15/44		6,230,000		6,170,620
4.625%, 05/15/54		3,100,000		3,062,219
4.625%, 02/15/55		10,800,000		10,701,234
4.500%, 02/15/44		15,773,000		15,413,166
4.500%, 11/15/54		2,960,000		2,870,275
4.375%, 08/15/43		2,740,000		2,641,959
4.250%, 02/15/54		1,034,000		958,753
4.250%, 08/15/54		965,000		896,395
4.125%, 08/15/44		11,220,000		10,399,538
4.125%, 08/15/53		14,432,000		13,088,284
3.875%, 05/15/43		3,615,000		3,263,808
3.625%, 05/15/53		165,000		136,557
3.375%, 08/15/42		8,500,000		7,201,758
3.000%, 02/15/49		615,000		457,719
3.000%, 08/15/52		4,522,000		3,312,542
2.875%, 05/15/43		5,705,000		4,434,300
2.500%, 02/15/45		15,310,000		10,883,855
2.500%, 02/15/46		1,775,000		1,242,639
2.500%, 05/15/46		210,000		146,500
2.375%, 02/15/42		870,000		637,853
2.250%, 08/15/46		1,805,000		1,193,909
2.250%, 02/15/52		5,235,000		3,236,702
2.000%, 11/15/41		1,305,000		905,293
2.000%, 02/15/50		4,745,000		2,817,714
2.000%, 08/15/51		6,755,000		3,940,856
1.875%, 02/15/41		935,000		648,108
1.875%, 02/15/51		325,000		184,615
1.875%, 11/15/51		3,200,000		1,801,000
1.750%, 08/15/41		9,530,000		6,378,399
1.625%, 11/15/50		9,615,000		5,125,912
1.375%, 08/15/50		12,530,000		6,248,848
1.250%, 05/15/50		21,670,000		10,541,270
1.125%, 08/15/40		3,465,000		2,146,134
U.S. Treasury Inflation Indexed Bonds
2.375%, 02/15/55		23,874,432		23,239,852
1.500%, 02/15/53		2,513,973		2,010,744
U.S. Treasury Notes
4.625%, 04/30/29		15,315,000		15,857,606
4.625%, 02/15/35		10,780,000		11,184,250
4.450%, USBMMY3M + 0.205%, 10/31/26(A)		22,230,000		22,249,998
4.395%, USBMMY3M + 0.150%, 04/30/26(A)		34,610,000		34,616,284
4.375%, 11/30/28		3,995,000		4,092,846
4.375%, 11/30/30		2,650,000		2,725,773
4.375%, 01/31/32		21,080,000		21,641,584

U.S. TREASURY OBLIGATIONS — continued
	Face Amount		Value
4.343%, USBMMY3M + 0.098%, 01/31/27(A)	$	31,400,000	$	31,382,848
4.250%, 12/31/26		1,140,000		1,149,931
4.250%, 02/15/28		6,550,000		6,664,113
4.250%, 06/30/29		14,210,000		14,503,636
4.250%, 06/30/31		20,325,000		20,714,033
4.250%, 11/15/34		13,495,000		13,580,618
4.125%, 01/31/27		5,825,000		5,868,005
4.125%, 02/28/27		11,020,000		11,110,915
4.125%, 03/31/29		1,650,000		1,677,715
4.125%, 10/31/29		9,330,000		9,491,597
4.125%, 11/30/29		5,215,000		5,306,150
4.125%, 07/31/31		5,825,000		5,904,184
4.125%, 11/30/31		8,020,000		8,119,937
4.000%, 12/15/27		18,240,000		18,434,512
4.000%, 02/29/28		3,130,000		3,163,745
4.000%, 06/30/28		3,325,000		3,365,653
4.000%, 07/31/29		11,660,000		11,791,630
4.000%, 10/31/29		4,922,000		4,982,756
4.000%, 02/28/30		3,570,000		3,616,298
4.000%, 03/31/30		5,735,000		5,806,240
3.875%, 03/31/27		7,545,000		7,577,540
3.875%, 03/15/28		2,070,000		2,086,981
3.875%, 04/30/30		3,519,000		3,543,746
3.875%, 08/15/33		41,610,000		41,083,373
3.875%, 08/15/34		68,335,000		66,932,729
3.750%, 04/15/28		2,900,000		2,913,367
3.750%, 05/31/30		3,410,000		3,411,332
3.625%, 09/30/31		14,825,000		14,600,309
3.500%, 09/30/29		10,310,000		10,222,848
2.750%, 05/31/29		9,035,000		8,723,716
2.375%, 03/31/29		10,145,000		9,675,398
1.625%, 05/15/31		8,150,000		7,178,049
1.375%, 11/15/31		13,895,000		11,874,254
1.250%, 08/15/31		2,895,000		2,472,737
1.125%, 02/29/28		7,330,000		6,848,110
1.125%, 02/15/31		2,385,000		2,057,435
0.750%, 01/31/28		1,450,000		1,343,063
0.625%, 05/15/30		1,775,000		1,523,172

Total U.S. Treasury Obligations
(Cost $717,340,829)				703,490,505

CORPORATE OBLIGATIONS — 28.1%

COMMUNICATION SERVICES — 1.7%
Alphabet
1.100%, 08/15/30	$	2,500,000	$	2,152,888
AT&T
4.350%, 06/15/45		2,720,000		2,198,743
3.800%, 12/01/57		750,000		517,163
3.550%, 09/15/55		1,238,000		827,151

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
COMMUNICATION SERVICES — continued
2.550%, 12/01/33	$	150,000	$	123,628
CCO Holdings
4.500%, 05/01/32		975,000		865,319
4.500%, 06/01/33(B)		975,000		848,371
Charter Communications Operating
6.100%, 06/01/29		1,630,000		1,687,998
5.125%, 07/01/49		1,955,000		1,523,639
4.200%, 03/15/28		630,000		619,051
Comcast
4.650%, 02/15/33		2,500,000		2,452,230
Cox Communications
5.950%, 09/01/54(B)		1,390,000		1,270,134
3.350%, 09/15/26(B)		575,000		566,044
1.800%, 10/01/30(B)		650,000		553,730
Discovery Communications
3.950%, 03/20/28		860,000		822,554
Meta Platforms
4.450%, 08/15/52		2,665,000		2,216,816
Prosus MTN
4.850%, 07/06/27(B)		500,000		498,125
3.680%, 01/21/30(B)		200,000		185,357
3.061%, 07/13/31(B)		1,940,000		1,671,596
Rogers Communications
3.800%, 03/15/32		1,705,000		1,558,263
Telecom Italia Capital
7.200%, 07/18/36		175,000		179,557
Tencent Holdings MTN
3.975%, 04/11/29(B)		2,000,000		1,971,223
Time Warner Cable
6.750%, 06/15/39		800,000		797,191
T-Mobile USA
5.125%, 05/15/32		635,000		640,891
Verizon Communications
5.250%, 04/02/35		770,000		772,394
4.400%, 11/01/34		3,130,000		2,953,088
3.875%, 03/01/52		3,500,000		2,575,577
3.550%, 03/22/51		895,000		631,664
2.850%, 09/03/41		2,500,000		1,747,534
2.650%, 11/20/40		2,390,000		1,680,075
2.550%, 03/21/31		525,000		466,465
1.500%, 09/18/30		2,500,000		2,138,035
				39,712,494
CONSUMER DISCRETIONARY — 1.3%
Alimentation Couche-Tard
3.625%, 05/13/51(B)		5,000,000		3,323,156
Carnival
5.750%, 03/15/30(B)		1,955,000		1,941,326
Ford Motor
6.100%, 08/19/32		1,000,000		961,454
3.250%, 02/12/32		2,500,000		2,041,644

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
CONSUMER DISCRETIONARY — continued
Ford Motor Credit
7.350%, 11/04/27	$	525,000	$	540,366
6.532%, 03/19/32		1,825,000		1,799,889
5.303%, 09/06/29		1,130,000		1,089,479
5.125%, 06/16/25		350,000		349,733
4.134%, 08/04/25		400,000		398,191
3.375%, 11/13/25		450,000		444,734
General Motors Financial
5.350%, 01/07/30		1,155,000		1,156,287
5.050%, 04/04/28		1,285,000		1,286,150
Genuine Parts
4.950%, 08/15/29		830,000		833,519
2.750%, 02/01/32		760,000		651,791
Hyatt Hotels
5.750%, 03/30/32		395,000		395,005
5.375%, 12/15/31		720,000		715,320
Marriott International
5.500%, 04/15/37		895,000		870,607
Massachusetts Institute of Technology
3.959%, 07/01/38		3,181,000		2,889,091
McDonald's
4.950%, 03/03/35		825,000		817,134
Nissan Motor Acceptance MTN
5.550%, 09/13/29(B)		665,000		645,296
Nordstrom
6.950%, 03/15/28		865,000		870,231
Starbucks
4.450%, 08/15/49		2,500,000		1,993,709
Stellantis Finance US
6.450%, 03/18/35(B)		655,000		641,303
Whirlpool
2.400%, 05/15/31		2,500,000		2,025,086
ZF North America Capital
7.125%, 04/14/30(B)		320,000		294,736
				28,975,237
CONSUMER STAPLES — 0.8%
Anheuser-Busch InBev Worldwide
5.450%, 01/23/39		2,020,000		2,046,877
Coca-Cola
1.450%, 06/01/27		25,000		23,786
Constellation Brands
4.800%, 05/01/30		315,000		315,036
General Mills
4.875%, 01/30/30		530,000		535,119
Keurig Dr Pepper
5.150%, 05/15/35		310,000		308,921
Kraft Heinz Foods
5.400%, 03/15/35		950,000		954,391

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
CONSUMER STAPLES — continued
Mather Foundation
2.675%, 10/01/31	$	2,500,000	$	2,120,360
PepsiCo
5.000%, 02/07/35		1,345,000		1,356,234
3.900%, 07/18/32		3,000,000		2,879,186
2.875%, 10/15/49		3,340,000		2,173,893
RELX Capital
3.000%, 05/22/30		50,000		46,715
Sysco
5.100%, 09/23/30		785,000		798,118
2.400%, 02/15/30		2,500,000		2,261,546
Target
5.000%, 04/15/35		1,220,000		1,204,482
Walmart
4.900%, 04/28/35		975,000		986,398
				18,011,062
ENERGY — 1.8%
APA
6.750%, 02/15/55(B)		860,000		754,224
BP Capital Markets America
3.060%, 06/17/41		2,250,000		1,620,407
California Resources
8.250%, 06/15/29(B)		845,000		805,862
Cameron LNG
3.701%, 01/15/39(B)		1,995,000		1,673,414
Chevron USA
4.687%, 04/15/30		1,465,000		1,488,219
Chord Energy
6.750%, 03/15/33(B)		920,000		895,907
ConocoPhillips
5.000%, 01/15/35		585,000		574,274
Devon Energy
7.875%, 09/30/31		830,000		939,956
Energy Transfer
6.500%, 02/01/42		835,000		827,423
6.100%, 12/01/28		1,855,000		1,940,338
4.400%, 03/15/27		2,190,000		2,184,609
Helmerich & Payne
5.500%, 12/01/34(B)		840,000		736,901
Hess Midstream Operations
5.875%, 03/01/28(B)		1,690,000		1,693,484
Kinder Morgan
5.150%, 06/01/30		470,000		473,870
Kinder Morgan Energy Partners
6.500%, 09/01/39		50,000		51,587
5.500%, 03/01/44		370,000		337,000
Kinetik Holdings
6.625%, 12/15/28(B)		610,000		614,463
Marathon Petroleum
5.150%, 03/01/30		875,000		880,093

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
ENERGY — continued
MidAmerican Energy
5.850%, 09/15/54	$	975,000	$	987,106
5.300%, 02/01/55		1,050,000		980,582
4.250%, 07/15/49		1,240,000		995,563
3.950%, 08/01/47		2,500,000		1,934,094
2.700%, 08/01/52		2,588,000		1,557,212
MPLX
5.500%, 02/15/49		2,000,000		1,754,435
NFE Financing
12.000%, 11/15/29(B)		3,549,600		2,443,300
Occidental Petroleum
6.625%, 09/01/30		1,300,000		1,344,573
6.050%, 10/01/54		650,000		560,504
5.200%, 08/01/29		910,000		896,548
Patterson-UTI Energy
7.150%, 10/01/33		1,525,000		1,500,435
Sweihan PV Power PJSC
3.625%, 01/31/49(B)		2,305,600		1,890,645
Targa Resources
6.125%, 05/15/55		1,165,000		1,101,039
Topaz Solar Farms
5.750%, 09/30/39(B)		4,731,496		4,435,257
TransCanada PipeLines
4.625%, 03/01/34		1,345,000		1,262,750
				42,136,074
FINANCIALS — 16.3%
African Development Bank
5.750%, H15T5Y + 1.575%(A)(C)		3,750,000		3,584,103
4.125%, 02/25/27		2,500,000		2,516,197
3.500%, 09/18/29		1,000,000		987,242
American Express
5.016%, SOFRRATE + 1.440%, 04/25/31(A)		1,890,000		1,917,040
3.550%, H15T5Y + 2.854%(A)(C)		675,000		645,862
American Honda Finance
5.200%, 03/05/35		1,375,000		1,369,778
American National Global Funding
5.550%, 01/28/30(B)		870,000		887,466
Anglo American Capital
5.750%, 04/05/34(B)		1,765,000		1,777,201
3.875%, 03/16/29(B)		420,000		406,674
2.625%, 09/10/30(B)		500,000		444,921
Antares Holdings
6.350%, 10/23/29(B)		720,000		716,855
Apollo Debt Solutions BDC
6.550%, 03/15/32(B)		345,000		346,270
Arab Energy Fund
5.428%, 05/02/29		2,750,000		2,832,401

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Arab Petroleum Investments
5.428%, 05/02/29(B)	$	1,500,000	$	1,544,946
Ares Capital
7.000%, 01/15/27		487,000		500,401
5.800%, 03/08/32		580,000		566,933
2.875%, 06/15/28		1,320,000		1,225,485
Ares Strategic Income Fund
5.700%, 03/15/28(B)		570,000		568,456
Arthur J Gallagher
6.500%, 02/15/34		1,225,000		1,328,582
Asian Infrastructure Investment Bank
4.987%, SOFRINDX + 0.620%, 08/16/27(A)		1,000,000		1,006,822
4.875%, 09/14/26		1,000,000		1,014,082
4.500%, 01/16/30		1,200,000		1,233,460
Athene Global Funding
5.380%, 01/07/30(B)		1,430,000		1,455,998
Atlas Warehouse Lending
6.250%, 01/15/30(B)		445,000		445,287
Aviation Capital Group
5.125%, 04/10/30(B)		620,000		612,312
Avolon Holdings Funding
5.375%, 05/30/30(B)		215,000		213,970
4.950%, 01/15/28(B)		990,000		984,335
4.375%, 05/01/26(B)		1,445,000		1,434,071
Bacardi-Martini BV
5.550%, 02/01/30(B)		1,620,000		1,649,064
Bain Capital Specialty Finance
5.950%, 03/15/30		350,000		342,389
Bank of America
5.518%, SOFRRATE + 1.738%, 10/25/35(A)		2,995,000		2,935,656
4.450%, 03/03/26		1,275,000		1,273,710
2.676%, U.S. SOFR + 1.930%, 06/19/41(A)		2,700,000		1,913,400
2.572%, SOFRRATE + 1.210%, 10/20/32(A)		650,000		563,654
Bank of Montreal
5.004%, SOFRINDX + 0.670%, 01/27/29(A)		575,000		583,033
Bank of New York Mellon
4.942%, SOFRRATE + 0.887%, 02/11/31(A)		1,440,000		1,462,744
4.729%, SOFRRATE + 1.135%, 04/20/29(A)		585,000		592,698
Bank of Nova Scotia
4.900%, H15T5Y + 4.551%(A)(C)		4,840,000		4,819,648

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Banque Federative du Credit Mutuel
5.538%, 01/22/30(B)	$	1,420,000	$	1,465,099
Barclays
5.690%, SOFRRATE + 1.740%, 03/12/30(A)		1,240,000		1,273,952
5.674%, SOFRRATE + 1.490%, 03/12/28(A)		3,130,000		3,189,192
5.367%, SOFRRATE + 1.230%, 02/25/31(A)		725,000		734,195
2.894%, H15T1Y + 1.300%, 11/24/32(A)		1,000,000		869,788
BGC Group
6.150%, 04/02/30(B)		305,000		303,381
Blackstone Private Credit Fund
6.000%, 01/29/32		255,000		252,435
2.625%, 12/15/26		2,845,000		2,729,289
Blackstone Secured Lending Fund
5.350%, 04/13/28		245,000		244,148
5.300%, 06/30/30		465,000		452,126
Blue Owl Capital
3.400%, 07/15/26		1,140,000		1,108,048
2.875%, 06/11/28		2,700,000		2,462,846
Blue Owl Credit Income
7.750%, 01/15/29		2,670,000		2,805,475
6.600%, 09/15/29(B)		555,000		560,295
Blue Owl Technology Finance II
6.750%, 04/04/29		585,000		585,476
BMW US Capital
5.400%, 03/21/35(B)		1,115,000		1,102,005
BNP Paribas
5.283%, SOFRRATE + 1.280%, 11/19/30(A)(B)		1,530,000		1,545,365
5.176%, SOFRRATE + 1.520%, 01/09/30(A)(B)		1,465,000		1,485,215
5.085%, SOFRRATE + 1.678%, 05/09/31(A)(B)		1,985,000		1,985,000
4.375%, 05/12/26(B)		250,000		248,370
1.675%, SOFRRATE + 0.912%, 06/30/27(A)(B)		2,450,000		2,367,666
Bush Foundation
2.754%, 10/01/50		1,000,000		632,223
Canadian Imperial Bank of Commerce
4.857%, SOFRRATE + 1.030%, 03/30/29(A)		1,475,000		1,486,644
Cantor Fitzgerald
7.200%, 12/12/28(B)		750,000		789,713
Capital One Financial
7.624%, SOFRRATE + 3.070%, 10/30/31(A)		775,000		862,389

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
6.377%, SOFRRATE + 2.860%, 06/08/34(A)	$	1,490,000	$	1,554,043
6.312%, SOFRRATE + 2.640%, 06/08/29(A)		350,000		364,372
6.183%, SOFRRATE + 2.036%, 01/30/36(A)		660,000		650,415
5.268%, SOFRRATE + 2.370%, 05/10/33(A)		1,320,000		1,297,349
4.927%, SOFRRATE + 2.057%, 05/10/28(A)		675,000		677,369
4.200%, 10/29/25		1,050,000		1,047,974
Cargill
5.125%, 02/11/35(B)		765,000		766,888
CBRE Services
5.500%, 06/15/35		415,000		412,531
CDP Financial MTN
1.000%, 05/26/26(B)		2,500,000		2,423,256
Central American Bank for Economic Integration
5.000%, 02/09/26(B)		500,000		502,484
CGI
4.950%, 03/14/30(B)		1,275,000		1,279,675
Charles Schwab
5.375%, H15T5Y + 4.971%(A)(C)		4,830,000		4,813,998
4.000%, H15T5Y + 3.168%(A)(C)		4,030,000		3,902,606
Citibank
4.876%, SOFRRATE + 0.712%, 11/19/27(A)		2,915,000		2,933,978
Citigroup
8.125%, 07/15/39		785,000		970,997
5.950%, TSFR3M + 4.167%(A)(C)		4,480,000		4,472,900
4.600%, 03/09/26		40,000		39,982
4.450%, 09/29/27		1,920,000		1,914,236
4.000%, H15T5Y + 3.597%(A)(C)		2,085,000		2,038,930
3.400%, 05/01/26		330,000		326,813
2.666%, U.S. SOFR + 1.146%, 01/29/31(A)		2,205,000		2,002,760
Citizens Bank
4.575%, SOFRRATE + 2.000%, 08/09/28(A)		940,000		939,492
Citizens Financial Group
5.841%, SOFRRATE + 2.010%, 01/23/30(A)		1,190,000		1,218,148
5.253%, SOFRRATE + 1.259%, 03/05/31(A)		600,000		600,007
CME Group
4.400%, 03/15/30		1,470,000		1,481,834

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
CNH Industrial Capital
4.750%, 03/21/28	$	505,000	$	507,125
CNO Global Funding
4.875%, 12/10/27(B)		860,000		866,273
Commonwealth Bank of Australia NY
4.423%, 03/14/28		1,165,000		1,174,959
Community Preservation
2.867%, 02/01/30		2,400,000		2,181,725
Conservation Fund A Nonprofit
3.474%, 12/15/29		2,116,000		2,006,333
ContourGlobal Power Holdings
6.750%, 02/28/30(B)		500,000		505,956
Cooperatieve Rabobank UA
1.004%, H15T1Y + 0.730%, 09/24/26(A)(B)		444,000		437,364
Corebridge Financial
6.875%, H15T5Y + 3.846%, 12/15/52(A)		765,000		773,485
6.375%, H15T5Y + 2.646%, 09/15/54(A)		2,045,000		1,970,188
Council of Europe Development Bank
3.000%, 06/16/25		1,000,000		998,075
Credit Agricole
5.230%, SOFRRATE + 1.130%, 01/09/29(A)(B)		1,310,000		1,327,852
Crescent Energy Finance
7.625%, 04/01/32(B)		400,000		363,011
Daimler Truck Finance North America
5.625%, 01/13/35(B)		1,545,000		1,543,839
Danske Bank
5.019%, H15T1Y + 0.930%, 03/04/31(A)(B)		995,000		996,735
Deutsche Bank NY
1.686%, 03/19/26		2,500,000		2,438,814
DNB Bank
4.853%, SOFRRATE + 1.050%, 11/05/30(A)(B)		430,000		433,691
Element Fleet Management
5.037%, 03/25/30(B)		715,000		710,409
Enel Finance International
5.000%, 06/15/32(B)		1,100,000		1,085,741
European Investment Bank
3.750%, 02/14/33		2,500,000		2,450,562
3.250%, 11/15/27		1,800,000		1,781,971
2.125%, 04/13/26		1,000,000		983,311
0.875%, 05/17/30		3,500,000		3,029,492
0.625%, 10/21/27		5,000,000		4,644,834

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Fifth Third Bank
4.967%, SOFRRATE + 0.810%, 01/28/28(A)	$	430,000	$	432,436
Ford Foundation
2.815%, 06/01/70		5,065,000		2,808,649
Fortitude Group Holdings
6.250%, 04/01/30(B)		340,000		344,615
Foundry JV Holdco
6.200%, 01/25/37(B)		2,375,000		2,431,878
FS KKR Capital
6.875%, 08/15/29		275,000		278,885
6.125%, 01/15/30		565,000		554,549
GA Global Funding Trust
5.500%, 04/01/32(B)		915,000		920,790
4.400%, 09/23/27(B)		1,130,000		1,123,882
GATX
5.500%, 06/15/35		425,000		420,556
Glencore Funding
6.375%, 10/06/30(B)		390,000		415,425
5.893%, 04/04/54(B)		1,930,000		1,820,185
5.186%, 04/01/30(B)		505,000		510,517
Goldman Sachs Group
5.218%, SOFRRATE + 1.580%, 04/23/31(A)		1,955,000		1,988,590
5.049%, SOFRRATE + 1.210%, 07/23/30(A)		1,610,000		1,626,533
4.387%, SOFRRATE + 1.510%, 06/15/27(A)		2,500,000		2,495,651
4.017%, TSFR3M + 1.635%, 10/31/38(A)		2,310,000		1,966,460
Golub Capital BDC
6.000%, 07/15/29		810,000		811,232
2.500%, 08/24/26		3,530,000		3,396,085
Guardian Life Global Funding
4.798%, 04/28/30(B)		940,000		950,876
HA Sustainable Infrastructure Capital
6.375%, 07/01/34(B)		2,500,000		2,399,628
Hanwha Futureproof
4.750%, 04/30/28(B)		1,000,000		1,010,063
Harbour Energy
6.327%, 04/01/35(B)		430,000		408,510
HAT Holdings I
3.750%, 09/15/30(B)		1,000,000		878,411
HPS Corporate Lending Fund
5.450%, 01/14/28		1,425,000		1,422,691
HSBC Holdings
5.450%, SOFRRATE + 1.560%, 03/03/36(A)		2,045,000		2,028,618
5.130%, SOFRRATE + 1.040%, 11/19/28(A)		1,430,000		1,444,613

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Huntington Bancshares
5.272%, SOFRRATE + 1.276%, 01/15/31(A)	$	285,000	$	286,952
Hyundai Capital America
6.100%, 09/21/28(B)		1,005,000		1,038,687
5.150%, 03/27/30(B)		1,920,000		1,914,402
4.875%, 11/01/27(B)		435,000		435,043
ING Groep
4.858%, SOFRRATE + 1.010%, 03/25/29(A)		750,000		754,489
Inter-American Development Bank MTN
4.680%, SOFRINDX + 0.280%, 04/12/27(A)		1,500,000		1,500,075
3.500%, 04/12/33		2,500,000		2,390,320
1.125%, 01/13/31		2,500,000		2,147,461
International Bank for Reconstruction & Development
1.745%, 07/31/33(D)		2,500,000		2,515,333
0.750%, 08/26/30		2,500,000		2,128,873
0.000%, 03/31/27(E)		2,500,000		2,360,652
0.000%, 03/31/28(E)		1,000,000		978,934
International Development Association
4.500%, 02/12/35(B)		1,425,000		1,444,681
4.375%, 11/27/29(B)		2,125,000		2,169,680
0.875%, 04/28/26(B)		1,000,000		970,001
0.375%, 09/23/25		2,500,000		2,460,752
International Finance Facility for Immunisation MTN
1.000%, 04/21/26		2,500,000		2,426,623
Jane Street Group
6.750%, 05/01/33(B)		935,000		939,709
JPMorgan Chase
7.625%, 10/15/26		75,000		78,520
5.294%, SOFRRATE + 1.460%, 07/22/35(A)		1,205,000		1,206,952
4.946%, SOFRRATE + 1.340%, 10/22/35(A)		1,235,000		1,204,306
4.032%, TSFR3M + 1.722%, 07/24/48(A)		830,000		654,120
3.328%, U.S. SOFR + 1.580%, 04/22/52(A)		2,075,000		1,425,296
2.956%, TSFR3M + 2.515%, 05/13/31(A)		4,200,000		3,834,232
2.522%, U.S. SOFR + 2.040%, 04/22/31(A)		725,000		655,093
KBC Group
4.932%, H15T1Y + 1.070%, 10/16/30(A)(B)		430,000		432,909
KeyCorp MTN
2.250%, 04/06/27		4,865,000		4,655,126

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Kreditanstalt fuer Wiederaufbau
4.375%, 02/28/34	$	2,500,000	$	2,524,533
1.750%, 09/14/29		2,500,000		2,300,928
Liberty Utilities Finance GP 1
2.050%, 09/15/30(B)		2,500,000		2,152,712
Lloyds Banking Group
4.650%, 03/24/26		1,000,000		995,928
Low Income Investment Fund
3.711%, 07/01/29		2,500,000		2,374,796
LPL Holdings
5.150%, 06/15/30		840,000		841,413
LYB International Finance III
3.375%, 10/01/40		1,255,000		899,433
2.250%, 10/01/30		100,000		87,104
M&T Bank
5.385%, SOFRRATE + 1.610%, 01/16/36(A)		2,935,000		2,855,585
4.833%, SOFRRATE + 0.930%, 01/16/29(A)		2,500,000		2,503,388
Macquarie Airfinance Holdings
5.200%, 03/27/28(B)		600,000		599,092
Main Street Capital
6.500%, 06/04/27		815,000		828,131
Marex Group
6.404%, 11/04/29		635,000		648,122
Markel Group
6.000%, 05/16/54		1,080,000		1,069,844
Massachusetts Higher Education Assistance
2.673%, 07/01/31		500,000		433,762
MassMutual Global Funding II
4.950%, 01/10/30(B)		1,430,000		1,452,733
Mastercard
1.900%, 03/15/31		2,500,000		2,196,046
Mercedes-Benz Finance North America
4.900%, 11/15/27(B)		1,060,000		1,066,358
4.650%, 04/01/27(B)		1,870,000		1,874,507
Methanex US Operations
6.250%, 03/15/32(B)		640,000		605,713
MetLife
3.850%, H15T5Y + 3.576%(A)(C)		900,000		888,747
Mitsubishi HC Finance America
5.150%, 10/24/29(B)		1,105,000		1,119,902
Mitsubishi UFJ Financial Group
5.615%, H15T1Y + 1.270%, 04/24/36(A)		1,455,000		1,483,871
Mizuho Financial Group
5.748%, H15T1Y + 1.900%, 07/06/34(A)		1,650,000		1,700,711

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
5.098%, H15T1Y + 0.820%, 05/13/31(A)	$	935,000	$	948,174
Molex Electronic Technologies
5.250%, 04/30/32(B)		395,000		399,560
Morgan Stanley
5.664%, SOFRRATE + 1.757%, 04/17/36(A)		945,000		964,378
5.466%, SOFRRATE + 1.730%, 01/18/35(A)		1,585,000		1,601,105
5.230%, SOFRRATE + 1.108%, 01/15/31(A)		1,705,000		1,735,303
4.654%, SOFRRATE + 1.100%, 10/18/30(A)		1,380,000		1,374,208
4.431%, TSFR3M + 1.890%, 01/23/30(A)		475,000		471,421
3.217%, U.S. SOFR + 1.485%, 04/22/42(A)		1,610,000		1,185,381
3.125%, 07/27/26		250,000		246,488
2.239%, SOFRRATE + 1.178%, 07/21/32(A)		1,700,000		1,449,548
MSD Investment
6.250%, 05/31/30(B)		270,000		264,261
Mutual of Omaha Global Funding
5.000%, 04/01/30(B)		775,000		788,668
National Bank of Canada
4.500%, 10/10/29		935,000		929,557
National Community Renaissance of California
3.270%, 12/01/32		1,000,000		850,673
Nationstar Mortgage Holdings
6.500%, 08/01/29(B)		1,290,000		1,310,058
Nationwide Building Society
5.127%, 07/29/29(B)		1,075,000		1,092,616
NatWest Group
8.000%, USSW5 + 5.720%(A)(C)		2,390,000		2,396,324
5.808%, H15T1Y + 1.950%, 09/13/29(A)		3,355,000		3,468,974
5.778%, H15T1Y + 1.500%, 03/01/35(A)		1,910,000		1,943,112
4.964%, H15T1Y + 1.220%, 08/15/30(A)		580,000		581,968
1.642%, H15T1Y + 0.900%, 06/14/27(A)		1,750,000		1,691,886
NatWest Markets
4.789%, 03/21/28(B)		1,045,000		1,051,131
New Mountain Finance
6.200%, 10/15/27		550,000		549,436
New York Life Global Funding
4.600%, 12/05/29(B)		1,065,000		1,075,375

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
NHP Foundation
6.000%, 12/01/33	$	1,000,000	$	1,060,092
Nippon Life Insurance
6.500%, H15T5Y + 3.189%, 04/30/55(A)(B)		660,000		669,982
NLG Global Funding
5.400%, 01/23/30(B)		1,145,000		1,169,193
Novelis
6.875%, 01/30/30(B)		415,000		420,488
Nutrien
5.250%, 03/12/32		845,000		850,560
Oaktree Strategic Credit Fund
8.400%, 11/14/28		1,575,000		1,696,313
OneMain Finance
6.750%, 03/15/32		1,190,000		1,167,188
OPEC Fund for International Development MTN
4.500%, 01/26/26		2,500,000		2,503,092
Orbia Advance
7.500%, 05/13/35		685,000		680,404
OWS Cre Funding I
9.860%, US0001M + 4.900%, 09/15/25(A)(B)		3,125,941		3,112,840
Pacific Life Global Funding II
4.850%, 02/10/30(B)		1,440,000		1,457,467
PayPal Holdings
5.100%, 04/01/35		1,085,000		1,078,531
Principal Life Global Funding II
4.600%, 08/19/27(B)		485,000		487,494
Raizen Fuels Finance
6.950%, 03/05/54(B)		1,275,000		1,205,597
6.450%, 03/05/34(B)		575,000		571,594
RGA Global Funding
5.250%, 01/09/30(B)		645,000		658,869
Rockefeller Foundation
2.492%, 10/01/50		1,000,000		591,786
Royal Bank of Canada
5.153%, SOFRRATE + 1.030%, 02/04/31(A)		1,985,000		2,016,948
4.969%, SOFRRATE + 1.100%, 08/02/30(A)		25,000		25,287
RWE Finance US
6.250%, 04/16/54(B)		2,000,000		1,940,487
5.875%, 04/16/34(B)		700,000		711,776
Santander Holdings USA
5.741%, SOFRRATE + 1.878%, 03/20/31(A)		1,075,000		1,084,254
5.353%, SOFRRATE + 1.940%, 09/06/30(A)		2,125,000		2,130,456
3.244%, 10/05/26		3,020,000		2,955,549

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Santander UK Group Holdings
5.694%, SOFRINDX + 1.524%, 04/15/31(A)	$	945,000	$	967,349
SBL Holdings
7.200%, 10/30/34(B)		835,000		781,957
SiriusPoint
7.000%, 04/05/29		755,000		781,659
Sitios Latinoamerica
6.000%, 11/25/29(B)		655,000		657,161
Sixth Street Lending Partners
6.500%, 03/11/29		765,000		776,950
Societe Generale MTN
6.221%, H15T1Y + 3.200%, 06/15/33(A)(B)		1,540,000		1,563,869
5.250%, 02/19/27(B)		1,175,000		1,183,365
Solar Star Funding
3.950%, 06/30/35(B)		855,090		804,888
Standard Chartered
6.228%, H15T1Y + 1.430%, 01/21/36(A)(B)		820,000		846,324
Starwood Property Trust
7.250%, 04/01/29^‡(B)		750,000		776,423
6.500%, 10/15/30^‡(B)		683,000		688,123
6.500%, 07/01/30^‡(B)		380,000		382,072
State Street
4.834%, 04/24/30		620,000		628,023
4.729%, 02/28/30		490,000		495,073
Sumitomo Mitsui Financial Group
5.632%, 01/15/35		705,000		723,939
Synchrony Financial
5.935%, SOFRINDX + 2.130%, 08/02/30(A)		540,000		546,126
5.450%, SOFRRATE + 1.680%, 03/06/31(A)		360,000		358,486
Toronto-Dominion Bank
5.298%, 01/30/32		900,000		915,881
5.146%, H15T5Y + 1.500%, 09/10/34(A)		2,825,000		2,799,073
4.568%, 12/17/26		9,100,000		9,137,752
TotalEnergies Capital
5.275%, 09/10/54		680,000		626,579
Truist Bank
4.632%, H15T5Y + 1.150%, 09/17/29(A)		2,735,000		2,675,937
Truist Financial
4.950%, H15T5Y + 4.605%(A)(C)		3,885,000		3,856,326
Turkcell Iletisim Hizmetleri
7.650%, 01/24/32(B)		1,025,000		1,025,373

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
UBS Group
3.875%, H15T5Y + 3.098%(A)(B)(C)	$	2,970,000	$	2,865,651
UniCredit MTN
7.296%, USISDA05 + 4.914%, 04/02/34(A)(B)		2,400,000		2,509,928
Unum Group
6.750%, 12/15/28		465,000		491,231
US Bancorp
5.300%, TSFR3M + 3.176%(A)(C)		1,860,000		1,808,323
4.839%, SOFRRATE + 1.600%, 02/01/34(A)		1,438,000		1,396,565
US Bank
4.507%, SOFRRATE + 0.690%, 10/22/27(A)		1,405,000		1,405,291
USAA Capital
2.125%, 05/01/30(B)		5,000,000		4,510,274
Vale Overseas
6.400%, 06/28/54		880,000		849,607
Venture Global Plaquemines LNG
7.750%, 05/01/35(B)		364,000		373,758
Volkswagen Group of America Finance
5.800%, 03/27/35(B)		950,000		943,279
Weir Group
5.350%, 05/06/30(B)		665,000		666,766
Wells Fargo
6.303%, SOFRRATE + 1.790%, 10/23/29(A)		580,000		612,094
5.605%, SOFRRATE + 1.740%, 04/23/36(A)		1,295,000		1,313,239
5.198%, SOFRRATE + 1.500%, 01/23/30(A)		1,425,000		1,452,232
4.540%, SOFRRATE + 1.560%, 08/15/26(A)		1,500,000		1,498,759
3.900%, H15T5Y + 3.453%(A)(C)		2,160,000		2,121,475
3.350%, SOFRRATE + 1.500%, 03/02/33(A)		525,000		470,879
Western-Southern Global Funding
4.900%, 05/01/30(B)		280,000		282,065
WLB Asset II D Pte
6.500%, 12/21/26(B)		2,500,000		2,383,385
WLB Asset VI Pte
7.250%, 12/21/27(B)		1,500,000		1,555,103
				385,615,635

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
HEALTH CARE — 0.2%
Cardinal Health
5.000%, 11/15/29	$	1,550,000	$	1,573,861
Cigna Group
7.875%, 05/15/27		651,000		693,521
CVS Health
4.125%, 04/01/40		96,000		77,970
3.750%, 04/01/30		175,000		166,249
Owens & Minor
10.000%, 04/15/30(B)		635,000		655,207
Zimmer Biomet Holdings
5.050%, 02/19/30		1,335,000		1,354,955
Zoetis
4.500%, 11/13/25		600,000		599,639
				5,121,402
INDUSTRIALS — 0.7%
3M
4.800%, 03/15/30		870,000		877,827
AerCap Ireland Capital DAC
5.375%, 12/15/31		305,000		305,357
3.300%, 01/30/32		1,655,000		1,462,316
3.000%, 10/29/28		225,000		212,498
Ambipar Lux Sarl
9.875%, 02/06/31(B)		490,000		470,296
CRH America
3.875%, 05/18/25(B)		700,000		699,496
Family Forest Impact Foundation
5.500%, 07/01/32		1,250,000		1,237,303
JB Hunt Transport Services
4.900%, 03/15/30		805,000		812,023
Mileage Plus Holdings
6.500%, 06/20/27(B)		3,582,000		3,593,226
Nature Conservancy
3.957%, 03/01/52		2,485,000		1,956,151
Norfolk Southern
5.100%, 05/01/35		255,000		255,574
2.300%, 05/15/31		3,500,000		3,071,363
Penske Truck Leasing Lp
5.250%, 02/01/30(B)		865,000		877,963
Protective Life Global Funding
4.772%, 12/09/29(B)		965,000		971,952
Ryder System
5.000%, 03/15/30		425,000		428,100
4.850%, 06/15/30		475,000		475,459
Union Pacific Railroad Pass Through Trust
6.176%, 01/02/31		12,707		13,232
5.082%, 01/02/29		9,755		9,826
				17,729,962

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
INFORMATION TECHNOLOGY — 0.9%
Apple
3.000%, 06/20/27	$	2,500,000	$	2,456,147
Arrow Electronics
5.150%, 08/21/29		845,000		850,868
Dell International
6.020%, 06/15/26		102,000		103,163
5.000%, 04/01/30		405,000		406,771
4.850%, 02/01/35		615,000		579,276
HP
6.100%, 04/25/35		880,000		888,617
Intel
4.150%, 08/05/32		2,500,000		2,303,590
International Business Machines
4.800%, 02/10/30		1,155,000		1,167,498
Kyndryl Holdings
6.350%, 02/20/34		1,500,000		1,547,711
3.150%, 10/15/31		1,725,000		1,513,559
Microchip Technology
5.050%, 02/15/30		610,000		606,384
Micron Technology
6.050%, 11/01/35		405,000		410,097
5.800%, 01/15/35		960,000		956,333
Oracle
6.000%, 08/03/55		965,000		939,053
5.375%, 09/27/54		2,410,000		2,136,023
3.900%, 05/15/35		2,445,000		2,167,676
3.600%, 04/01/40		495,000		385,821
Tyco Electronics Group
5.000%, 05/09/35		595,000		587,173
4.625%, 02/01/30		1,025,000		1,031,010
VMware
1.400%, 08/15/26		525,000		503,777
				21,540,547
MATERIALS — 0.7%
Air Products and Chemicals
4.800%, 03/03/33		2,500,000		2,501,504
Alcoa Nederland Holding BV
7.125%, 03/15/31(B)		1,030,000		1,061,301
Amcor Flexibles North America
4.800%, 03/17/28(B)		925,000		931,959
Cleveland-Cliffs
6.875%, 11/01/29(B)		990,000		958,644
Dow Chemical
9.400%, 05/15/39		166,000		211,171
5.550%, 11/30/48		35,000		31,219
5.150%, 02/15/34		2,000,000		1,960,702
Eastman Chemical
5.000%, 08/01/29		480,000		482,997

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
MATERIALS — continued
FMG Resources August 2006 Pty
6.125%, 04/15/32(B)	$	2,500,000	$	2,463,761
Freeport-McMoRan
5.250%, 09/01/29		1,532,000		1,544,421
Inversiones CMPC
6.125%, 06/23/33(B)		1,060,000		1,076,075
LD Celulose International GmbH
7.950%, 01/26/32(B)		375,000		385,266
Nucor
5.100%, 06/01/35		1,375,000		1,347,082
Smurfit Kappa Treasury ULC
5.438%, 04/03/34(B)		2,250,000		2,253,258
Smurfit Westrock Financing DAC
5.418%, 01/15/35(B)		800,000		800,103
				18,009,463
REAL ESTATE — 0.4%
American Tower
2.950%, 01/15/51^‡		1,790,000		1,112,799
Boston Properties
3.250%, 01/30/31^‡		3,325,000		2,990,478
ERP Operating
4.150%, 12/01/28^‡		3,672,000		3,650,512
Extra Space Storage
5.700%, 04/01/28^‡		250,000		257,879
5.400%, 06/15/35^‡		905,000		887,193
Host Hotels & Resorts
5.700%, 07/01/34^‡		1,525,000		1,498,960
				10,397,821
UTILITIES — 3.3%
Alabama Power
3.700%, 12/01/47		1,845,000		1,379,146
Avangrid
3.800%, 06/01/29		2,500,000		2,418,958
California Buyer
6.375%, 02/15/32(B)		675,000		662,624
CenterPoint Energy
6.700%, H15T5Y + 2.586%, 05/15/55(A)		850,000		838,726
CenterPoint Energy Houston Electric
4.800%, 03/15/30		645,000		654,594
3.350%, 04/01/51		2,600,000		1,785,349
Consolidated Edison of New York
4.450%, 03/15/44		965,000		819,850
Continental Wind
6.000%, 02/28/33(B)		2,254,356		2,333,711
Dominion Energy
5.450%, 03/15/35		1,655,000		1,644,801

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
UTILITIES — continued
2.250%, 08/15/31	$	4,650,000	$	3,970,758
Dominion Energy South Carolina
6.250%, 10/15/53		935,000		987,178
Electricite de France
3.625%, 10/13/25(B)		1,000,000		994,478
Entergy Mississippi
5.800%, 04/15/55		2,125,000		2,078,732
Essential Utilities
4.800%, 08/15/27		570,000		573,750
Georgia Power
3.250%, 03/15/51		3,368,000		2,237,354
National Rural Utilities Cooperative Finance
4.150%, 12/15/32		5,220,000		4,929,778
New York State Electric & Gas
5.850%, 08/15/33(B)		2,500,000		2,593,785
5.300%, 08/15/34(B)		1,000,000		1,000,388
2.150%, 10/01/31(B)		3,240,000		2,741,779
NextEra Energy Capital Holdings
5.900%, 03/15/55		585,000		570,000
4.625%, 07/15/27		100,000		100,623
Niagara Mohawk Power
1.960%, 06/27/30(B)		3,500,000		3,053,255
NRG Energy
7.000%, 03/15/33(B)		2,035,000		2,192,562
NSTAR Electric
4.850%, 03/01/30		370,000		374,679
3.100%, 06/01/51		175,000		114,175
Oklahoma Gas and Electric
5.800%, 04/01/55		455,000		448,299
Oncor Electric Delivery
4.150%, 06/01/32		2,500,000		2,387,834
0.550%, 10/01/25		1,084,000		1,065,975
Pacific Gas and Electric
6.700%, 04/01/53		5,000,000		5,045,026
6.150%, 03/01/55		895,000		842,758
4.950%, 07/01/50		2,315,000		1,864,795
PECO Energy
4.150%, 10/01/44		1,015,000		838,162
3.000%, 09/15/49		1,810,000		1,173,674
PG&E Recovery Funding
5.529%, 06/01/49		2,500,000		2,459,085
5.231%, 06/01/42		1,000,000		989,092
Public Service Electric and Gas MTN
5.125%, 03/15/53		1,250,000		1,157,766
4.650%, 03/15/33		2,595,000		2,564,959
3.100%, 03/15/32		4,500,000		4,055,451
San Diego Gas & Electric
4.950%, 08/15/28		1,000,000		1,018,518

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
UTILITIES — continued
2.950%, 08/15/51	$	2,500,000	$	1,535,681
SCE Recovery Funding
5.112%, 12/15/47		300,000		273,300
Sempra
6.550%, H15T5Y + 2.138%, 04/01/55(A)		1,035,000		942,450
Southern
3.750%, H15T5Y + 2.915%, 09/15/51(A)		1,450,000		1,403,948
Southern California Edison
5.250%, 03/15/30		135,000		135,717
3.650%, 06/01/51		3,000,000		2,013,913
3.450%, 02/01/52		2,530,000		1,608,411
2.750%, 02/01/32		2,500,000		2,129,964
Union Electric
3.900%, 04/01/52		2,195,000		1,648,885
XPLR Infrastructure Operating Partners
8.375%, 01/15/31(B)		1,080,000		1,083,000
				79,737,696
Total Corporate Obligations
(Cost $683,439,154)				666,987,393

MORTGAGE-BACKED SECURITIES — 27.9%

Agency Mortgage-Backed Obligations — 23.3%
FHLMC
7.505%, RFUCCT1Y + 1.630%, 07/01/44 (A)	$	16,435	$	16,804
7.316%, RFUCCT1Y + 1.609%, 10/01/44 (A)		31,270		32,243
7.306%, RFUCCT1Y + 1.785%, 10/01/41 (A)		3,995		4,121
7.292%, RFUCCT1Y + 1.788%, 08/01/42 (A)		2,194		2,273
7.203%, RFUCCT1Y + 1.607%, 11/01/44 (A)		222,305		229,920
7.149%, RFUCCT1Y + 1.876%, 01/01/42 (A)		24,132		25,066
7.035%, RFUCCT1Y + 2.035%, 09/01/37 (A)		1,623		1,658
7.013%, RFUCCT1Y + 1.770%, 11/01/39 (A)		47,985		49,499
7.005%, RFUCCT1Y + 1.630%, 05/01/44 (A)		698		706
7.000%, 02/01/54		1,609,421		1,682,201
7.000%, 11/01/32		133,470		139,470
7.000%, 10/01/32		4,726		4,966
7.000%, 09/01/32		8,322		8,696
7.000%, 07/01/32		1,963		2,054
7.000%, 06/01/32		33,764		35,543

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
6.990%, RFUCCT1Y + 1.616%, 11/01/44 (A)	$	21,137	$	21,798
6.943%, RFUCCT1Y + 1.630%, 01/01/45 (A)		12,017		12,393
6.933%, RFUCCT1Y + 1.655%, 08/01/44 (A)		201,854		208,598
6.906%, RFUCCT1Y + 1.632%, 05/01/46 (A)		13,089		13,488
6.739%, RFUCCT1Y + 1.693%, 04/01/38 (A)		74,467		76,922
6.727%, RFUCCT1Y + 1.966%, 04/01/40 (A)		1,223		1,253
6.677%, RFUCCT1Y + 1.625%, 12/01/45 (A)		100,483		103,446
6.604%, RFUCCT1Y + 1.613%, 01/01/44 (A)		21,519		22,150
6.599%, RFUCCT1Y + 1.724%, 04/01/36 (A)		4,960		5,059
6.596%, RFUCCT1Y + 1.630%, 02/01/45 (A)		121,401		125,463
6.553%, RFUCCT1Y + 1.630%, 02/01/45 (A)		10,528		10,872
6.500%, 01/01/54		1,672,379		1,730,459
6.500%, 01/01/38		574		599
6.500%, 11/01/37		1,071		1,099
6.500%, 09/01/37		13,122		13,456
6.500%, 08/01/37		1,915		1,995
6.500%, 12/01/32		47,861		50,268
6.500%, 12/01/31		1,228		1,275
6.458%, RFUCCT1Y + 1.630%, 02/01/45 (A)		44,413		45,695
6.455%, RFUCCT1Y + 1.630%, 12/01/44 (A)		30,391		31,241
6.410%, RFUCCT1Y + 1.650%, 04/01/43 (A)		27,888		28,551
6.368%, RFUCCT1Y + 1.630%, 01/01/45 (A)		74,037		75,914
6.000%, 08/01/54		4,456,000		4,521,665
6.000%, 08/01/53		1,015,342		1,033,944
6.000%, 07/01/53		1,112,904		1,130,995
6.000%, 05/01/39		28,459		29,791
6.000%, 04/01/39		14,168		14,642
6.000%, 02/01/39		11,161		11,682
6.000%, 09/01/38		7,674		8,002
6.000%, 06/01/38		2,840		2,860
6.000%, 11/01/36		19,689		20,532
6.000%, 12/01/33		7,212		7,494
5.500%, 12/01/54		4,178,164		4,165,540
5.500%, 06/01/54		1,551,280		1,568,202
5.500%, 06/01/53		1,655,365		1,667,981
5.500%, 06/01/37		465		464
5.500%, 01/01/35		57,130		58,640
5.000%, 03/01/54		9,834,698		9,659,966
5.000%, 06/01/53		4,500,000		4,408,164

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
5.000%, 04/01/34	$	4,061	$	4,123
4.500%, 09/01/53		3,595,523		3,457,349
4.500%, 09/01/48		560,408		546,321
4.500%, 03/01/47		392,049		382,762
4.500%, 03/01/46		70,417		68,897
4.500%, 11/01/45		142,873		139,935
4.500%, 02/01/45		503,477		488,929
4.500%, 10/01/44		20,651		20,234
4.500%, 08/01/44		360,967		353,921
4.500%, 07/01/44		99,551		97,649
4.500%, 03/01/44		9,412		9,229
4.500%, 01/01/44		82,010		80,476
4.500%, 12/01/43		72,977		71,560
4.500%, 11/01/43		8,505		8,422
4.500%, 05/01/42		34,611		33,370
4.500%, 09/01/41		111,991		110,937
4.500%, 07/01/41		15,699		15,553
4.500%, 05/01/41		33,141		32,832
4.500%, 04/01/40		45,590		45,226
4.500%, 12/01/33		13,269		13,407
4.500%, 06/01/31		11,568		11,676
4.500%, 06/01/26		66		66
4.500%, 02/01/26		874		874
4.250%, 09/01/42		850,561		816,749
4.185%, SOFR30A + 2.278%, 09/01/52 (A)		803,129		790,670
4.000%, 01/01/52		967,303		903,326
4.000%, 05/01/46		603,878		572,287
4.000%, 07/01/34		47,384		47,126
4.000%, 10/01/31		25,675		25,596
3.500%, 07/01/52		8,374,576		7,578,514
3.500%, 04/01/52		10,404,104		9,408,513
3.500%, 02/01/52		463,254		420,063
3.500%, 01/01/52		2,672,787		2,427,302
3.500%, 04/01/51		2,454,190		2,225,199
3.500%, 04/01/37		319,439		310,362
3.000%, 06/01/52		4,542,247		3,954,374
3.000%, 03/01/52		1,168,937		1,029,160
3.000%, 11/01/50		1,565,912		1,374,786
3.000%, 02/01/50		6,446,857		5,669,507
2.500%, 05/01/52		2,426,756		2,047,205
2.500%, 07/01/50		4,399,661		3,697,354
2.500%, 01/01/36		824,933		772,421
2.000%, 06/01/52		4,420,306		3,509,223
2.000%, 04/01/52		1,689,745		1,341,500
2.000%, 03/01/52		4,258,774		3,420,883
2.000%, 01/01/52		1,305,871		1,048,641
2.000%, 04/01/51		3,204,785		2,553,786
2.000%, 12/01/50		3,298,262		2,656,947
2.000%, 11/01/50		1,209,156		976,076
2.000%, 09/01/50		11,299,874		9,039,194
2.000%, 07/01/50		4,900,590		3,953,164
2.000%, 02/01/42		1,544,346		1,319,635

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
FHLMC Multiclass Certificates Series, Ser 2024-P016, Cl A2
4.760%, 09/25/33 (A)	$	2,500,000	$	2,520,631
FHLMC Multifamily ML Certificates
1.877%, 07/25/37		1,604,410		1,287,653
1.219%, 07/25/41 (A)(B)		9,764,144		881,837
FHLMC Multifamily Variable Rate Certificate, Ser M069, Cl A
4.013%, 04/15/37		1,210,000		1,166,268
FHLMC Multifamily Variable Rate Certificate, Ser ML-14
4.050%, 08/25/38		682,902		647,630
FHLMC Structured Pass-Through Certificates, Ser 2002-41, Cl 2A
4.639%, 07/25/32 (A)		16,998		15,956
FHLMC Structured Pass-Through Certificates, Ser 2002-48, Cl 1A
4.359%, 07/25/33 (A)		153,397		147,655
FHLMC Structured Pass-Through Certificates, Ser 2002-51, Cl 1A
6.500%, 09/25/43 (A)		105,820		109,464
FHLMC Structured Pass-Through Certificates, Ser 2002-51, Cl 2A
7.500%, 08/25/42 (A)		39,805		41,395
FHLMC Structured Pass-Through Certificates, Ser 2003-54, Cl 3A
7.000%, 02/25/43		308,371		320,476
FHLMC Structured Pass-Through Certificates, Ser 2003-57, Cl 1A2
7.000%, 07/25/43		17,567		18,538
FHLMC, Ser 1998-2084, Cl ZC
6.500%, 08/15/28		17,717		18,072
FHLMC, Ser 2001-2295, Cl BD
6.000%, 03/15/31		6,419		6,592
FHLMC, Ser 2003-2676, Cl PZ
5.500%, 09/15/33		29,321		30,410
FHLMC, Ser 2005-2944, Cl OH
5.500%, 03/15/35		117,722		122,879
FHLMC, Ser 2005-2957, Cl VZ
5.000%, 02/15/35		31,198		31,899
FHLMC, Ser 2006-3143, Cl BC
5.500%, 02/15/36		90,798		94,952
FHLMC, Ser 2006-3185, Cl GT
6.000%, 07/15/26		7,670		7,692
FHLMC, Ser 2007-3330, Cl GZ
5.500%, 06/15/37		2,345		2,368

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
FHLMC, Ser 2013-299, Cl F1
4.959%, SOFR30A + 0.614%, 01/15/43 (A)	$	124,352	$	122,283
FHLMC, Ser 2013-4283, Cl EW
4.500%, 12/15/43 (A)		94,776		93,810
FHLMC, Ser 2014-4319, Cl MA
4.500%, 03/15/44 (A)		173,732		172,996
FHLMC, Ser 2015-4440, Cl ZD
2.500%, 02/15/45		3,273,797		2,897,372
FHLMC, Ser 2021-5092, Cl BC
2.500%, 06/25/36		82,225		81,643
FHLMC, Ser 2021-5133, Cl BD
3.000%, 07/25/41		2,222,285		2,061,208
FNMA
7.531%, RFUCCT1Y + 1.815%, 07/01/41 (A)		32,022		33,118
7.364%, RFUCCT1Y + 1.590%, 07/01/44 (A)		77,832		80,321
7.326%, RFUCCT1Y + 1.686%, 11/01/36 (A)		4,791		4,858
7.300%, H15T1Y + 2.300%, 08/01/34 (A)		6,332		6,492
7.298%, RFUCCT1Y + 1.470%, 06/01/35 (A)		2,449		2,495
7.190%, RFUCCT1Y + 1.580%, 09/01/44 (A)		997		1,025
7.188%, RFUCCT1Y + 1.561%, 06/01/44 (A)		35,853		36,964
7.159%, RFUCCT1Y + 1.790%, 06/01/38 (A)		3,314		3,434
7.110%, RFUCCT1Y + 1.610%, 10/01/47 (A)		88,617		90,958
7.056%, H15T1Y + 1.999%, 09/01/34 (A)		350		359
7.054%, RFUCCT1Y + 1.580%, 09/01/47 (A)		93,015		95,971
7.000%, 12/01/37		177		188
7.000%, 08/01/32		84,914		88,640
7.000%, 11/01/29		24,443		25,516
6.935%, RFUCCT1Y + 1.460%, 05/01/35 (A)		16,672		17,187
6.879%, RFUCCT1Y + 1.554%, 01/01/45 (A)		16,780		17,304
6.863%, RFUCCT1Y + 1.698%, 04/01/44 (A)		56,334		58,481
6.807%, RFUCCT1Y + 1.580%, 04/01/44 (A)		79,217		81,910
6.769%, RFUCCT1Y + 1.579%, 08/01/43 (A)		2,708		2,783
6.744%, RFUCCT1Y + 1.577%, 10/01/44 (A)		99,767		103,008
6.723%, RFUCCT1Y + 1.566%, 05/01/44 (A)		37,444		38,686

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
6.714%, RFUCCT1Y + 1.786%, 12/01/39 (A)	$	9,261	$	9,507
6.683%, RFUCCT1Y + 1.568%, 05/01/45 (A)		165,619		170,838
6.642%, RFUCCT1Y + 1.580%, 11/01/44 (A)		12,016		12,398
6.583%, RFUCCT1Y + 1.583%, 02/01/44 (A)		13,292		13,762
6.582%, RFUCCT1Y + 1.685%, 06/01/42 (A)		5,384		5,518
6.507%, RFUCCT1Y + 1.551%, 02/01/44 (A)		6,933		7,167
6.500%, 01/01/49		4,942		5,217
6.500%, 10/01/39		29,309		30,832
6.500%, 08/01/39		12,774		13,324
6.500%, 10/01/38		10,412		10,938
6.500%, 03/01/38		3,282		3,403
6.500%, 02/01/38		2,896		3,028
6.500%, 12/01/37		11,354		11,989
6.500%, 11/01/37		733		773
6.500%, 03/01/35		123,258		129,202
6.500%, 05/01/33		1,578		1,637
6.500%, 12/01/32		5,950		6,258
6.500%, 08/01/32		14,340		14,850
6.444%, RFUCCT1Y + 1.590%, 12/01/44 (A)		78,396		80,900
6.425%, RFUCCT1Y + 1.550%, 02/01/44 (A)		624		638
6.409%, RFUCCT1Y + 1.564%, 01/01/44 (A)		51,212		52,573
6.225%, RFUCCT1Y + 1.600%, 12/01/44 (A)		16,677		17,181
6.000%, 07/01/39		45,900		47,822
6.000%, 05/01/38		24,620		25,745
6.000%, 08/01/37		58,961		61,217
6.000%, 07/01/37		16,520		17,223
6.000%, 03/01/37		7,702		8,053
6.000%, 09/01/36		41,097		42,807
6.000%, 03/01/36		4,928		5,112
6.000%, 11/01/35		8,146		8,465
6.000%, 07/01/35		3,458		3,601
6.000%, 04/01/35		35,235		36,805
6.000%, 04/01/34		8,491		8,805
6.000%, 03/01/34		123,015		127,872
6.000%, 12/01/33		2,233		2,317
6.000%, 11/01/33		2,265		2,330
6.000%, 12/01/32		2,774		2,889
5.653%, RFUCCT1Y + 1.653%, 05/01/46 (A)		21,717		22,216
5.500%, 09/01/53		1,870,508		1,883,561
5.500%, 02/01/38		2,111		2,130
5.500%, 04/01/37		81,759		83,721
5.500%, 09/01/36		6,987		7,159
5.500%, 10/01/35		36,510		37,386

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
5.500%, 04/01/35	$	106,339	$	110,112
5.500%, 11/01/33		4,213		4,315
5.500%, 06/01/33		23,304		23,896
5.500%, 11/01/29		2,755		2,799
5.000%, 11/01/54		2,005,340		1,977,351
5.000%, 06/01/52		1,317,568		1,300,798
5.000%, 03/01/49		154,465		153,368
5.000%, 12/01/48		129,017		128,567
5.000%, 08/01/40		11,476		11,561
5.000%, 09/01/39		31,465		31,735
4.500%, 03/01/52		287,267		275,017
4.500%, 06/01/48		238,158		231,446
4.500%, 07/01/47		72,145		71,025
4.500%, 02/01/46		492,255		486,654
4.500%, 09/01/45		40,267		39,381
4.500%, 02/01/45		172,637		169,197
4.500%, 10/01/44		21,458		20,946
4.500%, 09/01/43		6,085		5,964
4.500%, 01/01/43		429,274		420,475
4.500%, 07/01/42		158,971		157,229
4.500%, 01/01/42		47,072		46,639
4.500%, 12/01/41		23,653		23,316
4.500%, 11/01/41		21,355		21,083
4.500%, 09/01/41		10,919		10,696
4.500%, 08/01/41		11,684		11,512
4.500%, 05/01/41		803,337		793,519
4.500%, 06/01/36		17,777		17,610
4.500%, 09/01/31		27,475		27,680
4.500%, 06/01/31		7,948		8,010
4.500%, 01/01/31		66,891		67,069
4.500%, 08/01/26		7,609		7,594
4.000%, 01/01/57		5,354,719		4,990,462
4.000%, 10/01/52		2,327,950		2,177,985
4.000%, 08/01/52		1,179,167		1,102,818
4.000%, 04/01/52		1,452,093		1,364,395
4.000%, 10/01/51		1,285,816		1,205,236
4.000%, 04/01/48		1,396,599		1,320,906
4.000%, 03/01/46		3,065,162		2,918,424
4.000%, 01/01/37		267,400		264,811
4.000%, 11/01/35		47,097		46,727
4.000%, 01/01/35		807,790		802,247
4.000%, 10/01/34		371,804		369,135
4.000%, 06/01/34		451,902		447,271
4.000%, 03/01/34		180,356		179,208
4.000%, 11/01/33		295,780		293,991
4.000%, 10/01/33		36,577		36,143
4.000%, 10/01/32		32,925		32,670
4.000%, 09/01/31		94,060		93,668
4.000%, 12/01/30		135,489		135,023
4.000%, 11/01/30		97,371		97,036
3.717%, SOFR30A + 2.238%, 10/01/52 (A)		3,018,649		2,942,163

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
3.674%, RFUCCT1Y + 1.620%, 11/01/48 (A)	$	205,356	$	208,929
3.500%, 05/01/52		3,809,195		3,438,449
3.500%, 04/01/52		6,512,216		5,923,223
3.500%, 03/01/52		1,657,963		1,501,822
3.500%, 01/01/52		1,874,472		1,702,864
3.500%, 11/01/51		1,098,129		994,434
3.500%, 04/01/37		280,630		272,006
3.500%, 02/01/31		310,592		307,316
3.500%, 12/01/29		107,506		106,357
3.081%, RFUCCT1Y + 1.602%, 10/01/48 (A)		88,168		90,329
3.000%, 05/01/52		879,400		769,168
3.000%, 04/01/52		2,860,890		2,517,381
3.000%, 03/01/52		1,423,836		1,244,816
3.000%, 11/01/51		1,942,925		1,705,804
3.000%, 08/01/50		1,580,769		1,410,965
3.000%, 07/01/50		960,811		845,087
3.000%, 04/01/50		1,451,565		1,277,114
2.500%, 04/01/52		4,357,644		3,662,670
2.500%, 03/01/52		1,538,824		1,297,848
2.500%, 02/01/52		5,341,152		4,472,896
2.500%, 01/01/52		4,116,301		3,434,020
2.500%, 10/01/51		1,594,424		1,326,052
2.500%, 08/01/51		2,858,606		2,412,114
2.500%, 07/01/51		2,510,497		2,098,205
2.500%, 02/01/51		1,670,289		1,407,544
2.500%, 01/01/51		1,045,115		884,438
2.500%, 11/01/50		5,226,724		4,405,273
2.500%, 10/01/50		7,029,173		5,912,896
2.500%, 07/01/50		8,486,831		7,140,299
2.500%, 03/01/43		1,621,847		1,425,278
2.500%, 06/01/42		2,679,400		2,354,664
2.500%, 10/01/41		1,203,790		1,065,558
2.500%, 05/01/41		796,831		703,701
2.000%, 12/01/51		1,524,408		1,210,928
2.000%, 11/01/51		6,212,631		4,956,882
2.000%, 10/01/51		3,004,570		2,424,581
2.000%, 09/01/51		1,468,571		1,182,925
2.000%, 08/01/51		1,635,768		1,307,371
2.000%, 02/01/51		1,101,438		885,179
2.000%, 01/01/51		2,822,766		2,274,113
2.000%, 12/01/50		461,838		372,077
2.000%, 10/01/50		1,590,427		1,276,119
2.000%, 08/01/50		668,013		537,903
2.000%, 09/01/36		1,081,622		988,812
1.500%, 10/01/50		1,675,441		1,263,590
FNMA Grantor Trust, Ser 2000-T6, Cl A1
7.500%, 11/25/40		11,765		11,700
FNMA Grantor Trust, Ser 2001-T1, Cl A1
7.500%, 10/25/40		99,051		99,727

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
FNMA Grantor Trust, Ser 2001-T10, Cl A1
7.000%, 12/25/41	$	61,499	$	62,816
FNMA Grantor Trust, Ser 2001-T12, Cl A1
6.500%, 08/25/41		2,162		2,188
FNMA Grantor Trust, Ser 2001-T3, Cl A1
7.500%, 11/25/40		5,944		6,059
FNMA Grantor Trust, Ser 2001-T4, Cl A1
7.500%, 07/25/41		29,463		29,925
FNMA Grantor Trust, Ser 2001-T7, Cl A1
7.500%, 02/25/41		1,364		1,444
FNMA Grantor Trust, Ser 2001-T8, Cl A1
7.500%, 07/25/41		3,544		3,599
FNMA Grantor Trust, Ser 2004-T1, Cl 1A2
6.500%, 01/25/44		907		934
FNMA or FHLMC
3.000%, 05/15/55		1,000,000		865,191
FNMA REMIC Trust, Ser 2001-W3, Cl A
4.527%, 09/25/41 (A)		52,540		52,732
FNMA REMIC Trust, Ser 2002-W6, Cl 2A
7.500%, 06/25/42 (A)		4,146		4,154
FNMA REMIC Trust, Ser 2002-W6, Cl 2A1
7.000%, 06/25/42 (A)		4,146		4,128
FNMA REMIC Trust, Ser 2003-W4, Cl 3A
4.630%, 10/25/42 (A)		48,511		52,051
FNMA REMIC Trust, Ser 2003-W4, Cl 4A
5.244%, 10/25/42 (A)		19,094		19,561
FNMA Trust, Ser 2003-W2, Cl 1A3
7.500%, 07/25/42		5,870		6,157
FNMA Trust, Ser 2004-W2, Cl 2A2
7.000%, 02/25/44		8,525		8,861
FNMA Trust, Ser 2004-W2, Cl 5A
7.500%, 03/25/44		2,957		3,072
FNMA, Ser 2001-2, Cl ZK
6.500%, 02/25/31		19,871		20,477
FNMA, Ser 2001-79, Cl BA
7.000%, 03/25/45		7,216		7,341
FNMA, Ser 2002-33, Cl A1
7.000%, 06/25/32		50,656		51,537

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
FNMA, Ser 2007-104, Cl ZE
6.000%, 08/25/37	$	12,503	$	12,975
FNMA, Ser 2007-21, Cl MT
5.750%, 03/25/37		2,736		2,810
FNMA, Ser 2009-11, Cl MP
7.000%, 03/25/49		4,335		4,667
FNMA, Ser 2010-136, Cl BA
3.500%, 12/25/30		117,006		115,287
FNMA, Ser 2010-49, Cl ZJ
4.500%, 05/25/40		35,789		35,844
FNMA, Ser 2013-128, Cl CF
5.068%, SOFR30A + 0.714%, 12/25/43 (A)		211,230		210,302
FNMA, Ser 2014-1, Cl KF
5.068%, SOFR30A + 0.714%, 02/25/44 (A)		299,000		295,138
FNMA, Ser 2014-54, Cl CP
3.500%, 09/25/44		2,334,900		2,162,985
FNMA, Ser 2020-45, Cl HD
3.500%, 07/25/40		1,560,828		1,485,392
FNMA, Ser 2020-61, Cl NI, IO
3.500%, 09/25/50		1,680,189		273,721
FNMA, Ser M1G, Cl A2
1.517%, 11/25/30 (A)		3,100,000		2,670,787
FNMA, Ser M3G, Cl A2
1.286%, 01/25/31 (A)		2,000,000		1,703,965
GNMA
7.000%, 12/15/29		424		441
6.500%, 05/15/29		672		691
6.000%, 02/20/55		7,108,979		7,199,732
6.000%, 01/20/55		12,599,416		12,755,343
6.000%, 12/20/54		5,107,123		5,168,084
6.000%, 11/20/54		12,893,058		13,048,840
6.000%, 10/20/54		8,527,389		8,629,175
6.000%, 09/20/54		18,792,242		19,021,713
6.000%, 08/20/54		27,382,085		27,714,878
6.000%, 07/20/54		17,309,031		17,515,632
6.000%, 06/20/54		7,014,436		7,111,134
6.000%, 05/20/54		7,335,221		7,441,968
6.000%, 04/20/54		14,589,576		14,805,971
6.000%, 02/20/54		17,681,524		17,945,389
6.000%, 12/20/53		3,864,313		3,926,377
6.000%, 11/20/53		6,314,430		6,422,223
6.000%, 10/20/53		4,423,301		4,496,534
5.500%, 09/20/54		4,046,623		4,042,062
5.500%, 02/20/53		1,683,035		1,686,048
5.000%, 12/20/53		8,236,370		8,074,673
5.000%, 02/20/53		583,050		572,442
5.000%, 11/20/52		2,964,214		2,911,245
4.500%, 12/20/52		2,036,092		1,954,659
4.500%, 10/20/52		4,355,557		4,185,386
4.500%, 09/20/52		948,040		913,068
4.500%, 08/20/52		5,488,790		5,274,343

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
4.000%, 09/20/52	$	1,898,215	$	1,771,615
4.000%, 08/20/52		9,193,739		8,580,579
4.000%, 04/20/52		98,478		92,020
4.000%, 03/20/52		101,797		95,169
4.000%, 02/20/52		1,430,450		1,338,725
4.000%, 01/20/52		1,085,055		1,016,040
4.000%, 12/20/48		1,166,789		1,094,610
3.500%, 08/20/52		12,365,886		11,246,971
3.500%, 07/20/52		1,654,125		1,504,080
3.500%, 04/20/52		3,909,364		3,555,558
3.500%, 03/20/52		1,752,052		1,595,569
3.500%, 02/20/52		1,272,760		1,160,266
3.500%, 01/20/52		1,350,000		1,226,686
3.500%, 06/20/51		1,335,120		1,219,757
3.500%, 01/20/50		844,291		779,470
3.500%, 10/20/49		2,507,175		2,268,377
3.000%, 03/20/52		1,862,364		1,649,434
3.000%, 01/20/52		2,850,372		2,520,706
3.000%, 12/20/51		4,948,386		4,375,481
3.000%, 10/20/51		1,644,625		1,456,752
3.000%, 07/20/51		2,298,858		2,036,793
3.000%, 05/20/51		1,058,676		938,051
2.500%, 03/20/53		3,618,881		3,087,838
2.500%, 07/20/52		1,317,349		1,120,972
2.500%, 04/20/52		2,277,406		1,937,793
2.500%, 03/20/52		2,858,507		2,422,007
2.500%, 08/20/51		1,402,984		1,195,879
2.500%, 05/20/51		726,330		619,367
2.500%, 03/20/51		2,541,528		2,167,044
2.500%, 12/20/50		1,399,073		1,170,473
2.000%, 10/20/51		1,565,444		1,277,587
2.000%, 01/20/51		1,993,823		1,626,936
2.000%, 12/20/50		1,403,605		1,130,544
2.000%, 11/20/50		3,111,698		2,539,122
GNMA, Ser 2012-98, Cl BM
4.902%, 08/20/42 (A)		175,264		179,037
GNMA, Ser 2015-142, Cl KI, IO
4.500%, 04/20/45		1,857,433		313,500
GNMA, Ser 2016-84, Cl IB, IO
4.500%, 11/16/45		1,825,498		333,234
GNMA, Ser 2017-H17, Cl FQ
5.581%, TSFR12M + 0.985%, 09/20/67 (A)		981,526		990,123
GNMA, Ser 2017-H22, Cl FH
4.753%, TSFR12M + 0.935%, 11/20/67 (A)		631,277		634,623
GNMA, Ser 2017-H24, Cl FQ
5.106%, TSFR12M + 0.915%, 11/20/67 (A)		636,888		641,442
GNMA, Ser 2018-H04, Cl FK
4.914%, TSFR12M + 0.755%, 03/20/68 (A)		759,642		760,021

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
GNMA, Ser 2018-H05, Cl CF
4.934%, TSFR12M + 0.775%, 03/20/68 (A)	$	875,108	$	876,077
GNMA, Ser 2018-H05, Cl FE
4.944%, TSFR12M + 0.785%, 02/20/68 (A)		300,181		302,145
GNMA, Ser 2019-20, Cl IC, IO
5.000%, 02/20/49		1,663,692		356,186
GNMA, Ser 2019-H09, Cl FG
6.092%, TSFR12M + 1.065%, 05/20/69 (A)		303,043		305,403
GNMA, Ser 2019-H16, Cl CF
5.139%, TSFR1M + 0.814%, 10/20/69 (A)		280,721		280,104
GNMA, Ser 2020-H01, Cl FV
5.089%, TSFR1M + 0.764%, 01/20/70 (A)		3,391,116		3,377,324
GNMA, Ser 2020-H02, Cl FB
5.039%, TSFR1M + 0.714%, 01/20/70 (A)		446,791		443,327
GNMA, Ser 2022-H04, Cl FG
4.900%, SOFR30A + 0.550%, 02/20/67 (A)		1,291,827		1,288,691
GNMA, Ser 2022-H08, Cl FE
5.094%, SOFR30A + 0.750%, 03/20/72 (A)		1,912,107		1,897,348
GNMA, Ser 2022-H09, Cl FA
5.020%, SOFR30A + 0.670%, 04/20/72 (A)		1,998,431		1,972,125
GNMA, Ser 2022-H11, Cl EF
5.320%, SOFR30A + 0.970%, 05/20/72 (A)		2,396,586		2,404,843
GNMA, Ser 2023-H04, Cl FC
5.200%, SOFR30A + 0.850%, 01/20/73 (A)		1,959,147		1,947,691
GNMA, Ser 2023-H13, Cl FJ
5.770%, SOFR30A + 1.420%, 02/20/73 (A)		1,207,112		1,228,406
GNMA, Ser 29, Cl AE
3.500%, 05/16/64 (A)		2,924,319		2,805,403
				552,479,420
Non-Agency Mortgage-Backed Obligations — 4.6%
BANK5, Ser 5YR10, Cl D
4.000%, 10/15/57 (B)		2,100,000		1,825,111
BANK5, Ser 5YR12, Cl D
4.000%, 12/15/57 (B)		1,160,000		990,907
BANK5, Ser 5YR14, Cl C
6.463%, 04/15/58 (A)		1,551,000		1,536,003
Barclays Commercial Mortgage Trust, Ser 2019-C4, Cl C
3.469%, 08/15/52		1,300,000		1,087,531

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
BBCMS Mortgage Trust, Ser 2018-TALL, Cl A
5.241%, TSFR1M + 0.919%, 03/15/37 (A)(B)	$	1,840,000	$	1,731,906
BBCMS Mortgage Trust, Ser 2023-C19, Cl C
6.596%, 04/15/56 (A)		590,000		560,174
BBCMS Mortgage Trust, Ser 5C27, Cl C
6.700%, 07/15/57 (A)		2,100,000		2,137,272
BBCMS Mortgage Trust, Ser C17, Cl C
5.450%, 09/15/55 (A)		2,200,000		2,061,322
BBCMS Mortgage Trust, Ser C26, Cl C
6.000%, 05/15/57 (A)		1,300,000		1,267,667
BBCMS Mortgage Trust, Ser C32, Cl D
4.500%, 02/15/62 (B)		2,725,000		1,982,669
Benchmark Mortgage Trust, Ser 2019-B10, Cl E
3.000%, 03/15/62 (B)		1,260,000		864,328
Benchmark Mortgage Trust, Ser 2022-B35, Cl D
2.500%, 05/15/55 (B)		3,265,000		2,092,755
Benchmark Mortgage Trust, Ser B10, Cl C
3.750%, 03/15/62		1,260,000		1,078,457
Benchmark Mortgage Trust, Ser V7, Cl A3
6.228%, 05/15/56 (A)		400,000		421,348
BMO Mortgage Trust, Ser 2023-C7, Cl C
7.360%, 12/15/56 (A)		2,250,000		2,361,471
BMO Mortgage Trust, Ser 5C5, Cl D
4.500%, 02/15/57 (B)		2,000,000		1,714,853
BPR Trust, Ser 2022-OANA, Cl A
6.220%, TSFR1M + 1.898%, 04/15/37 (A)(B)		235,000		235,151
BX Commercial Mortgage Trust, Ser 2022-AHP, Cl AS
5.812%, TSFR1M + 1.490%, 01/17/39 (A)(B)		2,500,000		2,478,125
BX Trust, Ser 2022-CLS, Cl B
6.300%, 10/13/27 (B)		2,100,000		2,112,837
BX Trust, Ser 2024-VLT4, Cl A
5.813%, TSFR1M + 1.491%, 07/15/29 (A)(B)		685,000		679,861
Century Plaza Towers, Ser 2019-CPT, Cl A
2.865%, 11/13/39 (B)		675,000		608,679

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Century Plaza Towers, Ser 2019-CPT, Cl B
3.097%, 11/13/39 (A)(B)	$	733,000	$	653,167
Century Plaza Towers, Ser 2019-CPT, Cl C
3.097%, 11/13/39 (A)(B)		500,000		432,067
Century Plaza Towers, Ser 2019-CPT, Cl E
3.097%, 11/13/39 (A)(B)		2,000,000		1,609,727
CIFC Funding 2019-III, Ser 2025-3A, Cl CR2
6.061%, TSFR3M + 1.800%, 01/16/38 (A)(B)		2,285,000		2,243,066
COMM Mortgage Trust, Ser 2022-HC, Cl A
2.819%, 01/10/39 (B)		1,390,000		1,308,761
COMM Mortgage Trust, Ser 2022-HC, Cl C
3.376%, 01/10/39 (B)		1,570,000		1,436,474
COMM Mortgage Trust, Ser CBM, Cl A2
5.867%, 12/10/41 (A)(B)		180,000		183,346
CSMC OA, Ser 2014-USA, Cl A2
3.953%, 09/15/37 (B)		1,230,000		1,128,525
CSMC Trust, Ser 2021-NQM5, Cl M1
2.168%, 05/25/66 (A)(B)		1,310,000		827,020
DC Commercial Mortgage Trust, Ser DC, Cl A
6.314%, 09/12/40 (B)		820,000		847,258
FREMF Mortgage Trust, Ser 2017-K69, Cl C
3.854%, 10/25/49 (A)(B)		2,788,000		2,703,885
FREMF Mortgage Trust, Ser 2018-K83, Cl C
4.422%, 11/25/51 (A)(B)		2,890,000		2,801,510
FREMF Mortgage Trust, Ser 2019-K96, Cl C
3.941%, 08/25/56 (A)(B)		1,910,000		1,788,276
FREMF Mortgage Trust, Ser K100, Cl C
3.614%, 11/25/52 (A)(B)		130,000		120,415
GS Mortgage Securities Trust, Ser 2013-PEMB, Cl A
3.668%, 03/05/33 (A)(B)		110,000		95,106
Hudson Yards Mortgage Trust, Ser 2016-10HY, Cl A
2.835%, 08/10/38 (B)		1,750,000		1,700,787
Hudson Yards Mortgage Trust, Ser 2019-55HY, Cl A
2.943%, 12/10/41 (A)(B)		1,000,000		917,557
IRV Trust, Ser 200P, Cl C
5.921%, 03/14/47 (A)(B)		2,725,000		2,689,576

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Jackson Park Trust, Ser 2019-LIC, Cl A
2.766%, 10/14/39 (B)	$	1,000,000	$	901,718
JP Morgan Chase Commercial Mortgage Securities Trust, Ser BMS, Cl A
5.922%, TSFR1M + 1.600%, 01/15/42 (A)(B)		610,000		603,900
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C28, Cl C
4.372%, 10/15/48 (A)		5,170,000		5,080,559
Neuberger Berman Loan Advisers CLO, Ser 2022-47A, Cl C
6.292%, TSFR3M + 2.050%, 04/14/35 (A)(B)		6,000,000		5,976,684
NW RE-REMIC TRUST, Ser 2021-FRR1, Cl AK88
2.769%, 12/18/51 (A)(B)		2,500,000		2,223,758
OBX Trust, Ser 2022-NQM1, Cl M1
3.504%, 11/25/61 (A)(B)		1,010,000		713,696
One Bryant Park Trust, Ser 2019-OBP, Cl A
2.516%, 09/15/54 (B)		3,385,000		3,019,292
Onslow Bay Mortgage Loan Trust, Ser 2021-NQM4, Cl M1
3.248%, 10/25/61 (B)		1,750,000		1,162,317
RFM Reremic Trust, Ser 2024-FRR2, Cl A123
2.008%, 02/27/54 (A)(B)		2,800,000		2,332,683
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1
3.872%, 01/05/43 (A)(B)		3,045,000		2,640,046
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A2B
4.144%, 01/05/43 (A)(B)		5,447,000		4,806,918
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl C
4.534%, 01/05/43 (A)(B)		2,565,000		2,134,064
Shops at Crystals Trust, Ser 2016-CSTL, Cl C
3.856%, 07/05/36 (A)(B)		2,800,000		2,714,968
SLG Office Trust, Ser 2021-OVA, Cl C
2.851%, 07/15/41 (B)		2,500,000		2,171,708
STWD Mortgage Trust, Ser 2021-LIH, Cl AS
5.693%, TSFR1M + 1.371%, 11/15/36 (A)(B)		1,000,000		990,000

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
TCO Commercial Mortgage Trust, Ser DPM, Cl A
5.565%, TSFR1M + 1.243%, 12/15/39 (A)(B)	$	510,000	$	506,175
Vendee Mortgage Trust, Ser 1995-2C, Cl 3A
8.793%, 06/15/25		308		308
Vendee Mortgage Trust, Ser 2011-2, Cl DZ
3.750%, 10/15/41		1,237,411		1,164,721
Verus Securitization Trust, Ser 2021-1, Cl A1
0.815%, 01/25/66 (A)(B)		3,571,901		3,161,994
Verus Securitization Trust, Ser 2021-2, Cl M1
2.187%, 02/25/66 (A)(B)		2,910,000		2,279,794
Verus Securitization Trust, Ser 2021-4, Cl M1
2.195%, 07/25/66 (A)(B)		1,400,000		904,715
Verus Securitization Trust, Ser 2021-5, Cl A2
1.218%, 09/25/66 (A)(B)		1,898,646		1,631,395
Verus Securitization Trust, Ser 2021-5, Cl A3
1.373%, 09/25/66 (A)(B)		1,884,582		1,628,365
Verus Securitization Trust, Ser 2021-R3, Cl M1
2.411%, 04/25/64 (A)(B)		2,745,000		2,390,543
Verus Securitization Trust, Ser 2024-9, Cl M1
6.198%, 11/25/69 (A)(B)		1,820,000		1,817,267
Verus Securitization Trust, Ser 2025-1, Cl A3
5.976%, 01/25/70 (B)(D)		1,962,948		1,969,904
WB Commercial Mortgage Trust, Ser 2024-HQ, Cl A
6.134%, 03/15/40 (A)(B)		500,000		501,855
Wells Fargo Commercial Mortgage Trust, Ser 2019-C52, Cl C
3.561%, 08/15/52		1,100,000		934,818
Wells Fargo Commercial Mortgage Trust, Ser 2022-C62, Cl A4
4.000%, 04/15/55 (A)		420,000		395,435
Wells Fargo Commercial Mortgage Trust, Ser 2024-SVEN, Cl A
6.011%, 06/10/37 (B)		1,650,000		1,700,319
				111,774,869
Total Mortgage-Backed Securities
(Cost $687,015,883)				664,254,289

ASSET-BACKED SECURITIES — 8.1%
	Face Amount		Value
Automotive — 5.4%
American Credit Acceptance Receivables Trust, Ser 2023-4, Cl D
7.650%, 09/12/30 (B)	$	1,155,000	$	1,197,586
American Credit Acceptance Receivables Trust, Ser 2024-1, Cl D
5.860%, 05/13/30 (B)		4,560,000		4,618,362
BMW Vehicle Lease Trust, Ser 2024-2, Cl A3
4.180%, 10/25/27		545,000		544,311
Bridgecrest Lending Auto Securitization Trust, Ser 2024-3, Cl A3
5.340%, 04/17/28		480,000		481,446
Bridgecrest Lending Auto Securitization Trust, Ser 2024-3, Cl B
5.370%, 10/16/28		615,000		619,148
CarMax Auto Owner Trust, Ser 2024-3, Cl A3
4.890%, 07/16/29		790,000		798,131
CarMax Auto Owner Trust, Ser 2024-4, Cl A3
4.600%, 10/15/29		1,475,000		1,486,179
Carmax Auto Owner Trust, Ser 2025-2, Cl A3
4.480%, 03/15/30		480,000		480,959
CarMax Select Receivables Trust, Ser 2025-A, Cl A3
4.770%, 09/17/29		745,000		750,707
CPS Auto Receivables Trust, Ser 2024-B, Cl D
6.420%, 07/15/30 (B)		2,965,000		3,060,137
Credit Acceptance Auto Loan Trust, Ser 2024-3A, Cl A
4.680%, 09/15/34 (B)		2,275,000		2,283,335
Credit Acceptance Auto Loan Trust, Ser 2025-1A, Cl A
5.020%, 03/15/35 (B)		925,000		932,440
Drive Auto Receivables Trust, Ser 2024-2, Cl B
4.520%, 07/16/29		765,000		763,638
Enterprise Fleet Financing, Ser 2024-3, Cl A4
5.060%, 03/20/31 (B)		840,000		857,605
Enterprise Fleet Financing, Ser 2025-1, Cl A3
4.820%, 02/20/29 (B)		335,000		338,635
Exeter Automobile Receivables Trust, Ser 2021-2A, Cl E
2.900%, 07/17/28 (B)		1,590,000		1,554,554

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Exeter Automobile Receivables Trust, Ser 2022-3A, Cl D
6.760%, 09/15/28	$	3,000,000	$	3,040,229
Exeter Automobile Receivables Trust, Ser 2022-4A, Cl D
5.980%, 12/15/28		1,385,000		1,395,542
Exeter Automobile Receivables Trust, Ser 2022-5A, Cl D
7.400%, 02/15/29		3,945,000		4,028,047
Exeter Automobile Receivables Trust, Ser 2023-4A, Cl D
6.950%, 12/17/29		1,100,000		1,130,097
Exeter Automobile Receivables Trust, Ser 2024-1A, Cl D
5.840%, 06/17/30		4,215,000		4,264,363
Exeter Automobile Receivables Trust, Ser 2024-2A, Cl D
5.920%, 02/15/30		2,850,000		2,888,520
Exeter Automobile Receivables Trust, Ser 2024-4A, Cl C
5.480%, 08/15/30		700,000		707,947
Exeter Automobile Receivables Trust, Ser 2025-2A, Cl A3
4.740%, 01/16/29		1,240,000		1,243,701
Exeter Select Automobile Receivables Trust, Ser 2025-1, Cl A3
4.690%, 04/15/30		210,000		210,957
Flagship Credit Auto Trust, Ser 2021-2, Cl D
1.590%, 06/15/27 (B)		4,000,000		3,884,330
Flagship Credit Auto Trust, Ser 2022-2, Cl D
5.800%, 04/17/28 (B)		2,110,000		1,980,426
Ford Credit Auto Lease Trust, Ser 2025-A, Cl A3
4.720%, 06/15/28		420,000		422,448
Ford Credit Auto Owner Trust, Ser 2021-1, Cl D
2.310%, 10/17/33 (B)		1,750,000		1,699,592
Ford Credit Auto Owner Trust, Ser 2024-B, Cl A3
5.100%, 04/15/29		1,082,000		1,096,434
GLS Auto Receivables Issuer Trust, Ser 2023-1A, Cl D
7.010%, 01/16/29 (B)		1,415,000		1,446,814
GLS Auto Receivables Issuer Trust, Ser 2023-2A, Cl D
6.310%, 03/15/29 (B)		2,341,000		2,388,141
GLS Auto Receivables Issuer Trust, Ser 2024-1A, Cl D
5.950%, 12/17/29 (B)		1,210,000		1,230,982

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
GLS Auto Receivables Issuer Trust, Ser 2024-3A, Cl B
5.080%, 01/16/29 (B)	$	365,000	$	366,971
GLS Auto Receivables Issuer Trust, Ser 2024-4A, Cl A3
4.750%, 07/17/28 (B)		320,000		320,548
GLS Auto Receivables Issuer Trust, Ser 2025-1A, Cl D
5.610%, 11/15/30 (B)		6,100,000		6,111,077
GLS Auto Select Receivables Trust, Ser 2024-4A, Cl A2
4.430%, 12/17/29 (B)		365,382		364,948
GLS Auto Select Receivables Trust, Ser 2025-1A, Cl A2
4.710%, 04/15/30 (B)		445,000		446,206
GM Financial Automobile Leasing Trust, Ser 2025-1, Cl A3
4.660%, 02/21/28		570,000		573,892
Hertz Vehicle Financing III, Ser 2023-2A, Cl A
5.570%, 09/25/29 (B)		2,000,000		2,042,377
Hertz Vehicle Financing III, Ser 2024-1A, Cl A
5.440%, 01/25/29 (B)		1,115,000		1,132,755
Hertz Vehicle Financing, Ser 2022-2A, Cl A
2.330%, 06/26/28 (B)		1,235,000		1,179,142
LAD Auto Receivables Trust, Ser 2024-3A, Cl A3
4.520%, 03/15/29 (B)		330,000		330,706
LAD Auto Receivables Trust, Ser 2025-1A, Cl A3
4.690%, 07/16/29 (B)		910,000		913,386
M&T Bank Auto Receivables Trust, Ser 2025-1A, Cl A3
4.730%, 06/17/30 (B)		290,000		292,299
Octane Receivables Trust, Ser 2023-1A, Cl C
6.370%, 09/20/29 (B)		895,000		909,714
Octane Receivables Trust, Ser 2023-2A, Cl C
6.240%, 06/20/31 (B)		3,580,000		3,640,929
Octane Receivables Trust, Ser 2024-2A, Cl D
6.190%, 07/20/32 (B)		1,560,000		1,579,269
Octane Receivables Trust, Ser 2024-3A, Cl D
5.860%, 10/20/31 (B)		1,950,000		1,947,534
Octane Receivables Trust, Ser 2024-RPT1, Cl R1
6.680%, 02/22/30		1,824,000		1,823,991

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
PenFed Auto Receivables Owner Trust, Ser 2024-A, Cl A3
4.700%, 06/15/29 (B)	$	340,000	$	341,529
Santander Drive Auto Receivables Trust, Ser 2023-1, Cl C
5.090%, 05/15/30		4,340,000		4,358,120
Santander Drive Auto Receivables Trust, Ser 2023-S1, Cl R1
8.140%, 04/18/28 (B)		1,850,984		1,869,254
Santander Drive Auto Receivables Trust, Ser 2024-2, Cl D
6.280%, 08/15/31		3,730,000		3,835,223
Santander Drive Auto Receivables Trust, Ser 2024-3, Cl D
5.970%, 10/15/31		3,200,000		3,266,996
Santander Drive Auto Receivables Trust, Ser 2024-4, Cl A3
4.850%, 01/16/29		5,000		5,015
Santander Drive Auto Receivables Trust, Ser 2024-S1, Cl R1
6.530%, 03/16/29 (B)		5,540,469		5,546,736
Santander Drive Auto Receivables Trust, Ser 2024-S2, Cl R1
5.800%, 12/16/28 (B)		5,654,391		5,650,845
Santander Drive Auto Receivables Trust, Ser 2024-S3, Cl R2
5.980%, 10/16/28 (B)		1,411,838		1,410,717
Santander Drive Auto Receivables Trust, Ser 2025-2, Cl A3
4.670%, 08/15/29		690,000		693,413
SBNA Auto Lease Trust, Ser 2024-C, Cl A3
4.560%, 02/22/28 (B)		195,000		195,223
SBNA Auto Receivables Trust, Ser 2024-A, Cl D
6.040%, 04/15/30 (B)		2,155,000		2,207,360
SFS Auto Receivables Securitization Trust, Ser 2024-3A, Cl A3
4.550%, 06/20/30 (B)		265,000		266,564
SFS Auto Receivables Securitization Trust, Ser 2025-1A, Cl A3
4.750%, 07/22/30 (B)		285,000		287,266

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Tesla Auto Lease Trust, Ser 2023-B, Cl A3
6.130%, 09/21/26 (B)	$	1,024,615	$	1,028,286
Tesla Auto Lease Trust, Ser 2023-B, Cl B
6.570%, 08/20/27 (B)		870,000		879,928
Tesla Auto Lease Trust, Ser 2024-A, Cl A3
5.300%, 06/21/27 (B)		1,170,000		1,175,679
Tesla Electric Vehicle Trust, Ser 2023-1, Cl A2A
5.540%, 12/21/26 (B)		397,640		398,427
Tesla Electric Vehicle Trust, Ser 2023-1, Cl A4
5.380%, 02/20/29 (B)		900,000		919,302
Tesla Sustainable Energy Trust, Ser 2024-1A, Cl A3
5.290%, 06/20/50 (B)		1,335,000		1,341,699
Westlake Automobile Receivables Trust, Ser 2023-1A, Cl D
6.790%, 11/15/28 (B)		1,925,000		1,972,781
Westlake Automobile Receivables Trust, Ser 2023-2A, Cl D
7.010%, 11/15/28 (B)		2,340,000		2,398,891
Westlake Automobile Receivables Trust, Ser 2024-1A, Cl D
6.020%, 10/15/29 (B)		2,010,000		2,044,172
Westlake Automobile Receivables Trust, Ser 2024-2A, Cl D
5.910%, 04/15/30 (B)		1,005,000		1,021,342
Westlake Automobile Receivables Trust, Ser 2024-3A, Cl A3
4.710%, 04/17/28 (B)		480,000		480,355
Westlake Automobile Receivables Trust, Ser 2025-1A, Cl A3
4.750%, 08/15/28 (B)		1,310,000		1,314,827
Westlake Automobile Receivables Trust, Ser 2025-1A, Cl D
5.540%, 11/15/30 (B)		3,570,000		3,590,515
Wheels Fleet Lease Funding 1, Ser 2024-2A, Cl A1
4.870%, 06/21/39 (B)		460,000		462,631
Wheels Fleet Lease Funding 1, Ser 2024-3A, Cl A1
4.800%, 09/19/39 (B)		700,000		703,841

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
World Omni Auto Receivables Trust, Ser 2024-C, Cl A3
4.430%, 12/17/29	$	500,000	$	501,760
World Omni Select Auto Trust, Ser 2024-A, Cl A3
4.980%, 02/15/30		460,000		463,218
				128,433,402
Other Asset-Backed Securities — 2.7%
AGL CLO 11, Ser 2021-11A, Cl C
6.568%, TSFR3M + 2.312%, 04/15/34 (A)(B)		2,750,000		2,738,929
Apollo Aviation Securitization, Ser 2025-1A, Cl A
5.943%, 02/16/50 (B)		404,994		405,464
Carvana Auto Receivables Trust, Ser 2024-P4, Cl A3
4.640%, 01/10/30		225,000		226,172
Compass Datacenters Issuer II, Ser 2024-2A, Cl A1
5.022%, 08/25/49 (B)		335,000		335,237
Compass Datacenters Issuer III, Ser 2025-1A, Cl A2
5.656%, 02/25/50 (B)		245,000		244,554
Crockett Partners Equipment IIA, Ser 2024-1C, Cl A
6.050%, 01/20/31 (B)		571,282		580,435
CyrusOne Data Centers Issuer I, Ser 2025-1A, Cl A2
5.910%, 02/20/50 (B)		675,000		688,178
Driven Brands Funding, Ser 2019-1A, Cl A2
4.641%, 04/20/49 (B)		3,348,000		3,324,656
EnFin Residential Solar Receivables Trust, Ser 2024-2A, Cl A
5.980%, 09/20/55 (B)		1,440,672		1,358,404
FASST, Ser 2021-JR1, Cl A2
2.000%, 04/25/51		2,338,857		2,316,829
FASST, Ser 2021-S1, Cl A2
1.750%, 07/25/51 (B)		4,518,132		4,398,576
FASST, Ser 2021-S2, Cl A2
2.750%, 09/25/71 (B)(D)		2,199,392		2,123,482
FASST, Ser 2022-S4, Cl A2A
3.000%, 01/25/57 (B)		2,883,891		2,841,811
Frontier Issuer, Ser 2023-1, Cl A2
6.600%, 08/20/53 (B)		1,625,000		1,650,402
Frontier Issuer, Ser 2023-1, Cl C
11.500%, 08/20/53 (B)		1,000,000		1,048,462
Frontier Issuer, Ser 2024-1, Cl A2
6.190%, 06/20/54 (B)		880,000		904,925

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Golub Capital Partners CLO, Ser 2025-78A, Cl C
6.311%, TSFR3M + 2.000%, 04/21/39 (A)(B)	$	3,115,000	$	3,082,788
GoodLeap Sustainable Home Solutions Trust, Ser 2021-5CS, Cl B
2.560%, 10/20/48 (B)		2,160,061		1,491,203
GoodLeap Sustainable Home Solutions Trust, Ser 2023-1GS, Cl A
5.520%, 02/22/55 (B)		1,525,869		1,415,311
GreenSky Home Improvement Issuer Trust, Ser 2024-2, Cl A4
5.150%, 10/27/59 (B)		114,763		115,269
GreenSky Home Improvement Trust, Ser 2024-1, Cl A3
5.550%, 06/25/59 (B)		365,000		370,990
Hotwire Funding, Ser 2024-1A, Cl A2
5.893%, 06/20/54 (B)		1,820,000		1,844,136
Mission Lane Credit Card Master Trust, Ser 2024-B, Cl A
5.880%, 01/15/30 (B)		610,000		613,555
Mosaic Solar Loan Trust, Ser 2022-1A, Cl B
3.160%, 01/20/53 (B)		1,032,093		816,824
MVW Owner Trust, Ser 2024-1A, Cl C
6.200%, 02/20/43 (B)		756,544		762,343
New Economy Assets, Ser 2021-1, Cl A1
1.910%, 10/20/61 (B)		1,090,000		1,023,322
OneMain Financial Issuance Trust
6.625%, 05/15/29		850,000		852,512
OneMain Financial Issuance Trust, Ser 2023-1A, Cl A
5.500%, 06/14/38 (B)		2,050,000		2,106,009
OWN Equipment Fund I, Ser 2024-2M, Cl A
5.700%, 12/20/32 (B)		845,855		854,778
Pagaya AI Debt Trust, Ser 2024-10, Cl D
6.429%, 06/15/32 (B)		3,449,708		3,454,410
Pagaya AI Debt Trust, Ser 2024-3, Cl C
7.297%, 10/15/31 (B)		1,635,884		1,659,301
Pagaya AI Debt Trust, Ser 2025-1, Cl D
6.282%, 07/15/32 (B)		2,570,000		2,562,743
Renew, Ser 2024-2A, Cl A
5.326%, 11/20/60 (B)		1,010,047		970,913

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Republic Finance Issuance Trust, Ser 2024-A, Cl A
5.910%, 08/20/32 (B)	$	405,000	$	411,358
SBAP, Ser 2006-20B, Cl 1
5.350%, 02/01/26		350		350
SBAP, Ser 2006-20C, Cl 1
5.570%, 03/01/26		354		353
SBAP, Ser 2007-20C, Cl 1
5.230%, 03/01/27		504		507
SCF Equipment Trust, Ser 2025-1A, Cl A3
5.110%, 11/21/33 (B)		615,000		625,181
SEB Funding, Ser 2024-1A, Cl A2
7.386%, 04/30/54 (B)		30,000		30,723
Sierra Timeshare Receivables Funding, Ser 2024-1A, Cl C
5.940%, 01/20/43 (B)		985,458		998,490
Sierra Timeshare Receivables Funding, Ser 2024-2A, Cl A
5.140%, 06/20/41 (B)		885,759		896,860
SMB Private Education Loan Trust, Ser 2017-B, Cl A2A
2.820%, 10/15/35 (B)		23,625		23,321
SMB Private Education Loan Trust, Ser 2018-A, Cl A2A
3.500%, 02/15/36 (B)		346,867		341,889
SMB Private Education Loan Trust, Ser 2023-B, Cl A1A
4.990%, 10/16/56 (B)		1,303,753		1,298,088
SMB Private Education Loan Trust, Ser 2024-A, Cl A1A
5.240%, 03/15/56 (B)		1,620,077		1,635,840
Sunnova Helios XI Issuer, Ser 2023-A, Cl A
5.300%, 05/20/50 (B)		891,215		864,344
Sunnova Helios XII Issuer, Ser 2023-B, Cl A
5.300%, 08/22/50 (B)		873,814		851,692
Sunnova Hestia I Issuer, Ser 2023-GRID1, Cl 1A
5.750%, 12/20/50 (B)		1,055,109		1,064,931
Sunnova Hestia II Issuer, Ser 2024-GRID1, Cl 1A
5.630%, 07/20/51 (B)		1,068,650		1,064,167
Sunrun Julius Issuer, Ser 2023-2A, Cl A1
6.600%, 01/30/59 (B)		1,228,679		1,235,554
United States Small Business Administration, Ser 2005-20E, Cl 1
4.840%, 05/01/25		80		80

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
United States Small Business Administration, Ser 2005-20G, Cl 1
4.750%, 07/01/25	$	355	$	354
United States Small Business Administration, Ser 2005-20H, Cl 1
5.110%, 08/01/25		607		606
United States Small Business Administration, Ser 2005-20J, Cl 1
5.090%, 10/01/25		828		828
United States Small Business Administration, Ser 2006-20F, Cl 1
5.820%, 06/01/26		248		249
United States Small Business Administration, Ser 2006-20G, Cl 1
6.070%, 07/01/26		755		755
United States Small Business Administration, Ser 2006-20H, Cl 1
5.700%, 08/01/26		474		476
United States Small Business Administration, Ser 2007-20D, Cl 1
5.320%, 04/01/27		1,763		1,754
United States Small Business Administration, Ser 2007-20E, Cl 1
5.310%, 05/01/27		845		843
United States Small Business Administration, Ser 2007-20F, Cl 1
5.710%, 06/01/27		1,902		1,918
Vivint Solar Financing V, Ser 2018-1A, Cl B
7.370%, 04/30/48 (B)		314,669		298,934
Vivint Solar Financing VII, Ser 2020-1A, Cl A
2.210%, 07/31/51 (B)		1,190,266		1,057,356
Volofin Finance Designated Activity, Ser 2024-1A, Cl A
5.935%, 06/15/37 (B)		634,977		639,240
Ziply Fiber Issuer, Ser 2024-1A, Cl A2
6.640%, 04/20/54 (B)		1,340,000		1,372,547
				63,902,511
Total Asset-Backed Securities
(Cost $190,892,003)				192,335,913

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

MUNICIPAL BONDS — 2.9%
	Face Amount		Value
Alaska — 0.1%
City of Port Lions Alaska, RB
7.500%, 10/01/52	$	3,025,000	$	3,159,697

California — 1.0%
California Community Choice Financing Authority, RB
6.125%, 04/01/30		1,500,000		1,553,007
California Health Facilities Financing Authority, RB
3.034%, 06/01/34		1,865,000		1,606,703
2.984%, 06/01/33		3,090,000		2,711,896
City & County of San Francisco California, GO
5.770%, 06/15/45		1,500,000		1,528,512
4.520%, 06/15/25		2,000,000		2,000,493
City & County of San Francisco California Community Facilities District No. 2014-1, Special Tax
6.332%, 09/01/51		1,250,000		1,287,097
3.482%, 09/01/50		2,500,000		1,768,480
City of Los Angeles California, Ser A, GO
5.000%, 09/01/42		2,500,000		2,365,819
4.750%, 09/01/38		2,000,000		1,902,762
City of Los Angeles Department of Airports Customer Facility Charge Revenue, RB
3.258%, 05/15/30		2,250,000		2,139,388
3.158%, 05/15/29		1,000,000		960,585
Regents of the University of California Medical Center Pooled Revenue, RB
4.563%, 05/15/53		600,000		507,807
San Jose Financing Authority, RB
4.662%, 05/01/37		500,000		479,453
State of California, GO
7.625%, 03/01/40		40,000		47,984
7.550%, 04/01/39		100,000		120,752
7.500%, 04/01/34		675,000		784,260
7.300%, 10/01/39		625,000		724,352
				22,489,350
Connecticut — 0.1%
Connecticut Green Bank, RB
2.900%, 11/15/35		2,500,000		2,146,514

District of Columbia — 0.1%
District of Columbia, RB
2.932%, 04/01/33		1,590,000		1,336,499

MUNICIPAL BONDS — continued
	Face Amount		Value
Hawaii — 0.0%
City & County of Honolulu Hawaii, Ser D, RB
4.970%, 07/01/35	$	840,000	$	858,895
State of Hawaii Department of Business Economic Development & Tourism, Ser A-2, RB
3.242%, 01/01/31		737,744		721,546
				1,580,441
Illinois — 0.1%
State of Illinois, GO
5.100%, 06/01/33		1,741,176		1,740,591

Iowa — 0.0%
Iowa Finance Authority, RB
7.000%, 11/01/27 (B)		415,000		421,885

Maryland — 0.2%
Maryland Economic Development, RB
5.942%, 05/31/57		2,250,000		2,248,720
5.433%, 05/31/56		500,000		474,628
Montgomery County Housing Opportunities Commission, RB
5.418%, 12/01/44		1,000,000		980,444
				3,703,792
Minnesota — 0.2%
Minnesota Housing Finance Agency, Ser D, RB
5.947%, 08/01/54		1,200,000		1,204,654
5.897%, 08/01/49		1,400,000		1,402,457
				2,607,111
Montana — 0.0%
County of Gallatin Montana, RB
11.500%, 09/01/27 (B)		1,000,000		1,033,042
				1,033,042
New Hampshire — 0.2%
New Hampshire Business Finance Authority, RB
5.694%, 11/01/45		1,000,000		958,809
4.650%, 02/01/29 (A)(B)		5,500,000		5,500,000
4.520%, 07/01/33 (A)(B)		850,000		850,000
				7,308,809
New Jersey — 0.2%
New Jersey Housing & Mortgage Finance Agency, Ser C, RB
3.100%, 11/01/40		3,100,000		2,426,437
New Jersey Turnpike Authority, RB
7.414%, 01/01/40		275,000		331,759

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

MUNICIPAL BONDS — continued
	Face Amount		Value
7.102%, 01/01/41	$	925,000	$	1,057,497
				3,815,693
New York — 0.2%
City of New York New York, Ser D-1, GO
5.094%, 10/01/49		1,000,000		942,484
Metropolitan Transportation Authority, RB
5.175%, 11/15/49		265,000		231,920
New York City Housing Development, Ser D, RB
5.448%, 08/01/54		850,000		814,901
New York State Energy Research & Development Authority, Ser A, RB
4.871%, 04/01/37		1,947,000		1,768,025
New York Transportation Development, RB
6.971%, 06/30/51		2,500,000		2,490,034
United Nations Development, Ser A, RB
6.536%, 08/01/55		400,000		415,090
				6,662,454
Ohio — 0.4%
American Municipal Power, Ser B, RB
8.084%, 02/15/50		1,000,000		1,252,682
American Municipal Power, RB
7.499%, 02/15/50		2,320,000		2,655,355
American Municipal Power, Sub-Ser, RB
6.449%, 02/15/44		1,740,000		1,840,927
American Municipal Power, Ser E-RMKT, RB
6.270%, 02/15/50		730,000		742,027
Toledo-Lucas County Port Authority, Ser D-2-NORTHWEST, RB
5.850%, 11/15/44 (B)		1,350,000		1,322,835
				7,813,826
Oregon — 0.1%
State of Oregon, GO
5.832%, 05/01/45		1,000,000		1,025,531

Pennsylvania — 0.0%
Redevelopment Authority of the City of Philadelphia, Ser A, RB
5.226%, 09/01/40		610,000		598,735

MUNICIPAL BONDS — continued
	Face Amount		Value
South Dakota — 0.0%
South Dakota Housing Development Authority, Ser E, RB
5.460%, 05/01/53	$	260,000	$	266,108

Wisconsin — 0.0%
Public Finance Authority, RB
6.250%, 06/01/31 (B)		500,000		501,418
Public Finance Authority, Ser A, RB
5.292%, 07/01/29		550,000		560,398
				1,061,816
Total Municipal Bonds
(Cost $70,123,827)				68,771,894

SOVEREIGN DEBT — 1.3%

CANADA — 0.5%
Export Development Canada
4.750%, 06/05/34	$	5,000,000	$	5,174,668
OMERS Finance Trust
4.000%, 04/19/52(B)		3,345,000		2,614,655
3.500%, 04/19/32		5,000,000		4,718,198

				12,507,521
COLOMBIA — 0.1%
Colombia Government International Bond
8.750%, 11/14/53		1,375,000		1,314,214


DOMINICAN REPUBLIC — 0.0%
Dominican Republic International Bond
6.600%, 06/01/36(B)		650,000		637,390


ECUADOR — 0.1%
Amazon Conservation DAC
6.034%, 01/16/42(B)		2,000,000		1,986,360


FRANCE — 0.2%
Caisse d'Amortissement de la Dette Sociale MTN
2.125%, 01/26/32(B)		2,500,000		2,186,674
1.000%, 10/21/30(B)		2,500,000		2,125,293

				4,311,967

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

SOVEREIGN DEBT — continued
	Face Amount		Value
IRELAND — 0.2%
BB Blue Financing DAC
4.395%, 09/20/37	$	2,500,000	$	2,443,854
GPS Blue Financing DAC
5.645%, 11/09/41(B)		2,500,000		2,437,000

				4,880,854
JAPAN — 0.0%
Japan Bank for International Cooperation
4.375%, 10/05/27		1,000,000		1,012,155


NETHERLANDS — 0.2%
Nederlandse Waterschapsbank
4.500%, 01/16/30(B)		1,000,000		1,025,895
4.375%, 02/28/29(B)		500,000		509,415
1.000%, 05/28/30(B)		2,500,000		2,164,185

				3,699,495
RUSSIA — 0.0%
Serbia International Bond
6.000%, 06/12/34(B)		850,000		840,650


Total Sovereign Debt
(Cost $31,733,247)				31,190,606

BANK LOAN OBLIGATIONS — 0.1%

ECOLOGICAL SERVICES & EQUIPMENT — 0.1%
LTR Intermediate Holdings Term Loan
9.460%, 05/05/28	$	497,416	$	469,645
Terraform Power Operating Specified Refinancing Term Loan
6.299%, TSFR1M + 2.500%, 05/21/29(A)		1,629,083		1,592,429
Vistra Zero Operating Company Term Loan
6.324%, 03/20/31		995,000		965,279
				3,027,353
Total Bank Loan Obligations
(Cost $3,113,943)				3,027,353

U.S. GOVERNMENT AGENCY OBLIGATION — 0.0%
	Face Amount		Value
United States International Development Finance
1.790%, 10/15/29	$	273,654	$	260,279

Total U.S. Government Agency Obligation
(Cost $261,469)				260,279
Total Investments in Securities— 98.0%
(Cost $2,383,920,355)			$	2,330,318,232

Percentages are based on Net Assets of $2,376,755,458.

A list of the open futures contracts held by the Fund at April 30, 2025, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation
Long Contracts
U.S. 5-Year Treasury Note		1,095		Jun-2025	$	117,697,929	$	119,568,867	$	1,870,938
Ultra 10-Year U.S. Treasury Note		604		Jun-2025		68,492,835		69,299,563		806,728
					$	186,190,764	$	188,868,430	$	2,677,666

^‡	Real Estate Investment Trust.
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for 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)	Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value of these securities at April 30, 2025 was $444,193,630 and represented 18.7% of Net Assets.
(C)	Perpetual security with no stated maturity date.
(D)	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.
(E)	Zero coupon security.

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2025 (Unaudited)

Cl — Class

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

H15T1Y — US Treasury Yield Curve Rate T Note Constant Mat 1 Year

H15T5Y — US Treasury Yield Curve Rate T Note Constant Mat 5 Year

MTN — Medium Term Note

PJSC — Public Joint Stock Company

REMIC — Real Estate Mortgage Investment Conduit

RFUCCT1Y — Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year

RB — Revenue Bond

Ser — Series

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

TSFR1M — Term Structured Financing Rate 1 Month Average

TSFR3M — Term Structured Financing Rate 3 Month Average

TSFR12M — Term Structured Financing Rate 12 Month Average

US0003M — ICE LIBOR USD 1 Month

USBMMY3M — U.S. Treasury Bill Money Market Yield 3 Month

USISDA05 — US Mid-Market Swap Rate 5 Year

The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund’s investments and other financial instruments carried at market value:
Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	703,490,505	$	—	$	703,490,505
Corporate Obligations		—		666,987,393		—		666,987,393
Mortgage-Backed Securities		—		664,254,289		—		664,254,289
Asset-Backed Securities		—		192,335,913		—		192,335,913
Municipal Bonds		—		68,771,894		—		68,771,894
Sovereign Debt		—		31,190,606		—		31,190,606
Bank Loan Obligations		—		3,027,353		—		3,027,353
U.S. Government Agency Obligation		—		260,279		—		260,279

Total Investments in Securities	$	—	$	2,330,318,232	$	—	$	2,330,318,232

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts* Unrealized Appreciation	$	2,677,666	$	—	$	—	$	2,677,666

Total Other Financial Instruments	$	2,677,666	$	—	$	—	$	2,677,666

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

Amounts designated as “—”are $0.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2025 (Unaudited)

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 25.8%
	Face Amount		Value
COMMUNICATION SERVICES — 0.2%
Charter Communications Operating
6.100%, 06/01/29	$	810,000	$	838,821
4.200%, 03/15/28		310,000		304,613
				1,143,434
CONSUMER DISCRETIONARY — 0.1%
Ford Motor Credit
5.303%, 09/06/29		560,000		539,919

CONSUMER STAPLES — 0.2%
Coty
6.625%, 07/15/30(A)		525,000		526,251
CVS Pass-Through Trust
6.036%, 12/10/28		1,023,470		1,035,740
				1,561,991
ENERGY — 1.4%
Devon Energy
7.875%, 09/30/31		340,000		385,042
Expand Energy
5.375%, 03/15/30		620,000		615,199
MidAmerican Energy
3.650%, 04/15/29		1,000,000		978,663
NFE Financing
12.000%, 11/15/29(A)		1,917,600		1,319,944
Occidental Petroleum
6.625%, 09/01/30		650,000		672,287
5.200%, 08/01/29		1,975,000		1,945,443
Ovintiv
5.650%, 05/15/28		1,000,000		1,017,648
Patterson-UTI Energy
3.950%, 02/01/28		1,525,000		1,462,500
South Bow USA Infrastructure Holdings
5.026%, 10/01/29(A)		1,580,000		1,564,517
				9,961,243
FINANCIALS — 18.2%
American Express
3.550%, H15T5Y + 2.854%(B)(C)		360,000		344,460
Anglo American Capital
3.875%, 03/16/29(A)		200,000		193,654
2.625%, 09/10/30(A)		200,000		177,969
Arab Petroleum Investments
5.428%, 05/02/29(A)		1,000,000		1,029,964
Ares Capital
7.000%, 01/15/27		240,000		246,604
2.875%, 06/15/28		650,000		603,458
Ares Strategic Income Fund
5.700%, 03/15/28(A)		2,105,000		2,099,297

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Athene Global Funding
5.583%, 01/09/29(A)	$	2,485,000	$	2,540,099
Aviation Capital Group
6.375%, 07/15/30(A)		1,300,000		1,364,826
Avolon Holdings Funding
5.375%, 05/30/30(A)		3,925,000		3,906,199
Bank of Nova Scotia
4.900%, H15T5Y + 4.551%(B)(C)		2,565,000		2,554,214
Barclays
5.690%, SOFRRATE + 1.740%, 03/12/30(B)		1,910,000		1,960,713
5.674%, SOFRRATE + 1.490%, 03/12/28(B)		760,000		774,372
BB Blue Financing DAC
4.395%, 09/20/29		2,500,000		2,520,521
Blue Owl Capital
2.875%, 06/11/28		810,000		738,854
Blue Owl Credit Income
7.750%, 01/15/29		955,000		1,002,408
BNP Paribas
5.176%, SOFRRATE + 1.520%, 01/09/30(A)(B)		2,390,000		2,423,257
Canadian Imperial Bank of Commerce
0.950%, 10/23/25		2,000,000		1,965,149
CDP Financial MTN
1.000%, 05/26/26(A)		1,000,000		969,302
Central American Bank for Economic Integration
5.000%, 02/09/26(A)		500,000		502,484
Charles Schwab
5.375%, H15T5Y + 4.971%(B)(C)		2,560,000		2,551,519
4.000%, H15T5Y + 3.168%(B)(C)		2,140,000		2,072,351
Citibank
4.876%, SOFRRATE + 0.712%, 11/19/27(B)		500,000		503,255
Citigroup
5.950%, TSFR3M + 4.167%(B)(C)		2,365,000		2,361,252
4.000%, H15T5Y + 3.597%(B)(C)		1,105,000		1,080,584
Citizens Bank
4.575%, SOFRRATE + 2.000%, 08/09/28(B)		520,000		519,719
Citizens Financial Group
5.841%, SOFRRATE + 2.010%, 01/23/30(B)		640,000		655,139
Conservation Fund A Nonprofit
3.474%, 12/15/29		3,000,000		2,844,517

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Cooperatieve Rabobank UA
1.106%, H15T1Y + 0.550%, 02/24/27(A)(B)	$	1,000,000	$	971,301
Corebridge Financial
6.875%, H15T5Y + 3.846%, 12/15/52(B)		4,123,000		4,167,110
Deutsche Bank NY
1.686%, 03/19/26		1,000,000		975,526
Enel Finance International
5.125%, 06/26/29(A)		2,000,000		2,028,163
European Investment Bank MTN
3.250%, 11/15/27		700,000		692,989
2.875%, 06/13/25		3,500,000		3,493,414
2.375%, 05/24/27		1,253,000		1,219,872
2.125%, 04/13/26		500,000		491,655
Fifth Third Bancorp
6.339%, SOFRRATE + 2.340%, 07/27/29(B)		1,325,000		1,388,241
Foundry JV Holdco
5.900%, 01/25/33(A)		3,000,000		3,054,934
Goldman Sachs Group
4.387%, SOFRRATE + 1.510%, 06/15/27(B)		1,000,000		998,260
Golub Capital BDC
2.500%, 08/24/26		1,610,000		1,548,923
Hanwha Futureproof
4.750%, 04/30/28(A)		500,000		505,032
HAT Holdings I
8.000%, 06/15/27(A)		500,000		512,765
Huntington Bancshares
6.208%, SOFRRATE + 2.020%, 08/21/29(B)		1,360,000		1,412,991
ING Groep
1.400%, H15T1Y + 1.100%, 07/01/26(A)(B)		1,000,000		994,112
Inter-American Development Bank
4.680%, SOFRINDX + 0.280%, 04/12/27(B)		1,000,000		1,000,050
Inter-American Investment
4.125%, 02/15/28		2,500,000		2,523,389
International Bank for Reconstruction & Development
0.000%, 03/31/27(D)		2,500,000		2,360,653
0.000%, 03/31/28(D)		1,000,000		978,934
International Development Association
4.375%, 11/27/29(A)		2,125,000		2,169,680
0.875%, 04/28/26(A)		1,000,000		970,001
0.375%, 09/23/25		500,000		492,150

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
International Finance Facility for Immunisation MTN
1.000%, 04/21/26	$	1,000,000	$	970,649
JPMorgan Chase
6.070%, SOFRRATE + 1.330%, 10/22/27(B)		3,059,000		3,134,804
Kreditanstalt fuer Wiederaufbau
1.750%, 09/14/29		1,000,000		920,371
Kuntarahoitus
3.625%, 10/09/29(A)		1,000,000		990,844
Liberty Utilities Finance GP 1
2.050%, 09/15/30(A)		1,000,000		861,085
LPL Holdings
5.150%, 06/15/30		3,190,000		3,195,366
M&T Bank
4.833%, SOFRRATE + 0.930%, 01/16/29(B)		1,000,000		1,001,355
MetLife
3.850%, H15T5Y + 3.576%(B)(C)		465,000		459,186
NatWest Group
8.000%, USSW5 + 5.720%(B)(C)		1,280,000		1,283,387
NHP Foundation
5.850%, 12/01/28		250,000		261,110
Nuveen
5.550%, 01/15/30(A)		980,000		1,014,133
Oaktree Strategic Credit Fund
8.400%, 11/14/28		1,415,000		1,523,005
OPEC Fund for International Development
4.500%, 01/26/26(A)		1,000,000		1,001,237
OWS Cre Funding I
9.860%, US0001M + 4.900%, 09/15/25(A)(B)		1,161,064		1,156,198
Prudential Financial
5.700%, US0003M + 2.665%, 09/15/48(B)		2,115,000		2,111,377
1.500%, 03/10/26		1,000,000		975,816
Santander Holdings USA
5.353%, SOFRRATE + 1.940%, 09/06/30(B)		785,000		785,904
Societe Generale MTN
6.221%, H15T1Y + 3.200%, 06/15/33(A)(B)		840,000		853,020
Solar Star Funding
5.375%, 06/30/35(A)		698,104		706,075
3.950%, 06/30/35(A)		657,762		619,145
Starwood Property Trust
7.250%, 04/01/29^‡(A)		500,000		517,615
6.000%, 04/15/30^‡(A)		360,000		355,682

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Toronto-Dominion Bank
5.146%, H15T5Y + 1.500%, 09/10/34(B)	$	2,935,000	$	2,906,363
4.568%, 12/17/26		4,820,000		4,839,996
Truist Bank
4.632%, H15T5Y + 1.150%, 09/17/29(B)		2,000,000		1,956,920
Truist Financial MTN
7.161%, SOFRRATE + 2.446%, 10/30/29(B)		1,965,000		2,119,750
4.950%, H15T5Y + 4.605%(B)(C)		2,055,000		2,039,832
UBS Group
5.617%, USISSO01 + 1.340%, 09/13/30(A)(B)		2,000,000		2,059,894
3.875%, H15T5Y + 3.098%(A)(B)(C)		1,590,000		1,534,136
US Bancorp
5.300%, TSFR3M + 3.176%(B)(C)		985,000		957,634
USAA Capital
2.125%, 05/01/30(A)		2,500,000		2,255,137
Volkswagen Group of America Finance
5.350%, 03/27/30(A)		2,165,000		2,158,562
Wells Fargo MTN
4.540%, SOFRRATE + 1.560%, 08/15/26(B)		1,000,000		999,173
3.900%, H15T5Y + 3.453%(B)(C)		1,160,000		1,139,310
WLB Asset II D Pte
6.500%, 12/21/26(A)		1,000,000		953,354
WLB Asset VI Pte
7.250%, 12/21/27(A)		1,000,000		1,036,735
				127,110,445
INDUSTRIALS — 0.5%
Mileage Plus Holdings
6.500%, 06/20/27(A)		1,516,500		1,521,259
Norfolk Southern
2.300%, 05/15/31		2,500,000		2,193,831
				3,715,090
INFORMATION TECHNOLOGY — 0.7%
Apple
3.000%, 06/20/27		2,165,000		2,127,023
Arrow Electronics
5.150%, 08/21/29		1,900,000		1,913,194
Intel
4.150%, 08/05/32		1,000,000		921,436
				4,961,653

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
MATERIALS — 0.8%
Alcoa Nederland Holding BV
7.125%, 03/15/31(A)	$	685,000	$	705,816
Celanese US Holdings
6.600%, 11/15/28		1,790,000		1,812,407
Freeport-McMoRan
5.250%, 09/01/29		810,000		816,568
LD Celulose International GmbH
7.950%, 01/26/32(A)		200,000		205,475
Smurfit Kappa Treasury ULC
5.200%, 01/15/30(A)		2,250,000		2,281,986
				5,822,252
REAL ESTATE — 0.1%
ERP Operating
4.150%, 12/01/28^‡		1,000,000		994,148

UTILITIES — 3.6%
Avangrid
3.800%, 06/01/29		2,000,000		1,935,167
California Buyer
6.375%, 02/15/32(A)		675,000		662,624
CenterPoint Energy
7.000%, H15T5Y + 3.254%, 02/15/55(B)		1,500,000		1,531,973
Columbia Pipelines Holding
6.042%, 08/15/28(A)		445,000		458,595
Comision Federal de Electricidad
5.700%, 01/24/30(A)		525,000		516,600
Consumers 2023 Securitization Funding
5.550%, 03/01/28		602,679		611,397
Continental Wind
6.000%, 02/28/33(A)		888,416		919,689
Electricite de France
5.700%, 05/23/28(A)		1,800,000		1,855,634
3.625%, 10/13/25(A)		2,250,000		2,237,575
Korea Electric Power
4.875%, 01/31/27(A)(E)		250,000		252,216
NextEra Energy Capital Holdings
6.700%, H15T5Y + 2.364%, 09/01/54(B)		3,008,000		3,031,841
NextEra Energy Operating Partners
7.250%, 01/15/29(A)		1,016,000		1,005,793
Oncor Electric Delivery
0.550%, 10/01/25		3,500,000		3,441,800
PG&E Recovery Funding
4.838%, 06/01/33		2,500,000		2,497,092
San Diego Gas & Electric
4.950%, 08/15/28		1,000,000		1,018,518

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2025 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
UTILITIES — continued
Sempra
6.625%, H15T5Y + 2.354%, 04/01/55(B)	$	2,029,000	$	1,919,157
Southern Power
4.150%, 12/01/25		1,000,000		996,740
				24,892,411
Total Corporate Obligations
(Cost $181,114,363)				180,702,586

MORTGAGE-BACKED SECURITIES — 25.3%

Agency Mortgage-Backed Obligations — 14.2%
FHLMC Multiclass Certificates Series, Ser 2024-P016, Cl A2
4.760%, 09/25/33 (B)	$	2,500,000	$	2,520,631
FHLMC Multifamily ML Certificates, Ser 2023-ML18, Cl XCA, IO
1.505%, 09/25/37 (B)		23,250,781		2,419,867
FNMA
5.136%, 07/01/29 (B)		1,000,000		1,020,910
GNMA
6.000%, 12/20/54		4,196,551		4,246,643
6.000%, 11/20/54		4,927,095		4,986,628
6.000%, 10/20/54		8,410,039		8,510,425
6.000%, 09/20/54		10,531,060		10,659,613
6.000%, 08/20/54		10,852,773		10,984,674
6.000%, 07/20/54		9,283,107		9,393,910
6.000%, 06/20/54		3,826,056		3,878,800
6.000%, 05/20/54		3,992,927		4,051,035
6.000%, 04/20/54		6,946,628		7,049,661
6.000%, 02/20/54		8,268,649		8,392,044
6.000%, 12/20/53		5,052,798		5,133,950
6.000%, 11/20/53		6,003,834		6,101,552
6.000%, 10/20/53		4,950,918		5,032,885
5.500%, 09/20/54		568,980		568,339
5.000%, 02/20/53		583,050		572,442
5.000%, 11/20/52		542,685		532,988
4.500%, 12/20/52		812,726		780,221
4.500%, 10/20/52		380,745		365,869
4.000%, 09/20/52		905,109		844,744
3.500%, 12/20/52		215,159		195,415
3.500%, 04/20/52		568,198		516,775
3.000%, 12/20/51		443,194		391,883
				99,151,904
Non-Agency Mortgage-Backed Obligations — 11.1%
Aventura Mall Trust, Ser AVM, Cl D
4.249%, 07/05/40 (A)(B)		1,500,000		1,416,001

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
BBCMS Mortgage Trust, Ser 2018-TALL, Cl A
5.241%, TSFR1M + 0.919%, 03/15/37 (A)(B)	$	1,670,000	$	1,571,893
BBCMS Mortgage Trust, Ser 2018-TALL, Cl C
5.640%, TSFR1M + 1.318%, 03/15/37 (A)(B)		2,400,000		2,080,284
BBCMS Mortgage Trust, Ser 2024-5C25, Cl C
6.643%, 03/15/57 (B)		925,000		939,690
BBCMS Mortgage Trust, Ser CHRS, Cl D
4.409%, 08/05/38 (A)(B)		1,500,000		1,284,580
BBCMS Mortgage Trust, Ser TALL, Cl D
5.968%, TSFR1M + 1.646%, 03/15/37 (A)(B)		1,000,000		832,286
Benchmark Mortgage Trust, Ser V13, Cl C
5.908%, 02/15/58 (B)		1,750,000		1,723,629
Benchmark Mortgage Trust, Ser V6, Cl D
4.000%, 03/15/57		1,200,000		1,023,079
BMO Mortgage Trust, Ser 2023-C7, Cl C
7.360%, 12/15/56 (B)		250,000		261,962
BMO Mortgage Trust, Ser 5C5, Cl D
4.500%, 02/15/57 (A)		1,400,000		1,198,918
BMO Mortgage Trust, Ser 5C8, Cl D
4.500%, 12/15/57 (A)		1,200,000		1,058,493
BPR Trust, Ser 2023-BRK2, Cl A
7.147%, 10/05/38 (A)(B)		2,100,000		2,195,428
BPR Trust, Ser 2023-BRK2, Cl C
8.630%, 10/05/38 (A)(B)		1,500,000		1,559,593
BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl C
5.536%, TSFR1M + 1.214%, 09/15/36 (A)(B)		1,250,000		1,232,812
BX Commercial Mortgage Trust, Ser 2022-AHP, Cl AS
5.812%, TSFR1M + 1.490%, 01/17/39 (A)(B)		2,500,000		2,478,125
BX Trust, Ser 2022-CLS, Cl B
6.300%, 10/13/27 (A)		2,200,000		2,213,449
Cantor Commercial Real Estate Lending, Ser 2019-CF2, Cl E
2.500%, 11/15/52 (A)		2,000,000		1,516,346
CENT Trust, Ser 2023-CITY, Cl A
6.942%, TSFR1M + 2.620%, 09/15/38 (A)(B)		2,300,000		2,298,562

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2025 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Century Plaza Towers, Ser 2019-CPT, Cl A
2.865%, 11/13/39 (A)	$	530,000	$	477,926
Century Plaza Towers, Ser 2019-CPT, Cl B
3.097%, 11/13/39 (A)(B)		1,000,000		891,087
CFCRE Commercial Mortgage Trust, Ser 2016-C6, Cl AM
3.502%, 11/10/49 (B)		3,005,000		2,902,166
CHI Commercial Mortgage Trust, Ser SFT, Cl A
5.665%, 04/15/42 (A)(B)		500,000		504,846
CHI Commercial Mortgage Trust, Ser SFT, Cl XA, IO
0.310%, 04/15/42 (A)(B)		1,975,000		21,167
CHNGE Mortgage Trust, Ser 2022-NQM1, Cl A3
5.820%, 06/25/67 (A)(F)		778,989		775,911
CIFC Funding 2019-III, Ser 2025-3A, Cl CR2
6.061%, TSFR3M + 1.800%, 01/16/38 (A)(B)		895,000		878,575
Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl AS
4.032%, 12/10/49 (B)		1,400,000		1,318,464
COMM Mortgage Trust, Ser 2022-HC, Cl A
2.819%, 01/10/39 (A)		386,000		363,440
COMM Mortgage Trust, Ser 2022-HC, Cl C
3.376%, 01/10/39 (A)		500,000		457,476
CSMC OA, Ser 2014-USA, Cl A2
3.953%, 09/15/37 (A)		1,000,000		917,500
Extended Stay America Trust, Ser 2021-ESH, Cl B
5.817%, TSFR1M + 1.494%, 07/15/38 (A)(B)		386,766		385,316
Fashion Show Mall, Ser SHOW, Cl C
6.276%, 10/10/41 (A)(B)		2,300,000		2,303,548
FIVE Mortgage Trust, Ser 2023-V1, Cl C
6.506%, 02/10/56 (B)		2,223,000		2,252,515
GAM RE-REMIC TRUST, Ser 2021-FRR2, Cl AK74, PO
0.000%, 09/27/51 (A)(D)		1,500,000		1,251,678
GAM RE-REMIC TRUST, Ser 2022-FRR3, Cl AK47
0.703%, 05/27/48 (A)(B)		600,000		597,143
GS Mortgage Securities Corporation Trust, Ser 2021-IP, Cl A
5.387%, TSFR1M + 1.064%, 10/15/36 (A)(B)		2,000,000		1,981,307

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
GS Mortgage Securities II, Ser 2012-BWTR, Cl A
2.954%, 11/05/34 (A)	$	1,702,984	$	1,465,177
Hudson Yards Mortgage Trust, Ser 2016-10HY, Cl A
2.835%, 08/10/38 (A)		1,000,000		971,878
Hudson Yards Mortgage Trust, Ser 2019-55HY, Cl D
3.041%, 12/10/41 (A)(B)		1,500,000		1,300,904
Hudson Yards Mortgage Trust, Ser SPRL, Cl D
6.551%, 01/13/40 (A)(B)		2,000,000		2,055,303
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C28, Cl B
3.986%, 10/15/48		2,088,569		2,071,652
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C28, Cl C
4.372%, 10/15/48 (B)		1,750,000		1,719,725
JPMDB Commercial Mortgage Securities Trust, Ser 2017-C5, Cl AS
3.858%, 03/15/50 (B)		2,340,000		2,155,084
Life Mortgage Trust, Ser 2021-BMR, Cl C
5.537%, TSFR1M + 1.214%, 03/15/38 (A)(B)		80,100		79,099
Morgan Stanley Capital I Trust, Ser 2018-L1, Cl C
4.939%, 10/15/51 (B)		2,455,000		2,240,186
MSWF Commercial Mortgage Trust, Ser 1, Cl D
4.000%, 05/15/56 (A)		1,550,000		1,146,335
NJ Trust, Ser GSP, Cl A
6.697%, 01/06/29 (A)(B)		1,500,000		1,576,479
NYMT Loan Trust Series, Ser 2024-BPL2, Cl A1
6.509%, 05/25/39 (A)(F)		1,580,000		1,595,475
One Bryant Park Trust, Ser 2019-OBP, Cl A
2.516%, 09/15/54 (A)		1,000,000		891,962
RFM Reremic Trust, Ser FRR1, Cl AK55, PO
0.000%, 03/28/49 (A)		1,640,000		1,549,581
RFM Reremic Trust, Ser FRR1, Cl AK64
2.802%, 03/01/50 (A)(B)		2,100,000		1,984,775
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1
3.872%, 01/05/43 (A)(B)		802,500		694,587

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2025 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
STWD Mortgage Trust, Ser 2021-LIH, Cl AS
5.693%, TSFR1M + 1.371%, 11/15/36 (A)(B)	$	715,000	$	707,850
STWD Mortgage Trust, Ser 2021-LIH, Cl D
6.741%, TSFR1M + 2.419%, 11/15/36 (A)(B)		450,000		441,844
SUMIT Mortgage Trust, Ser 2022-BVUE, Cl A
2.789%, 02/12/41 (A)		660,000		584,443
UBS Commercial Mortgage Trust, Ser 2017-C3, Cl C
4.504%, 08/15/50 (B)		1,500,000		1,404,025
Verus Securitization Trust, Ser 2021-1, Cl A1
0.815%, 01/25/66 (A)(B)		594,701		526,053
Wells Fargo Commercial Mortgage Trust, Ser 2016-C35, Cl C
4.176%, 07/15/48 (B)		2,000,000		1,932,050
Wells Fargo Commercial Mortgage Trust, Ser 2019-C49, Cl D
3.000%, 03/15/52 (A)		1,500,000		1,256,467
Wells Fargo Commercial Mortgage Trust, Ser 2022-C62, Cl D
2.500%, 04/15/55 (A)		2,000,000		1,293,603
Wells Fargo Commercial Mortgage Trust, Ser 2024-SVEN, Cl A
6.011%, 06/10/37 (A)		1,500,000		1,545,745
				78,355,477
Total Mortgage-Backed Securities
(Cost $175,270,088)				177,507,381

U.S. TREASURY OBLIGATIONS — 23.8%

U.S. Treasury Notes
4.450%, USBMMY3M + 0.205%, 10/31/26(B)	$	16,260,000	$	16,274,628
4.415%, USBMMY3M + 0.170%, 10/31/25(B)		12,510,000		12,514,348
4.395%, USBMMY3M + 0.150%, 04/30/26(B)		29,980,000		29,985,443
4.370%, USBMMY3M + 0.125%, 07/31/25(B)		13,870,000		13,870,247
4.000%, 02/28/30		26,080,000		26,418,225
4.000%, 03/31/30		5,245,000		5,302,777
3.875%, 03/15/28		2,730,000		2,750,048
3.875%, 08/15/34		8,980,000		8,796,191

U.S. TREASURY OBLIGATIONS — continued
	Face Amount		Value
3.750%, 04/15/28	$	210,000	$	210,787
1.500%, 02/15/30		56,715,000		51,178,641

Total U.S. Treasury Obligations
(Cost $166,075,725)				167,301,335

ASSET-BACKED SECURITIES — 19.2%

Automotive — 10.3%
American Credit Acceptance Receivables Trust, Ser 2021-4, Cl D
1.820%, 02/14/28 (A)	$	38,761	$	38,708
American Credit Acceptance Receivables Trust, Ser 2021-4, Cl E
3.120%, 02/14/28 (A)		1,555,000		1,552,912
American Credit Acceptance Receivables Trust, Ser 2023-1, Cl D
6.350%, 04/12/29 (A)		2,345,000		2,373,106
American Credit Acceptance Receivables Trust, Ser 2023-3, Cl D
6.820%, 10/12/29 (A)		1,450,000		1,479,772
American Credit Acceptance Receivables Trust, Ser 2023-4, Cl C
6.990%, 09/12/30 (A)		3,000,000		3,038,337
American Credit Acceptance Receivables Trust, Ser 2024-1, Cl D
5.860%, 05/13/30 (A)		1,630,000		1,650,245
Carvana Auto Receivables Trust, Ser 2021-N2, Cl C
1.070%, 03/10/28		145,298		140,616
Consumer Portfolio Services Auto Trust, Ser 2025-A, Cl D
5.660%, 04/15/31 (A)		3,520,000		3,544,749
CPS Auto Receivables Trust, Ser 2022-C, Cl D
6.450%, 04/15/30 (A)		500,000		507,099
CPS Auto Receivables Trust, Ser 2023-A, Cl D
6.440%, 04/16/29 (A)		1,800,000		1,834,468
CPS Auto Receivables Trust, Ser 2023-B, Cl D
6.340%, 07/16/29 (A)		1,955,000		2,002,599
CPS Auto Receivables Trust, Ser 2023-D, Cl D
7.800%, 01/15/30 (A)		3,555,000		3,726,098

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Drive Auto Receivables Trust, Ser 2024-2, Cl D
4.940%, 05/17/32	$	1,410,000	$	1,402,594
Exeter Automobile Receivables Trust, Ser 2020-3A, Cl E
3.440%, 08/17/26 (A)		1,097,019		1,094,751
Exeter Automobile Receivables Trust, Ser 2021-2A, Cl D
1.400%, 04/15/27		738,202		723,734
Exeter Automobile Receivables Trust, Ser 2021-2A, Cl E
2.900%, 07/17/28 (A)		1,190,000		1,163,408
Exeter Automobile Receivables Trust, Ser 2022-4A, Cl D
5.980%, 12/15/28		505,000		508,816
Exeter Automobile Receivables Trust, Ser 2022-6A, Cl D
8.030%, 04/06/29		3,950,000		4,100,306
Exeter Automobile Receivables Trust, Ser 2023-1A, Cl D
6.690%, 06/15/29		1,680,000		1,712,977
Exeter Automobile Receivables Trust, Ser 2023-4A, Cl D
6.950%, 12/17/29		2,400,000		2,464,972
Exeter Automobile Receivables Trust, Ser 2024-1A, Cl D
5.840%, 06/17/30		1,005,000		1,016,143
Exeter Automobile Receivables Trust, Ser 2024-5A, Cl D
5.060%, 02/18/31		1,110,000		1,098,098
Flagship Credit Auto Trust, Ser 2022-1, Cl D
3.640%, 03/15/28 (A)		1,000,000		965,743
Flagship Credit Auto Trust, Ser 2022-2, Cl D
5.800%, 04/17/28 (A)		740,000		694,330
Flagship Credit Auto Trust, Ser 2023-3, Cl D
6.580%, 08/15/29 (A)		674,000		676,370
GLS Auto Receivables Issuer Trust, Ser 2021-1A, Cl E
3.140%, 01/18/28 (A)		2,000,000		1,988,447
GLS Auto Receivables Issuer Trust, Ser 2022-1A, Cl D
3.970%, 01/18/28 (A)		4,080,000		4,051,260
GLS Auto Receivables Issuer Trust, Ser 2022-3A, Cl D
6.420%, 06/15/28 (A)		500,000		507,711
GLS Auto Receivables Issuer Trust, Ser 2023-2A, Cl D
6.310%, 03/15/29 (A)		430,000		438,517
Octane Receivables Trust, Ser 2021-2A, Cl A
1.210%, 09/20/28 (A)		4,276		4,267

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Octane Receivables Trust, Ser 2023-1A, Cl D
7.760%, 03/20/30 (A)	$	1,080,000	$	1,121,331
Octane Receivables Trust, Ser 2023-2A, Cl D
7.380%, 06/20/31 (A)		3,779,000		3,905,590
Octane Receivables Trust, Ser 2023-3A, Cl D
7.580%, 09/20/29 (A)		1,000,000		1,038,624
Octane Receivables Trust, Ser 2024-1A, Cl D
6.430%, 10/21/30 (A)		1,295,000		1,323,591
Octane Receivables Trust, Ser 2024-RPT1, Cl R1
6.680%, 02/22/30		3,875,000		3,874,982
Santander Drive Auto Receivables Trust, Ser 2023-S1, Cl R1
8.140%, 04/18/28 (A)		697,912		704,790
Santander Drive Auto Receivables Trust, Ser 2024-S2, Cl R1
5.800%, 12/16/28 (A)		2,240,419		2,238,965
Santander Drive Auto Receivables Trust, Ser 2024-S3, Cl R1
5.810%, 10/16/28 (A)		1,438,501		1,437,834
Santander Drive Auto Receivables Trust, Ser 2024-S3, Cl R2
5.980%, 10/16/28 (A)		1,475,371		1,474,190
Santander Drive Auto Receivables Trust, Ser 2025-1, Cl D
5.430%, 03/17/31		600,000		601,587
Tesla Auto Lease Trust, Ser 2023-A, Cl A3
5.890%, 06/22/26 (A)		395,354		396,084
Tesla Auto Lease Trust, Ser 2024-A, Cl A3
5.300%, 06/21/27 (A)		1,170,000		1,175,679
Tesla Auto Lease Trust, Ser 2024-B, Cl A2A
4.790%, 01/20/27 (A)		1,094,076		1,094,508
Tesla Auto Lease Trust, Ser 2024-B, Cl A3
4.820%, 10/20/27 (A)		1,000,000		1,005,193
Tesla Electric Vehicle Trust, Ser 2023-1, Cl A3
5.380%, 06/20/28 (A)		600,000		605,912
Tesla Sustainable Energy Trust, Ser 2024-1A, Cl A3
5.290%, 06/20/50 (A)		865,000		869,340

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Westlake Automobile Receivables Trust, Ser 2024-1A, Cl D
6.020%, 10/15/29 (A)	$	1,685,000	$	1,713,127
Westlake Automobile Receivables Trust, Ser 2025-1A, Cl D
5.540%, 11/15/30 (A)		1,435,000		1,442,235
				72,524,715
Other Asset-Backed Securities — 8.9%
Affirm Asset Securitization Trust, Ser 2024-X2, Cl D
6.080%, 12/17/29 (A)		710,000		709,610
AGL CLO 16, Ser 2025-16A, Cl DR
6.670%, TSFR3M + 2.400%, 01/20/35 (A)(B)		3,100,000		3,061,604
Barings Private Credit CLO, Ser 2024-1A, Cl A1AR
5.886%, TSFR3M + 1.630%, 10/15/36 (A)(B)		3,255,000		3,241,345
Blackrock MT Hood CLO X, Ser 2023-1A, Cl A1
6.772%, TSFR3M + 2.500%, 04/20/35 (A)(B)		1,415,000		1,414,253
Cajun Global, Ser 2021-1, Cl A2
3.931%, 11/20/51 (A)		1,455,000		1,407,356
CLI Funding VI, Ser 2020-1A, Cl A
2.080%, 09/18/45 (A)		1,071,806		989,152
Commonbond Student Loan Trust, Ser 2021-AGS, Cl B
1.400%, 03/25/52 (A)		410,769		305,210
EnFin Residential Solar Receivables Trust, Ser 2024-2A, Cl A
5.980%, 09/20/55 (A)		1,920,896		1,811,206
Foundation Finance Trust, Ser 2023-2A, Cl C
7.310%, 06/15/49 (A)		1,500,000		1,547,453
Frontier Issuer, Ser 2023-1, Cl A2
6.600%, 08/20/53 (A)		1,000,000		1,015,632
Frontier Issuer, Ser 2023-1, Cl C
11.500%, 08/20/53 (A)		1,000,000		1,048,462
Frontier Issuer, Ser 2024-1, Cl A2
6.190%, 06/20/54 (A)		300,000		308,497
Golub Capital Partners Clo 45M, Ser 2024-45A, Cl A1R
5.890%, TSFR3M + 1.620%, 07/20/37 (A)(B)		3,400,000		3,378,417

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Golub Capital Partners Clo 47M, Ser 2024-47A, Cl A1AR
5.923%, TSFR3M + 1.620%, 08/05/37 (A)(B)	$	1,385,000	$	1,374,888
Golub Capital Partners CLO, Ser 2025-78A, Cl C
6.311%, TSFR3M + 2.000%, 04/21/39 (A)(B)		1,230,000		1,217,281
Guggenheim MM CLO, Ser 2021-3A, Cl A
6.081%, TSFR3M + 1.812%, 01/21/34 (A)(B)		3,060,000		3,054,373
Hardee's Funding, Ser 2021-1A, Cl A2
2.865%, 06/20/51 (A)		1,323,438		1,203,405
Home Equity Loan Trust, Ser 2006-HSA2, Cl AI3
4.455%, 03/25/36 (B)		40,889		907
Hotwire Funding, Ser 2024-1A, Cl A2
5.893%, 06/20/54 (A)		500,000		506,378
Jersey Mike's Funding, Ser 2019-1A, Cl A2
4.433%, 02/15/50 (A)		1,633,500		1,617,632
Madison Park Funding XXXVI, Ser 2025-36A, Cl D1RR
6.806%, TSFR3M + 2.550%, 04/15/35 (A)(B)		6,000,000		5,903,124
MetroNet Infrastructure Issuer, Ser 2023-1A, Cl A2
6.560%, 04/20/53 (A)		1,120,000		1,149,820
MetroNet Infrastructure Issuer, Ser 2024-1A, Cl B
7.590%, 04/20/54 (A)		3,000,000		3,102,215
Mosaic Solar Loan Trust, Ser 2022-1A, Cl B
3.160%, 01/20/53 (A)		1,032,093		816,824
Mosaic Solar Loan Trust, Ser 2023-2A, Cl C
8.180%, 09/22/53 (A)		1,000,000		696,446
MVW Owner Trust, Ser 2024-2A, Cl C
4.920%, 03/20/42 (A)		610,363		595,367
Neuberger Berman Loan Advisers CLO 35, Ser 2025-35A, Cl DR
7.420%, TSFR3M + 3.150%, 01/19/33 (A)(B)		3,200,000		3,189,606
Octagon Investment Partners 26, Ser 2018-1A, Cl CR
6.318%, TSFR3M + 2.062%, 07/15/30 (A)(B)		1,000,000		995,990

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2025 (Unaudited)

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Pagaya AI Debt Grantor Trust And Pagaya AI Debt Trust, Ser 2024-6, Cl C
7.068%, 11/15/31 (A)	$	1,668,369	$	1,684,488
Pagaya AI Debt Grantor Trust, Ser 2024-11, Cl D
6.307%, 07/15/32 (A)		1,019,883		1,018,451
Pagaya AI Debt Grantor Trust, Ser 2024-9, Cl D
6.174%, 03/15/32 (A)		1,759,731		1,756,831
Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl D
6.988%, 12/15/32 (A)		960,000		962,155
Pagaya AI Debt Trust, Ser 2024-10, Cl D
6.429%, 06/15/32 (A)		1,349,886		1,351,605
Pagaya AI Debt Trust, Ser 2024-3, Cl C
7.297%, 10/15/31 (A)		1,527,786		1,549,597
Pagaya AI Debt Trust, Ser 2025-1, Cl D
6.282%, 07/15/32 (A)		1,020,000		1,016,991
ServiceMaster Funding, Ser 2020-1, Cl A2I
2.841%, 01/30/51 (A)		940,460		869,240
SERVPRO Master Issuer, Ser 2019-1A, Cl A2
3.882%, 10/25/49 (A)		1,701,000		1,670,178
Sunnova Helios XI Issuer, Ser 2023-A, Cl A
5.300%, 05/20/50 (A)		891,215		864,344
Sunnova Helios XII Issuer, Ser 2023-B, Cl A
5.300%, 08/22/50 (A)		873,814		851,692
Sunrun Neptune Issuer, Ser 2024-1A, Cl A
6.270%, 02/01/55 (A)		1,337,940		1,300,678
Vivint Solar Financing V, Ser 2018-1A, Cl B
7.370%, 04/30/48 (A)		157,334		149,467
Westgate Resorts, Ser 2023-1A, Cl C
7.490%, 12/20/37 (A)		1,273,513		1,301,309
				62,009,479
Total Asset-Backed Securities
(Cost $134,443,446)				134,534,194

MUNICIPAL BONDS — 1.9%
	Face Amount		Value
Alaska — 0.1%
City of Port Lions Alaska, RB
7.000%, 10/01/32	$	425,000	$	445,946

California — 0.5%
California Community Choice Financing Authority, RB
6.125%, 04/01/30		1,420,000		1,470,180
5.950%, 08/01/29		825,000		843,246
City & County of San Francisco California, GO
4.520%, 06/15/25		500,000		500,123
City of Los Angeles Department of Airports Customer Facility Charge Revenue, RB
3.258%, 05/15/30		1,000,000		950,839
				3,764,388
Hawaii — 0.1%
State of Hawaii Department of Business Economic Development & Tourism, Ser A-2, RB
3.242%, 01/01/31		737,744		721,546

Illinois — 0.3%
Chicago Housing Authority, Ser B, RB
3.822%, 01/01/26		500,000		498,163
Village of Deerfield Illinois, Ser B, GO
4.000%, 12/01/28		1,250,000		1,247,789
				1,745,952
Indiana — 0.0%
City of Fort Wayne Indiana, RB
10.750%, 12/01/29		234,358		23

Iowa — 0.1%
Iowa Finance Authority, RB
7.000%, 11/01/27 (A)		415,000		421,885

Maryland — 0.0%
Montgomery County Housing Opportunities Commission, GO
4.482%, 12/01/29		250,000		254,082

Montana — 0.0%
County of Gallatin Montana, RB
11.500%, 09/01/27 (A)		500,000		516,521
				516,521
New Hampshire — 0.5%
New Hampshire Business Finance Authority, RB
4.650%, 02/01/29 (A)(B)		2,500,000		2,500,000

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2025 (Unaudited)

MUNICIPAL BONDS — continued
	Face Amount		Value
4.520%, 07/01/33 (A)(B)	$	850,000	$	850,000
				3,350,000
New York — 0.1%
New York State Energy Research & Development Authority, Ser A, RB
4.621%, 04/01/27		820,000		820,128

Pennsylvania — 0.0%
Redevelopment Authority of the City of Philadelphia, Ser A, RB
5.226%, 09/01/40		275,000		269,921

South Dakota — 0.0%
South Dakota Housing Development Authority, Ser E, RB
5.460%, 05/01/53		215,000		220,051

Wisconsin — 0.2%
Public Finance Authority, RB
6.250%, 06/01/31 (A)		500,000		501,418
Public Finance Authority, Ser A, RB
5.292%, 07/01/29		500,000		509,453
				1,010,871
Total Municipal Bonds
(Cost $13,648,929)				13,541,314

SOVEREIGN DEBT — 1.2%

CANADA — 0.3%
OMERS Finance Trust
3.500%, 04/19/32	$	2,000,000	$	1,887,279

				1,887,279
FRANCE — 0.1%
Caisse d'Amortissement de la Dette Sociale
3.000%, 05/17/25(A)		1,000,000		999,298


JAPAN — 0.5%
Japan Bank for International Cooperation
4.375%, 10/05/27		1,846,000		1,868,437
1.625%, 01/20/27		1,500,000		1,443,086

				3,311,523

SOVEREIGN DEBT — continued
	Face Amount		Value
JORDAN — 0.1%
Hashemite Kingdom of Jordan Government AID Bond
3.000%, 06/30/25	$	1,000,000	$	996,779


NETHERLANDS — 0.2%
Nederlandse Waterschapsbank
4.375%, 02/28/29(A)		400,000		407,532
1.000%, 05/28/30(A)		1,000,000		865,674

				1,273,206
Total Sovereign Debt
(Cost $8,390,245)				8,468,085

BANK LOAN OBLIGATIONS — 0.4%

ECOLOGICAL SERVICES & EQUIPMENT — 0.4%
LTR Intermediate Holdings Term Loan
9.460%, 05/05/28	$	248,708	$	234,823
Terraform Power Operating Specified Refinancing Term Loan
6.299%, TSFR1M + 2.500%, 05/21/29(B)		1,629,083		1,592,428
Vistra Zero Operating Company Term Loan
6.324%, 03/20/31		995,000		965,279
				2,792,530
Total Bank Loan Obligations
(Cost $2,866,922)				2,792,530

U.S. GOVERNMENT AGENCY OBLIGATION — 0.0%

United States International Development Finance
1.790%, 10/15/29	$	218,923	$	208,224

Total U.S. Government Agency Obligation
(Cost $209,175)				208,224

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2025 (Unaudited)

SHORT-TERM INVESTMENT — 0.0%
	Shares		Value
State Street Institutional US Government Money Market Fund, Premier Class, 4.290%, (G)
(Cost $130,313)		130,313	$	130,313
Total Short-Term Investment
(Cost $130,313)				130,313
Total Investments in Securities— 97.6%
(Cost $682,149,206)			$	685,185,962

Percentages are based on Net Assets of $701,741,233.

A list of the open futures contracts held by the Fund at April 30, 2025, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation
Long Contracts
U.S. 5-Year Treasury Note		311		Jun-2025	$	33,741,174	$	33,959,742	$	218,568

^‡	Real Estate Investment Trust.
(A)	Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value of these securities at April 30, 2025 was $244,320,840 and represented 34.8% of Net Assets.
(B)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for 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.
(C)	Perpetual security with no stated maturity date.
(D)	Zero coupon security.
(E)	This security or a partial position of this security is on loan at April 30, 2025. The total market value of securities on loan at April 30, 2025 was $127,413.
(F)	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.
(G)	This security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2025, was $130,313.

Cl — Class

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

H15T1Y — US Treasury Yield Curve Rate T Note Constant Maturity 1 Year

H15T5Y — US Treasury Yield Curve Rate T Note Constant Maturity 5 Year

IO — Interest Only

MTN — Medium Term Note

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

SOFRRATE — Secured Overnight Financing Rate

SOFRINDX — Secured Overnight Financing Rate Index

TSFR1M — Term Secured Overnight Financing Rate 1 Month

TSFR3M — Term Secured Overnight Financing Rate 3 Month

US0003M — ICE LIBOR USD 1 Month

USBMMY3M — U.S. Treasury Bill Money Market Yield 3 Month

The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund’s investments and other financial instruments carried at market value:
Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	180,702,586	$	—	$	180,702,586
Mortgage-Backed Securities		—		177,507,381		—		177,507,381
U.S. Treasury Obligations		—		167,301,335		—		167,301,335
Asset-Backed Securities		—		134,534,194		—		134,534,194
Municipal Bonds		—		13,541,314		—		13,541,314
Sovereign Debt		—		8,468,085		—		8,468,085
Bank Loan Obligations		—		2,792,530		—		2,792,530
U.S. Government Agency Obligation		—		208,224		—		208,224
Short-Term Investment		130,313		—		—		130,313

Total Investments in Securities	$	130,313	$	685,055,649	$	—	$	685,185,962

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts* Unrealized Appreciation	$	218,568	$	—	$	—	$	218,568

Total Other Financial Instruments	$	218,568	$	—	$	—	$	218,568

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

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2025 (Unaudited)

Amounts designated as “–” are $0 or have been round to $0.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2025 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 99.5%
	Shares		Value
COMMUNICATION SERVICES — 9.9%
Alphabet, Cl A		475,447	$	75,500,984
Alphabet, Cl C		387,546		62,352,276
AT&T		786,021		21,772,782
Charter Communications, Cl A *		7,681		3,009,877
Comcast, Cl A		300,105		10,263,591
Electronic Arts		18,873		2,738,284
Fox, Cl A		17,286		860,670
Fox, Cl B		10,542		487,462
Interpublic Group of		29,679		745,536
Match Group		20,004		593,319
Meta Platforms, Cl A		177,277		97,325,073
Netflix *		36,092		40,846,038
News, Cl A		30,132		817,180
News, Cl B		8,937		280,800
Omnicom Group		15,622		1,189,771
Paramount Global, Cl B (A)		47,380		556,241
Take-Two Interactive Software *		13,062		3,047,626
TKO Group Holdings, Cl A		5,307		864,563
T-Mobile US		63,408		15,658,606
Verizon Communications		398,065		17,538,744
Walt Disney		143,831		13,081,429
Warner Bros Discovery *		177,627		1,540,026
				371,070,878
CONSUMER DISCRETIONARY — 10.3%
Airbnb, Cl A *		34,447		4,199,778
Amazon.com *		750,568		138,419,751
AutoZone *		1,336		5,026,834
Best Buy		15,495		1,033,362
Booking Holdings		2,627		13,395,809
CarMax *		12,261		792,919
Carnival *		83,522		1,531,793
Chipotle Mexican Grill, Cl A *		107,900		5,451,108
Darden Restaurants		9,322		1,870,366
Deckers Outdoor *		12,096		1,340,600
Domino's Pizza		2,752		1,349,498
DoorDash, Cl A *		26,997		5,207,451
DR Horton		22,569		2,851,367
eBay		38,075		2,595,192
Expedia Group		9,830		1,542,622
Ford Motor		309,717		3,100,267
Garmin		31,382		5,864,354
General Motors		79,216		3,583,732
Genuine Parts		11,081		1,302,572
Hasbro		10,485		649,021
Hilton Worldwide Holdings		19,146		4,317,040
Home Depot		79,049		28,496,374
Lennar, Cl A		18,582		2,018,191
LKQ		20,720		791,711
Lowe's		44,933		10,045,221
Lululemon Athletica *		8,916		2,414,185

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY— continued
Marriott International, Cl A		18,209	$	4,344,303
McDonald's		57,582		18,406,086
Mohawk Industries *		4,176		444,118
NIKE, Cl B		94,035		5,303,574
Norwegian Cruise Line Holdings *		35,071		562,188
NVR *		238		1,695,928
O'Reilly Automotive *		4,574		6,473,125
Pool		3,033		889,094
PulteGroup		16,111		1,652,666
Ralph Lauren, Cl A		3,179		715,116
Ross Stores		26,255		3,649,445
Royal Caribbean Cruises		19,703		4,234,372
Starbucks		90,357		7,233,078
Tapestry		16,510		1,166,432
Tesla *		222,686		62,833,082
TJX		89,457		11,511,327
Tractor Supply		42,480		2,150,338
Ulta Beauty *		3,696		1,462,285
Williams-Sonoma		9,811		1,515,505
Yum! Brands		22,208		3,340,972
				388,774,152
CONSUMER STAPLES — 6.7%
Archer-Daniels-Midland		44,349		2,117,665
Brown-Forman, Cl B		14,473		504,239
Bunge Global		10,573		832,307
Campbell Soup		22,387		816,230
Clorox		9,818		1,397,101
Coca-Cola		499,438		36,234,227
Colgate-Palmolive		141,284		13,024,972
Conagra Brands		73,310		1,811,490
Constellation Brands, Cl A		13,466		2,525,414
Costco Wholesale		40,715		40,491,067
Dollar General		17,495		1,639,107
Dollar Tree *		16,047		1,312,163
Estee Lauder, Cl A		18,594		1,114,896
General Mills		78,660		4,463,169
Hershey		18,073		3,021,625
Hormel Foods		33,117		990,198
J M Smucker		12,937		1,504,185
Kellanova		40,894		3,384,796
Kenvue		245,281		5,788,632
Keurig Dr Pepper		221,390		7,657,880
Kimberly-Clark		68,958		9,087,285
Kraft Heinz		221,656		6,450,190
Kroger		52,942		3,822,942
Lamb Weston Holdings		11,386		601,295
McCormick		41,561		3,186,066
Molson Coors Beverage, Cl B		28,028		1,612,451
Mondelez International, Cl A		183,828		12,524,202
Monster Beverage *		110,108		6,619,693

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
CONSUMER STAPLES— continued
PepsiCo		194,081	$	26,313,502
Sysco		38,918		2,778,745
Target		36,458		3,525,489
Tyson Foods, Cl A		46,277		2,834,003
Walgreens Boots Alliance		57,137		626,793
Walmart		449,238		43,688,395
				254,302,414
ENERGY — 3.3%
APA		29,452		457,684
Baker Hughes, Cl A		78,831		2,790,617
Chesapeake Energy		16,735		1,738,766
Chevron		133,240		18,128,634
ConocoPhillips		101,492		9,044,967
Coterra Energy		58,639		1,440,174
Devon Energy		52,280		1,589,835
Diamondback Energy		14,871		1,963,121
EOG Resources		44,758		4,938,150
Equities		47,500		2,348,400
Exxon Mobil		367,949		38,866,453
Halliburton		69,213		1,371,802
Hess		21,994		2,838,326
Kinder Morgan		248,614		6,538,548
Marathon Petroleum		25,146		3,455,312
Occidental Petroleum		53,787		2,119,746
ONEOK		49,400		4,058,704
Phillips 66		32,864		3,419,828
Schlumberger		111,442		3,705,446
Targa Resources		17,353		2,965,628
Texas Pacific Land		1,499		1,932,016
Valero Energy		25,193		2,924,655
Williams		127,047		7,441,143
				126,077,955
FINANCIALS — 14.9%
Aflac		48,580		5,279,674
Allstate		21,088		4,183,648
American Express		44,165		11,765,998
American International Group		47,326		3,858,015
Ameriprise Financial		7,655		3,605,658
Aon, Cl A		17,210		6,105,936
Apollo Global Management		35,571		4,854,730
Arch Capital Group		29,863		2,707,977
Arthur J Gallagher		26,722		8,569,478
Assurant		4,088		787,921
Bank of America		526,869		21,011,536
Bank of New York Mellon		57,095		4,591,009
Berkshire Hathaway, Cl B *		169,129		90,188,039
Blackstone		58,245		7,671,449
Brown & Brown		18,886		2,088,792
Capital One Financial		30,335		5,468,187
Cboe Global Markets		8,331		1,847,816
Charles Schwab		135,576		11,035,886

COMMON STOCK — continued
	Shares		Value
FINANCIALS— continued
Chubb		51,532	$	14,742,274
Cincinnati Financial		12,446		1,732,608
Citigroup		149,381		10,214,673
Citizens Financial Group		34,749		1,281,891
CME Group, Cl A		28,676		7,945,546
Corpay *		5,547		1,804,827
Discover Financial Services		19,974		3,648,651
Erie Indemnity, Cl A		1,988		712,937
Everest Group		3,425		1,228,993
FactSet Research Systems		3,031		1,310,059
Fidelity National Information Services		42,127		3,322,978
Fifth Third Bancorp		53,326		1,916,536
Fiserv *		45,273		8,356,038
Franklin Resources		24,660		462,622
Global Payments		19,665		1,500,636
Globe Life		6,680		823,911
Goldman Sachs Group		24,831		13,596,214
Hartford Financial Services Group		22,886		2,807,426
Huntington Bancshares		115,651		1,680,409
Intercontinental Exchange		45,722		7,679,924
Invesco		35,686		497,106
Jack Henry & Associates		5,810		1,007,628
JPMorgan Chase		221,900		54,281,178
KeyCorp		79,367		1,177,806
Loews		14,043		1,219,354
M&T Bank		13,204		2,241,511
MarketAxess Holdings		3,005		665,878
Marsh & McLennan		44,582		10,051,903
Mastercard, Cl A		67,129		36,790,720
MetLife		46,029		3,469,206
Moody's		12,319		5,581,985
Morgan Stanley		98,468		11,365,176
MSCI, Cl A		6,179		3,368,235
Nasdaq		32,917		2,508,605
Northern Trust		15,563		1,462,611
PayPal Holdings *		78,699		5,181,542
PNC Financial Services Group		31,508		5,063,020
Principal Financial Group		16,739		1,241,197
Progressive		52,283		14,730,212
Prudential Financial		28,170		2,893,341
Raymond James Financial		14,676		2,011,199
Regions Financial		72,480		1,479,317
S&P Global		25,067		12,534,753
State Street		22,961		2,022,864
Synchrony Financial		30,961		1,608,424
T Rowe Price Group		17,691		1,566,538
Travelers		20,038		5,292,637
Truist Financial		104,734		4,015,502
US Bancorp		124,138		5,007,727
Visa, Cl A		152,127		52,559,878

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
FINANCIALS— continued
W R Berkley		23,917	$	1,714,610
Wells Fargo		261,735		18,585,802
Willis Towers Watson		7,942		2,444,548
				558,032,915
HEALTH CARE — 7.9%
Align Technology *		5,593		969,267
Baxter International		53,600		1,670,712
Boston Scientific *		231,358		23,799,797
Cardinal Health		53,290		7,529,344
Cencora, Cl A		32,160		9,412,267
Centene *		101,900		6,098,715
Cigna Group		33,014		11,226,081
CVS Health		131,939		8,801,651
DaVita *		3,501		495,566
Dexcom *		31,113		2,220,846
Edwards Lifesciences *		56,634		4,275,301
Elevance Health		33,191		13,959,471
Henry Schein *		23,430		1,522,247
Hologic *		54,981		3,199,894
Humana		12,894		3,381,323
IDEXX Laboratories *		8,869		3,837,173
Insulet *		5,761		1,453,443
Intuitive Surgical *		41,681		21,499,060
IQVIA Holdings *		140,795		21,833,081
McKesson		18,337		13,070,430
Medtronic		185,190		15,696,704
Mettler-Toledo International *		22,114		23,674,585
Molina Healthcare *		10,990		3,593,840
Quest Diagnostics		40,711		7,255,515
ResMed		18,712		4,427,072
Solventum *		39,458		2,608,963
STERIS		27,748		6,236,085
Stryker		49,540		18,523,997
West Pharmaceutical Services		70,560		14,908,622
Zimmer Biomet Holdings		40,826		4,207,119
Zoetis, Cl A		221,230		34,600,372
				295,988,543
INDUSTRIALS — 8.1%
3M		57,955		8,050,529
A O Smith		9,356		634,898
Allegion		6,928		964,378
AMETEK		18,473		3,132,651
Aptiv *		18,237		1,040,603
Automatic Data Processing		48,467		14,569,180
Axon Enterprise *		5,765		3,535,674
Broadridge Financial Solutions		10,927		2,648,705
Builders FirstSource *		9,172		1,097,246
Carrier Global		66,186		4,139,272
Caterpillar		38,032		11,762,157
CH Robinson Worldwide		9,405		839,114
Cintas		36,592		7,745,795

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS— continued
Copart *		69,792	$	4,259,406
CSX		153,482		4,308,240
Cummins		10,940		3,214,609
Dayforce *		12,670		733,213
Deere		25,579		11,857,401
Delta Air Lines		51,100		2,127,293
Dover		10,920		1,863,498
Eaton		32,197		9,477,831
Emerson Electric		44,873		4,716,601
Equifax		9,868		2,566,963
Expeditors International of Washington		11,156		1,226,156
Fastenal		52,429		4,245,176
FedEx		17,633		3,708,749
Fortive		27,150		1,892,083
GE Vernova		31,220		11,577,000
Generac Holdings *		4,751		543,419
General Electric		109,200		22,008,168
Howmet Aerospace		47,312		6,556,497
Hubbell, Cl B		4,277		1,553,321
IDEX		6,035		1,049,909
Illinois Tool Works		25,914		6,217,028
Ingersoll Rand		32,059		2,418,210
JB Hunt Transport Services		6,331		826,702
Johnson Controls International		65,824		5,522,634
Lennox International		2,548		1,393,119
Masco		16,891		1,023,764
Nordson		4,322		819,322
Norfolk Southern		18,019		4,037,157
Old Dominion Freight Line		14,951		2,291,689
Otis Worldwide		41,603		4,005,121
PACCAR		41,749		3,766,177
Parker-Hannifin		11,106		6,719,796
Paychex		41,139		6,052,370
Paycom Software		3,753		849,642
Pentair		13,186		1,196,366
Quanta Services		11,747		3,438,229
Republic Services, Cl A		29,756		7,461,317
Rockwell Automation		8,998		2,228,625
Rollins		27,070		1,546,509
Snap-on		4,169		1,308,274
Southwest Airlines		47,171		1,318,901
Stanley Black & Decker		12,287		737,466
Trane Technologies		20,919		8,018,462
TransDigm Group		7,582		10,713,897
Uber Technologies *		166,200		13,463,862
Union Pacific		55,512		11,971,718
United Airlines Holdings *		26,211		1,803,841
United Parcel Service, Cl B		58,151		5,541,790
United Rentals		5,197		3,281,646
Veralto		19,716		1,890,764
Verisk Analytics, Cl A		16,179		4,795,941

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS— continued
Waste Management		39,955	$	9,323,899
Westinghouse Air Brake Technologies		14,216		2,626,264
WW Grainger		3,527		3,612,741
Xylem		19,333		2,330,980
				304,199,958
INFORMATION TECHNOLOGY — 30.9%
Accenture, Cl A		49,774		14,889,892
Adobe *		34,641		12,989,682
Advanced Micro Devices *		128,987		12,556,884
Akamai Technologies *		11,955		963,334
Amphenol, Cl A		96,339		7,413,286
Analog Devices		48,034		9,362,787
ANSYS *		6,959		2,239,963
Apple		1,229,451		261,258,338
Applied Materials		64,672		9,746,717
Arista Networks *		82,184		6,761,278
Autodesk *		17,109		4,692,143
Broadcom		380,796		73,291,806
Cadence Design Systems *		21,825		6,498,176
CDW		10,605		1,702,739
Cisco Systems		316,950		18,297,524
Cognizant Technology Solutions, Cl A		39,401		2,898,732
Crowdstrike Holdings, Cl A *		19,601		8,406,281
Dell Technologies, Cl C		24,836		2,278,951
Enphase Energy *		10,559		470,826
EPAM Systems *		4,521		709,390
F5 *		4,595		1,216,480
Fair Isaac *		1,943		3,865,948
First Solar *		8,532		1,073,496
Fortinet *		50,623		5,252,643
Gartner *		6,113		2,574,062
Gen Digital		43,148		1,116,239
GoDaddy, Cl A *		11,237		2,116,264
Hewlett Packard Enterprise		104,519		1,695,298
HP		74,623		1,908,110
Intel		344,566		6,925,777
International Business Machines		77,985		18,858,333
Intuit		22,275		13,976,894
Jabil		8,730		1,279,469
Juniper Networks		26,299		955,180
Keysight Technologies *		13,759		2,000,559
KLA		11,657		8,191,257
Lam Research		102,140		7,320,374
Microchip Technology		42,828		1,973,514
Micron Technology		88,692		6,824,849
Microsoft		610,097		241,146,940
Monolithic Power Systems		3,806		2,257,339
Motorola Solutions		13,299		5,856,747
NetApp		16,191		1,453,142

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY— continued
NVIDIA		1,976,793	$	215,312,294
NXP Semiconductors		20,225		3,727,670
ON Semiconductor *		33,500		1,329,950
Oracle		129,093		18,165,967
Palantir Technologies, Cl A *		163,118		19,319,696
Palo Alto Networks *		52,688		9,848,968
PTC *		9,590		1,486,162
QUALCOMM		93,181		13,833,651
Roper Technologies		8,533		4,779,163
Salesforce		76,155		20,463,610
Seagate Technology Holdings		16,816		1,530,760
ServiceNow *		16,393		15,655,479
Skyworks Solutions		12,789		822,077
Super Micro Computer *		40,100		1,277,586
Synopsys *		12,301		5,646,282
TE Connectivity		23,742		3,475,354
Teledyne Technologies *		3,708		1,728,039
Teradyne		12,915		958,422
Texas Instruments		91,327		14,616,886
Trimble *		19,600		1,217,944
Tyler Technologies *		3,406		1,850,480
VeriSign *		6,474		1,826,445
Western Digital *		27,647		1,212,597
Workday, Cl A *		17,030		4,172,350
Zebra Technologies, Cl A *		4,095		1,025,060
				1,162,550,535
MATERIALS — 2.2%
Air Products and Chemicals		24,024		6,512,666
Albemarle		9,360		548,028
Amcor		115,235		1,060,162
Avery Dennison		6,404		1,095,788
Ball		23,768		1,234,510
CF Industries Holdings		13,804		1,081,819
Corteva		63,439		3,932,584
Dow		56,028		1,713,897
DuPont de Nemours		33,265		2,195,157
Eastman Chemical		9,179		706,783
Ecolab		20,000		5,028,600
Freeport-McMoRan		114,351		4,120,067
International Flavors & Fragrances		20,367		1,597,995
International Paper		53,730		2,454,386
Linde		47,303		21,439,138
LyondellBasell Industries, Cl A		20,595		1,198,835
Martin Marietta Materials		4,864		2,548,639
Mosaic		25,266		768,087
Newmont		90,601		4,772,861
Nucor		18,686		2,230,548
Packaging Corp of America		7,107		1,319,130
PPG Industries		18,462		2,009,773
Sherwin-Williams		18,438		6,507,139

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
MATERIALS— continued
Smurfit WestRock		39,441	$	1,657,311
Steel Dynamics		11,285		1,463,777
Vulcan Materials		10,509		2,756,826
				81,954,506
REAL ESTATE — 2.8%
American Tower ^‡		38,833		8,753,346
AvalonBay Communities ^‡		11,579		2,431,358
BXP ^‡		11,572		737,484
Camden Property Trust ^‡		8,502		967,528
CBRE Group, Cl A *		23,521		2,873,796
CoStar Group *		33,500		2,484,695
Crown Castle International ^‡		34,584		3,657,604
Digital Realty Trust ^‡		31,567		5,067,766
Equinix ^‡		10,557		9,086,938
Equity Residential ^‡		27,182		1,909,807
Essex Property Trust ^‡		5,122		1,429,806
Extra Space Storage ^‡		16,869		2,471,646
Federal Realty Investment Trust ^‡		6,158		578,975
Host Hotels & Resorts ^‡		55,691		786,357
Invitation Homes ^‡		45,300		1,548,807
Iron Mountain ^‡		23,404		2,098,637
Kimco Realty ^‡		54,155		1,082,017
Mid-America Apartment Communities ^‡		9,317		1,487,459
Prologis ^‡		73,757		7,537,965
Public Storage ^‡		12,541		3,767,693
Realty Income ^‡		135,130		7,818,622
Regency Centers ^‡		12,987		937,402
SBA Communications, Cl A ^‡		8,556		2,082,530
Simon Property Group ^‡		24,406		3,841,016
UDR ^‡		23,983		1,004,408
Welltower ^‡		178,621		27,255,778
Weyerhaeuser ^‡		57,769		1,496,795
				105,196,235
UTILITIES — 2.5%
Alliant Energy		42,200		2,575,888
American Water Works		15,509		2,279,978
Atmos Energy		30,459		4,892,629
CenterPoint Energy		81,686		3,167,783
CMS Energy		33,737		2,484,730
Consolidated Edison		47,062		5,306,241
Constellation Energy		24,895		5,562,539
Dominion Energy		76,967		4,185,465
Edison International		30,787		1,647,412
Entergy		92,130		7,662,452
Eversource Energy		29,169		1,734,972
Exelon		149,713		7,021,540
FirstEnergy		40,857		1,751,948
NextEra Energy		190,388		12,733,149
NRG Energy		16,106		1,764,896

COMMON STOCK — continued
	Shares		Value
UTILITIES— continued
PG&E		174,600	$	2,884,392
Pinnacle West Capital		17,804		1,694,585
Public Service Enterprise Group		65,546		5,239,092
Sempra		67,114		4,984,557
Southern		162,943		14,972,832
				94,547,080
Total Common Stock
(Cost $1,738,458,912)				3,742,695,171

RIGHTS — 0.0%
		Number of Rights
Abiomed *(B)(C)		5,594	$	—

Total Rights
(Cost $–)				—

SHORT-TERM INVESTMENT — 0.0%
	Shares
State Street Institutional US Government Money Market Fund, Premier Class, 4.290%, (D)
(Cost $568,086)	$	568,086	$	568,086
Total Short-Term Investment
(Cost $568,086)				568,086
Total Investments in Securities— 99.5%
(Cost $1,739,026,998)			$	3,743,263,257

Percentages are based on Net Assets of $3,763,653,651.

A list of the open futures contracts held by the Fund at April 30, 2025, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P 500 Index E-MINI		67		Jun-2025	$	17,984,137	$	18,716,450	$	732,313

*	Non-income producing security.
^‡	Real Estate Investment Trust.
(A)	This security or a partial position of this security is on loan at April 30, 2025. The total market value of securities on loan at April 30, 2025 was $556,715.
(B)	Level 3 security in accordance with fair value hierarchy.

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2025 (Unaudited)

(C)	Expiration date not available.
(D)	This security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2025, was $568,086.

Cl — Class

The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund’s investments and other financial instruments carried at market value:
Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
Total Common Stock	$	3,742,695,171	$	—	$	—		$	3,742,695,171
Short-Term Investment		568,086		—		—			568,086
Rights		—		—		—	#		—

Total Investments in Securities	$	3,743,263,257	$	—	$	—		$	3,743,263,257

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts* Unrealized Appreciation	$	732,313	$	—	$	—	$	732,313

Total Other Financial Instruments	$	732,313	$	—	$	—	$	732,313

^ A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets.

# Security or securities with a market value of $0.

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

Amounts designated as “–” are $0 or have been round to $0.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 99.5%
	Shares		Value
COMMUNICATION SERVICES — 3.1%
Angi, Cl A *		19,970	$	228,855
Cable One		1,850		494,450
Cargurus, Cl A *		37,188		1,039,777
Cars.com *		23,774		276,729
Cinemark Holdings		44,310		1,325,312
Cogent Communications Holdings		17,774		966,017
Gogo *		25,476		192,853
IAC *		28,519		996,454
John Wiley & Sons, Cl A		16,715		729,443
Lumen Technologies *		434,320		1,537,493
Madison Square Garden Sports *		6,723		1,294,648
QuinStreet *		23,619		413,805
Scholastic		9,960		179,579
Shenandoah Telecommunications		21,484		239,332
Shutterstock (A)		9,645		153,934
TEGNA		64,925		1,053,733
Telephone and Data Systems		41,756		1,565,432
Thryv Holdings *		16,184		221,721
Toro Combineco *		16,084		128,189
TripAdvisor *		44,053		548,460
Yelp, Cl A *		26,414		926,603
Ziff Davis *		17,153		506,528
				15,019,347
CONSUMER DISCRETIONARY — 12.5%
Abercrombie & Fitch, Cl A *		500		34,710
Academy Sports & Outdoors		27,850		1,049,388
Acushnet Holdings		11,736		777,158
Adient *		33,684		426,103
Adtalem Global Education *		16,434		1,745,291
Advance Auto Parts		24,200		791,824
American Axle & Manufacturing Holdings *		47,187		180,254
American Eagle Outfitters		70,155		738,732
Asbury Automotive Group *		7,908		1,725,051
BJ's Restaurants *		10,059		334,864
Bloomin' Brands		30,304		243,038
Boot Barn Holdings *		12,525		1,306,859
BorgWarner		87,761		2,490,657
Brinker International *		19,009		2,552,909
Buckle		12,004		417,259
Caleres		13,496		205,679
Carter's		14,463		478,002
Cavco Industries *		3,421		1,689,461
Century Communities		11,450		624,483
Champion Homes *		22,245		1,924,193
Cheesecake Factory		20,486		1,031,880
Cracker Barrel Old Country Store (A)		9,458		403,856

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY— continued
Dana		53,211	$	731,119
Dave & Buster's Entertainment *		12,362		237,227
Dorman Products *		10,900		1,234,970
Dream Finders Homes, Cl A *		13,237		299,950
Ethan Allen Interiors		9,083		258,230
Etsy *		45,145		1,962,905
Foot Locker *		35,543		436,113
Fox Factory Holding *		16,728		339,746
Frontdoor *		32,296		1,327,689
Gentherm *		12,433		323,382
G-III Apparel Group *		15,499		390,885
Green Brick Partners *		13,556		799,669
Group 1 Automotive		5,340		2,155,384
Guess?		11,005		123,806
Hanesbrands *		157,492		722,888
Helen of Troy *		9,540		265,784
Installed Building Products		9,689		1,606,727
Jack in the Box (A)		7,567		197,045
Kohl's (A)		44,674		299,316
Kontoor Brands		20,913		1,257,917
La-Z-Boy, Cl Z		17,956		709,262
LCI Industries		10,218		787,604
Leggett & Platt		53,937		518,874
LGI Homes *		8,817		481,496
M/I Homes *		11,631		1,240,795
MarineMax *		8,878		190,522
Matthews International, Cl A		13,027		266,402
Meritage Homes		30,121		2,052,445
Mister Car Wash *		47,714		327,318
Monro		12,019		167,545
National Vision Holdings *		31,604		390,309
Oxford Industries		5,923		287,858
Papa John's International		13,125		453,206
Patrick Industries		13,484		1,037,998
Perdoceo Education		28,041		704,390
Phinia		16,379		657,617
Sabre *		182,822		433,288
Sally Beauty Holdings *		40,916		333,056
Shake Shack, Cl A *		16,743		1,469,031
Shoe Carnival		7,089		123,207
Signet Jewelers		17,454		1,035,022
Six Flags Entertainment		38,523		1,325,576
Sonic Automotive, Cl A		6,028		366,020
Sonos *		52,327		481,932
Standard Motor Products		8,282		224,442
Steven Madden		28,971		608,391
Strategic Education		9,762		796,384
Stride *		18,488		2,629,918
Topgolf Callaway Brands *		56,804		375,474
Tri Pointe Homes *		37,711		1,159,613
Upbound Group, Cl A		20,498		407,910

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY— continued
Urban Outfitters *		23,377	$	1,233,838
Victoria's Secret *		33,359		627,149
Winnebago Industries		11,396		362,621
Wolverine World Wide		39,345		513,452
XPEL *		9,099		260,595
				61,182,963
CONSUMER STAPLES — 3.4%
Andersons		12,893		486,195
B&G Foods		33,960		233,984
Cal-Maine Foods		17,544		1,638,083
Central Garden & Pet *		3,699		124,138
Central Garden & Pet, Cl A *		20,277		599,591
Chefs' Warehouse *		15,917		906,792
Edgewell Personal Care		19,355		591,295
Energizer Holdings		26,364		712,883
Fresh Del Monte Produce		15,269		519,299
Freshpet *		20,268		1,490,509
Grocery Outlet Holding *		40,806		685,133
Inter Parfums		7,462		814,850
J & J Snack Foods		6,403		829,765
John B Sanfilippo & Son		3,628		240,428
MGP Ingredients		5,639		166,181
National Beverage		10,078		447,463
PriceSmart		10,252		1,040,476
Simply Good Foods *		38,268		1,381,857
SpartanNash		13,782		273,435
Tootsie Roll Industries		7,315		234,093
TreeHouse Foods *		18,132		422,294
United Natural Foods *		28,366		757,656
USANA Health Sciences *		4,437		124,635
WD-40		5,497		1,255,295
WK Kellogg		30,007		538,026
				16,514,356
ENERGY — 3.8%
Archrock		78,190		1,839,811
Atlas Energy Solutions, Cl A (A)		35,700		483,021
Bristow Group *		14,379		417,566
Cactus, Cl A		30,088		1,141,539
California Resources		32,341		1,116,088
Comstock Resources *		45,075		823,520
Core Laboratories		25,141		285,853
Crescent Energy, Cl A		86,111		712,999
CVR Energy		17,952		338,575
Dorian LPG		17,885		383,097
Helix Energy Solutions Group *		70,380		428,614
Helmerich & Payne		44,142		833,842
Innovex International *		21,354		322,445
International Seaways		18,205		618,242
Liberty Energy, Cl A		72,554		834,371
Magnolia Oil & Gas, Cl A		83,444		1,713,105
Northern Oil and Gas		43,988		1,068,908

COMMON STOCK — continued
	Shares		Value
ENERGY— continued
Par Pacific Holdings *		26,240	$	375,757
Patterson-UTI Energy		158,464		893,737
ProPetro Holding *		47,987		238,975
REX American Resources *		7,734		307,195
RPC		47,443		224,405
SM Energy		50,377		1,148,092
Talos Energy *		59,508		409,415
Tidewater *		21,082		762,958
Vital Energy *		14,596		206,971
World Kinect		28,886		724,750
				18,653,851
FINANCIALS — 19.5%
Acadian Asset Management		11,232		302,590
Ameris Bancorp		25,958		1,521,139
AMERISAFE		7,641		355,230
Apollo Commercial Real Estate Finance ^‡		51,273		480,428
Arbor Realty Trust ^‡(A)		75,692		872,729
ARMOUR Residential REIT ^‡		30,667		505,085
Artisan Partners Asset Management, Cl A		28,120		1,039,878
Assured Guaranty		19,194		1,683,889
Atlantic Union Bankshares		52,330		1,449,541
Axos Financial *		21,810		1,384,499
Banc of California		55,280		745,174
BancFirst		7,998		942,324
Bancorp *		20,228		977,215
Bank of Hawaii		15,952		1,054,587
BankUnited		31,496		1,030,234
Banner		13,829		845,505
Berkshire Hills Bancorp		18,303		454,463
BGC Group, Cl A		150,211		1,360,912
Blackstone Mortgage Trust, Cl A ^‡		68,864		1,311,859
Bread Financial Holdings		20,812		987,529
Brookline Bancorp		35,756		373,293
Capitol Federal Financial		49,026		277,977
Cathay General Bancorp		28,573		1,191,208
Central Pacific Financial		10,862		279,045
City Holding		5,900		683,633
Cohen & Steers		10,754		820,745
Community Financial System		21,137		1,153,869
Customers Bancorp *		12,180		609,000
CVB Financial		52,696		976,984
Dime Community Bancshares		18,268		469,305
Donnelley Financial Solutions *		10,655		513,571
Eagle Bancorp		13,054		234,319
Ellington Financial ^‡(A)		36,384		474,084
Employers Holdings		9,919		481,964
Enact Holdings		11,800		422,322
Encore Capital Group *		9,508		327,075
Enova International *		10,984		1,008,221

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
FINANCIALS— continued
EVERTEC		25,529	$	866,454
EZCORP, Cl A *		20,856		341,413
FB Financial		14,045		597,755
First BanCorp Puerto Rico		65,349		1,283,455
First Bancorp Southern Pines		16,593		671,353
First Commonwealth Financial		40,710		623,677
First Financial Bancorp		38,324		887,201
First Hawaiian		50,735		1,159,802
Franklin BSP Realty Trust ^‡		33,336		379,364
Fulton Financial		73,075		1,218,891
Genworth Financial, Cl A *		171,374		1,175,626
Goosehead Insurance, Cl A		10,884		1,058,034
HA Sustainable Infrastructure Capital		49,557		1,237,934
Hanmi Financial		12,661		289,557
HCI Group		3,636		531,947
Heritage Financial		13,641		311,288
Hilltop Holdings		18,482		545,773
Hope Bancorp		50,801		506,486
Horace Mann Educators		16,357		679,470
Independent Bank		17,484		1,033,130
Jackson Financial, Cl A		30,079		2,343,455
KKR Real Estate Finance Trust ^‡		23,236		214,933
Lakeland Financial		10,238		569,949
Lincoln National		70,190		2,236,955
Mercury General		10,670		591,331
Moelis, Cl A		28,328		1,517,814
Mr Cooper Group *		25,524		3,037,611
National Bank Holdings, Cl A		15,272		552,236
Navient		29,762		368,454
NBT Bancorp		18,931		801,539
NCR Atleos *		30,299		845,948
New York Mortgage Trust ^‡		36,351		213,380
NMI Holdings, Cl A *		31,484		1,138,776
Northwest Bancshares		51,171		631,962
OFG Bancorp		18,420		724,827
Pacific Premier Bancorp		38,704		787,239
Palomar Holdings *		11,354		1,646,557
Park National		5,837		876,134
Pathward Financial		9,570		759,571
Payoneer Global *		112,186		788,668
PennyMac Mortgage Investment Trust ^‡		34,859		447,590
Piper Sandler		6,462		1,558,117
PJT Partners		9,775		1,385,215
PRA Group *		17,370		317,871
Preferred Bank		4,923		393,151
ProAssurance *		22,516		522,596
PROG Holdings		16,672		439,474
Provident Financial Services		52,367		857,248
Radian Group		58,216		1,859,419
Ready Capital ^‡		67,634		300,971

COMMON STOCK — continued
	Shares		Value
FINANCIALS— continued
Redwood Trust ^‡		53,182	$	330,260
Renasant		36,996		1,186,462
S&T Bancorp		15,354		559,500
Safety Insurance Group		5,955		455,558
Seacoast Banking Corp of Florida		34,034		806,946
ServisFirst Bancshares		20,977		1,493,982
Simmons First National, Cl A		50,426		940,949
SiriusPoint *		37,027		622,053
Southside Bancshares		11,433		322,296
Stellar Bancorp		19,083		476,312
StepStone Group, Cl A		27,341		1,367,323
Stewart Information Services		11,142		729,578
StoneX Group *		17,834		1,579,468
Tompkins Financial		5,040		300,384
Triumph Financial *		8,817		471,004
Trupanion *		15,336		561,298
TrustCo Bank NY		7,633		232,425
Trustmark		24,484		821,438
Two Harbors Investment ^‡		41,608		493,887
United Community Banks		47,903		1,322,602
United Fire Group		10,242		283,396
Veritex Holdings		21,879		509,343
Virtu Financial, Cl A		34,594		1,354,355
Virtus Investment Partners		2,648		406,706
WaFd		32,728		933,730
Walker & Dunlop		12,874		985,376
Westamerica BanCorp		10,718		519,073
WisdomTree		45,923		399,530
World Acceptance *		1,299		167,727
WSFS Financial		23,540		1,213,487
				95,575,474
HEALTH CARE — 11.3%
ACADIA Pharmaceuticals *		60,948		889,841
AdaptHealth, Cl A *		50,201		427,210
Addus HomeCare *		7,635		798,239
ADMA Biologics *		104,811		2,494,502
Alkermes *		77,714		2,235,832
AMN Healthcare Services *		16,752		342,243
Arcus Biosciences *		43,628		381,745
Arrowhead Pharmaceuticals *		59,658		828,650
Artivion *		17,764		420,829
Astrana Health *		18,279		569,756
Avanos Medical *		20,597		258,492
Catalyst Pharmaceuticals *		56,112		1,362,960
Certara *		47,293		655,481
Collegium Pharmaceutical *		20,049		541,223
Concentra Group Holdings Parent		46,069		1,002,000
CONMED		12,835		630,327
CorVel *		11,860		1,289,894

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
HEALTH CARE— continued
Embecta		29,256	$	356,631
Enovis *		23,712		820,198
Fortrea Holdings *		55,025		342,806
Glaukos *		22,939		2,162,001
Harmony Biosciences Holdings *		22,869		673,949
HealthStream		11,102		373,360
ICU Medical *		10,508		1,435,288
Innoviva *		35,886		670,709
Inspire Medical Systems *		12,348		1,955,676
Integer Holdings *		13,919		1,758,109
Integra LifeSciences Holdings *		29,166		478,031
Krystal Biotech *		11,208		1,904,015
LeMaitre Vascular		9,111		826,732
Ligand Pharmaceuticals *		9,646		1,059,710
Merit Medical Systems *		24,519		2,315,820
Myriad Genetics *		54,113		400,977
National HealthCare		5,498		519,506
Neogen *		88,624		447,551
NeoGenomics *		57,098		365,142
OmniAB *(B)		3,296		—
OmniAB *(B)		3,296		—
Omnicell *		21,033		657,492
Owens & Minor *		34,587		244,184
Pacira BioSciences *		23,978		645,008
Phibro Animal Health, Cl A		19,148		356,344
Premier, Cl A		38,839		790,374
Prestige Consumer Healthcare *		23,887		1,940,341
Privia Health Group *		45,084		1,058,572
Progyny *		30,939		706,647
Protagonist Therapeutics *		29,610		1,356,730
RadNet *		27,557		1,443,436
Schrodinger *		24,602		630,549
Select Medical Holdings		46,223		843,108
Simulations Plus		6,946		238,595
STAAR Surgical *		21,009		383,624
Supernus Pharmaceuticals *		29,208		948,676
Tandem Diabetes Care *		29,044		489,391
Teleflex		18,911		2,591,753
TG Therapeutics *		58,508		2,662,699
TransMedics Group *		14,224		1,308,750
UFP Technologies *		3,214		670,248
US Physical Therapy		6,320		449,415
Vericel *		24,960		948,979
				55,360,350
INDUSTRIALS — 18.4%
AAR *		15,720		840,391
ABM Industries		25,450		1,240,433
Air Lease, Cl A		43,650		2,041,074
Alamo Group		4,403		735,213
Albany International, Cl A		13,289		873,885

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS— continued
Allegiant Travel		6,638	$	311,521
Amentum Holdings *		61,727		1,346,883
American Woodmark *		6,610		389,990
Apogee Enterprises		9,696		384,640
ArcBest		9,346		546,928
Arcosa		20,695		1,657,049
Armstrong World Industries		18,489		2,681,275
Astec Industries		10,893		394,653
AZZ		13,251		1,149,657
Boise Cascade		16,046		1,496,771
Brady, Cl A		17,852		1,254,817
CoreCivic *		47,287		1,070,578
CSG Systems International		11,688		702,799
CSW Industrials		7,159		2,237,044
Deluxe		17,991		262,669
DNOW *		47,826		758,999
DXP Enterprises *		6,317		558,802
Dycom Industries *		12,392		2,076,280
Enerpac Tool Group, Cl A		24,344		982,767
EnPro Industries		9,117		1,362,080
Enviri *		39,481		271,234
ESCO Technologies		11,420		1,786,659
Everus Construction *		22,616		910,048
Federal Signal		25,704		2,093,077
Forward Air *(A)		9,341		137,499
Franklin Electric		16,585		1,409,062
Gates Industrial *		98,014		1,854,425
GEO Group *		57,539		1,799,820
Gibraltar Industries *		13,046		690,786
GMS *		16,155		1,183,515
Granite Construction		19,092		1,551,989
Greenbrier		14,753		625,822
Griffon		17,169		1,169,380
Hayward Holdings *		64,312		857,279
Healthcare Services Group *		30,585		434,613
Heartland Express		17,331		131,716
Heidrick & Struggles International		9,792		382,084
Hertz Global Holdings *(A)		54,491		371,629
Hillenbrand		30,300		612,969
HNI		19,499		824,808
Hub Group, Cl A		24,379		770,133
Insteel Industries		8,789		298,035
Interface, Cl A		26,852		504,818
JetBlue Airways *		131,644		573,968
John Bean Technologies		20,113		2,117,094
Kadant		5,085		1,500,075
Kennametal		33,418		650,983
Korn Ferry		20,768		1,281,386
Lindsay		4,887		630,716
Liquidity Services *		11,705		371,985
Marten Transport		23,212		298,042

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS— continued
Masterbrand *		56,054	$	681,056
Matson		13,328		1,453,951
Mercury Systems *		23,106		1,155,300
MillerKnoll		29,181		478,568
Mueller Water Products, Cl A		70,903		1,860,495
MYR Group *		6,871		840,461
NV5 Global *		20,891		387,528
OPENLANE *		45,011		833,154
Pitney Bowes		80,174		695,910
Powell Industries		4,286		784,809
Proto Labs *		12,098		425,366
Quanex Building Products		20,305		333,814
Resideo Technologies *		64,475		1,081,890
Robert Half		40,309		1,785,689
Rush Enterprises, Cl A		26,919		1,372,600
RXO *		58,021		817,516
Schneider National, Cl B		18,862		405,344
SkyWest *		16,610		1,481,114
SPX Technologies *		19,495		2,615,254
Standex International		5,295		748,819
Sterling Infrastructure *		12,400		1,852,932
Sun Country Airlines Holdings *		16,443		161,141
Sunrun *		100,845		694,822
Tennant		7,608		548,993
Titan International *		25,131		184,713
Trinity Industries		36,663		920,241
Triumph Group *		35,638		905,205
UniFirst		6,379		1,138,460
Verra Mobility, Cl A *		66,138		1,441,808
Vestis		47,363		414,900
Viad *		9,795		286,895
Vicor *		11,180		446,138
Werner Enterprises		24,821		612,086
WillScot Holdings		76,095		1,911,506
Worthington Enterprises		13,573		687,201
Zurn Elkay Water Solutions		60,555		2,056,448
				89,954,974
INFORMATION TECHNOLOGY — 12.0%
A10 Networks		32,558		536,556
ACI Worldwide *		43,877		2,341,277
Adeia		49,059		603,916
Advanced Energy Industries		15,119		1,472,742
Alarm.com Holdings *		19,837		1,063,263
Alpha & Omega Semiconductor *		12,036		226,638
Arlo Technologies *		44,027		432,785
Axcelis Technologies *		13,045		638,944
Badger Meter		11,803		2,606,338
Benchmark Electronics		15,216		494,976
BlackLine *		20,814		983,045
Box, Cl A *		57,671		1,800,489

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY— continued
Calix *		24,174	$	988,958
CEVA *		11,361		297,772
Cleanspark *(A)		116,770		954,011
Clear Secure, Cl A		40,140		990,655
Cohu *		18,707		299,312
Corsair Gaming *		21,337		151,066
CTS		12,086		460,235
Digi International *		14,808		402,778
DigitalOcean Holdings *		27,606		853,025
Diodes *		18,595		714,048
DoubleVerify Holdings, Cl Rights *		57,613		763,948
DXC Technology *		72,799		1,129,840
ePlus *		10,571		659,208
Extreme Networks *		56,362		741,724
FormFactor *		31,082		874,647
Grid Dynamics Holdings *		29,724		420,892
Harmonic *		48,250		433,285
Ichor Holdings *		13,965		276,228
Impinj *		9,825		905,177
Insight Enterprises *		10,968		1,516,655
InterDigital		11,069		2,224,869
Itron *		18,095		2,013,793
Knowles *		35,181		553,749
Kulicke & Soffa Industries		21,424		690,495
LiveRamp Holdings *		26,412		690,938
MARA Holdings *(A)		140,963		1,884,675
MaxLinear, Cl A *		33,783		337,492
N-able *		28,328		199,996
NCR Voyix *		58,579		502,022
NetScout Systems *		28,796		605,292
OSI Systems *		6,397		1,309,722
PC Connection		4,959		307,656
PDF Solutions *		12,448		228,421
Penguin Solutions *		24,079		294,607
Photronics *		26,689		487,608
Plexus *		10,852		1,328,610
Progress Software		17,405		1,043,604
Qorvo *		37,482		2,686,335
Rogers *		6,815		421,235
Sandisk *		47,975		1,540,477
Sanmina *		21,802		1,674,176
ScanSource *		8,663		285,792
Semtech *		36,278		1,133,688
SiTime *		8,335		1,224,078
SMART Global Holdings *		23,725		404,986
Sprinklr, Cl A *		44,875		345,089
SPS Commerce *		15,228		2,185,370
Teradata *		38,406		825,729
TTM Technologies *		43,854		877,957
Ultra Clean Holdings *		18,109		338,729
Veeco Instruments *		23,251		434,794

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY— continued
Viasat *		37,380	$	346,513
Viavi Solutions *		91,339		966,367
Vishay Intertechnology		45,091		585,732
Wolfspeed *(A)		67,159		238,414
Xerox Holdings		46,442		204,809
				58,458,252
MATERIALS — 5.0%
AdvanSix		10,728		229,794
Alpha Metallurgical Resources *		4,481		543,769
Balchem		13,245		2,073,505
Celanese, Cl A		44,035		1,959,998
Century Aluminum *		25,167		412,990
Chemours		63,036		780,386
Element Solutions		89,409		1,824,838
FMC		50,618		2,121,907
Hawkins		8,312		1,012,235
HB Fuller		21,942		1,185,746
Ingevity *		15,992		527,416
Innospec		10,010		895,695
Kaiser Aluminum		6,379		411,190
Koppers Holdings		8,134		203,838
Materion		8,328		691,307
Metallus *		15,007		189,838
Minerals Technologies		12,798		660,249
MP Materials *(A)		52,436		1,282,585
O-I Glass, Cl I *		61,749		781,742
Quaker Chemical		5,497		582,352
Sealed Air		58,940		1,624,386
Sensient Technologies		17,000		1,597,150
Stepan		8,486		429,052
SunCoke Energy		34,132		309,236
Sylvamo		14,309		853,103
Warrior Met Coal		21,085		1,008,285
Worthington Steel		14,054		360,626
				24,553,218
REAL ESTATE — 8.1%
Acadia Realty Trust ^‡		53,167		1,015,490
Alexander & Baldwin ^‡		29,149		500,780
American Assets Trust ^‡		18,950		354,933
Apple Hospitality REIT ^‡		89,545		1,053,945
Armada Hoffler Properties ^‡		31,982		216,518
Brandywine Realty Trust ^‡		85,556		338,802
CareTrust REIT ^‡		76,276		2,232,599
Centerspace ^‡		6,775		408,939
Curbline Properties ^‡		41,895		958,977
Cushman & Wakefield *		97,867		917,014
DiamondRock Hospitality ^‡		83,310		611,495
Douglas Emmett ^‡		73,775		1,020,308
Easterly Government Properties, Cl A ^‡		15,938		321,469
Elme Communities ^‡		37,320		581,072

COMMON STOCK — continued
	Shares		Value
REAL ESTATE— continued
Essential Properties Realty Trust ^‡		78,385	$	2,521,645
eXp World Holdings (A)		40,100		367,316
Four Corners Property Trust ^‡		41,366		1,156,180
Getty Realty ^‡		20,317		568,673
Global Net Lease ^‡		94,402		712,735
Highwoods Properties ^‡		46,528		1,323,256
Innovative Industrial Properties, Cl A ^‡		11,951		649,059
JBG SMITH Properties ^‡		34,282		479,262
Kennedy-Wilson Holdings		47,430		303,552
LTC Properties ^‡		18,164		651,543
LXP Industrial Trust ^‡		120,482		950,603
Macerich ^‡		107,415		1,574,704
Marcus & Millichap		9,898		300,899
Millrose Properties *		52,973		1,326,444
NexPoint Residential Trust ^‡		10,924		407,247
Outfront Media ^‡		60,714		918,603
Pebblebrook Hotel Trust ^‡		48,035		434,717
Phillips Edison ^‡		50,235		1,743,154
Ryman Hospitality Properties ^‡		24,039		2,114,230
Safehold ^‡		21,639		340,814
Saul Centers ^‡		4,850		158,595
SITE Centers ^‡		18,937		224,214
SL Green Realty ^‡		30,532		1,606,289
St. Joe		15,234		644,703
Summit Hotel Properties ^‡		43,510		177,086
Sunstone Hotel Investors ^‡		80,625		672,412
Tanger ^‡		45,776		1,442,402
Terreno Realty ^‡		41,218		2,321,810
Uniti Group ^‡		114,589		563,778
Urban Edge Properties ^‡		51,895		937,743
Veris Residential ^‡		34,804		540,158
Whitestone REIT, Cl B ^‡		17,893		233,325
Xenia Hotels & Resorts ^‡		40,861		436,395
				39,335,887
UTILITIES — 2.4%
American States Water		17,497		1,419,182
Avista		36,614		1,518,383
California Water Service Group		26,962		1,365,625
Chesapeake Utilities		10,722		1,411,766
Clearway Energy, Cl A		19,427		531,329
Clearway Energy, Cl C		39,654		1,163,448
MDU Resources Group		94,508		1,619,867
Middlesex Water		9,470		597,746
Northwest Natural Holding		19,980		861,138
SJW Group		14,511		823,354

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
UTILITIES— continued
Unitil		8,558	$	502,012
				11,813,850
Total Common Stock
(Cost $437,151,382)				486,422,522

RIGHTS — 0.0%
		Number of Rights
Toriba Therapeutics *(B)(C)		2,044	$	—

Total Rights
(Cost $123)				—

SHORT-TERM INVESTMENT — 1.6%
	Shares
State Street Institutional US Government Money Market Fund, Premier Class, 4.290%, (D)
(Cost $7,959,886)		7,959,886	$	7,959,886
Total Short-Term Investment
(Cost $7,959,886)				7,959,886
Total Investments in Securities— 101.1%
(Cost $445,111,391)			$	494,382,408

Percentages are based on Net Assets of $489,010,513.

A list of the open futures contracts held by the Fund at April 30, 2025, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
Russell 2000 Index E-MINI		20		Jun-2025	$	1,901,705	$	1,969,800	$	68,095

*	Non-income producing security.
^‡	Real Estate Investment Trust.
(A)	This security or a partial position of this security is on loan at April 30, 2025. The total market value of securities on loan at April 30, 2025 was $7,779,396.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Expiration date not available.

(D)	This security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2025, was $7,959,886.

Cl — Class

REIT — Real Estate Investment Trust

The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund’s investments and other financial instruments carried at market value:
Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
Total Common Stock	$	486,422,522	$	—	$	—		$	486,422,522
Short-Term Investment		7,959,886		—		—			7,959,886
Rights		—		—		—	#		—

Total Investments in Securities	$	494,382,408	$	—	$	—		$	494,382,408

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts* Unrealized Appreciation	$	68,095	$	—	$	—	$	68,095

Total Other Financial Instruments	$	68,095	$	—	$	—	$	68,095

# Security or securities with a market value of $0.

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

Amounts designated as “–” are $0 or have been round to $0.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND

APRIL 30, 2025 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 99.2%
	Shares		Value
COMMUNICATION SERVICES — 6.9%
Alphabet, Cl A		55,872	$	8,872,473
Alphabet, Cl C		59,574		9,584,861
AT&T		11,248		311,570
Charter Communications, Cl A *		966		378,537
Comcast, Cl A		9,066		310,057
Electronic Arts		910		132,032
Meta Platforms, Cl A		34,714		19,057,986
Netflix *		1,413		1,599,120
Omnicom Group		34,901		2,658,060
Spotify Technology *		159		97,623
Take-Two Interactive Software *		374		87,262
TKO Group Holdings, Cl A		748		121,857
T-Mobile US		13,465		3,325,182
Walt Disney		48,652		4,424,899
				50,961,519
CONSUMER DISCRETIONARY — 7.6%
Airbnb, Cl A *		200		24,384
Amazon.com *		154,205		28,438,486
AutoNation *		12,832		2,234,693
AutoZone *		1,279		4,812,365
Bath & Body Works		664		20,259
Booking Holdings		564		2,875,994
Carvana, Cl A *		384		93,830
Chipotle Mexican Grill, Cl A *		79,690		4,025,939
Deckers Outdoor *		970		107,505
Domino's Pizza		179		87,776
DoorDash, Cl A *		1,000		192,890
eBay		1,990		135,638
General Motors		2,274		102,876
Hilton Worldwide Holdings		917		206,765
Home Depot		9,187		3,311,821
Lowe's		1,384		309,407
Lululemon Athletica *		677		183,311
Marriott International, Cl A		881		210,189
McDonald's		2,275		727,204
NIKE, Cl B		1,329		74,956
NVR *		31		220,898
O'Reilly Automotive *		3,126		4,423,915
Pool		100		29,314
Ross Stores		1,696		235,744
Royal Caribbean Cruises		1,048		225,226
Starbucks		1,178		94,299
Tesla *		7,081		1,997,975
TJX		2,440		313,979
Tractor Supply		800		40,496
Ulta Beauty *		193		76,359
Wingstop		320		84,445
Yum! Brands		877		131,936
				56,050,874

COMMON STOCK — continued
	Shares		Value
CONSUMER STAPLES — 5.7%
Coca-Cola		114,442	$	8,302,767
Coca-Cola Europacific Partners		22,472		2,039,109
Colgate-Palmolive		1,840		169,630
Costco Wholesale		5,739		5,707,435
Kenvue		207,035		4,886,026
Keurig Dr Pepper		11,362		393,012
Kimberly-Clark		1,821		239,971
Lamb Weston Holdings		400		21,124
Mondelez International, Cl A		1,845		125,700
Monster Beverage *		30,097		1,809,432
PepsiCo		2,646		358,745
Sysco		70,470		5,031,558
Target		761		73,589
Unilever ADR		74,639		4,743,308
US Foods Holding *		106,482		6,991,608
Walmart		12,695		1,234,589
				42,127,603
ENERGY — 3.5%
Baker Hughes, Cl A		1,300		46,020
Cenovus Energy		201,456		2,371,137
Chesapeake Energy		968		100,575
Chevron		4,476		609,004
ConocoPhillips		58,401		5,204,697
Diamondback Energy		35,326		4,663,385
EOG Resources		1,993		219,888
Equities		2,027		100,215
Exxon Mobil		11,054		1,167,634
Hess		315		40,651
Marathon Petroleum		26,063		3,581,317
ONEOK		39,972		3,284,100
Phillips 66		1,419		147,661
Schlumberger		110,434		3,671,931
Targa Resources		1,282		219,094
Texas Pacific Land		52		67,021
Valero Energy		1,979		229,742
Williams		4,785		280,257
				26,004,329
FINANCIALS — 16.5%
Allstate		19,254		3,819,801
American Express		17,915		4,772,735
American International Group		3,103		252,957
Aon, Cl A		10,462		3,711,813
Apollo Global Management		29,156		3,979,211
Ares Management, Cl A		948		144,598
Arthur J Gallagher		5,678		1,820,878
Axis Capital Holdings		1,189		114,524
Bank of America		24,417		973,750
Bank of New York Mellon		2,554		205,367
Berkshire Hathaway, Cl B *		20,178		10,759,918
Block, Cl A *		2,200		128,634
Blue Owl Capital, Cl A		41,117		761,898

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
FINANCIALS— continued
Capital One Financial		972	$	175,213
Cboe Global Markets		451		100,032
Charles Schwab		40,917		3,330,644
Chubb		7,945		2,272,906
Citigroup		8,313		568,443
CME Group, Cl A		1,413		391,514
Corebridge Financial		6,048		179,202
Corpay *		13,101		4,262,672
Discover Financial Services		16,242		2,966,926
Equitable Holdings		2,328		115,120
Everest Group		6,542		2,347,466
Fidelity National Information Services		55,076		4,344,395
Fifth Third Bancorp		3,723		133,805
Fiserv *		2,869		529,531
Global Payments		915		69,824
Goldman Sachs Group		4,639		2,540,084
Hartford Financial Services Group		2,345		287,661
Huntington Bancshares		263,715		3,831,779
Intercontinental Exchange		9,839		1,652,657
JPMorgan Chase		52,283		12,789,468
KeyCorp		6,100		90,524
LPL Financial Holdings		13,736		4,392,635
Marsh & McLennan		1,591		358,723
Mastercard, Cl A		16,249		8,905,427
MetLife		3,789		285,577
Moody's		20,306		9,201,055
Morgan Stanley		32,334		3,731,990
Popular		653		62,309
Progressive		889		250,467
RenaissanceRe Holdings		1,079		261,042
S&P Global		973		486,549
State Street		1,808		159,285
TPG, Cl A		2,564		119,098
Tradeweb Markets, Cl A		781		108,012
Travelers		161		42,525
Truist Financial		842		32,282
Visa, Cl A		40,539		14,006,225
Voya Financial		2,467		146,046
Wells Fargo		65,942		4,682,541
Western Alliance Bancorp		794		55,350
				121,713,088
HEALTH CARE — 8.1%
Boston Scientific *		5,720		588,416
Cencora, Cl A		28,097		8,223,149
Centene *		18,503		1,107,405
Cigna Group		4,872		1,656,675
CVS Health		3,376		225,213
Elevance Health		6,896		2,900,320
Humana		13,628		3,573,807

COMMON STOCK — continued
	Shares		Value
HEALTH CARE— continued
IDEXX Laboratories *		8,651	$	3,742,855
Intuitive Surgical *		1,357		699,941
McKesson		12,001		8,554,193
Medtronic		62,358		5,285,464
Mettler-Toledo International *		7,120		7,622,458
Molina Healthcare *		379		123,937
Quest Diagnostics		21,261		3,789,135
Stryker		22,695		8,486,114
Veeva Systems, Cl A *		7,506		1,754,077
West Pharmaceutical Services		5,519		1,166,109
Zimmer Biomet Holdings		1,375		141,694
				59,640,962
INDUSTRIALS — 11.9%
Allegion		10,702		1,489,718
AMETEK		51,394		8,715,395
Booz Allen Hamilton Holding, Cl A		418		50,168
Builders FirstSource *		6,483		775,561
Canadian National Railway		1,029		99,628
Carrier Global		2,697		168,670
Caterpillar		539		166,697
CH Robinson Worldwide		16,454		1,468,026
Cintas		866		183,315
Copart *		69,181		4,222,116
CSX		8,111		227,676
Cummins		1,016		298,541
Dayforce *		1,800		104,166
Deere		827		383,364
Dover		1,307		223,040
Emerson Electric		17,087		1,796,015
Equifax		27,603		7,180,368
Esab		779		93,573
Fastenal		1,135		91,901
FedEx		476		100,117
Ferguson Enterprises		1,107		187,814
Fortive		46,391		3,232,989
GE Vernova		767		284,419
General Electric		20,389		4,109,199
HEICO		10,452		2,620,944
Howmet Aerospace		1,534		212,582
Hubbell, Cl B		708		257,131
Ingersoll Rand		1,485		112,014
Johnson Controls International		1,314		110,245
KBR		28,937		1,528,163
Middleby *		200		26,670
Norfolk Southern		32,277		7,231,662
Old Dominion Freight Line		1,991		305,180
Rockwell Automation		1,017		251,891
Saia *		712		173,728
SiteOne Landscape Supply *		316		36,280
SS&C Technologies Holdings		576		43,546

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS— continued
Stanley Black & Decker		3,912	$	234,798
Trane Technologies		491		188,205
TransDigm Group		10,257		14,493,859
TransUnion		33,831		2,806,620
Trex *		700		40,474
Uber Technologies *		98,546		7,983,211
United Airlines Holdings *		22,700		1,562,214
United Rentals		6,956		4,392,366
Veralto		43,117		4,134,920
Verisk Analytics, Cl A		521		154,440
Vertiv Holdings, Cl A		1,300		110,994
Waste Connections		926		183,005
Waste Management		826		192,755
Westinghouse Air Brake Technologies		14,349		2,650,834
Xylem		1,114		134,315
				87,825,522
INFORMATION TECHNOLOGY — 30.9%
Accenture, Cl A		3,729		1,115,530
Adobe *		13,315		4,992,859
Advanced Micro Devices *		5,600		545,160
Amphenol, Cl A		94,564		7,276,700
Analog Devices		28,568		5,568,475
Apple		149,503		31,769,388
Applied Materials		19,977		3,010,734
Arista Networks *		1,470		120,937
Autodesk *		569		156,048
Broadcom		82,619		15,901,679
Cadence Design Systems *		1,386		412,668
CDW		633		101,634
Cisco Systems		8,502		490,820
Crowdstrike Holdings, Cl A *		453		194,278
Datadog, Cl A *		26,132		2,669,645
Dell Technologies, Cl C		30,787		2,825,015
Descartes Systems Group *		386		40,681
Dynatrace *		1,818		85,391
Fair Isaac *		112		222,844
First Solar *		1,185		149,097
Flex *		81,561		2,800,805
Fortinet *		3,170		328,919
Gen Digital		8,323		215,316
HubSpot *		45		27,517
International Business Machines		1,269		306,870
Intuit		21,133		13,260,323
Keysight Technologies *		22,789		3,313,521
KLA		416		292,319
Lam Research		21,105		1,512,595
Marvell Technology		800		46,696
Microchip Technology		41,852		1,928,540
Micron Technology		27,740		2,134,593

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY— continued
Microsoft		108,256	$	42,789,267
Monday.com *		139		39,058
Monolithic Power Systems		419		248,509
NVIDIA		242,652		26,429,656
NXP Semiconductors		14,555		2,682,632
Okta, Cl A *		532		59,669
Oracle		80,633		11,346,676
Palantir Technologies, Cl A *		4,860		575,618
Palo Alto Networks *		11,396		2,130,254
Pure Storage, Cl A *		1,767		80,151
QUALCOMM		4,144		615,218
Roper Technologies		10,226		5,727,378
Salesforce		51,938		13,956,260
Sandisk *		820		26,330
SAP ADR		30,884		9,023,996
ServiceNow *		4,487		4,285,130
Shopify, Cl A *		224		21,280
Synopsys *		324		148,719
Teledyne Technologies *		555		258,647
Texas Instruments		1,011		161,811
Trimble *		28,342		1,761,172
Tyler Technologies *		4,032		2,190,586
Western Digital *		1,062		46,579
Workday, Cl A *		300		73,500
				228,495,693
MATERIALS — 4.5%
Avery Dennison		337		57,664
CF Industries Holdings		570		44,671
Corteva		1,665		103,213
CRH		71,312		6,804,591
Franco-Nevada		983		168,860
Freeport-McMoRan		64,086		2,309,019
International Paper		3,161		144,395
Kinross Gold		325,490		4,804,232
Linde		31,433		14,246,379
Martin Marietta Materials		3,544		1,856,985
Mosaic		4,250		129,200
Packaging Corp of America		263		48,816
RPM International		193		20,603
Sherwin-Williams		738		260,455
Smurfit WestRock		42,462		1,784,253
Steel Dynamics		1,299		168,493
Vulcan Materials		613		160,808
West Fraser Timber		1,500		110,970
				33,223,607
REAL ESTATE — 1.1%
American Tower ^‡		27,542		6,208,242
AvalonBay Communities ^‡		497		104,360
Camden Property Trust ^‡		449		51,096
CBRE Group, Cl A *		822		100,432
CoStar Group *		1,212		89,894

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
REAL ESTATE— continued
Crown Castle International ^‡		821	$	86,829
CubeSmart ^‡		1,089		44,290
Equinix ^‡		421		362,376
Equity Residential ^‡		1,123		78,902
Essex Property Trust ^‡		394		109,985
Kimco Realty ^‡		3,332		66,573
Prologis ^‡		3,108		317,638
Public Storage ^‡		458		137,597
Regency Centers ^‡		907		65,467
Rexford Industrial Realty ^‡		5,433		179,832
Simon Property Group ^‡		696		109,537
Sun Communities ^‡		826		102,779
Welltower ^‡		1,959		298,924
				8,514,753
UTILITIES — 2.5%
Atmos Energy		1,323		212,513
CenterPoint Energy		140,219		5,437,693
CMS Energy		2,089		153,855
Consolidated Edison		2,051		231,250
Constellation Energy		1,649		368,453
Dominion Energy		2,140		116,373
Entergy		32,306		2,686,890
Exelon		7,162		335,898
FirstEnergy		129,942		5,571,913
NextEra Energy		50,065		3,348,347
PG&E		11,772		194,473
Sempra		400		29,708
Southern		2,083		191,407
				18,878,773
Total Common Stock
(Cost $598,462,626)				733,436,723
Total Investments in Securities— 99.2%
(Cost $598,462,626)			$	733,436,723

Percentages are based on Net Assets of $739,600,291.

*	Non-income producing security.
^‡	Real Estate Investment Trust.

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2025, all of the Fund's investments in securities were considered Level 1, in accordance with the authoritative guidance of fair value measurements and disclosure under accounting principles generally accepted in the United States of America.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2025 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 96.6%
	Shares		Value
AUSTRALIA — 0.9%
Information Technology — 0.6%
Atlassian, Cl A *		53,654	$	12,249,745

Materials — 0.3%
Sandfire Resources *		784,618		4,991,671

				17,241,416
AUSTRIA — 0.4%
Financials — 0.4%
Erste Group Bank		112,047		7,614,137


BELGIUM — 1.0%
Consumer Staples — 0.8%
Anheuser-Busch InBev		207,348		13,713,157

Materials — 0.2%
Syensqo		55,894		4,012,021

				17,725,178
BERMUDA — 1.0%
Financials — 1.0%
Arch Capital Group		202,952		18,403,687


BRAZIL — 1.4%
Consumer Discretionary — 0.2%
C&A MODAS		192,000		449,359
Cury Construtora e Incorporadora		126,000		610,036
Cyrela Brazil Realty Empreendimentos e Participacoes		134,800		591,450
Direcional Engenharia		97,900		625,471
Vibra Energia		425,700		1,408,373
				3,684,689
Consumer Staples — 0.1%
JBS		261,100		2,022,333

Financials — 0.8%
Banco do Brasil		394,600		2,010,150
BB Seguridade Participacoes		114,800		862,815
NU Holdings, Cl A *		1,092,787		13,583,342
				16,456,307
Industrials — 0.3%
Embraer ADR *		23,881		1,097,093

COMMON STOCK — continued
	Shares		Value
BRAZIL — continued
Industrials— continued
Localiza Rent a Car		365,286	$	2,777,036
				3,874,129
Utilities — 0.0%
Cia de Saneamento de Minas Gerais Copasa MG		39,500		149,379

				26,186,837
CANADA — 4.2%
Consumer Discretionary — 0.6%
Dollarama		93,182		11,474,885

Energy — 0.2%
Tourmaline Oil, Cl Common Subs. Receipt		99,400		4,382,437

Industrials — 3.1%
Canadian Pacific Kansas City (CAD)		351,202		25,458,522
Canadian Pacific Kansas City (USD)		258,603		18,740,959
Waste Connections		63,566		12,562,549
				56,762,030
Materials — 0.3%
Barrick Gold		237,700		4,524,095

				77,143,447
CHINA — 7.7%
Communication Services — 2.8%
Hello Group ADR		83,946		479,332
Tencent Holdings		796,594		48,797,805
Tencent Music Entertainment Group ADR		91,378		1,226,293
Weibo ADR		113,502		919,366
				51,422,796
Consumer Discretionary — 2.9%
Alibaba Group Holding ADR		59,023		7,049,117
Atour Lifestyle Holdings ADR		26,811		655,261
BYD, Cl H		55,000		2,612,597
Gree Electric Appliances of Zhuhai, Cl A		90,600		568,497
Guangdong Xinbao Electrical Appliances Holdings, Cl A		280,200		533,821
JD.com ADR		80,487		2,625,486
JD.com, Cl A		724,850		11,802,963
Meituan, Cl B *		1,120,400		18,553,106
Pop Mart International Group		109,000		2,718,913
Vipshop Holdings ADR		48,284		657,628
Yum China Holdings		229,480		9,938,779
				57,716,168

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
Consumer Staples — 0.1%
Kweichow Moutai, Cl A		11,500	$	2,450,081

Financials — 1.2%
China Construction Bank, Cl H		8,073,921		6,632,914
China Galaxy Securities, Cl H		2,120,500		1,926,552
China Life Insurance, Cl H		627,000		1,146,036
Industrial & Commercial Bank of China, Cl H		1,123,000		769,358
New China Life Insurance, Cl H		296,100		1,081,456
People's Insurance Group of China, Cl H		1,399,000		828,047
Ping An Insurance Group of China, Cl H		736,500		4,408,491
Qifu Technology ADR		68,543		2,812,319
				19,605,173
Health Care — 0.0%
Sinopharm Group, Cl H		283,200		667,509

Industrials — 0.3%
China Railway Group, Cl H		2,140,000		920,876
COSCO SHIPPING Holdings, Cl H		1,073,700		1,620,440
Yutong Bus, Cl A		244,800		904,651
				3,445,967
Information Technology — 0.2%
Hengtong Optic-electric, Cl A		261,500		555,830
Xiaomi, Cl B *		473,000		3,028,594
				3,584,424
Materials — 0.2%
China Hongqiao Group		853,000		1,531,325
China Lumena New Materials *(A)		15,350		—
Jiangxi Copper, Cl H		166,000		278,962
Yunnan Yuntianhua, Cl A		239,000		735,132
Zhejiang NHU, Cl A		646,079		1,967,604
				4,513,023
				143,405,141
DENMARK — 0.1%
Health Care — 0.1%
Coloplast, Cl B		14,168		1,609,046


FRANCE — 9.3%
Consumer Discretionary — 2.0%
Hermes International		2,630		7,257,879
Kering (B)		124,194		25,354,603
LVMH Moet Hennessy Louis Vuitton		7,096		3,944,218

COMMON STOCK — continued
	Shares		Value
FRANCE — continued
Consumer Discretionary— continued
Sodexo		13,535	$	862,118
				37,418,818
Consumer Staples — 0.9%
Danone		87,319		7,539,361
L'Oreal		20,469		9,075,690
				16,615,051
Energy — 0.2%
Technip Energies		81,566		2,792,953

Financials — 2.4%
AXA		363,791		17,265,075
BNP Paribas		189,307		16,095,120
Societe Generale		127,451		6,668,050
Worldline *		524,863		2,918,034
				42,946,279
Health Care — 0.2%
Ipsen		28,951		3,378,687

Industrials — 2.6%
Alstom *		1,008,035		24,427,030
Cie de Saint-Gobain		126,099		13,756,443
Rexel		103,538		2,886,566
Schneider Electric		34,143		8,004,839
				49,074,878
Information Technology — 0.6%
Capgemini		50,684		8,119,685
Dassault Systemes		118,491		4,455,876
				12,575,561
Materials — 0.4%
Air Liquide		38,822		8,004,545

				172,806,772
GERMANY — 9.7%
Communication Services — 1.7%
Deutsche Telekom		885,725		31,922,604

Financials — 1.1%
Deutsche Bank		275,653		7,252,605
Deutsche Boerse		13,202		4,266,927
Hannover Rueck		28,203		9,084,331
				20,603,863
Industrials — 2.3%
Daimler Truck Holding		236,692		9,542,203
Siemens Energy *		426,735		33,050,403
				42,592,606
Information Technology — 3.6%
Infineon Technologies		407,459		13,542,754

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
GERMANY — continued
Information Technology— continued
Nemetschek		105,334	$	14,045,485
SAP		128,101		37,609,969
				65,198,208
Materials — 0.7%
Heidelberg Materials		22,173		4,447,945
LANXESS		310,842		9,364,851
				13,812,796
Utilities — 0.3%
E.ON		311,350		5,464,134
RWE		1,067		41,579
				5,505,713
				179,635,790
GREECE — 0.5%
Consumer Discretionary — 0.0%
FF Group *(A)		8,921		—

Financials — 0.5%
National Bank of Greece		654,729		6,972,874
Piraeus Financial Holdings		350,425		1,974,776
				8,947,650
				8,947,650
HONG KONG — 1.4%
Consumer Discretionary — 0.1%
Geely Automobile Holdings		339,000		711,746

Consumer Staples — 0.0%
WH Group		75,534		67,551

Financials — 1.3%
AIA Group		1,530,600		11,469,989
Prudential		1,235,346		13,164,748
				24,634,737
Industrials — 0.0%
China State Construction International Holdings		286,000		421,620

				25,835,654
INDIA — 3.7%
Communication Services — 0.3%
Bharti Airtel		195,531		4,313,072
Indus Towers *		96,885		466,902
Info Edge India		13,465		1,126,338
				5,906,312
Consumer Discretionary — 0.3%
Amber Enterprises India *		8,930		651,804
Cartrade Tech *		28,814		581,353
Dixon Technologies India		10,397		2,026,847

COMMON STOCK — continued
	Shares		Value
INDIA — continued
Consumer Discretionary— continued
Indian Hotels, Cl A		152,000	$	1,414,295
Mahindra & Mahindra		66,223		2,294,442
				6,968,741
Consumer Staples — 0.2%
Varun Beverages		489,006		3,019,066

Energy — 0.1%
Oil & Natural Gas		509,325		1,473,774

Financials — 2.3%
Bank of India		616,417		841,428
BSE		10,023		758,026
Canara Bank		847,842		977,365
HDFC Asset Management		28,067		1,454,508
Housing & Urban Development		373,628		990,113
ICICI Bank ADR		664,339		22,295,217
Karur Vysya Bank		284,534		735,578
Kotak Mahindra Bank		212,434		5,552,138
LIC Housing Finance		207,919		1,482,295
Muthoot Finance		72,976		1,878,673
REC		712,875		3,558,400
Shriram Finance		101,722		737,150
Union Bank of India		957,697		1,426,194
				42,687,085
Health Care — 0.1%
Divi's Laboratories		16,814		1,213,697

Industrials — 0.1%
Firstsource Solutions		299,593		1,203,102
InterGlobe Aviation *		13,406		835,346
				2,038,448
Information Technology — 0.2%
Coforge		11,699		1,017,100
Infosys ADR		77,378		1,361,853
				2,378,953
Materials — 0.1%
Chambal Fertilisers and Chemicals		223,570		1,833,040
Hindalco Industries		127,172		939,923
National Aluminium		245,249		454,695
Paradeep Phosphates		224,762		383,994
				3,611,652
				69,297,728
INDONESIA — 0.5%
Consumer Staples — 0.0%
Indofood Sukses Makmur		1,050,400		506,684

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
INDONESIA — continued
Energy — 0.1%
United Tractors		509,600	$	696,429

Financials — 0.3%
Bank Central Asia		4,464,200		2,373,573
Bank Negara Indonesia Persero		9,354,800		2,357,403
Bank Rakyat Indonesia Persero		6,644,500		1,538,931
				6,269,907
Industrials — 0.1%
Astra International		4,166,700		1,204,284

Utilities — 0.0%
Perusahaan Gas Negara		6,253,200		634,554

				9,311,858
IRELAND — 2.2%
Financials — 1.0%
AIB Group		1,129,970		7,620,749
Aon, Cl A		31,408		11,143,244
				18,763,993
Health Care — 0.2%
ICON *		27,932		4,230,022

Industrials — 0.7%
Experian		259,482		12,938,578

Materials — 0.3%
Smurfit WestRock		111,431		4,682,331

				40,614,924
ISRAEL — 0.9%
Information Technology — 0.9%
Monday.com *		58,467		16,428,642


ITALY — 3.2%
Consumer Discretionary — 1.6%
Ferrari		58,138		26,706,097
PRADA		516,400		3,224,702
				29,930,799
Financials — 0.9%
UniCredit		282,695		16,504,077

Utilities — 0.7%
Enel		1,380,210		12,006,205

				58,441,081

COMMON STOCK — continued
	Shares		Value
JAPAN — 8.9%
Communication Services — 2.1%
Nintendo		464,600	$	38,663,034

Consumer Staples — 0.2%
MatsukiyoCocokara		198,500		3,652,477

Financials — 0.7%
MS&AD Insurance Group Holdings		74,100		1,688,294
Sompo Holdings		313,300		10,291,662
				11,979,956
Health Care — 0.4%
Hoya		56,800		6,699,370

Industrials — 2.5%
FANUC		517,500		13,165,282
Kajima		187,300		4,482,945
Komatsu		67,800		1,965,421
Mitsubishi Electric		443,200		8,594,321
SMC		39,400		12,781,846
TOPPAN Holdings		199,000		5,599,757
				46,589,572
Information Technology — 2.8%
Fujitsu		782,500		17,425,035
Keyence		20,400		8,549,399
Murata Manufacturing		521,400		7,445,862
Renesas Electronics		1,659,100		19,516,385
				52,936,681
Materials — 0.2%
Shin-Etsu Chemical		125,600		3,831,306

				164,352,396
LUXEMBOURG — 2.1%
Communication Services — 1.6%
Spotify Technology *		47,913		29,417,624

Consumer Staples — 0.0%
Adecoagro (B)		13,468		125,791

Materials — 0.5%
ArcelorMittal		281,412		8,350,500

				37,893,915
MALAYSIA — 0.1%
Industrials — 0.1%
My EG Services		10,170,600		2,120,597

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
MEXICO — 0.4%
Consumer Staples — 0.3%
Wal-Mart de Mexico		1,611,366	$	5,114,389

Financials — 0.1%
Gentera		639,800		1,117,485
Grupo Financiero Banorte, Cl O		210,300		1,806,485
				2,923,970
				8,038,359
NETHERLANDS — 6.6%
Communication Services — 0.3%
Universal Music Group		215,848		6,368,969

Consumer Staples — 0.5%
Heineken		98,319		8,831,354

Financials — 1.7%
Adyen *		11,570		18,787,202
ASR Nederland		52,986		3,354,867
ING Groep		448,832		8,746,025
				30,888,094
Health Care — 0.7%
Koninklijke Philips *		485,969		12,376,281

Information Technology — 2.6%
ASM International		29,136		14,290,340
ASML Holding		24,419		16,403,398
ASML Holding, Cl G		23,231		15,520,167
BE Semiconductor Industries		18,372		1,996,608
				48,210,513
Materials — 0.8%
Akzo Nobel		239,272		15,158,340

				121,833,551
NEW ZEALAND — 0.1%
Health Care — 0.1%
Fisher & Paykel Healthcare		118,728		2,392,887


PHILIPPINES — 0.0%
Industrials — 0.0%
International Container Terminal Services		43,770		267,705


POLAND — 0.1%
Energy — 0.0%
ORLEN		58,391		1,059,252

COMMON STOCK — continued
	Shares		Value
POLAND — continued
Financials — 0.1%
Powszechny Zaklad Ubezpieczen		102,316	$	1,603,488

				2,662,740
QATAR — 0.0%
Communication Services — 0.0%
Ooredoo QPSC		196,500		700,065


RUSSIA — 0.0%
Financials — 0.0%
Sberbank of Russia PJSC ADR (A)		55,964		—


SAUDI ARABIA — 0.4%
Communication Services — 0.1%
Etihad Etisalat		68,097		1,140,124

Consumer Discretionary — 0.0%
United Electronics		19,557		490,111

Financials — 0.2%
Arab National Bank		101,996		585,050
Riyad Bank		152,061		1,248,325
Saudi National Bank		193,725		1,845,841
				3,679,216
Industrials — 0.0%
Riyadh Cables Group		13,801		468,262

Information Technology — 0.1%
Arabian Internet & Communications Services		8,030		614,461
Elm		2,485		687,662
				1,302,123
				7,079,836
SINGAPORE — 2.0%
Communication Services — 1.6%
JOYY ADR		12,185		501,535
Sea ADR *		216,217		28,983,889
				29,485,424
Financials — 0.4%
United Overseas Bank		271,100		7,202,308

				36,687,732

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
SOUTH AFRICA — 0.1%
Materials — 0.1%
Gold Fields		69,452	$	1,557,317
Sasol *		216,579		747,877
				2,305,194
				2,305,194
SOUTH KOREA — 2.1%
Communication Services — 0.3%
Krafton *		1,827		478,312
KT		27,973		1,022,211
NAVER		13,729		1,931,747
SK Telecom		26,023		994,255
				4,426,525
Consumer Discretionary — 0.3%
Hankook Tire & Technology		15,878		461,190
Hyundai Mobis		8,550		1,604,909
Hyundai Motor		10,522		1,409,943
Kia		33,196		2,109,715
Youngone		17,316		577,407
				6,163,164
Financials — 0.3%
BNK Financial Group		61,615		449,114
DB Insurance		8,589		553,349
Hana Financial Group		37,731		1,711,106
KIWOOM Securities		4,191		403,004
Samsung Life Insurance		5,980		363,092
Samsung Securities		17,674		647,868
Shinhan Financial Group		26,986		975,274
Woori Financial Group		89,334		1,112,437
				6,215,244
Health Care — 0.1%
PharmaResearch		5,263		1,394,007

Industrials — 0.1%
GS Holdings		11,987		325,941
Hanwha		17,421		590,864
HD Korea Shipbuilding & Offshore Engineering		3,004		574,655
Korean Air Lines		40,872		602,570
LX International		37,357		696,735
				2,790,765
Information Technology — 0.9%
BH		33,720		292,142
DB HiTek		25,905		700,293
Samsung Electronics		247,886		9,671,902
Samsung Electronics GDR		3,760		3,661,258
SK Hynix		14,983		1,869,475
				16,195,070

COMMON STOCK — continued
	Shares		Value
SOUTH KOREA — continued
Materials — 0.0%
OCI Holdings		9,619	$	438,076

Utilities — 0.1%
Korea Electric Power		74,657		1,346,444
Korea Gas		18,560		505,611
				1,852,055
				39,474,906
SPAIN — 0.8%
Consumer Discretionary — 0.4%
Industria de Diseno Textil (B)		143,359		7,735,673

Utilities — 0.4%
Iberdrola		417,397		7,549,850

				15,285,523
SWEDEN — 0.7%
Consumer Discretionary — 0.2%
Electrolux, Cl B *		739,722		4,627,903

Industrials — 0.5%
Atlas Copco, Cl A		575,371		8,925,016

				13,552,919
SWITZERLAND — 2.0%
Consumer Staples — 0.0%
Nestle		228		24,374

Financials — 0.9%
Julius Baer Group		54,106		3,524,041
UBS Group		439,462		13,398,472
				16,922,513
Health Care — 0.6%
Alcon		98,895		9,650,787
Straumann Holding		18,651		2,284,207
				11,934,994
Industrials — 0.5%
ABB		164,638		8,732,746

				37,614,627
TAIWAN — 4.8%
Consumer Discretionary — 0.0%
Pou Chen		373,000		384,104

Financials — 0.1%
Cathay Financial Holding		433,000		797,807

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Industrials — 0.3%
Eva Airways		1,434,000	$	1,722,420
Evergreen Marine Taiwan		192,400		1,246,556
Yang Ming Marine Transport		434,000		927,232
				3,896,208
Information Technology — 4.4%
Accton Technology		77,000		1,434,228
Arcadyan Technology		66,000		488,399
Asia Vital Components		14,087		206,836
Asustek Computer		74,000		1,353,231
Elite Material		50,000		870,171
Gold Circuit Electronics		105,000		631,647
Hon Hai Precision Industry		459,000		2,044,982
MediaTek		43,000		1,827,203
Quanta Computer		96,000		721,218
Radiant Opto-Electronics		81,000		376,267
Sitronix Technology		15,000		99,396
Taiwan Semiconductor Manufacturing ADR		160,983		26,834,256
Taiwan Semiconductor Manufacturing		1,553,000		44,003,563
Taiwan Surface Mounting Technology		171,000		547,954
Wistron		203,000		651,378
Wiwynn		14,000		842,539
				82,933,268
				88,011,387
THAILAND — 0.1%
Consumer Discretionary — 0.0%
Com7, Cl F		973,200		599,089

Financials — 0.1%
Krung Thai Bank		1,309,100		854,263

Real Estate — 0.0%
Sansiri		4,370,400		181,778

				1,635,130
TÜRKIYE — 0.2%
Communication Services — 0.0%
Turkcell Iletisim Hizmetleri		204,434		479,947

Consumer Discretionary — 0.0%
Dogus Otomotiv Servis ve Ticaret		72,602		370,027

Industrials — 0.2%
Anadolu Grubu Holding		56,104		399,890
Enka Insaat ve Sanayi		342,820		572,479

COMMON STOCK — continued
	Shares		Value
TÜRKIYE — continued
Industrials— continued
Turk Hava Yollari AO *		137,083	$	1,018,071
				1,990,440
				2,840,414
UNITED ARAB EMIRATES — 0.2%
Financials — 0.0%
Abu Dhabi Commercial Bank PJSC		266,310		843,896

Real Estate — 0.2%
Aldar Properties PJSC		408,465		919,845
Emaar Properties PJSC		484,917		1,732,732
				2,652,577
				3,496,473
UNITED KINGDOM — 13.3%
Consumer Discretionary — 3.0%
Berkeley Group Holdings		92,661		5,176,865
Compass Group		622,887		21,047,830
Kingfisher		1,473,242		5,675,153
SSP Group		7,321,137		14,532,672
Taylor Wimpey		1,829,224		2,880,751
WH Smith		488,874		5,929,244
				55,242,515
Consumer Staples — 1.4%
Diageo		474,880		13,364,855
Unilever		209,067		13,341,257
				26,706,112
Energy — 1.0%
BP		3,299,000		15,267,090
Shell (EUR)		1,553		50,694
Shell (GBP)		129,936		4,202,707
				19,520,491
Financials — 4.0%
3i Group		591,389		33,601,978
Barclays		5,903,834		23,571,744
Legal & General Group		1,674,135		5,283,860
NatWest Group		863,895		5,569,338
Standard Chartered		421,985		6,091,648
				74,118,568
Health Care — 1.1%
Haleon		846,085		4,266,979
Smith & Nephew		1,136,534		16,029,987
				20,296,966
Industrials — 1.1%
Ashtead Group		81,543		4,375,027
Howden Joinery Group		325,285		3,352,603
RELX (EUR)		138,891		7,587,164
Smiths Group		32,622		814,758

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — continued
Industrials— continued
Weir Group		162,399	$	4,906,305
				21,035,857
Information Technology — 0.6%
Halma		79,231		2,931,134
Sage Group		408,969		6,795,420
				9,726,554
Materials — 0.8%
Linde		31,058		14,076,417
Rio Tinto		535		31,952
				14,108,369
Real Estate — 0.3%
Segro ^‡		624,503		5,693,685

				246,449,117
UNITED STATES — 2.2%
Consumer Discretionary — 1.4%
Carnival *		509,060		9,336,160
Coupang, Cl A *		737,600		17,237,712
				26,573,872
Financials — 0.1%
Eurobank Ergasias Services and Holdings		365,738		1,041,548

Health Care — 0.7%
STERIS		57,759		12,980,758

				40,596,178
URUGUAY — 1.3%
Consumer Discretionary — 1.3%
MercadoLibre *		10,456		24,371,368


Total Common Stock
(Cost $1,471,931,351)				1,790,312,007

PREFERRED STOCK — 0.1%

BRAZIL — 0.1%
Industrials — 0.0%
Marcopolo (C)		472,720	$	586,997
Materials — 0.1%
Bradespar (C)		225,400		644,182
Total Preferred Stock
(Cost $1,665,434)				1,231,179

SHORT-TERM INVESTMENT — 0.8%
	Shares		Value
State Street Institutional US Government Money Market Fund, Premier Class, 4.290%, (D)
(Cost $15,414,440)		15,414,440	$	15,414,440
Total Short-Term Investment
(Cost $15,414,440)				15,414,440
Total Investments in Securities— 97.5%
(Cost $1,489,011,225)			$	1,806,957,626

Percentages are based on Net Assets of $1,852,667,622.

*	Non-income producing security.
^‡	Real Estate Investment Trust.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	This security or a partial position of this security is on loan at April 30, 2025. The total market value of securities on loan at April 30, 2025 was $14,436,064.
(C)	There is currently no rate available.
(D)	This security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2025, was $15,414,440.

ADR — American Depositary Receipt

CAD — Canadian Dollar

Cl — Class

EUR — Euro

GBP — British Pound

GDR — Global Depositary Receipt

PJSC — Public Joint-Stock Company

QPSC — Qatari Joint-Stock Company

USD — U.S. Dollar

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2025 (Unaudited)

The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund’s investments carried at market value:

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
Australia	$	12,249,745	$	4,991,671	$	–		$	17,241,416
Austria		–		7,614,137		–			7,614,137
Belgium		–		17,725,178		–			17,725,178
Bermuda		18,403,687		–		–			18,403,687
Brazil		26,186,837		–		–			26,186,837
Canada		77,143,447		–		–			77,143,447
China		26,363,581		117,041,560		–	#		143,405,141
Denmark		–		1,609,046		–			1,609,046
France		–		172,806,772		–			172,806,772
Germany		–		179,635,790		–			179,635,790
Greece		–		8,947,650		–	#		8,947,650
Hong Kong		–		25,835,654		–			25,835,654
India		23,657,070		45,640,658		–			69,297,728
Indonesia		–		9,311,858		–			9,311,858
Ireland		20,055,597		20,559,327		–			40,614,924
Israel		16,428,642		–		–			16,428,642
Italy		–		58,441,081		–			58,441,081
Japan		–		164,352,396		–			164,352,396
Luxembourg		29,543,415		8,350,500		–			37,893,915
Malaysia		–		2,120,597		–			2,120,597
Mexico		8,038,359		–		–			8,038,359
Netherlands		15,520,167		106,313,384		–			121,833,551
New Zealand		–		2,392,887		–			2,392,887
Philippines		–		267,705		–			267,705
Poland		–		2,662,740		–			2,662,740
Qatar		–		700,065		–			700,065
Russia		–		–		–	#		–
Saudi Arabia		1,630,235		5,449,601		–			7,079,836
Singapore		29,485,424		7,202,308		–			36,687,732
South Africa		–		2,305,194		–			2,305,194
South Korea		–		39,474,906		–			39,474,906
Spain		–		15,285,523		–			15,285,523
Sweden		–		13,552,919		–			13,552,919
Switzerland		–		37,614,627		–			37,614,627
Taiwan		26,834,256		61,177,131		–			88,011,387
Thailand		–		1,635,130		–			1,635,130
Türkiye		–		2,840,414		–			2,840,414
United Arab Emirates		–		3,496,473		–			3,496,473
United Kingdom		14,076,417		232,372,700		–			246,449,117
United States		39,554,630		1,041,548		–			40,596,178
Uruguay		24,371,368		–		–			24,371,368
Total Common Stock		409,542,877		1,380,769,130		–			1,790,312,007
Preferred Stock
Brazil		1,231,179		–		–			1,231,179
Total Preferred Stock		1,231,179		–		–			1,231,179
Short-Term Investment		15,414,440		–		–			15,414,440
Total Investments in Securities	$	426,188,496	$	1,380,769,130	$	–		$	1,806,957,626

# Security or securities with a market value of $0.

Amounts designated as “–” are $0 or have been round to $0.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 93.1%
	Shares		Value
AUSTRALIA — 4.2%
Communication Services — 0.0%
Aussie Broadband		15,687	$	41,167

Consumer Staples — 0.1%
Inghams Group		26,525		58,168

Financials — 0.4%
Steadfast Group		124,192		466,186

Health Care — 0.5%
Ansell		17,749		343,946
Regis Healthcare		9,058		39,576
Sigma Healthcare		87,007		167,711
				551,233
Industrials — 0.7%
Emeco Holdings *		137,148		66,821
Monadelphous Group		61,025		630,353
				697,174
Information Technology — 0.2%
Bravura Solutions		33,888		47,593
Technology One		13,688		263,919
				311,512
Materials — 2.1%
Evolution Mining		92,137		461,563
Metals X *		102,534		37,034
Orora		140,265		162,336
Perenti		552,039		482,264
Perseus Mining		266,578		570,707
Ramelius Resources		177,569		298,487
Westgold Resources		111,857		212,265
				2,224,656
Real Estate — 0.2%
Centuria Capital Group		166,389		167,471

				4,517,567
AUSTRIA — 1.3%
Financials — 0.9%
BAWAG Group		4,827		530,900
Vienna Insurance Group Wiener Versicherung Gruppe		8,758		417,986
				948,886
Industrials — 0.3%
ANDRITZ		1,009		72,756
Porr Ag		5,872		206,320
				279,076

COMMON STOCK — continued
	Shares		Value
AUSTRIA — continued
Materials — 0.1%
Mayr Melnhof Karton		1,760	$	163,630

				1,391,592
BELGIUM — 1.6%
Consumer Staples — 0.0%
Colruyt Group NorthV		784		37,831

Industrials — 0.6%
Azelis Group		19,780		307,547
Deme Group		1,910		287,288
				594,835
Information Technology — 0.4%
Barco		32,715		449,175

Materials — 0.6%
Solvay		2,494		94,704
Titan Cement International		11,356		528,993
				623,697
				1,705,538
BERMUDA — 0.7%
Financials — 0.7%
Lancashire Holdings		99,924		753,832


BRAZIL — 0.6%
Consumer Discretionary — 0.2%
C&A MODAS		76,600		179,276

Industrials — 0.1%
Marcopolo		79,800		76,961
Schulz		60,600		58,551
				135,512
Utilities — 0.3%
Cia de Saneamento do Parana		70,600		380,597

				695,385
CANADA — 5.6%
Communication Services — 0.1%
Cogeco		2,193		101,799

Consumer Discretionary — 0.2%
Gildan Activewear		4,400		202,369

Energy — 1.2%
CES Energy Solutions		9,671		42,568
North American Construction Group		6,748		102,590

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
CANADA — continued
Energy— continued
Parex Resources		33,922	$	272,594
PrairieSky Royalty		50,800		853,593
Precision Drilling *		1,358		56,707
Secure Energy Services		7,467		70,978
				1,399,030
Financials — 0.5%
Definity Financial		3,611		179,883
Onex		4,700		332,127
				512,010
Health Care — 0.7%
Extendicare, Cl Trust Units		38,467		384,308
Sienna Senior Living (A)		26,554		325,461
				709,769
Industrials — 1.1%
ATS *		7,200		181,082
Bird Construction		12,588		192,379
Finning International		17,125		482,396
MDA Space *		11,527		224,565
Westshore Terminals Investment		3,427		63,191
				1,143,613
Information Technology — 0.1%
Docebo *		4,113		128,574

Materials — 0.9%
Alamos Gold, Cl A		4,693		133,896
Fortuna Mining *		19,570		121,843
IAMGOLD *		16,170		114,371
Silvercorp Metals		9,713		36,214
Torex Gold Resources *		6,815		220,292
Transcontinental, Cl Common Subs. Receipt		23,566		320,742
Wesdome Gold Mines *		6,424		78,876
				1,026,234
Real Estate — 0.8%
Primaris REIT ^‡		57,339		596,927
Slate Grocery REIT, Cl Common Subs. Receipt ^‡		22,235		223,751
				820,678
				6,044,076
CAYMAN ISLANDS — 0.2%
Financials — 0.2%
StoneCo, Cl A *		15,585		219,125

Materials — 0.0%
Jinan Acetate Chemical		1,000		26,324

				245,449

COMMON STOCK — continued
	Shares		Value
CHINA — 1.7%
Communication Services — 0.2%
Newborn Town *		194,000	$	204,172

Consumer Discretionary — 0.3%
Atour Lifestyle Holdings ADR		5,389		131,707
JNBY Design		105,500		199,530
				331,237
Consumer Staples — 0.1%
Shanghai Chicmax Cosmetic		7,500		64,713

Financials — 0.4%
FinVolution Group ADR		48,523		383,817
LexinFintech Holdings ADR		13,161		103,314
ZhongAn Online P&C Insurance, Cl H *		29,400		42,458
				529,589
Industrials — 0.1%
Lonking Holdings		299,000		75,298

Materials — 0.4%
Fufeng Group		474,000		396,048

Real Estate — 0.1%
Country Garden Services Holdings		101,000		90,181

Utilities — 0.1%
Beijing Jingneng Clean Energy, Cl H		442,000		136,106

				1,827,344
COLUMBIA — 0.0%
Energy — 0.0%
Geopark		4,710		31,651


DENMARK — 0.8%
Health Care — 0.6%
ALK-Abello *		26,658		623,640

Industrials — 0.2%
Per Aarsleff Holding		3,359		271,610

				895,250
FINLAND — 1.0%
Consumer Discretionary — 0.1%
Puuilo		4,204		60,073

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
FINLAND — continued
Industrials — 0.3%
Metso		28,857	$	314,631

Information Technology — 0.0%
QT Group *		916		59,977

Materials — 0.6%
Huhtamaki		16,482		608,919

				1,043,600
FRANCE — 2.9%
Communication Services — 0.0%
Pullup Entertainment *		2,580		48,619

Consumer Discretionary — 0.1%
Valeo		5,549		55,298

Energy — 1.1%
Esso Francaise		2,384		384,531
Etablissements Maurel et Prom		28,593		147,693
Technip Energies		19,143		655,488
				1,187,712
Financials — 0.2%
Pluxee		7,467		168,508

Industrials — 0.1%
Elis		2,663		68,592
Mersen		2,281		49,056
				117,648
Information Technology — 1.1%
Alten		12,444		1,058,427
VusionGroup		480		96,594
				1,155,021
Utilities — 0.3%
Rubis SCA		11,216		366,347

				3,099,153
GERMANY — 3.7%
Communication Services — 0.1%
Springer Nature & KGaA *		5,704		115,678

Consumer Discretionary — 0.5%
CECONOMY *		24,795		88,422
Hornbach Holding & KGaA		3,197		361,180
HUGO BOSS		1,053		44,071
TUI *		15,236		117,637
				611,310

COMMON STOCK — continued
	Shares		Value
GERMANY — continued
Industrials — 0.7%
KION Group		816	$	34,845
Krones		4,756		697,570
				732,415
Information Technology — 1.6%
Atoss Software		4,125		622,230
Bechtle		15,003		642,272
SUSS MicroTec		12,285		474,678
				1,739,180
Materials — 0.1%
thyssenkrupp		7,803		89,795

Real Estate — 0.7%
TAG Immobilien *		44,876		733,140

				4,021,518
HONG KONG — 1.4%
Consumer Discretionary — 0.2%
JS Global Lifestyle *		415,000		96,329
Stella International Holdings		59,500		106,651
Yue Yuen Industrial Holdings		37,000		53,127
				256,107
Consumer Staples — 0.2%
First Pacific		360,000		242,261

Financials — 0.1%
Dah Sing Banking Group		81,200		87,510

Health Care — 0.1%
United Laboratories International Holdings		54,000		96,783

Industrials — 0.2%
ANE Cayman *		217,000		230,703

Information Technology — 0.2%
BOE Varitronix		246,000		172,900

Materials — 0.2%
Sinofert Holdings		1,556,000		234,959

Real Estate — 0.2%
China Overseas Property Holdings		140,000		97,241
Yuexiu Services Group		382,500		141,859
				239,100
				1,560,323

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
HUNGARY — 0.5%
Communication Services — 0.5%
Magyar Telekom Telecommunications ADR		120,598	$	572,202


INDIA — 3.6%
Communication Services — 0.1%
Tips Music		7,802		58,103

Consumer Discretionary — 0.2%
Garware Technical Fibres		10,110		103,003
Thanga Mayil Jewellery		4,059		100,754
				203,757
Consumer Staples — 0.5%
Kaveri Seed		33,645		571,450

Financials — 0.3%
Karur Vysya Bank		88,961		229,982
Manappuram Finance		27,997		76,490
Motilal Oswal Financial Services		4,336		33,592
				340,064
Health Care — 0.7%
Acutaas Chemicals		3,182		42,646
Ajanta Pharma		7,595		243,241
Artemis Medicare Services		20,414		61,015
Indegene *		65,620		425,461
				772,363
Industrials — 0.9%
Anup Engineering Limited		6,508		230,995
BLS International Services		10,965		46,073
Force Motors		2,682		283,426
Nava		74,932		403,365
Shipping Corp of India		18,503		39,047
				1,002,906
Information Technology — 0.0%
AurionPro Solutions		2,454		41,544
Coforge		503		43,730
				85,274
Materials — 0.7%
Epigral		3,172		64,905
Godawari Power and Ispat		231,420		498,503
Gulf Oil Lubricants India		3,028		42,603
National Aluminium		30,785		57,076
				663,087
Real Estate — 0.2%
Mindspace Business Parks REIT ^‡		15,849		72,288

COMMON STOCK — continued
	Shares		Value
INDIA — continued
Real Estate— continued
NESCO		5,912	$	65,982
				138,270
				3,835,274
INDONESIA — 0.2%
Energy — 0.1%
Elnusa		1,902,100		52,952

Real Estate — 0.1%
Pakuwon Jati		6,139,800		141,127

				194,079
IRELAND — 0.2%
Real Estate — 0.2%
Irish Residential Properties REIT ^‡		186,627		216,611


ISRAEL — 1.4%
Consumer Staples — 0.4%
Oddity Tech, Cl A *		6,821		419,082

Industrials — 0.0%
El Al Israel Airlines *		12,995		39,720
Fiverr International *		1,586		40,364
				80,084
Information Technology — 0.9%
Camtek (A)		836		54,624
Cellebrite DI *		31,784		629,005
Ceragon Networks *		36,335		79,210
Innoviz Technologies *		46,572		32,326
Tower Semiconductor *		4,407		157,683
				952,848
Real Estate — 0.1%
Isras Investment		368		79,364

				1,531,378
ITALY — 5.1%
Consumer Discretionary — 0.4%
De' Longhi		13,238		411,085
OVS		10,047		36,387
				447,472
Consumer Staples — 0.1%
Orsero		5,349		79,654

Financials — 1.1%
Azimut Holding		22,575		629,500

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
ITALY — continued
Financials— continued
Banca Monte dei Paschi di Siena		65,310	$	554,214
				1,183,714
Health Care — 0.4%
Amplifon		22,563		433,319

Industrials — 1.7%
Interpump Group		20,082		691,140
Iveco Group		38,232		612,901
Webuild		140,922		513,035
				1,817,076
Information Technology — 0.1%
Reply		558		99,963

Materials — 1.3%
Buzzi		27,362		1,438,789

				5,499,987
JAPAN — 24.0%
Communication Services — 0.2%
Avex		5,400		49,944
Japan Communications *		41,000		46,151
Macbee Planet		2,000		40,046
Sharingtechnology		18,200		145,215
Square Enix Holdings		1,200		69,553
Toei		1,300		47,741
				398,650
Consumer Discretionary — 3.8%
Aoyama Trading		19,500		280,692
Asahi		19,900		193,022
Chiyoda		6,500		55,768
DD GROUP *		1,000		8,665
Foster Electric		26,500		226,143
Fujita Kanko		4,500		284,917
Greens		5,100		82,603
Intermestic		4,600		53,437
JINS Holdings		1,800		113,153
Mazda Motor		18,500		110,872
McDonald's Holdings Japan		8,900		377,219
Mitsubishi Motors		72,100		200,078
Open House Group		3,000		133,343
Round One		5,900		36,711
Sanyo Shokai		6,400		123,853
Seiko Group		4,800		127,006
Shimamura		10,300		686,985
Stanley Electric		36,600		687,479
Toyoda Gosei		9,800		188,625
Toyota Boshoku		2,800		40,272
				4,010,843

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Consumer Staples — 1.8%
Earth		1,400	$	50,534
Ezaki Glico		12,500		413,387
Lacto Japan		9,800		242,070
Maruha Nichiro		7,000		160,328
Megmilk Snow Brand		8,400		154,825
San-A, Cl A		31,200		621,027
Showa Sangyo		11,200		237,735
Toho		5,800		133,018
				2,012,924
Financials — 1.6%
77 Bank		4,800		150,795
Aichi Financial Group		6,723		129,122
Credit Saison		6,800		159,179
Hachijuni Bank		9,900		74,903
Hyakugo Bank		24,800		120,504
J Trust		24,700		67,904
Juroku Financial Group		3,700		125,459
Kyoto Financial Group		6,100		104,953
Oita Bank		2,700		64,598
Shiga Bank		2,800		112,857
Shizuoka Financial Group		31,100		346,424
Tokyo Century		4,500		47,504
Tokyo Kiraboshi Financial Group		3,200		126,794
TOMONY Holdings		28,700		110,238
Traders Holdings		15,400		95,091
				1,836,325
Health Care — 0.1%
Charm Care		4,300		38,053
Pharma Foods International		13,100		84,179
Vital KSK Holdings		5,700		52,595
				174,827
Industrials — 8.4%
Chiyoda *		24,600		58,987
Daiseki		28,900		738,296
Glory		49,400		871,894
gremz		6,200		102,864
GS Yuasa		25,500		448,972
Hamakyorex		14,000		131,049
Hoshizaki		15,300		652,047
Japan Elevator Service Holdings		8,700		188,535
Kamigumi		28,300		694,423
Management Solutions		8,000		108,579
MEITEC Group Holdings		50,800		1,045,185
MISUMI Group		19,500		273,832
Namura Shipbuilding		12,900		182,473
Nankai Electric Railway		9,100		144,423
NGK Insulators		19,900		246,152
Nishi-Nippon Railroad		37,800		582,509

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Industrials— continued
NTN		113,500	$	175,220
Sanko Gosei		13,400		57,414
Sato Holdings		20,900		303,169
Sohgo Security Services		54,200		429,400
Sumitomo Warehouse		25,300		492,604
Taikisha		27,600		452,833
Toyo Engineering		10,000		47,326
YAMABIKO		32,800		492,026
				8,920,212
Information Technology — 3.1%
Change Holdings		4,300		40,925
Cybozu		19,700		409,577
DTS		32,200		918,011
Ferrotec Holdings		10,100		174,786
Horiba		9,300		637,188
ISB		6,600		62,709
Maruwa		600		122,238
Oki Electric Industry		85,700		572,146
Sanken Electric *		3,100		137,240
Siix		35,100		259,081
				3,333,901
Materials — 2.6%
Aica Kogyo		13,100		304,438
Artience		4,700		97,224
Fuji Seal International		31,100		556,615
Hodogaya Chemical		4,800		50,176
Lintec		4,500		86,285
Nihon Parkerizing		43,700		364,897
Nippon Light Metal Holdings		36,500		381,454
Nippon Paper Industries		41,100		318,526
Sakata INX		22,000		286,217
Tokai Carbon		21,100		136,478
Topy Industries		5,900		85,724
				2,668,034
Real Estate — 2.4%
B-Lot		9,000		83,355
Global One Real Estate Investment ^‡		621		519,771
Japan Excellent ^‡		95		86,038
KDX Realty Investment ^‡(A)		80		83,508
Leopalace21		36,900		151,530
Orix JREIT ^‡		817		1,031,445
Sekisui House Reit ^‡(A)		920		497,504
				2,453,151
				25,808,867

COMMON STOCK — continued
	Shares		Value
LUXEMBOURG — 0.1%
Energy — 0.1%
d'Amico International Shipping		35,181	$	130,927


MALAYSIA — 1.1%
Energy — 0.1%
Dayang Enterprise Holdings		170,800		68,186

Materials — 0.0%
Scientex		76,800		62,276

Real Estate — 1.0%
Eco World Development Group		276,200		120,442
Pavilion Real Estate Investment Trust ^‡		508,300		170,761
Sime Darby Property		1,898,300		545,229
SP Setia Group		801,600		204,148
				1,040,580
				1,171,042
MEXICO — 0.3%
Financials — 0.2%
Gentera		108,000		188,635

Industrials — 0.1%
Controladora Vuela Cia de Aviacion, Cl A *		429,100		160,460

				349,095
NETHERLANDS — 1.0%
Industrials — 0.8%
Aalberts		9,987		332,777
Arcadis		8,462		411,745
Koninklijke Heijmans NorthV		2,718		139,693
Signify		2,295		47,737
				931,952
Real Estate — 0.2%
Wereldhave ^‡		8,503		161,157

				1,093,109
NORWAY — 1.8%
Energy — 0.1%
Solstad Offshore *		26,038		95,366

Financials — 0.7%
SpareBank 1 SMN		39,607		721,099

Industrials — 0.4%
Hoegh Autoliners		44,596		360,091

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
NORWAY — continued
Industrials— continued
Wallenius Wilhelmsen, Cl B		13,856	$	100,745
				460,836
Information Technology — 0.5%
Atea		36,127		495,889

Materials — 0.1%
Elopak		41,518		170,053

				1,943,243
PHILIPPINES — 0.5%
Communication Services — 0.1%
Converge Information and Communications Technology Solutions		207,800		70,994

Real Estate — 0.4%
AREIT ^‡		439,600		310,451
Robinsons Land		497,200		103,990
				414,441
				485,435
POLAND — 0.1%
Consumer Discretionary — 0.1%
CCC *		1,458		84,690


PORTUGAL — 0.6%
Consumer Staples — 0.4%
Sonae SGPS		284,786		362,905

Financials — 0.2%
Banco Comercial Portugues, Cl R		376,277		241,495

				604,400
SAUDI ARABIA — 0.3%
Industrials — 0.3%
Al Babtain Power & Telecommunication		23,792		301,121

Real Estate — 0.0%
Sumou Real Estate		6,257		74,457

				375,578
SINGAPORE — 0.4%
Energy — 0.1%
Rex International Holding *		1,091,200		99,610

COMMON STOCK — continued
	Shares		Value
SINGAPORE — continued
Real Estate — 0.3%
ESR-LOGOS REIT ^‡		173,030	$	291,542

				391,152
SOUTH AFRICA — 0.7%
Consumer Staples — 0.2%
AVI		46,225		224,797

Financials — 0.4%
Investec		64,796		404,289

Materials — 0.1%
Omnia Holdings		29,171		107,473

				736,559
SOUTH KOREA — 2.4%
Communication Services — 0.1%
SOOP		1,170		67,507

Consumer Staples — 0.1%
Binggrae		1,018		67,654

Financials — 0.5%
Hanwha General Insurance		46,683		133,841
Hanwha Life Insurance *		26,319		49,095
JB Financial Group		22,607		271,624
KIWOOM Securities		1,594		153,278
				607,838
Industrials — 1.4%
Korea Electric Terminal		5,433		246,298
Kyung Dong Navien		12,350		632,072
S-1, Cl 1		14,083		627,687
				1,506,057
Information Technology — 0.1%
Jusung Engineering		3,829		90,375

Materials — 0.2%
KCC		1,029		180,699
Unid		723		44,669
				225,368
				2,564,799
SPAIN — 1.8%
Consumer Discretionary — 0.1%
Gestamp Automocion		22,308		66,867

Consumer Staples — 1.2%
Distribuidora Internacional de Alimentacion *		6,623		171,645

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
SPAIN — continued
Consumer Staples— continued
Viscofan		16,355	$	1,183,937
				1,355,582
Financials — 0.1%
Mapfre		29,856		106,653

Materials — 0.4%
Vidrala		3,925		429,290

				1,958,392
SWEDEN — 4.0%
Communication Services — 0.5%
Hemnet Group		14,611		502,605

Consumer Discretionary — 0.2%
Clas Ohlson, Cl B		6,768		192,134

Consumer Staples — 0.3%
AAK		14,207		372,333

Financials — 0.1%
Hoist Finance *		13,648		122,784

Health Care — 1.2%
Ambea		19,394		234,790
Asker Healthcare Group *		21,649		191,914
Attendo		65,229		444,990
Camurus *		6,969		448,833
				1,320,527
Industrials — 1.1%
Beijer Ref, Cl B		20,698		316,388
Loomis, Cl B		14,299		596,416
Peab, Cl B		34,839		290,412
				1,203,216
Information Technology — 0.1%
Fortnox		8,422		76,424

Materials — 0.5%
Hexpol		57,982		505,257

				4,295,280
SWITZERLAND — 2.2%
Financials — 0.5%
Swissquote Group Holding		557		288,782
Vontobel Holding		3,076		223,257
				512,039
Industrials — 1.0%
Bossard Holding		2,301		503,977

COMMON STOCK — continued
	Shares		Value
SWITZERLAND — continued
Industrials— continued
Bucher Industries		915	$	396,942
Montana Aerospace *		12,574		252,211
				1,153,130
Information Technology — 0.5%
Inficon Holding		5,040		537,126

Real Estate — 0.2%
International Workplace Group		81,870		203,166

				2,405,461
TAIWAN — 3.2%
Consumer Discretionary — 0.8%
Depo Auto Parts Industries		111,000		633,413
Fulgent Sun International Holding		21,000		66,914
Makalot Industrial		5,100		45,378
Merry Electronics		40,000		141,635
				887,340
Consumer Staples — 0.2%
Namchow Holdings		116,000		170,772

Industrials — 0.3%
L&K Engineering		25,000		184,779
Sincere Navigation		92,000		66,791
				251,570
Information Technology — 1.3%
Airoha Technology		10,000		158,357
Arcadyan Technology		18,000		133,200
Asia Optical		56,000		238,033
FIT Hon Teng *		266,000		66,787
Genius Electronic Optical		6,000		70,474
Himax Technologies ADR		3,664		25,923
Insyde Software		8,000		64,237
ITE Technology		22,000		89,497
ITH *		38,000		56,889
Lotes		8,000		314,558
Pixart Imaging		31,000		208,102
Via Technologies		17,000		38,587
				1,464,644
Materials — 0.4%
Nan Pao Resins Chemical		41,000		436,819

Real Estate — 0.2%
Advancetek Enterprise		94,000		211,871

				3,423,016

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

COMMON STOCK — continued
	Shares		Value
THAILAND — 0.4%
Consumer Staples — 0.1%
Ichitan Group		224,600	$	80,654

Energy — 0.1%
Bangchak NVDR		136,100		145,526

Financials — 0.1%
CPN Retail Growth Leasehold REIT ^‡		227,900		83,898

Industrials — 0.0%
Bangkok Airways		59,900		28,652

Utilities — 0.1%
Rojana Industrial Park		683,300		119,577

				458,307
TÜRKIYE — 0.6%
Consumer Discretionary — 0.1%
Mavi Giyim Sanayi Ve Ticaret, Cl B		111,982		94,383

Financials — 0.1%
Turkiye Sinai Kalkinma Bankasi *		217,279		59,328

Real Estate — 0.4%
Reysas Gayrimenkul Yatirim Ortakligi *^‡		1,231,447		448,343

				602,054
UNITED KINGDOM — 9.7%
Communication Services — 0.6%
Future		6,732		64,166
Rightmove		42,249		418,198
S4 Capital *		170,930		62,099
				544,463
Consumer Discretionary — 2.0%
Currys *		307,746		457,120
Domino's Pizza Group		177,218		638,916
Games Workshop Group		3,635		750,287
Mitchells & Butlers *		17,215		57,260
SSP Group		178,180		353,693
				2,257,276
Consumer Staples — 2.2%
Cranswick		1,840		127,635
Nomad Foods		47,058		940,689
Premier Foods		158,383		420,853

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — continued
Consumer Staples— continued
Tate & Lyle		117,731	$	879,427
				2,368,604
Energy — 0.1%
Harbour Energy		52,446		107,427

Financials — 1.9%
abrdn		17,621		34,880
Beazley		31,114		369,490
Man Group		35,625		77,932
OSB Group		29,340		186,913
Paragon Banking Group		68,809		779,091
TBC Bank Group		8,878		562,750
				2,011,056
Industrials — 1.4%
Cohort		5,435		100,291
IMI		40,343		959,609
Johnson Service Group		107,465		201,699
Mitie Group		42,339		81,829
Mobico Group *		128,598		53,519
Stolt-Nielsen		7,128		160,555
				1,557,502
Information Technology — 0.7%
Spectris		28,270		758,501

Materials — 0.4%
Capital		89,031		80,229
Elementis		194,871		328,282
				408,511
Utilities — 0.4%
Drax Group		51,729		427,671

				10,441,011
UNITED STATES — 1.2%
Consumer Discretionary — 0.3%
Carnival ADR *		19,228		319,569

Consumer Staples — 0.5%
Primo Brands		17,135		559,800

Industrials — 0.4%
Reliance Worldwide		159,414		428,080

				1,307,449
Total Common Stock
(Cost $89,393,225)				100,311,675

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

EXCHANGE TRADED FUNDS — 1.7%
	Shares		Value
INTERNATIONAL — 1.7%
iShares Core MSCI Emerging Markets ETF		7,531	$	407,954
iShares MSCI Canada ETF		3,334		141,528
iShares MSCI EAFE Small-Capital ETF		18,611		1,237,632
Total Exchange Traded Funds
(Cost $1,684,103)				1,787,114

PREFERRED STOCK — 0.0%

BRAZIL — 0.0%
Utilities — 0.0%
Cia de Saneamento do Parana (B)		46,800	$	50,095
Total Preferred Stock
(Cost $37,419)				50,095

SHORT-TERM INVESTMENT — 0.9%

State Street Institutional US Government Money Market Fund, Premier Class, 4.290%, (C)
(Cost $984,457)		984,457	$	984,457
Total Short-Term Investment
(Cost $984,457)				984,457
Total Investments in Securities— 95.7%
(Cost $92,099,204)			$	103,133,341

Percentages are based on Net Assets of $107,728,912.

A list of the open futures contracts held by the Fund at April 30, 2025, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
CAD Currency		3		Jun-2025	$	209,213	$	218,145	$	8,932
MSCI EAFE Index		14		Jun-2025		1,712,645		1,746,290		33,645
MSCI Emerging Markets		10		Jun-2025		564,620		555,000		(9,620	)
Russell 2000 Index E-MINI		2		Jun-2025		201,285		196,980		(4,305	)
S&P TSX 60 Index		1		Jun-2025		210,397		216,463		6,066
					$	2,898,160	$	2,932,878	$	34,718

*	Non-income producing security.
^‡	Real Estate Investment Trust.
(A)	This security or a partial position of this security is on loan at April 30, 2025. The total market value of securities on loan at April 30, 2025 was $938,860.
(B)	There is currently no rate available.
(C)	This security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2025, was $984,457.

ADR — American Depositary Receipt

Cl — Class

EAFE — Europe, Australasia, and the Far East

ETF — Exchange-Traded Fund

MSCI — Morgan Stanley Capital International

REIT — Real Estate Investment Trust

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2025 (Unaudited)

The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund’s investments and other financial instruments carried at market value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	–	$	4,517,567	$	–	$	4,517,567
Austria		–		1,391,592		–		1,391,592
Belgium		–		1,705,538		–		1,705,538
Bermuda		–		753,832		–		753,832
Brazil		695,385		–		–		695,385
Canada		6,044,076		–		–		6,044,076
Cayman Islands		219,125		26,324		–		245,449
China		618,838		1,208,506		–		1,827,344
Columbia		31,651		–		–		31,651
Denmark		–		895,250		–		895,250
Finland		–		1,043,600		–		1,043,600
France		–		3,099,153		–		3,099,153
Germany		–		4,021,518		–		4,021,518
Hong Kong		202,980		1,357,343		–		1,560,323
Hungary		–		572,202		–		572,202
India		–		3,835,274		–		3,835,274
Indonesia		–		194,079		–		194,079
Ireland		–		216,611		–		216,611
Israel		1,412,294		119,084		–		1,531,378
Italy		79,654		5,420,333		–		5,499,987
Japan		122,238		25,686,629		–		25,808,867
Luxembourg		–		130,927		–		130,927
Malaysia		–		1,171,042		–		1,171,042
Mexico		349,095		–		–		349,095
Netherlands		–		1,093,109		–		1,093,109
Norway		–		1,943,243		–		1,943,243
Philippines		–		485,435		–		485,435
Poland		–		84,690		–		84,690
Portugal		–		604,400		–		604,400
Saudi Arabia		–		375,578		–		375,578
Singapore		291,542		99,610		–		391,152
South Africa		–		736,559		–		736,559
South Korea		–		2,564,799		–		2,564,799
Spain		171,645		1,786,747		–		1,958,392
Sweden		191,914		4,103,366		–		4,295,280
Switzerland		–		2,405,461		–		2,405,461
Taiwan		25,923		3,397,093		–		3,423,016
Thailand		–		458,307		–		458,307
Türkiye		–		602,054		–		602,054
United Kingdom		940,689		9,500,322		–		10,441,011
United States		879,369		428,080		–		1,307,449
Total Common Stock		12,276,418		88,035,257		–		100,311,675
Exchange Traded Funds		1,787,114		–		–		1,787,114
Preferred Stock
Brazil		50,095		–		–		50,095
Total Preferred Stock		50,095		–		–		50,095
Short-Term Investment		984,457		–		–		984,457
Total Investments in Securities	$	15,098,084	$	88,035,257	$	–	$	103,133,341

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts* Unrealized Appreciation	$	48,643		$	—	$	—	$	48,643
Futures Contracts* Unrealized Depreciation		(13,925	)		—		—		(13,925	)

Total Other Financial Instruments	$	34,718		$	—	$	—	$	34,718

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

Amounts designated as “–” are $0 or have been round to $0.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 45/55 FUND

APRIL 30, 2025 (Unaudited)

SCHEDULE OF INVESTMENTS
OPEN-END MUTUAL FUNDS — 99.6%
	Shares		Value
EQUITY — 33.7%
Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares^†^(A)		2,422,212	$	29,139,206
Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares^†		828,783		8,785,095
Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares^†		581,190		5,073,788
				42,998,089
FIXED INCOME — 54.5%
Catholic Responsible Investments Bond Fund, Cl Institutional Shares^†^(A)		4,092,126		34,701,225
Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares^†^(A)		1,867,161		17,383,265
Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares^†^(A)		1,780,298		17,304,501
				69,388,991
INTERNATIONAL — 11.4%
Catholic Responsible Investments International Equity Fund, Cl Institutional Shares^†		1,152,155		11,567,638
Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares^†		281,997		2,935,587
				14,503,225
Total Open-End Mutual Funds
(Cost $110,047,701)				126,890,305
Total Investments in Securities— 99.6%
(Cost $110,047,701)			$	126,890,305

Percentages are based on Net Assets of $127,422,835.

^†	Investment in Affiliated Security.

(A)	Represents greater than 10% of the Fund's total investments. For further financial information, please go to the Fund's website at https://cbisonline.com/us/legal-financial/.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 45/55 FUND

APRIL 30, 2025 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended April 30, 2025:

Security Description	Value 10/31/2024		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 4/30/2025		Income		Capital Gains
Catholic Responsible Investments Equity Index Fund	$	31,416,873	$	641,110	$	(2,356,715	)	$	581,649		$	(1,143,711	)	$	29,139,206	$	185,486	$	—
Catholic Responsible Investments Multi-Style US Equity Fund		9,591,146		655,939		(1,169,653	)		528,409			(820,746	)		8,785,095		84,382		—
Catholic Responsible Investments Small-Cap Fund		6,070,886		131,981		(466,978	)		60,520			(722,621	)		5,073,788		49,494		—
Catholic Responsible Investments Bond Fund		36,293,499		950,219		(2,533,963	)		(452,249	)		443,719			34,701,225		765,918		—
Catholic Responsible Investments Opportunistic Bond Fund		18,100,374		511,196		(1,266,980	)		(42,869	)		81,544			17,383,265		419,046		—
Catholic Responsible Investments Short Duration Bond Fund		17,985,547		477,690		(1,266,982	)		(56,924	)		165,170			17,304,501		385,539		—
Catholic Responsible Investments International Equity Fund		11,746,325		838,373		(1,484,911	)		666,091			(198,240	)		11,567,638		122,443		—
Catholic Responsible Investments International Small-Cap Fund		2,932,607		57,430		(207,324	)		(987	)		153,861			2,935,587		42,350		—
Totals	$	134,137,257	$	4,263,938	$	(10,753,506	)	$	1,283,640		$	(2,041,024	)	$	126,890,305	$	2,054,658	$	—

Amounts designated as “–” are $0.

The accompanying notes are an integral part of the financial statements.

100

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 60/40 ALPHA PLUS FUND

APRIL 30, 2025 (Unaudited)

SCHEDULE OF INVESTMENTS
OPEN-END MUTUAL FUNDS — 99.9%
	Shares		Value
EQUITY — 45.5%
Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares^†^(A)		17,158,908	$	206,421,662
Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares^†^(A)		31,281,717		331,586,199
Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares^†		9,485,304		82,806,707
				620,814,568
FIXED INCOME — 38.7%
Catholic Responsible Investments Bond Fund, Cl Institutional Shares^†^(A)		31,173,461		264,350,946
Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares^†		14,126,383		131,516,630
Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares^†		13,493,743		131,159,178
				527,026,754
INTERNATIONAL — 15.7%
Catholic Responsible Investments International Equity Fund, Cl Institutional Shares^†^(A)		17,073,364		171,416,574
Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares^†		4,079,228		42,464,768
				213,881,342
Total Open-End Mutual Funds
(Cost $1,166,941,395)				1,361,722,664
Total Investments in Securities— 99.9%
(Cost $1,166,941,395)			$	1,361,722,664

Percentages are based on Net Assets of $1,362,714,548.

^†	Investment in Affiliated Security.

(A)	Represents greater than 10% of the Fund's total investments. For further financial information, please go to the Fund's website at https://cbisonline.com/us/legal-financial/.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

101

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 60/40 ALPHA PLUS FUND

APRIL 30, 2025 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended April 30, 2025:

Security Description	Value 10/31/2024		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 4/30/2025		Income		Capital Gains
Catholic Responsible Investments Equity Index Fund	$	220,048,924	$	4,266,976	$	(13,364,446	)	$	2,204,415		$	(6,734,207	)	$	206,421,662	$	1,323,220	$	—
Catholic Responsible Investments Multi-Style US Equity Fund		341,815,591		30,823,171		(30,373,394	)		19,000,420			(29,679,589	)		331,586,199		3,051,597		—
Catholic Responsible Investments Small-Cap Fund		84,480,171		10,996,532		(3,594,294	)		773,023			(9,848,725	)		82,806,707		700,514		—
Catholic Responsible Investments Bond Fund		275,092,781		6,926,024		(17,526,445	)		(3,321,284	)		3,179,870			264,350,946		5,900,023		—
Catholic Responsible Investments Opportunistic Bond Fund		137,183,010		3,736,662		(9,659,022	)		(793,515	)		1,049,495			131,516,630		3,223,661		—
Catholic Responsible Investments Short Duration Bond Fund		136,316,223		3,479,219		(9,449,254	)		(440,351	)		1,253,341			131,159,178		2,966,218		—
Catholic Responsible Investments International Equity Fund		163,167,332		16,214,108		(14,954,176	)		9,027,123			(2,037,813	)		171,416,574		1,725,950		—
Catholic Responsible Investments International Small-Cap Fund		40,760,298		922,941		(1,428,085	)		(6,715	)		2,216,329			42,464,768		598,166		—
Totals	$	1,398,864,330	$	77,365,633	$	(100,349,116	)	$	26,443,116		$	(40,601,299	)	$	1,361,722,664	$	19,489,349	$	—

Amounts designated as “–” are $0.

The accompanying notes are an integral part of the financial statements.

102

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 60/40 BETA PLUS FUND

APRIL 30, 2025 (Unaudited)

SCHEDULE OF INVESTMENTS
OPEN-END MUTUAL FUNDS — 99.9%
	Shares		Value
EQUITY — 45.5%
Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares^†^(A)		17,962,067	$	216,083,666
Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares^†		3,817,668		33,328,242
				249,411,908
FIXED INCOME — 38.7%
Catholic Responsible Investments Bond Fund, Cl Institutional Shares^†^(A)		12,548,546		106,411,669
Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares^†		5,685,274		52,929,897
Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares^†		5,430,655		52,785,964
				212,127,530
INTERNATIONAL — 15.7%
Catholic Responsible Investments International Equity Fund, Cl Institutional Shares^†^(A)		6,875,846		69,033,498
Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares^†		1,642,858		17,102,155
				86,135,653
Total Open-End Mutual Funds
(Cost $445,687,037)				547,675,091
Total Investments in Securities— 99.9%
(Cost $445,687,037)			$	547,675,091

Percentages are based on Net Assets of $548,299,702.

^†	Investment in Affiliated Security.
(A)	Represents greater than 10% of the Fund's total investments. For further financial information, please go to the Fund's website at https://cbisonline.com/us/legal-financial/.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

103

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 60/40 BETA PLUS FUND

APRIL 30, 2025 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended April 30, 2025:

Security Description	Value 10/31/2024		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 4/30/2025		Income		Capital Gains
Catholic Responsible Investments Equity Index Fund	$	198,893,753	$	37,837,989	$	(17,904,269	)	$	1,240,612		$	(3,984,419	)	$	216,083,666	$	1,227,069	$	—
Catholic Responsible Investments Small-Cap Fund		28,290,860		9,199,767		(1,166,236	)		214,626			(3,210,775	)		33,328,242		239,488		—
Catholic Responsible Investments Bond Fund		85,564,779		23,799,619		(3,064,935	)		(524,084	)		636,290			106,411,669		1,969,404		—
Catholic Responsible Investments Opportunistic Bond Fund		43,090,098		11,256,372		(1,532,468	)		(57,635	)		173,530			52,929,897		1,083,643		—
Catholic Responsible Investments Short Duration Bond Fund		42,600,301		11,416,585		(1,532,468	)		(66,557	)		368,103			52,785,964		992,588		—
Catholic Responsible Investments International Equity Fund		55,999,278		14,595,110		(5,005,464	)		3,160,892			283,682			69,033,498		600,975		—
Catholic Responsible Investments International Small-Cap Fund		14,147,535		2,876,577		(934,771	)		(16,393	)		1,029,207			17,102,155		211,329		—
Totals	$	468,586,604	$	110,982,019	$	(31,140,611	)	$	3,951,461		$	(4,704,382	)	$	547,675,091	$	6,324,496	$	—

Amounts designated as “–” are $0.

The accompanying notes are an integral part of the financial statements.

104

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 75/25 FUND

APRIL 30, 2025 (Unaudited)

SCHEDULE OF INVESTMENTS
OPEN-END MUTUAL FUNDS — 99.7%
	Shares		Value
EQUITY — 56.4%
Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares^†^(A)		5,836,285	$	70,210,511
Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares^†^(A)		2,952,859		31,300,306
Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares^†		1,790,214		15,628,570
				117,139,387
FIXED INCOME — 23.9%
Catholic Responsible Investments Bond Fund, Cl Institutional Shares^†^(A)		2,944,287		24,967,554
Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares^†		1,333,952		12,419,093
Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares^†		1,274,285		12,386,054
				49,772,701
INTERNATIONAL — 19.4%
Catholic Responsible Investments International Equity Fund, Cl Institutional Shares^†^(A)		3,222,820		32,357,115
Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares^†		770,598		8,021,927
				40,379,042
Total Open-End Mutual Funds
(Cost $155,905,771)				207,291,130
Total Investments in Securities— 99.7%
(Cost $155,905,771)			$	207,291,130

Percentages are based on Net Assets of $207,920,999.

^†	Investment in Affiliated Security.

(A)	Represents greater than 10% of the Fund's total investments. For further financial information, please go to the Fund's website at https://cbisonline.com/us/legal-financial/.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

105

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 75/25 FUND

APRIL 30, 2025 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended April 30, 2025:

Security Description	Value 10/31/2024		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 4/30/2025		Income		Capital Gains
Catholic Responsible Investments Equity Index Fund	$	122,018,679	$	4,956,277	$	(53,525,571	)	$	14,792,367		$	(18,031,241	)	$	70,210,511	$	623,992	$	—
Catholic Responsible Investments Multi-Style US Equity Fund		51,819,186		4,533,000		(23,117,920	)		4,280,773			(6,214,733	)		31,300,306		388,926		—
Catholic Responsible Investments Small-Cap Fund		25,379,386		3,075,476		(10,539,240	)		1,020,024			(3,307,076	)		15,628,570		177,641		—
Catholic Responsible Investments Bond Fund		38,827,657		3,319,251		(17,254,302	)		(2,449,145	)		2,524,093			24,967,554		682,046		—
Catholic Responsible Investments Opportunistic Bond Fund		19,375,264		1,614,582		(8,627,151	)		(233,478	)		289,876			12,419,093		372,885		—
Catholic Responsible Investments Short Duration Bond Fund		19,067,010		1,841,099		(8,627,150	)		(304,940	)		410,035			12,386,054		339,237		—
Catholic Responsible Investments International Equity Fund		49,705,570		5,159,567		(23,029,862	)		3,568,712			(3,046,872	)		32,357,115		435,895		—
Catholic Responsible Investments International Small-Cap Fund		12,563,575		521,177		(5,354,699	)		395,298			(103,424	)		8,021,927		153,468		—
Totals	$	338,756,327	$	25,020,429	$	(150,075,895	)	$	21,069,611		$	(27,479,342	)	$	207,291,130	$	3,174,090	$	—

Amounts designated as “–” are $0.

The accompanying notes are an integral part of the financial statements.

106

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2025 (Unaudited)

Statements of Assets and Liabilities

	Catholic Responsible Investments Ultra Short Bond Fund		Catholic Responsible Investments Short Duration Bond Fund			Catholic Responsible Investments Bond Fund			Catholic Responsible Investments Opportunistic Bond Fund
Assets:
Investments, at Value (Cost $95,635,957, $489,672,941, $2,383,920,355 and $682,149,206)	$	95,619,484	$	494,007,864	^*	$	2,330,318,232		$	685,185,962	^*
Repurchase Agreements, at Value (Cost $11,700,000, $21,000,000, $– and $–)		11,700,000		21,000,000			–			–
Receivable for Investment Securities Sold		2,403,598		36,773			43,064,895			4,697,437
Dividend and Interest Receivable		247,991		3,454,548			17,415,944			4,019,249
Receivable for Capital Shares Sold		101,000		102,082			1,006,163			1,985
Cash and Cash Equivalents		44,377		784,788			48,057,258			11,174,245
Cash Pledged as Collateral for Futures Contracts		–		–			6,328,807			616,581
Variation Margin Receivable		–		41,063			–			–
Prepaid Expenses		11,738		13,906			33,580			22,373
Total Assets		110,128,188		519,441,024			2,446,224,879			705,717,832
Liabilities:
Payable for Investment Securities Purchased		4,773,304		11,143,580			68,525,378			3,489,380
Payable Due to Adviser		17,215		113,073			578,871			191,002
Transfer Agent Fees Payable		11,064		8,863			16,712			11,061
Audit Fees Payable		8,239		8,239			9,854			10,173
Payable Due to Administrator		1,873		7,986			37,647			11,666
Chief Compliance Officer Fees Payable		1,003		2,006			4,012			3,009
Payable Upon Return of Securities Loaned		–		72,975			–			130,313
Payable for Capital Shares Redeemed		–		6,955			158,722			37,171
Shareholder Servicing Fees Payable		–		–			30,333			37,574
Other Accrued Expenses		28,683		55,510			107,892			55,250
Total Liabilities		4,841,381		11,419,187			69,469,421			3,976,599
Commitments and Contingencies ^†
Net Assets	$	105,286,807	$	508,021,837		$	2,376,755,458		$	701,741,233
Net Assets Consist of:
Paid-in Capital	$	105,205,689	$	524,209,909		$	2,604,398,435		$	732,990,236
Total Distributable Earnings (Accumulated Losses)		81,118		(16,188,072	)		(227,642,977	)		(31,249,003	)
Net Assets	$	105,286,807	$	508,021,837		$	2,376,755,458		$	701,741,233
Institutional Shares:
Net Assets	$	105,286,807	$	508,021,837		$	2,271,789,764		$	627,020,494
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		10,512,261		52,284,143			267,804,409			67,322,236
Net Asset Value, Offering and Redemption Price Per Share	$	10.02	$	9.72		$	8.48		$	9.31
Investor Shares:
Net Assets	$	N/A	$	N/A		$	104,965,694		$	74,720,739
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		N/A		N/A			12,377,291			8,022,376
Net Asset Value, Offering and Redemption Price Per Share	$	N/A	$	N/A		$	8.48		$	9.31

* Includes Market Value of Securities on Loan	$	–	$	71,351		$	–		$	127,413
^† See Note 5 in the Notes to Financial Statements

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.

107

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2025 (Unaudited)

Statements of Assets and Liabilities

	Catholic Responsible Investments Equity Index Fund			Catholic Responsible Investments Small-Cap Fund			Catholic Responsible Investments Multi-Style US Equity Fund		Catholic Responsible Investments International Equity Fund			Catholic Responsible Investments International Small-Cap Fund
Assets:
Investments, at Value (Cost $1,739,026,998, $445,111,391, $598,462,626, $1,489,011,225 and $92,099,204)	$	3,743,263,257	^*	$	494,382,408	^*	$	733,436,723	$	1,806,957,626	^*	$	103,133,341	^*
Foreign Currency, at Value (Cost $–, $–, $–, $1,200,760 and $576,249)		–			–			–		1,210,960			592,963
Cash and Cash Equivalents		18,122,394			2,179,957			5,776,208		64,975,466			4,353,129
Dividend and Interest Receivable		1,895,635			232,815			130,121		5,389,929			552,031
Cash Pledged as Collateral for Futures Contracts		1,330,857			335,160			–		–			249,372
Receivable for Capital Shares Sold		476,056			83,350			–		158,403			–
Reclaim Receivable		80,083			–			137,878		2,256,385			161,095
Receivable for Investment Securities Sold		–			–			603,057		9,010,074			133,964
Unrealized Appreciation on Spot Currency Contracts		–			–			–		8,304			316
Prepaid Expenses		47,935			14,349			23,988		33,297			18,143
Total Assets		3,765,216,217			497,228,039			740,107,975		1,890,000,444			109,194,354
Liabilities:
Payable Upon Return of Securities Loaned		568,086			7,959,886			–		15,414,440			984,457
Payable for Capital Shares Redeemed		567,024			88,085			16,206		8,983,846			1,391
Rating Expense Payable		172,930			–			–		–			–
Payable Due to Adviser		120,180			77,242			351,416		1,058,469			71,897
Payable Due to Administrator		57,309			7,413			11,858		28,071			1,636
Transfer Agent Fees Payable		15,557			9,395			11,040		14,754			5,159
Audit Fees Payable		7,183			9,252			8,239		9,790			7,184
Chief Compliance Officer Fees Payable		1,003			1,003			4,012		3,009			3,009
Payable for Investment Securities Purchased		–			–			53,582		10,487,901			175,193
Shareholder Servicing Fees Payable		–			–			5,624		39,603			–
Accrued Foreign Capital Gains Tax on Appreciated Securities		–			–			–		1,176,505			136,427
Other Accrued Expenses		53,294			65,250			45,707		116,434			79,089
Total Liabilities		1,562,566			8,217,526			507,684		37,332,822			1,465,442
Commitments and Contingencies ^†
Net Assets	$	3,763,653,651		$	489,010,513		$	739,600,291	$	1,852,667,622		$	107,728,912
Net Assets Consist of:
Paid-in Capital	$	1,734,763,700		$	441,088,632		$	601,110,035	$	1,538,593,314		$	96,411,868
Total Distributable Earnings		2,028,889,951			47,921,881			138,490,256		314,074,308			11,317,044
Net Assets	$	3,763,653,651		$	489,010,513		$	739,600,291	$	1,852,667,622		$	107,728,912
Institutional Shares:
Net Assets	$	3,763,653,651		$	489,010,513		$	697,592,914	$	1,712,049,664		$	107,728,912
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		312,818,699			56,001,942			65,794,611		170,583,352			10,345,807
Net Asset Value, Offering and Redemption Price Per Share	$	12.03		$	8.73		$	10.60	$	10.04		$	10.41
Investor Shares:
Net Assets	$	N/A		$	N/A		$	42,007,377	$	140,617,958		$	N/A
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		N/A			N/A			3,961,658		14,003,197			N/A
Net Asset Value, Offering and Redemption Price Per Share	$	N/A		$	N/A		$	10.60	$	10.04		$	N/A

* Includes Market Value of Securities on Loan	$	556,715		$	7,779,396		$	–	$	14,436,064		$	938,860
^† See Note 5 in the Notes to Financial Statements

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.

108

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2025 (Unaudited)

Statements of Assets and Liabilities

	Catholic Responsible Investments Magnus 45/55 Fund		Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		Catholic Responsible Investments Magnus 75/25 Fund
Assets:
Affiliated Investments, at Value (Cost $110,047,701, $1,166,941,395, $445,687,037 and $155,905,771)	$	126,890,305	$	1,361,722,664	$	547,675,091	$	207,291,130
Cash and Cash Equivalents		538,634		1,054,957		661,939		636,794
Due from Adviser		9,439		–		6,360		8,618
Dividend and Interest Receivable		1,666		3,264		2,046		1,706
Prepaid Expenses		20,282		31,761		9,418		22,294
Total Assets		127,460,326		1,362,812,646		548,354,854		207,960,542
Liabilities:
Transfer Agent Fees Payable		9,135		13,032		10,822		9,439
Audit Fees Payable		7,184		7,184		7,184		7,184
Shareholder Servicing Fees Payable		4,474		50,827		16,461		5,761
Legal Fees Payable		3,377		3,377		3,377		3,377
Chief Compliance Officer Fees Payable		1,003		1,003		1,003		1,003
Printing Fees Payable		615		6,519		2,253		1,424
Other Accrued Expenses		11,703		16,156		14,052		11,355
Total Liabilities		37,491		98,098		55,152		39,543
Commitments and Contingencies ^†
Net Assets	$	127,422,835	$	1,362,714,548	$	548,299,702	$	207,920,999
Net Assets Consist of:
Paid-in Capital	$	109,632,386	$	1,139,781,840	$	443,908,333	$	135,434,726
Total Distributable Earnings		17,790,449		222,932,708		104,391,369		72,486,273
Net Assets	$	127,422,835	$	1,362,714,548	$	548,299,702	$	207,920,999
Institutional Shares:
Net Assets	$	98,218,599	$	989,959,233	$	439,841,924	$	167,028,845
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		9,676,783		96,541,794		42,049,511		15,815,735
Net Asset Value, Offering and Redemption Price Per Share	$	10.15	$	10.25	$	10.46	$	10.56
Investor Shares:
Net Assets	$	29,204,236	$	372,755,315	$	108,457,778	$	40,892,154
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		2,877,980		36,365,248		10,367,325		3,875,187
Net Asset Value, Offering and Redemption Price Per Share	$	10.15	$	10.25	$	10.46	$	10.55

^† See Note 5 in the Notes to Financial Statements

Amounts designated as “—” are $0

The accompanying notes are an integral part of the financial statements.

109

CATHOLIC RESPONSIBLE INVESTMENTS

FOR THE PERIOD ENDED

APRIL 30, 2025 (Unaudited)

Statements of Operations

	Catholic Responsible Investments Ultra Short Bond Fund			Catholic Responsible Investments Short Duration Bond Fund			Catholic Responsible Investments Bond Fund			Catholic Responsible Investments Opportunistic Bond Fund
Investment Income:
Interest Income	$	2,105,009		$	12,287,962		$	56,119,818		$	18,597,085
Income from Securities Lending, Net		212			2,237			2,426			3,743
Total Investment Income		2,105,221			12,290,199			56,122,244			18,600,828

Expenses:
Investment Advisory Fees		110,769			745,393			3,440,297			1,222,470
Administration Fees		8,484			47,578			223,310			70,600
Trustees' Fees		5,931			11,862			23,723			17,792
Chief Compliance Officer Fees		1,644			3,288			6,576			4,932
Shareholder Servicing Fees (Investor Shares)		–			–			61,241			51,877
Transfer Agent Fees		18,292			14,725			28,701			21,581
Pricing Fees		15,520			31,909			73,823			30,992
Registration Fees		13,836			19,664			60,491			29,626
Legal Fees		8,605			17,210			34,421			25,815
Audit Fees		8,239			8,239			9,854			10,173
Custodian Fees		5,381			3,669			20,084			7,091
Printing Fees		685			4,021			18,599			5,618
Other Expenses		7,801			12,418			28,522			15,590

Total Expenses		205,187			919,976			4,029,642			1,514,157
Less:
Waiver of Investment Advisory Fees		(50,008	)		(49,603	)		–			(29,024	)
Net Expenses		155,179			870,373			4,029,642			1,485,133

Net Investment Income		1,950,042			11,419,826			52,092,602			17,115,695
Net Realized Gain (Loss) on:
Investments		2,247			(25,275	)		(14,674,564	)		(324,929	)
Futures Contracts		–			(691,224	)		(4,346,113	)		(1,697,922	)
Net Realized Gain (Loss)		2,247			(716,499	)		(19,020,677	)		(2,022,851	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(101,082	)		2,627,738			12,570,354			2,525,132
Futures Contracts		–			959,789			6,188,776			1,273,446
Net Change in Unrealized Appreciation (Depreciation)		(101,082	)		3,587,527			18,759,130			3,798,578
Net Realized and Unrealized Gain (Loss)		(98,835	)		2,871,028			(261,547	)		1,775,727
Net Increase in Net Assets Resulting from Operations	$	1,851,207		$	14,290,854		$	51,831,055		$	18,891,422

Amounts designated as “—“ are $0.

The accompanying notes are an integral part of the financial statements.

110

CATHOLIC RESPONSIBLE INVESTMENTS

FOR THE PERIOD ENDED

APRIL 30, 2025 (Unaudited)

Statements of Operations

	Catholic Responsible Investments Equity Index Fund			Catholic Responsible Investments Small-Cap Fund			Catholic Responsible Investments Multi-Style US Equity Fund			Catholic Responsible Investments International Equity Fund			Catholic Responsible Investments International Small-Cap Fund
Investment Income:
Dividend Income	$	25,001,264		$	4,419,923		$	4,320,726		$	17,466,164		$	1,585,644
Interest Income		–			94,343			236,176			916,944			134,073
Income from Securities Lending, Net		438			17,854			4,532			9,816			7,131
Less: Foreign Taxes Withheld		(4,370	)		(4,795	)		(12,865	)		(1,290,085	)		(131,398	)
Total Investment Income		24,997,332			4,527,325			4,548,569			17,102,839			1,595,450

Expenses:
Investment Advisory Fees		1,187,703			544,602			2,463,405			5,992,646			504,352
Administration Fees		379,071			52,144			82,340			158,775			10,061
Trustees' Fees		5,931			5,930			23,723			17,792			19,569
Chief Compliance Officer Fees		1,644			1,644			6,576			4,932			4,932
Shareholder Servicing Fees (Investor Shares)		–			–			33,077			73,314			–
Rating Fees		308,059			84,499			–			–			–
Printing Fees		32,293			4,458			6,755			12,910			853
Registration Fees		31,027			10,686			30,031			24,345			12,575
Pricing Fees		30,388			6,352			8,134			12,811			3,869
Transfer Agent Fees		26,417			15,570			21,105			26,055			10,841
Custodian Fees		21,575			12,110			15,605			122,845			36,917
Legal Fees		8,605			8,605			34,421			25,815			25,815
Audit Fees		7,184			11,287			8,239			9,790			7,183
Other Expenses		36,661			9,822			19,114			57,791			37,037

Total Expenses		2,076,558			767,709			2,752,525			6,539,821			674,004
Less:
Waiver of Investment Advisory Fees		(293,263	)		–			–			–			(69,257	)
Net Expenses		1,783,295			767,709			2,752,525			6,539,821			604,747

Net Investment Income		23,214,037			3,759,616			1,796,044			10,563,018			990,703
Net Realized Gain (Loss) on:
Investments		57,073,375			9,324,914			5,609,862			19,691,348			3,405,941
Futures Contracts		(1,467,452	)		(113,297	)		–			–			(108,934	)
Accrued Foreign Capital Gains Tax		–			–			–			(593,353	)		(69,081	)
Foreign Currency Transactions		–			–			–			(30,615	)		1,570
Net Realized Gain (Loss)		55,605,923			9,211,617			5,609,862			19,067,380			3,229,496
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(132,320,462	)		(68,540,727	)		(24,874,646	)		55,186,310			2,865,951
Futures Contracts		856,813			65,735			–			–			166,866
Accrued Foreign Capital Gains Tax on Appreciated Securities		–			–			–			571,388			23,628
Translation of Other Assets and Liabilities Denominated in Foreign Currencies		–			–			–			138,431			39,164
Net Change in Unrealized Appreciation (Depreciation)		(131,463,649	)		(68,474,992	)		(24,874,646	)		55,896,129			3,095,609
Net Realized and Unrealized Gain (Loss)		(75,857,726	)		(59,263,375	)		(19,264,784	)		74,963,509			6,325,105
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(52,643,689	)	$	(55,503,759	)	$	(17,468,740	)	$	85,526,527		$	7,315,808

Amounts designated as “—“ are $0.

The accompanying notes are an integral part of the financial statements.

111

CATHOLIC RESPONSIBLE INVESTMENTS

FOR THE PERIOD ENDED

APRIL 30, 2025 (Unaudited)

Statements of Operations

	Catholic Responsible Investments Magnus 45/55 Fund			Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund			Catholic Responsible Investments Magnus 60/40 Beta Plus Fund			Catholic Responsible Investments Magnus 75/25 Fund
Investment Income:
Affiliated Dividend Income	$	2,054,658		$	19,489,349		$	6,324,496		$	3,174,090
Interest Income		9,774			19,602			12,062			11,403
Total Investment Income		2,064,432			19,508,951			6,336,558			3,185,493

Expenses:
Shareholder Servicing Fees (Investor Shares)		24,497			282,352			84,316			31,067
Trustees' Fees		8,048			28,550			14,345			10,102
Chief Compliance Officer Fees		1,644			1,644			1,644			1,644
Transfer Agent Fees		18,516			23,437			20,122			19,082
Registration Fees		16,480			29,968			29,712			17,901
Legal Fees		8,605			8,605			8,605			8,605
Audit Fees		7,183			7,184			7,184			7,184
Printing Fees		1,066			11,259			3,871			2,433
Pricing Fees		104			100			100			100
Custodian Fees		9			62			9			62
Other Expenses		7,727			14,452			9,277			8,525

Total Expenses		93,879			407,613			179,185			106,705
Less:
Waiver of Expenses		(63,033	)		(66,462	)		(69,627	)		(63,126	)
Net Expenses		30,846			341,151			109,558			43,579

Net Investment Income		2,033,586			19,167,800			6,227,000			3,141,914
Net Realized Gain (Loss) on:
Affiliated Investments		1,283,640			26,443,116			3,951,461			21,068,922
Net Realized Gain (Loss)		1,283,640			26,443,116			3,951,461			21,068,922
Net Change in Unrealized Appreciation (Depreciation) on:
Affiliated Investments		(2,041,026	)		(40,601,300	)		(4,704,380	)		(27,479,341	)
Net Change in Unrealized Appreciation (Depreciation)		(2,041,026	)		(40,601,300	)		(4,704,380	)		(27,479,341	)
Net Realized and Unrealized Loss		(757,386	)		(14,158,184	)		(752,919	)		(6,410,419	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,276,200		$	5,009,616		$	5,474,081		$	(3,268,505	)

The accompanying notes are an integral part of the financial statements.

112

CATHOLIC RESPONSIBLE INVESTMENTS

Statements of Changes in Net Assets

	Catholic Responsible Investments Ultra Short Bond Fund						Catholic Responsible Investments Short Duration Bond Fund
	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024			Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024
Operations:
Net Investment Income	$	1,950,042		$	3,271,009		$	11,419,826		$	21,247,977
Net Realized Gain (Loss)		2,247			2,781			(716,499	)		(2,181,411	)
Net Change in Unrealized Appreciation (Depreciation)		(101,082	)		53,199			3,587,527			13,336,182
Net Increase in Net Assets Resulting from Operations		1,851,207			3,326,989			14,290,854			32,402,748
Distributions:
Institutional Shares		(2,029,568	)		(3,269,104	)		(11,090,130	)		(20,954,065	)
Total Distributions		(2,029,568	)		(3,269,104	)		(11,090,130	)		(20,954,065	)

Capital Share Transactions:
Institutional:
Issued		81,430,334			86,305,592			30,294,416			69,656,278
Reinvestment of Dividends and Distributions		2,024,325			3,248,940			11,018,604			20,612,579
Redeemed		(44,170,073	)		(81,887,557	)		(32,628,002	)		(79,070,736	)
Net Institutional Share Transactions		39,284,586			7,666,975			8,685,018			11,198,121
Net Increase in Net Assets from Share Transactions		39,284,586			7,666,975			8,685,018			11,198,121
Total Increase in Net Assets		39,106,225			7,724,860			11,885,742			22,646,804
Net Assets:
Beginning of Year/Period		66,180,582			58,455,722			496,136,095			473,489,291
End of Year/Period	$	105,286,807		$	66,180,582		$	508,021,837		$	496,136,095
Shares Transactions:
Institutional:
Issued		8,115,986			8,593,797			3,130,393			7,243,252
Reinvestment of Dividends and Distributions		202,001			324,009			1,139,328			2,145,662
Redeemed		(4,397,969	)		(8,152,072	)		(3,370,022	)		(8,233,464	)
Net Institutional Shares Capital Share Transactions		3,920,018			765,734			899,699			1,155,450
Net Increase in Shares Outstanding from Share Transactions		3,920,018			765,734			899,699			1,155,450

The accompanying notes are an integral part of the financial statements.

113

CATHOLIC RESPONSIBLE INVESTMENTS

Statements of Changes in Net Assets

	Catholic Responsible Investments Bond Fund						Catholic Responsible Investments Opportunistic Bond Fund
	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024			Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024
Operations:
Net Investment Income	$	52,092,602		$	91,200,469		$	17,115,695		$	28,858,295
Net Realized Gain (Loss)		(19,020,677	)		(14,914,497	)		(2,022,851	)		579,128
Net Change in Unrealized Appreciation (Depreciation)		18,759,130			135,801,654			3,798,578			22,168,904
Net Increase in Net Assets Resulting from Operations		51,831,055			212,087,626			18,891,422			51,606,327
Distributions:
Institutional Shares		(48,925,379	)		(86,758,144	)		(15,101,945	)		(26,274,147	)
Investor Shares		(1,822,574	)		(3,014,383	)		(1,631,209	)		(2,454,257	)
Total Distributions		(50,747,953	)		(89,772,527	)		(16,733,154	)		(28,728,404	)

Capital Share Transactions:
Institutional:
Issued		153,381,357			400,368,664			31,882,475			122,384,357
Reinvestment of Dividends and Distributions		44,822,408			81,066,125			14,525,882			25,192,879
Redemption Fees - Note 2		—			721			—			—
Redeemed		(116,243,821	)		(127,924,302	)		(52,368,853	)		(36,398,994	)
Net Institutional Share Transactions		81,959,944			353,511,208			(5,960,496	)		111,178,242
Investor:
Issued		34,846,283			39,051,520			11,770,674			37,971,157
Reinvestment of Dividends and Distributions		1,716,406			2,869,228			1,547,641			2,351,810
Redemption Fees - Note 2		—			2,540			—			8
Redeemed		(8,292,236	)		(25,188,991	)		(3,039,817	)		(4,495,150	)
Net Investor Share Transactions		28,270,453			16,734,297			10,278,498			35,827,825
Net Increase in Net Assets from Share Transactions		110,230,397			370,245,505			4,318,002			147,006,067
Total Increase in Net Assets		111,313,499			492,560,604			6,476,270			169,883,990
Net Assets:
Beginning of Year/Period		2,265,441,959			1,772,881,355			695,264,963			525,380,973
End of Year/Period	$	2,376,755,458		$	2,265,441,959		$	701,741,233		$	695,264,963
Shares Transactions:
Institutional:
Issued		18,136,185			47,547,935			3,430,598			13,172,549
Reinvestment of Dividends and Distributions		5,300,837			9,580,886			1,563,495			2,731,353
Redeemed		(13,739,431	)		(15,168,348	)		(5,625,919	)		(3,945,238	)
Net Institutional Shares Capital Share Transactions		9,697,591			41,960,473			(631,826	)		11,958,664
Investor:
Issued		4,133,948			4,603,970			1,266,389			4,119,763
Reinvestment of Dividends and Distributions		203,027			339,176			166,538			254,788
Redeemed		(979,922	)		(2,979,660	)		(326,862	)		(487,303	)
Net Investor Shares Capital Share Transactions		3,357,053			1,963,486			1,106,065			3,887,248
Net Increase in Shares Outstanding from Share Transactions		13,054,644			43,923,959			474,239			15,845,912

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.

114

CATHOLIC RESPONSIBLE INVESTMENTS

Statements of Changes in Net Assets

	Catholic Responsible Investments Equity Index Fund						Catholic Responsible Investments Small-Cap Fund
	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024			Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024
Operations:
Net Investment Income	$	23,214,037		$	46,777,822		$	3,759,616		$	7,901,222
Net Realized Gain		55,605,923			65,500,830			9,211,617			19,570,959
Net Change in Unrealized Appreciation (Depreciation)		(131,463,649	)		1,012,495,057			(68,474,992	)		99,424,827
Net Increase (Decrease) in Net Assets Resulting from Operations		(52,643,689	)		1,124,773,709			(55,503,759	)		126,897,008
Distributions:
Institutional Shares		(62,162,142	)		(46,433,637	)		(9,437,665	)		(7,069,815	)
Total Distributions		(62,162,142	)		(46,433,637	)		(9,437,665	)		(7,069,815	)

Capital Share Transactions:
Institutional:
Issued		190,727,755			380,418,492			43,487,372			56,161,494
Reinvestment of Dividends and Distributions		58,844,301			43,763,993			8,646,585			6,464,219
Redemption Fees - Note 2		—			252			—			20
Redeemed		(335,897,899	)		(600,703,986	)		(57,725,101	)		(50,656,953	)
Net Institutional Share Transactions		(86,325,843	)		(176,521,249	)		(5,591,144	)		11,968,780
Net Increase (Decrease) in Net Assets from Share Transactions		(86,325,843	)		(176,521,249	)		(5,591,144	)		11,968,780
Total Increase (Decrease) in Net Assets		(201,131,674	)		901,818,823			(70,532,568	)		131,795,973
Net Assets:
Beginning of Year/Period		3,964,785,325			3,062,966,502			559,543,081			427,747,108
End of Year/Period	$	3,763,653,651		$	3,964,785,325		$	489,010,513		$	559,543,081
Shares Transactions:
Institutional:
Issued		15,462,262			33,434,548			4,880,010			6,019,214
Reinvestment of Dividends and Distributions		4,626,930			3,814,045			869,579			662,969
Redeemed		(26,814,962	)		(52,863,952	)		(5,954,762	)		(5,394,184	)
Net Institutional Shares Capital Share Transactions		(6,725,770	)		(15,615,359	)		(205,173	)		1,287,999
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(6,725,770	)		(15,615,359	)		(205,173	)		1,287,999

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.

115

CATHOLIC RESPONSIBLE INVESTMENTS

Statements of Changes in Net Assets

	Catholic Responsible Investments Multi-Style US Equity Fund						Catholic Responsible Investments International Equity Fund
	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024			Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024
Operations:
Net Investment Income	$	1,796,044		$	5,075,196		$	10,563,018		$	19,230,577
Net Realized Gain		5,609,862			87,833,181			19,067,380			105,208,511
Net Change in Unrealized Appreciation (Depreciation)		(24,874,646	)		123,568,163			55,896,129			186,850,133
Net Increase (Decrease) in Net Assets Resulting from Operations		(17,468,740	)		216,476,540			85,526,527			311,289,221
Distributions:
Institutional Shares		(50,935,222	)		(4,226,839	)		(97,899,717	)		(22,472,807	)
Investor Shares		(2,772,895	)		(180,457	)		(6,219,091	)		(1,055,263	)
Total Distributions		(53,708,117	)		(4,407,296	)		(104,118,808	)		(23,528,070	)

Capital Share Transactions:
Institutional:
Issued		16,464,799			50,806,356			348,916,313			224,522,982
Reinvestment of Dividends and Distributions		46,693,319			3,878,800			90,295,650			20,826,400
Redemption Fees - Note 2		—			1			—			1,405
Redeemed		(107,644,904	)		(114,098,703	)		(146,805,270	)		(216,147,682	)
Net Institutional Share Transactions		(44,486,786	)		(59,413,546	)		292,406,693			29,203,105
Investor:
Issued		1,299,502			478,233			54,707,406			46,715,810
Reinvestment of Dividends and Distributions		2,632,239			162,602			6,190,812			1,031,702
Redemption Fees - Note 2		—			17			—			4,037
Redeemed		(4,642,721	)		(8,063,115	)		(13,732,734	)		(12,126,335	)
Net Investor Share Transactions		(710,980	)		(7,422,263	)		47,165,484			35,625,214
Net Increase (Decrease) in Net Assets from Share Transactions		(45,197,766	)		(66,835,809	)		339,572,177			64,828,319
Total Increase (Decrease) in Net Assets		(116,374,623	)		145,233,435			320,979,896			352,589,470
Net Assets:
Beginning of Year/Period		855,974,914			710,741,479			1,531,687,726			1,179,098,256
End of Year/Period	$	739,600,291		$	855,974,914		$	1,852,667,622		$	1,531,687,726
Shares Transactions:
Institutional:
Issued		1,531,998			4,626,007			35,427,638			22,582,232
Reinvestment of Dividends and Distributions		4,158,373			354,285			9,592,124			2,075,279
Redeemed		(9,716,778	)		(10,529,132	)		(14,848,966	)		(21,628,301	)
Net Institutional Shares Capital Share Transactions		(4,026,407	)		(5,548,840	)		30,170,796			3,029,210
Investor:
Issued		114,660			41,214			5,532,793			4,665,422
Reinvestment of Dividends and Distributions		234,339			14,927			657,863			102,039
Redeemed		(385,425	)		(760,071	)		(1,368,214	)		(1,272,521	)
Net Investor Shares Capital Share Transactions		(36,426	)		(703,930	)		4,822,442			3,494,940
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(4,062,833	)		(6,252,770	)		34,993,238			6,524,150

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.

116

CATHOLIC RESPONSIBLE INVESTMENTS

Statements of Changes in Net Assets

	Catholic Responsible Investments International Small-Cap Fund						Catholic Responsible Investments Magnus 45/55 Fund
	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024			Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024
Operations:
Net Investment Income	$	990,703		$	1,583,164		$	2,033,586		$	3,757,646
Net Realized Gain		3,229,496			5,012,297			1,283,640			670,869
Net Change in Unrealized Appreciation (Depreciation)		3,095,609			12,506,567			(2,041,026	)		18,191,245
Net Increase in Net Assets Resulting from Operations		7,315,808			19,102,028			1,276,200			22,619,760
Distributions:
Institutional Shares		(1,556,643	)		(1,977,492	)		(2,954,275	)		(2,355,327	)
Investor Shares		—			—			(958,935	)		(885,252	)
Total Distributions		(1,556,643	)		(1,977,492	)		(3,913,210	)		(3,240,579	)

Capital Share Transactions:
Institutional:
Issued		5,961,728			22,470,821			670,048			2,721,544
Reinvestment of Dividends and Distributions		1,481,363			1,885,426			2,954,275			2,355,327
Redeemed		(11,762,441	)		(6,341,436	)		(2,329,452	)		(3,593,131	)
Net Institutional Share Transactions		(4,319,350	)		18,014,811			1,294,871			1,483,740
Investor:
Issued		—			—			37,546			2,431,801
Reinvestment of Dividends and Distributions		—			—			948,594			784,095
Redeemed		—			—			(6,837,579	)		(4,837,007	)
Net Investor Share Transactions		—			—			(5,851,439	)		(1,621,111	)
Net Increase (Decrease) in Net Assets from Share Transactions		(4,319,350	)		18,014,811			(4,556,568	)		(137,371	)
Total Increase (Decrease) in Net Assets		1,439,815			35,139,347			(7,193,578	)		19,241,810
Net Assets:
Beginning of Year/Period		106,289,097			71,149,750			134,616,413			115,374,603
End of Year/Period	$	107,728,912		$	106,289,097		$	127,422,835		$	134,616,413
Shares Transactions:
Institutional:
Issued		614,574			2,333,344			66,242			261,393
Reinvestment of Dividends and Distributions		150,477			192,514			290,775			246,631
Redeemed		(1,188,520	)		(651,964	)		(226,483	)		(369,650	)
Net Institutional Shares Capital Share Transactions		(423,469	)		1,873,894			130,534			138,374
Investor:
Issued		—			—			3,675			249,850
Reinvestment of Dividends and Distributions		—			—			93,274			82,104
Redeemed		—			—			(660,379	)		(486,777	)
Net Investor Shares Capital Share Transactions		—			—			(563,430	)		(154,823	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(423,469	)		1,873,894			(432,896	)		(16,449	)

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.

117

CATHOLIC RESPONSIBLE INVESTMENTS

Statements of Changes in Net Assets

	Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund						Catholic Responsible Investments Magnus 60/40 Beta Plus Fund
	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024			Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024
Operations:
Net Investment Income	$	19,167,800		$	29,527,658		$	6,227,000		$	11,426,968
Net Realized Gain		26,443,116			11,803,906			3,951,461			1,499,633
Net Change in Unrealized Appreciation (Depreciation)		(40,601,300	)		203,107,031			(4,704,380	)		82,274,310
Net Increase in Net Assets Resulting from Operations		5,009,616			244,438,595			5,474,081			95,200,911
Distributions:
Institutional Shares		(34,294,145	)		(18,248,704	)		(11,291,383	)		(7,738,109	)
Investor Shares		(12,276,388	)		(7,054,159	)		(3,060,847	)		(2,885,351	)
Total Distributions		(46,570,533	)		(25,302,863	)		(14,352,230	)		(10,623,460	)

Capital Share Transactions:
Institutional:
Issued		3,773,348			140,008,722			83,465,089			22,654,706
Reinvestment of Dividends and Distributions		34,294,146			18,248,705			11,291,383			7,738,109
Redeemed		(39,747,695	)		(25,340,833	)		(14,007,645	)		(17,898,632	)
Net Institutional Share Transactions		(1,680,201	)		132,916,594			80,748,827			12,494,183
Investor:
Issued		2,437,925			8,726,284			27,092,114			7,810,880
Reinvestment of Dividends and Distributions		11,858,454			6,779,560			2,968,988			2,825,877
Redeemed		(8,139,970	)		(15,153,294	)		(22,800,585	)		(44,229,572	)
Net Investor Share Transactions		6,156,409			352,550			7,260,517			(33,592,815	)
Net Increase (Decrease) in Net Assets from Share Transactions		4,476,208			133,269,144			88,009,344			(21,098,632	)
Total Increase (Decrease) in Net Assets		(37,084,709	)		352,404,876			79,131,195			63,478,819
Net Assets:
Beginning of Year/Period		1,399,799,257			1,047,394,381			469,168,507			405,689,688
End of Year/Period	$	1,362,714,548		$	1,399,799,257		$	548,299,702		$	469,168,507
Shares Transactions:
Institutional:
Issued		358,972			13,917,585			8,410,571			2,161,097
Reinvestment of Dividends and Distributions		3,294,000			1,886,891			1,061,464			797,743
Redeemed		(3,761,667	)		(2,493,896	)		(1,319,788	)		(1,767,027	)
Net Institutional Shares Capital Share Transactions		(108,695	)		13,310,580			8,152,247			1,191,813
Investor:
Issued		232,252			874,074			2,520,469			765,309
Reinvestment of Dividends and Distributions		1,138,905			700,998			278,801			291,027
Redeemed		(770,270	)		(1,517,744	)		(2,201,503	)		(4,253,011	)
Net Investor Shares Capital Share Transactions		600,887			57,328			597,767			(3,196,675	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		492,192			13,367,908			8,750,014			(2,004,862	)

The accompanying notes are an integral part of the financial statements.

118

CATHOLIC RESPONSIBLE INVESTMENTS

Statements of Changes in Net Assets

	Catholic Responsible Investments Magnus 75/25 Fund
	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024
Operations:
Net Investment Income	$	3,141,914		$	5,950,354
Net Realized Gain		21,068,922			654,381
Net Change in Unrealized Appreciation (Depreciation)		(27,479,341	)		60,181,025
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,268,505	)		66,785,760
Distributions:
Institutional Shares		(6,347,464	)		(5,258,918	)
Investor Shares		(1,034,420	)		(774,184	)
Total Distributions		(7,381,884	)		(6,033,102	)

Capital Share Transactions:
Institutional:
Issued		9,831,048			31,701,352
Reinvestment of Dividends and Distributions		6,347,465			5,258,918
Redeemed		(137,840,866	)		(11,144,925	)
Net Institutional Share Transactions		(121,662,353	)		25,815,345
Investor:
Issued		38,329			12,398,998
Reinvestment of Dividends and Distributions		1,034,420			774,185
Redeemed		(169,323	)		(14,124,112	)
Net Investor Share Transactions		903,426			(950,929	)
Net Increase (Decrease) in Net Assets from Share Transactions		(120,758,927	)		24,864,416
Total Increase (Decrease) in Net Assets		(131,409,316	)		85,617,074
Net Assets:
Beginning of Year/Period		339,330,315			253,713,241
End of Year/Period	$	207,920,999		$	339,330,315
Shares Transactions:
Institutional:
Issued		884,606			2,968,946
Reinvestment of Dividends and Distributions		587,776			539,274
Redeemed		(13,100,008	)		(1,081,340	)
Net Institutional Shares Capital Share Transactions		(11,627,626	)		2,426,880
Investor:
Issued		3,544			1,127,102
Reinvestment of Dividends and Distributions		95,779			79,390
Redeemed		(15,765	)		(1,360,378	)
Net Investor Shares Capital Share Transactions		83,558			(153,886	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(11,544,068	)		2,272,994

The accompanying notes are an integral part of the financial statements.

119

CATHOLIC RESPONSIBLE INVESTMENTS

Financial Highlights

Selected Per Share Data & Ratios

For the Six Months Ended April 30, 2025 (Unaudited) and the Fiscal Years or Period Ended October 31,

For A Share Outstanding Throughout the Years or Periods

	Net Asset Value, Beginning of Year or Period		Net Investment Income*		Net Realized and Unrealized Gain (Loss)			Total from Operations			Distributions from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Redemption Fees**			Net Asset Value, End of Year or Period		Total Return^†			Net Assets, End of Year or Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets (excluding waivers)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate^‡
Catholic Responsible Investments Ultra Short Bond Fund
Institutional Shares
2025@	$	10.04	$	0.22	$	–		$	0.22		$	(0.21	)	$	(0.03	)	$	(0.24	)	$	–		$	10.02		2.11	%	$	105,287		0.35	%		0.46	%		4.40	%		34	%
2024	$	10.03	$	0.52	$	0.02		$	0.54		$	(0.50	)	$	(0.03	)	$	(0.53	)	$	–		$	10.04		5.38	%	$	66,181		0.35	%		0.54	%		5.16	%		118	%
2023	$	9.99	$	0.45	$	0.01		$	0.46		$	(0.42	)	$	–		$	(0.42	)	$	–		$	10.03		4.76	%	$	58,456		0.35	%		0.54	%		4.46	%		93	%
2022⁽¹⁾	$	10.00	$	0.07	$	–	^(a)	$	0.07		$	(0.08	)	$	–		$	(0.08	)	$	–		$	9.99		0.69	%	$	53,159		0.35	%		0.58	%		0.80	%		14	%
Catholic Responsible Investments Short Duration Bond Fund
Institutional Shares
2025@	$	9.66	$	0.22	$	0.05		$	0.27		$	(0.21	)	$	–		$	(0.21	)	$	–		$	9.72		2.88	%	$	508,022		0.35	%		0.37	%		4.59	%		26	%
2024	$	9.43	$	0.42	$	0.23		$	0.65		$	(0.42	)	$	–		$	(0.42	)	$	–		$	9.66		6.95	%	$	496,136		0.35	%		0.38	%		4.39	%		50	%
2023	$	9.41	$	0.31	$	0.03		$	0.34		$	(0.32	)	$	–		$	(0.32	)	$	–		$	9.43		3.62	%	$	473,489		0.35	%		0.38	%		3.25	%		59	%
2022⁽¹⁾	$	10.00	$	0.13	$	(0.58	)	$	(0.45	)	$	(0.14	)	$	–		$	(0.14	)	$	–		$	9.41		(4.52	)%	$	473,663		0.35	%		0.37	%		1.54	%		95	%
Catholic Responsible Investments Bond Fund
Institutional Shares
2025@	$	8.48	$	0.19	$	–		$	0.19		$	(0.19	)	$	–		$	(0.19	)	$	–		$	8.48		2.23	%	$	2,271,789		0.35	%		0.35	%		4.54	%		42	%
2024	$	7.94	$	0.37	$	0.53		$	0.90		$	(0.36	)	$	–		$	(0.36	)	$	–	#	$	8.48		11.46	%	$	2,188,958		0.35	%		0.35	%		4.39	%		97	%
2023	$	8.23	$	0.35	$	(0.30	)	$	0.05		$	(0.34	)	$	–		$	(0.34	)	$	–		$	7.94		0.57	%	$	1,716,839		0.36	%		0.36	%		4.11	%		54	%
2022⁽¹⁾	$	10.00	$	0.20	$	(1.77	)	$	(1.57	)	$	(0.20	)	$	–		$	(0.20	)	$	–		$	8.23		(15.86	)%	$	1,624,983		0.36	%		0.36	%		2.39	%		86	%
Investor Shares
2025@	$	8.48	$	0.18	$	–		$	0.18		$	(0.18	)	$	–		$	(0.18	)	$	–		$	8.48		2.15	%	$	104,966		0.50	%		0.50	%		4.40	%		42	%
2024	$	7.94	$	0.36	$	0.53		$	0.89		$	(0.35	)	$	–		$	(0.35	)	$	–	#	$	8.48		11.30	%	$	76,484		0.50	%		0.50	%		4.24	%		97	%
2023	$	8.23	$	0.33	$	(0.29	)	$	0.04		$	(0.33	)	$	–		$	(0.33	)	$	–		$	7.94		0.41	%	$	56,043		0.51	%		0.51	%		3.96	%		54	%
2022⁽¹⁾	$	10.00	$	0.18	$	(1.76	)	$	(1.58	)	$	(0.19	)	$	–		$	(0.19	)	$	–		$	8.23		(15.97	)%	$	50,830		0.51	%		0.51	%		2.23	%		86	%

*	Per share data calculated using the average shares method.
**	See Note 2 in the Notes to Financial Statements.
^†	Total return is for the period indicated and has not been annualized if less than one year. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.
^‡	Portfolio turnover is for the period indicated and has not been annualized if less than one year. Excludes effect of in-kind transfers.
#	Amount represents less than $0.005 per share.
(1)	Commenced operations on December 6, 2021. All ratios for the period have been annualized.
(a)	Amount is less than $0.005 per share.
@	For the six month period ended April 30, 2025. All ratios for the period have been annualized.

The accompanying notes are an integral part of the financial statements.

120

CATHOLIC RESPONSIBLE INVESTMENTS

Financial Highlights

Selected Per Share Data & Ratios

For the Six Months Ended April 30, 2025 (Unaudited) and the Fiscal Years or Period Ended October 31,

For A Share Outstanding Throughout the Years or Periods

	Net Asset Value, Beginning of Year or Period		Net Investment Income*		Net Realized and Unrealized Gain (Loss)			Total from Operations			Distributions from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Redemption Fees**			Net Asset Value, End of Year or Period		Total Return^†			Net Assets, End of Year or Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets (excluding waivers)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate^‡
Catholic Responsible Investments Opportunistic Bond Fund
Institutional Shares
2025@	$	9.29	$	0.23	$	0.01		$	0.24		$	(0.22	)	$	–		$	(0.22	)	$	–		$	9.31		2.72	%	$	627,020		0.41	%		0.42	%		4.91	%		83	%
2024	$	8.90	$	0.45	$	0.38		$	0.83		$	(0.44	)	$	–		$	(0.44	)	$	–	#	$	9.29		9.42	%	$	631,035		0.41	%		0.43	%		4.83	%		118	%
2023	$	9.04	$	0.41	$	(0.14	)	$	0.27		$	(0.41	)	$	–		$	(0.41	)	$	–		$	8.90		2.94	%	$	498,415		0.41	%		0.44	%		4.45	%		74	%
2022⁽¹⁾	$	10.00	$	0.19	$	(0.96	)	$	(0.77	)	$	(0.19	)	$	–		$	(0.19	)	$	–		$	9.04		(7.75	)%	$	462,249		0.41	%		0.44	%		2.24	%		179	%
Investor Shares
2025@	$	9.29	$	0.22	$	0.02		$	0.24		$	(0.22	)	$	–		$	(0.22	)	$	–		$	9.31		2.64	%	$	74,721		0.56	%		0.57	%		4.77	%		83	%
2024	$	8.90	$	0.43	$	0.39		$	0.82		$	(0.43	)	$	–		$	(0.43	)	$	–	#	$	9.29		9.25	%	$	64,230		0.56	%		0.58	%		4.68	%		118	%
2023	$	9.04	$	0.39	$	(0.14	)	$	0.25		$	(0.39	)	$	–		$	(0.39	)	$	–		$	8.90		2.81	%	$	26,966		0.56	%		0.59	%		4.29	%		74	%
2022⁽¹⁾	$	10.00	$	0.18	$	(0.96	)	$	(0.78	)	$	(0.18	)	$	–		$	(0.18	)	$	–		$	9.04		(7.88	)%	$	27,438		0.56	%		0.60	%		2.10	%		179	%
Catholic Responsible Investments Equity Index Fund
Institutional Shares
2025@	$	12.41	$	0.07	$	(0.25	)	$	(0.18	)	$	(0.08	)	$	(0.12	)	$	(0.20	)	$	–		$	12.03		(1.51	)%	$	3,763,654		0.09	%		0.10	%		1.17	%		12	%
2024	$	9.14	$	0.14	$	3.27		$	3.41		$	(0.14	)	$	–		$	(0.14	)	$	–	#	$	12.41		37.46	%	$	3,964,785		0.09	%		0.10	%		1.26	%		24	%
2023	$	8.40	$	0.13	$	0.74		$	0.87		$	(0.13	)	$	–		$	(0.13	)	$	–		$	9.14		10.43	%	$	3,062,967		0.09	%		0.11	%		1.48	%		17	%
2022⁽¹⁾	$	10.00	$	0.11	$	(1.61	)	$	(1.50	)	$	(0.10	)	$	–		$	(0.10	)	$	–		$	8.40		(15.01	)%	$	2,837,203		0.09	%		0.11	%		1.34	%		21	%
Catholic Responsible Investments Small-Cap Fund
Institutional Shares
2025@	$	9.96	$	0.07	$	(1.13	)	$	(1.06	)	$	(0.08	)	$	(0.09	)	$	(0.17	)	$	–		$	8.73		(10.77	)%	$	489,011		0.28	%		0.28	%		1.38	%		14	%
2024	$	7.79	$	0.14	$	2.16		$	2.30		$	(0.13	)	$	–		$	(0.13	)	$	–	#	$	9.96		29.49	%	$	559,543		0.28	%		0.28	%		1.51	%		28	%
2023	$	8.92	$	0.12	$	(0.82	)	$	(0.70	)	$	(0.12	)	$	(0.31	)	$	(0.43	)	$	–		$	7.79		(8.15	)%	$	427,747		0.29	%		0.29	%		1.41	%		30	%
2022⁽¹⁾	$	10.00	$	0.09	$	(1.08	)	$	(0.99	)	$	(0.09	)	$	–		$	(0.09	)	$	–		$	8.92		(9.88	)%	$	462,990		0.29	%		0.29	%		1.09	%		25	%

*	Per share data calculated using the average shares method.
**	See Note 2 in the Notes to Financial Statements.
^†	Total return is for the period indicated and has not been annualized if less than one year. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.
^‡	Portfolio turnover is for the period indicated and has not been annualized if less than one year. Excludes effect of in-kind transfers.
#	Amount represents less than $0.005 per share.
(1)	Commenced operations on December 6, 2021. All ratios for the period have been annualized.
@	For the six month period ended April 30, 2025. All ratios for the period have been annualized.

The accompanying notes are an integral part of the financial statements.

121

CATHOLIC RESPONSIBLE INVESTMENTS

Financial Highlights

Selected Per Share Data & Ratios

For the Six Months Ended April 30, 2025 (Unaudited) and the Fiscal Years or Period Ended October 31,

For A Share Outstanding Throughout the Years or Periods

	Net Asset Value, Beginning of Year or Period		Net Investment Income*		Net Realized and Unrealized Gain (Loss)			Total from Operations			Distributions from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Redemption Fees**			Net Asset Value, End of Year or Period		Total Return^†			Net Assets, End of Year or Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets (excluding waivers)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate^‡
Catholic Responsible Investments Multi-Style US Equity Fund
Institutional Shares
2025@	$	11.60	$	0.02	$	(0.27	)	$	(0.25	)	$	(0.04	)	$	(0.71	)	$	(0.75	)	$	–		$	10.60		(2.43	)%	$	697,593		0.66	%		0.66	%		0.45	%		23	%
2024	$	8.88	$	0.07	$	2.71		$	2.78		$	(0.06	)	$	–		$	(0.06	)	$	–	#	$	11.60		31.33	%	$	809,613		0.65	%		0.65	%		0.62	%		178	%
2023	$	8.03	$	0.05	$	0.85		$	0.90		$	(0.05	)	$	–		$	(0.05	)	$	–		$	8.88		11.17	%	$	669,001		0.66	%		0.66	%		0.56	%		32	%
2022⁽¹⁾	$	10.00	$	0.03	$	(1.97	)	$	(1.94	)	$	(0.03	)	$	–		$	(0.03	)	$	–		$	8.03		(19.39	)%	$	618,980		0.67	%		0.67	%		0.39	%		33	%
Investor Shares
2025@	$	11.60	$	0.02	$	(0.28	)	$	(0.26	)	$	(0.03	)	$	(0.71	)	$	(0.74	)	$	–		$	10.60		(2.50	)%	$	42,007		0.81	%		0.81	%		0.29	%		23	%
2024	$	8.88	$	0.05	$	2.71		$	2.76		$	(0.04	)	$	–		$	(0.04	)	$	–	#	$	11.60		31.14	%	$	46,362		0.80	%		0.80	%		0.48	%		178	%
2023	$	8.03	$	0.04	$	0.85		$	0.89		$	(0.04	)	$	–		$	(0.04	)	$	–		$	8.88		11.00	%	$	41,740		0.81	%		0.81	%		0.41	%		32	%
2022⁽¹⁾	$	10.00	$	0.02	$	(1.97	)	$	(1.95	)	$	(0.02	)	$	–		$	(0.02	)	$	–		$	8.03		(19.50	)%	$	42,604		0.82	%		0.82	%		0.23	%		33	%
Catholic Responsible Investments International Equity Fund
Institutional Shares
2025@	$	10.24	$	0.06	$	0.43		$	0.49		$	(0.10	)	$	(0.59	)	$	(0.69	)	$	–		$	10.04		5.28	%	$	1,712,050		0.80	%		0.80	%		1.31	%		21	%
2024	$	8.24	$	0.13	$	2.03		$	2.16		$	(0.16	)	$	–		$	(0.16	)	$	–	#	$	10.24		26.27	%	$	1,437,638		0.80	%		0.80	%		1.34	%		52	%
2023	$	7.40	$	0.13	$	0.85		$	0.98		$	(0.14	)	$	–		$	(0.14	)	$	–		$	8.24		13.24	%	$	1,132,230		0.81	%		0.81	%		1.53	%		47	%
2022⁽¹⁾	$	10.00	$	0.13	$	(2.61	)	$	(2.48	)	$	(0.12	)	$	–		$	(0.12	)	$	–		$	7.40		(24.88	)%	$	1,008,309		0.82	%		0.82	%		1.68	%		46	%
Investor Shares
2025@	$	10.24	$	0.06	$	0.43		$	0.49		$	(0.10	)	$	(0.59	)	$	(0.69	)	$	–		$	10.04		5.19	%	$	140,618		0.95	%		0.95	%		1.21	%		21	%
2024	$	8.24	$	0.12	$	2.03		$	2.15		$	(0.15	)	$	–		$	(0.15	)	$	–	#	$	10.24		26.14	%	$	94,050		0.95	%		0.95	%		1.19	%		52	%
2023	$	7.40	$	0.12	$	0.85		$	0.97		$	(0.13	)	$	–		$	(0.13	)	$	–		$	8.24		13.07	%	$	46,868		0.96	%		0.96	%		1.36	%		47	%
2022⁽¹⁾	$	10.00	$	0.12	$	(2.61	)	$	(2.49	)	$	(0.11	)	$	–		$	(0.11	)	$	–		$	7.40		(24.98	)%	$	47,864		0.97	%		0.97	%		1.52	%		46	%
Catholic Responsible Investments International Small-Cap Fund
Institutional Shares
2025@	$	9.87	$	0.09	$	0.60		$	0.69		$	(0.15	)	$	–		$	(0.15	)	$	–		$	10.41		7.08	%	$	107,729		1.15	%		1.28	%		1.88	%		26	%
2024	$	8.00	$	0.16	$	1.91		$	2.07		$	(0.20	)	$	–		$	(0.20	)	$	–	#	$	9.87		25.88	%	$	106,289		1.15	%		1.34	%		1.69	%		135	%
2023	$	7.57	$	0.19	$	0.44		$	0.63		$	(0.20	)	$	–		$	(0.20	)	$	–		$	8.00		8.12	%	$	71,150		1.15	%		1.30	%		2.19	%		68	%
2022⁽¹⁾	$	10.00	$	0.18	$	(2.47	)	$	(2.29	)	$	(0.14	)	$	–		$	(0.14	)	$	–		$	7.57		(22.99	)%	$	65,161		1.15	%		1.40	%		2.17	%		69	%

*	Per share data calculated using the average shares method.
**	See Note 2 in the Notes to Financial Statements.
^†	Total return is for the period indicated and has not been annualized if less than one year. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.
^‡	Portfolio turnover is for the period indicated and has not been annualized if less than one year. Excludes effect of in-kind transfers.
#	Amount represents less than $0.005 per share.
(1)	Commenced operations on December 6, 2021. All ratios for the period have been annualized.
@	For the six month period ended April 30, 2025. All ratios for the period have been annualized.

The accompanying notes are an integral part of the financial statements.

122

CATHOLIC RESPONSIBLE INVESTMENTS

Financial Highlights

Selected Per Share Data & Ratios

For the Six Months Ended April 30, 2025 (Unaudited) and the Fiscal Years or Period Ended October 31,

For A Share Outstanding Throughout the Years or Periods

	Net Asset Value, Beginning of Year or Period		Net Investment Income*		Net Realized and Unrealized Gain (Loss)			Total from Operations			Distributions from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Redemption Fees**		Net Asset Value, End of Year or Period		Total Return^†			Net Assets, End of Year or Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets (excluding waivers)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate^‡
Catholic Responsible Investments Magnus 45/55 Fund
Institutional Shares
2025@	$	10.37	$	0.16	$	(0.07	)	$	0.09		$	(0.31	)	$	–		$	(0.31	)	$	–	$	10.15		0.91	%	$	98,219		–	%⁽¹⁾		0.11	%⁽¹⁾		3.16	%⁽²⁾		3	%
2024	$	8.87	$	0.29	$	1.46		$	1.75		$	(0.25	)	$	–		$	(0.25	)	$	–	$	10.37		19.91	%	$	98,975		–	%⁽¹⁾		0.11	%⁽¹⁾		2.96	%⁽²⁾		10	%
2023	$	8.60	$	0.27	$	0.15		$	0.42		$	(0.15	)	$	–		$	(0.15	)	$	–	$	8.87		4.96	%	$	83,489		–	%⁽¹⁾		0.14	%⁽¹⁾		2.94	%⁽²⁾		8	%
2022⁽³⁾	$	10.00	$	0.15	$	(1.54	)	$	(1.39	)	$	(0.01	)	$	–		$	(0.01	)	$	–	$	8.60		(13.93	)%	$	42,017		–	%⁽¹⁾		0.20	%⁽¹⁾		1.75	%⁽²⁾		9	%
Investor Shares
2025@	$	10.36	$	0.15	$	(0.06	)	$	0.09		$	(0.30	)	$	–		$	(0.30	)	$	–	$	10.15		0.83	%	$	29,204		0.15	%⁽¹⁾		0.26	%⁽¹⁾		2.94	%⁽²⁾		3	%
2024	$	8.87	$	0.28	$	1.45		$	1.73		$	(0.24	)	$	–		$	(0.24	)	$	–	$	10.36		19.73	%	$	35,641		0.15	%⁽¹⁾		0.26	%⁽¹⁾		2.81	%⁽²⁾		10	%
2023	$	8.59	$	0.24	$	0.18		$	0.42		$	(0.14	)	$	–		$	(0.14	)	$	–	$	8.87		4.80	%	$	31,886		0.15	%⁽¹⁾		0.29	%⁽¹⁾		2.69	%⁽²⁾		8	%
2022⁽³⁾	$	10.00	$	0.13	$	(1.53	)	$	(1.40	)	$	(0.01	)	$	–		$	(0.01	)	$	–	$	8.59		(14.03	)%	$	29,405		0.15	%⁽¹⁾		0.35	%⁽¹⁾		1.56	%⁽²⁾		9	%
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund
Institutional Shares
2025@	$	10.57	$	0.15	$	(0.11	)	$	0.04		$	(0.26	)	$	(0.10	)	$	(0.36	)	$	–	$	10.25		0.33	%	$	989,959		–	%⁽¹⁾		0.02	%⁽¹⁾		2.81	%⁽²⁾		5	%
2024	$	8.80	$	0.24	$	1.74		$	1.98		$	(0.21	)	$	–		$	(0.21	)	$	–	$	10.57		22.77	%	$	1,022,035		–	%⁽¹⁾		0.02	%⁽¹⁾		2.36	%⁽²⁾		8	%
2023	$	8.43	$	0.20	$	0.32		$	0.52		$	(0.15	)	$	–		$	(0.15	)	$	–	$	8.80		6.23	%	$	733,461		–	%⁽¹⁾		0.02	%⁽¹⁾		2.28	%⁽²⁾		4	%
2022⁽³⁾	$	10.00	$	0.12	$	(1.68	)	$	(1.56	)	$	(0.01	)	$	–		$	(0.01	)	$	–	$	8.43		(15.63	)%	$	702,135		–	%⁽¹⁾		0.03	%⁽¹⁾		1.75	%⁽²⁾		9	%
Investor Shares
2025@	$	10.56	$	0.14	$	(0.11	)	$	0.03		$	(0.24	)	$	(0.10	)	$	(0.34	)	$	–	$	10.25		0.26	%	$	372,756		0.15	%⁽¹⁾		0.17	%⁽¹⁾		2.66	%⁽²⁾		5	%
2024	$	8.79	$	0.22	$	1.75		$	1.97		$	(0.20	)	$	–		$	(0.20	)	$	–	$	10.56		22.59	%	$	377,764		0.15	%⁽¹⁾		0.17	%⁽¹⁾		2.21	%⁽²⁾		8	%
2023	$	8.42	$	0.19	$	0.31		$	0.50		$	(0.13	)	$	–		$	(0.13	)	$	–	$	8.79		6.07	%	$	313,933		0.15	%⁽¹⁾		0.17	%⁽¹⁾		2.13	%⁽²⁾		4	%
2022⁽³⁾	$	10.00	$	0.10	$	(1.67	)	$	(1.57	)	$	(0.01	)	$	–		$	(0.01	)	$	–	$	8.42		(15.74	)%	$	296,153		0.15	%⁽¹⁾		0.18	%⁽¹⁾		1.20	%⁽²⁾		9	%

*	Per share data calculated using the average shares method.
**	See Note 2 in the Notes to Financial Statements.
^†	Total return is for the period indicated and has not been annualized if less than one year. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.
^‡	Portfolio turnover is for the period indicated and has not been annualized if less than one year. Excludes effect of in-kind transfers.
(1)	The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which is invests. Such expenses are not included in the calculation of this ratio.
(2)	Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.
(3)	Commenced operations on December 6, 2021. All ratios for the period have been annualized.
@	For the six month period ended April 30, 2025. All ratios for the period have been annualized.

The accompanying notes are an integral part of the financial statements.

123

CATHOLIC RESPONSIBLE INVESTMENTS

Financial Highlights

Selected Per Share Data & Ratios

For the Six Months Ended April 30, 2025 (Unaudited) and the Fiscal Years or Period Ended October 31,

For A Share Outstanding Throughout the Years or Periods

	Net Asset Value, Beginning of Year or Period		Net Investment Income*		Net Realized and Unrealized Gain (Loss)			Total from Operations			Distributions from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Redemption Fees**		Net Asset Value, End of Year or Period		Total Return^†			Net Assets, End of Year or Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets (excluding waivers)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate^‡
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund
Institutional Shares
2025@	$	10.75	$	0.14	$	(0.09	)	$	0.05		$	(0.28	)	$	(0.06	)	$	(0.34	)	$	–	$	10.46		0.42	%	$	439,842		–	%⁽¹⁾		0.04	%⁽¹⁾		2.60	%⁽²⁾		5	%
2024	$	8.88	$	0.26	$	1.85		$	2.11		$	(0.24	)	$	–		$	(0.24	)	$	–	$	10.75		23.92	%	$	364,271		–	%⁽¹⁾		0.03	%⁽¹⁾		2.53	%⁽²⁾		11	%
2023	$	8.55	$	0.23	$	0.27		$	0.50		$	(0.17	)	$	–		$	(0.17	)	$	–	$	8.88		5.99	%	$	290,585		–	%⁽¹⁾		0.04	%⁽¹⁾		2.52	%⁽²⁾		8	%
2022⁽³⁾	$	10.00	$	0.15	$	(1.59	)	$	(1.44	)	$	(0.01	)	$	–		$	(0.01	)	$	–	$	8.55		(14.42	)%	$	274,863		–	%⁽¹⁾		0.06	%⁽¹⁾		1.82	%⁽²⁾		5	%
Investor Shares
2025@	$	10.74	$	0.13	$	(0.09	)	$	0.04		$	(0.26	)	$	(0.06	)	$	(0.32	)	$	–	$	10.46		0.34	%	$	108,458		0.15	%⁽¹⁾		0.19	%⁽¹⁾		2.47	%⁽²⁾		5	%
2024	$	8.88	$	0.24	$	1.84		$	2.08		$	(0.22	)	$	–		$	(0.22	)	$	–	$	10.74		23.74	%	$	104,898		0.15	%⁽¹⁾		0.18	%⁽¹⁾		2.36	%⁽²⁾		11	%
2023	$	8.53	$	0.21	$	0.29		$	0.50		$	(0.15	)	$	–		$	(0.15	)	$	–	$	8.88		5.84	%	$	115,105		0.15	%⁽¹⁾		0.19	%⁽¹⁾		2.37	%⁽²⁾		8	%
2022⁽³⁾	$	10.00	$	0.12	$	(1.58	)	$	(1.46	)	$	(0.01	)	$	–		$	(0.01	)	$	–	$	8.53		(14.63	)%	$	112,716		0.15	%⁽¹⁾		0.21	%⁽¹⁾		1.47	%⁽²⁾		5	%
Catholic Responsible Investments Magnus 75/25 Fund
Institutional Shares
2025@	$	10.87	$	0.12	$	(0.14	)	$	(0.02	)	$	(0.25	)	$	(0.04	)	$	(0.29	)	$	–	$	10.56		(0.21	)%	$	167,029		–	%⁽¹⁾		0.05	%⁽¹⁾		2.20	%⁽²⁾		9	%
2024	$	8.76	$	0.20	$	2.12		$	2.32		$	(0.19	)	$	(0.02	)	$	(0.21	)	$	–	$	10.87		26.69	%	$	298,182		–	%⁽¹⁾		0.06	%⁽¹⁾		1.99	%⁽²⁾		7	%
2023	$	8.40	$	0.18	$	0.40		$	0.58		$	(0.14	)	$	(0.08	)	$	(0.22	)	$	–	$	8.76		7.09	%	$	219,190		–	%⁽¹⁾		0.07	%⁽¹⁾		2.05	%⁽²⁾		5	%
2022⁽³⁾	$	10.00	$	0.12	$	(1.71	)	$	(1.59	)	$	(0.01	)	$	–		$	(0.01	)	$	–	$	8.40		(15.94	)%	$	188,299		–	%⁽¹⁾		0.08	%⁽¹⁾		1.40	%⁽²⁾		5	%
Investor Shares
2025@	$	10.85	$	0.11	$	(0.13	)	$	(0.02	)	$	(0.24	)	$	(0.04	)	$	(0.28	)	$	–	$	10.55		(0.31	)%	$	40,892		0.15	%⁽¹⁾		0.20	%⁽¹⁾		2.12	%⁽²⁾		9	%
2024	$	8.75	$	0.18	$	2.12		$	2.30		$	(0.18	)	$	(0.02	)	$	(0.20	)	$	–	$	10.85		26.53	%	$	41,148		0.15	%⁽¹⁾		0.21	%⁽¹⁾		1.78	%⁽²⁾		7	%
2023	$	8.38	$	0.17	$	0.41		$	0.58		$	(0.13	)	$	(0.08	)	$	(0.21	)	$	–	$	8.75		6.92	%	$	34,523		0.15	%⁽¹⁾		0.22	%⁽¹⁾		1.88	%⁽²⁾		5	%
2022⁽³⁾	$	10.00	$	0.10	$	(1.71	)	$	(1.61	)	$	(0.01	)	$	–		$	(0.01	)	$	–	$	8.38		(16.15	)%	$	31,925		0.15	%⁽¹⁾		0.23	%⁽¹⁾		1.23	%⁽²⁾		5	%

*	Per share data calculated using the average shares method.
**	See Note 2 in the Notes to Financial Statements.
^†	Total return is for the period indicated and has not been annualized if less than one year. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.
^‡	Portfolio turnover is for the period indicated and has not been annualized if less than one year. Excludes effect of in-kind transfers.
(1)	The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which is invests. Such expenses are not included in the calculation of this ratio.
(2)	Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.
(3)	Commenced operations on December 6, 2021. All ratios for the period have been annualized.
@	For the six month period ended April 30, 2025. All ratios for the period have been annualized.

The accompanying notes are an integral part of the financial statements.

124

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APRIL 30, 2025 (Unaudited)

Notes to Financial Statements

1. Organization:

Catholic Responsible Investments Funds (the “Trust”) is an open-end management investment company that currently offers shares of thirteen active separate diversified portfolios: the Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Equity Index Fund, Catholic Responsible Investments Small-Cap Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund, Catholic Responsible Investments International Small-Cap Fund, Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, and Catholic Responsible Investments Magnus 75/25 Fund (each, a “Fund” and together, the “Funds”). The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated July 8, 2021 and amended and restated November 17, 2021 (the “Declaration of Trust”). The Declaration of Trust permits the Trust to offer separate series (“portfolios”) of units of beneficial interest (“shares”) and separate classes of shares of such portfolios. Each share of each portfolio represents an equal proportionate interest in that portfolio with each other share of that portfolio. The Funds are successors to the funds of the Catholic United Investment Trust (the “Predecessor Funds”). The Predecessor Funds were managed by Christian Brothers Investment Services, Inc. (“CBIS,” or, the “Adviser”) using investment objectives, strategies, policies and restrictions that were in all material respects equivalent to those used in managing the Funds. The Predecessor Funds dissolved and reorganized into the Investor Shares and Institutional Shares of each Fund on December 6, 2021. All of the assets of the Predecessor Funds were transferred to the Funds in connection with the reorganization.

The investment objective of the Catholic Responsible Investments Ultra Short Bond Fund seeks to provide current income consistent with the preservation of capital.

The investment objective of the Catholic Responsible Investments Short Duration Bond Fund seeks maximum current income consistent with the preservation of capital.

The investment objective of the Catholic Responsible Investments Bond Fund seeks current income and long-term capital appreciation.

The investment objective of the Catholic Responsible Investments Opportunistic Bond Fund seeks current income and to provide relatively low correlation to equity assets.

The investment objective of the Catholic Responsible Investments Equity Index Fund seeks to replicate as closely as possible, before expenses, the performance of the S&P500^® Index.

The investment objective of the Catholic Responsible Investments Small-Cap Fund seeks to replicate the performance of the S&P SmallCap 600^® Index, an index representing small capitalization companies.

The investment objective of the Catholic Responsible Investments Multi-Style US Equity Fund seeks to achieve long-term capital appreciation.

The investment objective of the Catholic Responsible Investments International Equity Fund seeks to achieve long-term capital appreciation.

The investment objective of the Catholic Responsible Investments International Small-Cap Fund seeks to achieve long-term capital appreciation.

The investment objective of each of the Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund (together, the “Magnus Funds”) seeks to achieve current income and long-term capital appreciation.

125

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2025 (Unaudited)

Each Fund’s investment objective is not a fundamental policy and may be changed by the Funds’ Board of Trustees (the “Board”) without shareholder approval.

2. Significant Accounting Policies:

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are presented in U.S. dollars which is the functional currency of the Funds. The Funds are an investment company and therefore applies the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board (“FASB”) in Accounting Standards Codification (“ASC”) Topic 946, Financial Services -- Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the financial statements.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, 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 and such differences could be material.

Security Valuation — The Funds record the investments at fair valuing using the following methodologies. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (the “NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities 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. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts’ Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. 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. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Futures are valued at the final settled price or in lieu of a settled price at the last sale price on the day of valuation. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Repurchase agreements are valued using the repurchase price to be paid.

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. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Trust's Board of Trustees (the “Board”) 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 a Fund calculates net asset value, it may request that a Fair Value Committee (the “Committee”) meeting be called.

126

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2025 (Unaudited)

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the "Fair Value Procedures") established by the Adviser and approved by the Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Committee of the Adviser.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below:

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

Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with the Adviser’s pricing procedures, etc.)

Level 3 — Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

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.

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended April 30, 2025, there have been no significant changes to the Funds’ fair value methodologies.

Federal Income Taxes — It is each Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its income to shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more likely- than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit in the current period. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the open tax year ends, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

127

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2025 (Unaudited)

As of and during the period ended April 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year the Funds did not incur any interest or penalties.

Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country’s tax rules and rates. The Funds or their agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statements of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limitation agreement.

Foreign Taxes — The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. For the period ended April 30, 2025, the Catholic Responsible Investments International Equity Fund and the Catholic Responsible Investments International Small-Cap Fund have accrued foreign tax in the amount of $1,176,505 and $136,427, respectively, presented on the Statements of Assets and Liabilities.

Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date and interest income is recognized on the accrual basis. Costs used in determining realized gains and losses on the sales of investment securities are based on specific identification. Interest income is recognized on an accrual basis from settlement date. Discounts and premiums on securities purchased are accreted and amortized using the effective interest method. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

Futures Contracts — A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Funds may invest in exchange traded futures. These contracts are generally used to provide the return of a type of security without purchasing the securities of the underlying futures contract or to manage the Fund’s overall exposure to the market risk of the fixed income and equity markets. Upon entering into futures contracts, the Fund maintains an amount of cash or liquid securities, with a value equal to a percentage of the contract amount, with either a futures commission merchant or with its custodian in an account in the broker’s name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon the changes in the value of the contract (the variation margin).

A margin deposit held at one counterparty for the futures contracts is included in “Cash pledged as Collateral for Futures Contracts” on the Statements of Assets and Liabilities and would be noted on the Schedule of Investments, if applicable. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Fund records 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 futures contract.

128

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2025 (Unaudited)

For the period ended April 30, 2025, the quarterly average notional value of futures contracts held was as follows (000):

Catholic Responsible Investments Short Duration Bond Fund
Average Quarterly Notional Value Long	$	55,928
Average Quarterly Notional Value Short	$	(1,590)
Catholic Responsible Investments Bond Fund
Average Quarterly Notional Value Long	$	142,685
Catholic Responsible Investments Opportunistic Bond Fund
Average Quarterly Notional Value Long	$	29,279
Catholic Responsible Investments Equity Index Fund
Average Quarterly Notional Value Long	$	11,081
Catholic Responsible Investments Small-Cap Fund
Average Quarterly Notional Value Long	$	2,936
Catholic Responsible Investments International Small-Cap Fund
Average Quarterly Notional Value Long	$	4,063

The following tables are the exposure by type of risk on derivatives held throughout the period:

Catholic Responsible Investments Short Duration Bond Fund
Statements of Assets and Liabilities Location

Asset

Derivatives

Liability

Derivatives

Interest Risk
Futures contracts

Unrealized appreciation (depreciation)
on futures contracts*

492,817

—

492,817

—

Catholic Responsible Investments Bond Fund
Statements of Assets and Liabilities Location

Asset

Derivatives

Liability

Derivatives

Interest Risk
Futures contracts

Unrealized appreciation (depreciation)
on futures contracts*

2,677,666

—

2,677,666

—

Catholic Responsible Investments Opportunistic Bond Fund
Statements of Assets and Liabilities Location

Asset

Derivatives

Liability

Derivatives

Interest Risk
Futures contracts

Unrealized appreciation (depreciation)
on futures contracts*

218,568

—

218,568

—

Catholic Responsible Investments Equity Index Fund
Statements of Assets and Liabilities Location

Asset

Derivatives

Liability

Derivatives

Equity Risk
Futures contracts

Unrealized appreciation (depreciation)
on futures contracts*

732,313

—

732,313

—

129

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2025 (Unaudited)

Catholic Responsible Investments Small-Cap Fund
Statements of Assets and Liabilities Location

Asset

Derivatives

Liability

Derivatives

Equity Risk
Futures contracts

Unrealized appreciation (depreciation)
on futures contracts*

68,095

—

68,095

—

Catholic Responsible Investments International Small-Cap Fund
Statements of Assets and Liabilities Location

Asset

Derivatives

Liability

Derivatives

Equity Risk
Futures contracts

Unrealized appreciation (depreciation)
on futures contracts*

48,643

(13,925

)

48,643

(13,925

)

* Unrealized appreciation (depreciation) on Futures Contracts is included in distributable earnings (accumulated losses).

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 2025, was as follows:

Catholic Responsible Investments Short Duration Bond Fund

Net Realized

Gain (Loss)*

Change in

Unrealized

Appreciation

(Depreciation)**

Interest Risk
Futures contracts

(691,224

)

959,789

(691,224

)

959,789

Catholic Responsible Investments Bond Fund

Net Realized

Gain (Loss)*

Change in

Unrealized

Appreciation

(Depreciation)**

Interest Risk
Futures contracts

(4,346,413

)

6,188,776

(4,346,413

)

6,188,776

Catholic Responsible Investments Opportunistic Bond Fund

Net Realized

Gain (Loss)*

Change in

Unrealized

Appreciation

(Depreciation)**

Interest Risk
Futures contracts

(1,697,922

)

1,273,446

(1,697,922

)

1,273,446

Catholic Responsible Investments Equity Index Fund

Net Realized

Gain (Loss)*

Change in

Unrealized

Appreciation

(Depreciation)**

Equity Risk
Futures contracts

(1,467,452

)

856,813

(1,467,452

)

856,813

130

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2025 (Unaudited)

Catholic Responsible Investments Small-Cap Fund

Net Realized

Gain (Loss)*

Change in

Unrealized

Appreciation

(Depreciation)**

Equity Risk
Futures contracts

(113,297

)

65,735

(113,297

)

65,735

Catholic Responsible Investments International Small-Cap Fund

Net Realized

Gain (Loss)*

Change in

Unrealized

Appreciation

(Depreciation)**

Equity Risk
Futures contracts

(108,934

)

166,866

(108,934

)

166,866

*	Futures contracts are included in net realized gain (loss) on Futures Contracts.

**	Futures contracts are included in change in unrealized appreciation (depreciation) on Futures Contracts.

Cash and Cash Equivalents — Idle cash may be swept into various time deposit accounts and money market sweep accounts and is classified as cash on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statements of Operations.Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid.

Expenses — Expenses of the Trust that can be directly attributed to a particular Fund are borne by that Fund. Expenses which cannot be directly attributed to a Fund are apportioned among the Funds of the Trust based on the number of funds and/or relative net assets.

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

Dividends and Distributions to Shareholders — The Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund distribute their net investment income and make distributions of their net realized capital gains, if any, at least annually. The Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund distribute their net investment income monthly and make distributions of their net realized capital gains, if any, at least annually. The Catholic Responsible Investments Equity Index Fund, Catholic Responsible Investments Multi- Style US Equity Fund, Catholic Responsible Investments International Equity Fund, Catholic Responsible Investments Small-Cap Fund and Catholic Responsible Investments International Small-Cap Fund distribute their net investment income quarterly and make distributions or their net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.

131

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2025 (Unaudited)

Investments in REITs — Dividend income from Real Estate Investment Trusts (“REIT”) is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some 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.

Redemption Fees — A redemption fee of 2.00% of the value of the shares sold will be imposed on shares of the Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Equity Index Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund, Catholic Responsible Investments Small-Cap Fund and Catholic Responsible Investments International Small-Cap Fund redeemed within 30 days or less after their date of purchase (subject to certain exceptions as discussed below in “Redemption Fees”). Such fees are retained by the Funds for the benefit of the remaining shareholders and are recorded as additions to fund capital.

Securities Lending — Each Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 33 1⁄3% of the total asset value of the Fund (including the loan collateral). Each Fund will not lend portfolio securities to its Adviser or its affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. Government securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral of 102% and 105% of the market value of borrowed securities for domestic and foreign issuers, respectively. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Fund. The investment of cash collateral subjects a Fund to market risk. A Fund remains obligated to return all collateral to the borrower under the terms of its securities lending arrangements even if the value of the investments made with the collateral has declined. Accordingly, if the value of a security in which the cash collateral has been invested declines, the loss would be borne by the Fund, and the Fund may be required to liquidate other investments in order to return collateral to the borrower at the end of a loan. Income from securities lending is determined by the amount of interest earned on collateral, net of any rebate and securities lending agent fees. The following table discloses the securities on loan as of April 30, 2025:

	Market Value Securities on Loan		Cash Collateral for Securities on Loan
Catholic Responsible Investments Short Duration Bond Fund	$	71,351	$	72,975
Catholic Responsible Investments Opportunistic Bond Fund		127,413		130,313
Catholic Responsible Investments Equity Index Fund		556,715		568,086
Catholic Responsible Investments Small-Cap Fund		7,779,396		7,959,886
Catholic Responsible Investments International Equity Fund		14,436,064		15,414,440
Catholic Responsible Investments International Small Cap Fund		938,860		984,457

132

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2025 (Unaudited)

Repurchase Agreements — A repurchase agreement is an agreement in which one party sells securities to another party in return for cash with an agreement to repurchase equivalent securities at an agreed-upon price and on an agreed-upon future date. A Fund may enter into repurchase agreements with financial institutions and follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions deemed creditworthy by the Adviser. The repurchase agreements entered into by a Fund will provide that the underlying collateral shall have a value equal to at least 102% of the resale price stated in the agreement at all times. The Adviser monitors compliance with this requirement as well as the ongoing financial condition and creditworthiness of the counterparty. Under all repurchase agreements entered into by a Fund, the Fund’s custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, a Fund will seek to liquidate such collateral. However, the exercising of each Fund’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. At times, the investments of each of the Funds in repurchase agreements may be substantial when, in the view of the Adviser, liquidity or other considerations so warrant.

3. Transactions with Affiliates:

Certain officers of the Trust are also employees of SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.

A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

The Magnus Funds invest solely in underlying CRI funds.

4. Administration, Distribution, Shareholder Servicing, Transfer Agent and Custody Agreements:

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds.

For the period ended April 30, 2025, the Funds were charged the following for these services:

	Administration Fees
Catholic Responsible Investments Ultra Short Bond Fund	$	8,484
Catholic Responsible Investments Short Duration Bond Fund		47,578
Catholic Responsible Investments Bond Fund		223,310
Catholic Responsible Investments Opportunistic Bond Fund		70,600
Catholic Responsible Investments Equity Index Fund		379,071
Catholic Responsible Investments Small-Cap Fund		52,144
Catholic Responsible Investments Multi-Style US Equity Fund		82,340
Catholic Responsible Investments International Equity Fund		158,775
Catholic Responsible Investments International Small-Cap Fund		10,061

The Trust and the Distributor are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.

133

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2025 (Unaudited)

The Funds have adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.15% based on the average daily net assets of the Funds’ Investor Shares. The Funds do not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Funds, the Adviser or its affiliates may, at their own expense, pay financial intermediaries for these and other services to the Funds’ shareholders. For the period ended April 30, 2025, these amounts can be found on the Statements of Operations under Shareholder Servicing Fees.

Atlantic Shareholder Services, LLC serves as the Transfer Agent and dividend disbursing agent for the Funds under a transfer agency agreement.

Brown Brothers Harriman & Co. serves as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased and sold by the Funds.

5. Investment Advisory and Sub-Advisory Agreements:

The Trust and the Adviser have entered into an investment advisory agreement (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Adviser provides investment advisory services to the Funds and oversees the investment sub-advisory services provided to the Funds. Pursuant to separate sub-advisory agreements (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”) with the Adviser, and under the supervision of the Adviser and the Board, one or more Sub-Advisers are responsible for the day-to-day investment management of all or a distinct portion of the assets of the Funds. The Adviser pays each Fund’s Sub-Advisers out of the fee it receives from such Fund.

After its initial two year term, the continuance of each Investment Advisory Agreement with respect to each Fund must be specifically approved at least annually: (i) by the vote of a majority of the outstanding voting securities of that Fund or by the Trustees; and (ii) by the vote of a majority of the Trustees who are not parties to such Investment Advisory Agreement or “interested persons” (as defined under the 1940 Act) of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement will terminate automatically in the event of its assignment and is terminable at any time without penalty by the Board or, with respect to a Fund, by a majority of the outstanding voting securities of that Fund, or by the Adviser on not less than 30 days’ nor more than 60 days’ written notice to the Trust. Each Sub-Advisory Agreement will terminate automatically in the event of its assignment or in the event of the termination of the Advisory Agreement and is terminable at any time without penalty by the Board or, with respect to a Fund, by a majority of the outstanding voting securities of that Fund, or by the Adviser or Sub-Adviser on not less than 30 days’ nor more than 60 days’ written notice to the other party.

For its services under the Advisory Agreement, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following annual rates based on the average daily net assets of each Fund:

	Advisory Fee
Catholic Responsible Investments Ultra Short Bond Fund	0.25%
Catholic Responsible Investments Short Duration Bond Fund	0.30%
Catholic Responsible Investments Bond Fund	0.30%
Catholic Responsible Investments Opportunistic Bond Fund	0.35%
Catholic Responsible Investments Equity Index Fund	0.06%
Catholic Responsible Investments Small-Cap Fund	0.20%
Catholic Responsible Investments Multi-Style US Equity Fund	0.60%
Catholic Responsible Investments International Equity Fund	0.74%
Catholic Responsible Investments International Small-Cap	0.96%
Catholic Responsible Investments Magnus 45/55 Fund	0.00%
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund	0.00%
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund	0.00%
Catholic Responsible Investments Magnus 75/25 Fund	0.00%

The Magnus Funds do not pay an advisory fee due to the fact their sole investments are in CRI underlying funds.

134

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2025 (Unaudited)

For each Fund, the Adviser has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep the Fund’s total annual Fund operating expenses (excluding shareholder servicing fees, interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividend and interest expenses on securities sold short, acquired fund fees and expenses, fees and expenses incurred in connection with tax reclaim recovery services, other expenditures which are capitalized in accordance with U.S. GAAP, and other non-routine expenses (collectively, “excluded expenses”)) for each of that Fund’s share class(es) from exceeding certain levels as set forth below until February 28, 2026 (each, a “contractual expense limit”).

In addition, the Adviser may receive from a Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the Fund’s contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2026.

	Contractual Expense Limit
Catholic Responsible Investments Ultra Short Bond Fund	0.35%
Catholic Responsible Investments Short Duration Bond Fund	0.35%
Catholic Responsible Investments Bond Fund	0.37%
Catholic Responsible Investments Opportunistic Bond Fund	0.41%
Catholic Responsible Investments Equity Index Fund	0.09%
Catholic Responsible Investments Small-Cap Fund	0.31%
Catholic Responsible Investments Multi-Style US Equity Fund	0.69%
Catholic Responsible Investments International Equity Fund	0.84%
Catholic Responsible Investments International Small-Cap	1.15%
Catholic Responsible Investments Magnus 45/55 Fund	0.03%*
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund	0.03%*
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund	0.03%*
Catholic Responsible Investments Magnus 75/25 Fund	0.03%*

Prior to March 1, 2025, the contractual expense limit for the Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund was 0.00%.

As of April 30, 2025, the Adviser may seek as reimbursement of previously reduced fees for the Funds as follows:

		Expiring 2026		Expiring 2027		Expiring 2028	Total
Catholic Responsible Investments Ultra Short Bond Fund	$	131,462	$	123,749	$	242,269	$	497,480
Catholic Responsible Investments Short Duration Bond Fund		115,606		102,107		242,398		460,111
Catholic Responsible Investments Opportunistic Bond Fund		167,917		99,120		182,802		449,839
Catholic Responsible Investments Equity Index Fund		809,952		547,055		1,139,505		2,496,512
Catholic Responsible Investments International Small-Cap Fund		179,731		98,650		289,154		567,535
Catholic Responsible Investments Magnus 45/55 Fund		162,500		146,143		286,784		595,427
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		291,882		189,351		383,143		864,376
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		189,447		165,612		325,176		680,235
Catholic Responsible Investments Magnus 75/25 Fund		180,501		191,630		344,582		716,713

During the period ended April 30, 2025, the Funds did not recapture any previously waived fees and/or reimbursed expenses.

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The Adviser has entered into a sub-advisory agreement with each of its sub-advisers. Each sub-adviser makes investment decisions for the assets it has been allocated to manage. The Adviser oversees the sub-advisers for compliance with each Fund’s investment objective, policies, strategies and restrictions, and monitors each sub-adviser’s adherence to its investment style. The Board oversees the Adviser and the Sub-advisers, establishes policies that they must follow in their management activities, and oversees the hiring, termination, and replacement of

The Adviser has engaged Mercer Investments LLC as the primary sub-adviser to each Fund. Additionally, the Adviser has engaged the following sub-advisers to manage a portion of the assets of each Fund, as follows:

Fund	Sub-Adviser(s) managing a portion of Fund assets
Catholic Responsible Investments Ultra Short Bond Fund	Wellington Management Company LLP
Catholic Responsible Investments Short Duration Bond Fund	Teachers Advisors, LLC Wellington Management Company LLP
Catholic Responsible Investments Bond Fund	Brandywine Global Investment Management, LLC Loomis, Sayles & Company, L.P. Sun Life Capital Management (U.S.) LLC Teachers Advisors, LLC
Catholic Responsible Investments Opportunistic Bond Fund	Brandywine Global Investment Management, LLC Sun Life Capital Management (U.S.) LLC Teachers Advisors, LLC
Catholic Responsible Investments Equity Index Fund	RhumbLine Advisers
Catholic Responsible Investments Small-Cap Fund	RhumbLine Advisers
Catholic Responsible Investments Multi-Style US Equity Fund	Boston Partners Global Investors, Inc. Mar Vista Investment Partners, LLC T. Rowe Price Associates, Inc. William Blair Investment Management, LLC
Catholic Responsible Investments International Equity Fund	Causeway Capital Management LLC Principal Global Investors, LLC WCM Investment Management, LLC
Catholic Responsible Investments International Small-Cap	Allspring Global Investments, LLC Lazard Asset Management LLC Parametric Portfolio Associates LLC

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6. Investment Transactions:

For the period ended April 30, 2025, the purchases and sales of investment securities other than short-term investments and in-kind transactions, if applicable, were as follows:

		U.S. Government		Other	Total
Catholic Responsible Investments Ultra Short Bond Fund
Purchases	$	—	$	8,988,797	$	8,988,797
Sales		64,214		3,448,731		3,512,945
Catholic Responsible Investments Short Duration Bond Fund
Purchases		59,693,062		64,386,666		124,079,728
Sales		57,284,142		68,712,151		125,996,293
Catholic Responsible Investments Bond Fund
Purchases		566,558,337		403,136,343		969,694,680
Sales		604,355,269		291,777,019		896,132,288
Catholic Responsible Investments Opportunistic Bond Fund
Purchases		378,551,317		91,673,107		470,224,424
Sales		376,160,281		83,223,795		459,384,076
Catholic Responsible Investments Equity Index Fund
Purchases		—		457,689,544		457,689,544
Sales		—		600,240,423		600,240,423
Catholic Responsible Investments Small-Cap Fund
Purchases		—		78,119,674		78,119,674
Sales		—		83,777,643		83,777,643
Catholic Responsible Investments Multi-Style US Equity Fund
Purchases		—		189,830,641		189,830,641
Sales		—		274,490,368		274,490,368
Catholic Responsible Investments International Equity Fund
Purchases		—		552,168,053		552,168,053
Sales		—		337,353,679		337,353,679
Catholic Responsible Investments International Small-Cap Fund
Purchases		—		26,179,631		26,179,631
Sales		—		28,107,222		28,107,222
Catholic Responsible Investments Magnus 45/55 Fund
Purchases		—		4,263,938		4,263,938
Sales		—		9,214,411		9,214,411
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund
Purchases		—		77,365,633		77,365,633
Sales		—		69,246,188		69,246,188
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund
Purchases		—		110,982,017		110,982,017
Sales		—		25,764,650		25,764,650
Catholic Responsible Investments Magnus 75/25 Fund
Purchases		—		25,020,428		25,020,428
Sales		—		144,128,759		144,128,759

7. Federal Tax Information:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain/(loss) on investment transactions for a reporting period may differ significantly from distributions during the period. The book/tax differences may be temporary or permanent. The permanent differences are primarily related to GAAP amortization adjustments, reclass of distributions, passive foreign investment company gain reclass, GAAP reclass for foreign tax, gains and losses on paydowns of mortgage and asset backed securities for tax purposes and redemption-in-kind. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings (accumulated losses) or paid-in capital as appropriate, in the period that the difference arises.

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The tax character of dividends and distributions declared during the fiscal period ended October 31, 2024 and the year ended October 31, 2023, were as follows:

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
Catholic Responsible Investments Ultra Short Bond Fund
2024	$	3,268,453	$	651	$	—	$	3,269,104
2023		2,767,156		—		—		2,767,156
Catholic Responsible Investments Short Duration Bond Fund
2024		20,954,065		—		—		20,954,065
2023		15,562,537		—		—		15,562,537
Catholic Responsible Investments Bond Fund
2024		89,772,527		—		—		89,772,527
2023		72,490,356		—		—		72,490,356
Catholic Responsible Investments Opportunistic Bond Fund
2024		28,728,404		—		—		28,728,404
2023		23,163,030		—		—		23,163,030
Catholic Responsible Investments Equity Index Fund
2024		46,433,637		—		—		46,433,637
2023		45,202,137		—		—		45,202,137
Catholic Responsible Investments Small-Cap Fund
2024		7,069,815		—		—		7,069,815
2023		6,741,444		15,813,737		—		22,555,181
Catholic Responsible Investments Multi-Style US Equity Fund
2024		4,407,296		—		—		4,407,296
2023		3,903,550		—		—		3,903,550
Catholic Responsible Investments International Equity Fund
2024		23,528,070		—		—		23,528,070
2023		20,009,691		—		—		20,009,691
Catholic Responsible Investments International Small-Cap Fund
2024		1,977,492		—		—		1,977,492
2023		1,762,029		—		—		1,762,029
Catholic Responsible Investments Magnus 45/55 Fund
2024		3,240,579		—		—		3,240,579
2023		1,753,798		—		—		1,753,798
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund
2024		25,058,053		244,810		—		25,302,863
2023		17,053,393		—		—		17,053,393
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund
2024		10,623,460		—		—		10,623,460
2023		7,127,888		—		—		7,127,888
Catholic Responsible Investments Magnus 75/25 Fund
2024		5,427,018		606,084		—		6,033,102
2023		5,754,881		—		—		5,754,881

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As of October 31, 2024, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Unrealized Appreciation (Depreciation)				Other Temporary Differences		Total Distributable Earnings (Accumulated Losses)
Catholic Responsible Investments Ultra Short Bond Fund	$	156,618	$	18,253	$	—		$	84,609		$	(1	)	$	259,479
Catholic Responsible Investments Short Duration Bond Fund		38,948		—		(20,906,163	)		1,757,860			(279,441	)		(19,388,796	)
Catholic Responsible Investments Bond Fund		229,998		—		(157,575,477	)		(71,483,761	)		103,161			(228,726,079	)
Catholic Responsible Investments Opportunistic Bond Fund		75,295		—		(33,863,124	)		380,555			3			(33,407,271	)
Catholic Responsible Investments Equity Index Fund		3,424,922		38,528,347		—			2,101,742,514			(1	)		2,143,695,782
Catholic Responsible Investments Small-Cap Fund		1,814,869		4,851,854		—			106,196,583			(1	)		112,863,305
Catholic Responsible Investments Multi-Style US Equity Fund		5,561,591		46,337,826		—			157,767,696			—			209,667,113
Catholic Responsible Investments International Equity Fund		11,310,365		87,451,369		—			233,904,238			617			332,666,589
Catholic Responsible Investments International Small-Cap Fund		829,933		—		(2,554,091	)		7,282,039			(2	)		5,557,879
Catholic Responsible Investments Magnus 45/55 Fund		3,046,828		—		(175,048	)		17,555,679			—			20,427,459
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		24,643,369		12,284,428		—			227,565,831			(3	)		264,493,625
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		9,081,314		2,597,859		—			101,590,346			(1	)		113,269,518
Catholic Responsible Investments Magnus 75/25 Fund		4,657,847		960,855		—			77,517,956			4			83,136,662

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For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Losses carried forward are as follows:

	Short-Term Loss		Long-Term Loss		Total
Catholic Responsible Investments Short Duration Bond Fund	$	7,316,437	$	13,589,726	$	20,906,163
Catholic Responsible Investments Bond Fund		54,890,271		102,685,206		157,575,477
Catholic Responsible Investments Opportunistic Bond Fund		15,743,793		18,119,331		33,863,124
Catholic Responsible Investments International Small-Cap Fund		2,554,091		—		2,554,091
Catholic Responsible Investments Magnus 45/55 Fund		175,048		—		175,048

During the year ended October 31, 2024, the Catholic Responsible Investments Opportunistic Bond Fund utilized $1,284,274, the Catholic Responsible Investments Equity Index Fund utilized $33,521,653, the Catholic Responsible Investments Small-Cap Index Fund utilized $17,579,531, the Catholic Responsible Investments Multi-Style US Equity Fund utilized $29,837,860, the Catholic Responsible Investments International Equity Fund utilized $17,599,099, the Catholic Responsible Investments International Small-Cap Equity Fund utilized $4,264,023, the Catholic Responsible Investments Magnus 45/55 Fund utilized $1,062,684 and the Catholic Responsible Investments Magnus 60/40 Beta Plus Fund utilized $343,011, respectively, of capital loss carryforward to offset capital gains.

The differences between book and tax-basis unrealized appreciation and depreciation are attributable primarily to the tax deferral of losses on wash sales, passive foreign investment companies and perpetual bonds. The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2025, were as follows:

	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Catholic Responsible Investments Ultra Short Bond Fund	$	107,335,957	$	36,253	$	(52,726	)	$	(16,473	)
Catholic Responsible Investments Short Duration Bond Fund		510,672,941		5,180,249		(845,326	)		4,334,923
Catholic Responsible Investments Bond Fund		2,383,920,355		18,032,003		(71,634,126	)		(53,602,123	)
Catholic Responsible Investments Opportunistic Bond Fund		682,149,206		7,408,583		(4,371,827	)		3,036,756
Catholic Responsible Investments Equity Index Fund		1,739,026,998		2,067,798,784		(63,562,525	)		2,004,236,259
Catholic Responsible Investments Small-Cap Fund		445,111,391		116,239,685		(66,968,668	)		49,271,017
Catholic Responsible Investments Multi-Style US Equity Fund		598,462,626		161,056,305		(26,082,208	)		134,974,097
Catholic Responsible Investments International Equity Fund		1,489,011,225		395,660,237		(77,713,836	)		317,946,401
Catholic Responsible Investments International Small-Cap Fund		92,099,204		15,821,733		(4,787,596	)		11,034,137
Catholic Responsible Investments Magnus 45/55 Fund		110,047,701		18,120,848		(1,278,244	)		16,842,604
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		1,166,941,395		255,744,353		(60,963,084	)		194,781,269
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		445,687,037		106,567,373		(4,579,319	)		101,988,054
Catholic Responsible Investments Magnus 75/25 Fund		155,905,771		52,206,934		(821,575	)		51,385,359

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8. Concentration of Shareholders:

At April 30, 2025, the percentage of total shares outstanding over 5% held by each Class, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders, was as follows:

	No. of Shareholders	% Ownership
Catholic Responsible Investments Ultra Short Bond Fund, Institutional Class	3	32
Catholic Responsible Investments Short Duration Bond Fund , Institutional Class	4	50
Catholic Responsible Investments Bond Fund, Institutional Class	2	25
Catholic Responsible Investments Bond Fund, Investor Class	2	52
Catholic Responsible Investments Opportunistic Bond Fund, Institutional Class	5	55
Catholic Responsible Investments Opportunistic Bond Fund, Investor Class	1	67
Catholic Responsible Investments Equity Index Fund, Institutional Class	3	25
Catholic Responsible Investments Small-Cap Fund, Institutional Class	3	35
Catholic Responsible Investments Multi-Style US Equity Fund, Institutional Class	3	59
Catholic Responsible Investments Multi-Style US Equity Fund, Investor Class	4	30
Catholic Responsible Investments International Equity Fund, Institutional Class	3	35
Catholic Responsible Investments International Equity Fund, Investor Class	1	61
Catholic Responsible Investments International Small-Cap Fund, Institutional Class	5	80
Catholic Responsible Investments Magnus 45/55 Fund, Institutional Class	4	66
Catholic Responsible Investments Magnus 45/55 Fund, Investor Class	6	61
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Institutional Class	5	39
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Investor Class	N/A	N/A
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Institutional Class	3	23
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Investor Class	2	17
Catholic Responsible Investments Magnus 75/25 Fund, Institutional Class	8	72
Catholic Responsible Investments Magnus 75/25 Fund, Investor Class	4	79

9. Indemnifications:

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.

10. Concentration of Risks:

As with all mutual funds, there is no guarantee that the Funds will achieve their investment objectives. You could lose money by investing in the Funds. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. The principal risk factors affecting shareholders’ investments in the Funds are set forth below.

Active Management Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund and Catholic Responsible Investments International Small-Cap Fund) — Each Fund is subject to the risk that the Adviser’s or the sub-advisers’ judgments, as applicable, about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. If the investments selected and strategies employed by a Fund fail to produce the intended results, an investment in the Fund could decline in value or the Fund could underperform in comparison to its benchmark index or other funds with similar objectives and investment strategies.

Adjustable Rate Mortgages Risk (Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) — Adjustable Rate Mortgages (“ARMs”) contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the lifetime of the security. In addition, many ARMs provide for additional limitations on the maximum amount by which the mortgage interest rate may adjust for any single adjustment period. Alternatively, certain ARMs contain limitations on changes in

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the required monthly payment. In the event that a monthly payment is not sufficient to pay the interest accruing on an ARM, any excess interest is added to the principal balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the excess is used to reduce the then-outstanding principal balance of the ARM.

In addition, certain ARMs may provide for an initial fixed, below-market or teaser interest rate. During this initial fixed-rate period, the payment due from the related mortgagor may be less than that of a traditional loan. However, after the teaser rate expires, the monthly payment required to be made by the mortgagor may increase dramatically when the interest rate on the mortgage loan adjusts. This increased burden on the mortgagor may increase the risk of delinquency or default on the mortgage loan and in turn, losses on the mortgage-backed securities into which that loan has been bundled.

Affiliated Fund Risk (Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund) — In managing each Fund, the Adviser will have authority to select and substitute Underlying Funds. The Adviser may be subject to potential conflicts of interest in selecting Underlying Funds because the fees paid to the Adviser by some Underlying Funds are higher than the fees paid by other underlying funds. However, the Adviser is a fiduciary to the Funds and is legally obligated to act in the Funds’ best interests when selecting Underlying Funds. If an Underlying Fund holds interests in an affiliated fund, a Fund may be prohibited from purchasing shares of that Underlying Fund.

Asset Allocation Risk (Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund) — Each Fund is subject to asset allocation risk, which is the risk that the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market segments will cause the Fund to underperform other funds with a similar investment objective. The value of an investment in a Fund is based primarily on the prices of the Underlying Funds in which the Fund invests. In turn, the price of each Underlying Fund is based on the value of its assets. The ability of a Fund to meet its investment objective is directly related to its asset allocation among the Underlying Funds and its direct investments and the ability of the Underlying Funds to meet their investment objectives and for the direct investments to perform positively. If the Adviser’s asset allocation strategy does not work as intended, a Fund may not achieve its objective.

Asset-Backed Securities Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) — Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Asset-backed securities may also be debt instruments, which are also known as collateralized obligations and are generally issued as the debt of a special purpose entity, such as a trust, organized solely for the purpose of owning such assets and issuing debt obligations. Repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities, which is discussed below. Asset-backed securities present credit risks that are not presented by mortgage-backed securities. This is because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, a Fund will be unable to possess and sell the underlying collateral and that the Fund’s recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, a Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.

Bank Loans Risk (Catholic Responsible Investments Opportunistic Bond Fund) — The Fund may purchase assignments of portions of bank loans from third parties or by investing in participations in bank loans. With respect to loans purchased by assignment, the Fund generally has a contractual relationship with the borrower and, therefore, direct rights against the borrower in the event of a default. With respect to participations, the Fund typically has a contractual right with the lender, generally a bank selling the participation, and, therefore, assumes the credit risk of the lender in addition to the

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credit risk of the borrower. In the event of an insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender but may not have a senior claim to the lender’s loan to the borrower. Certain bank loans, including certain participations in bank loans, may be illiquid and the Fund may not be able to sell such loans quickly for a fair price. While a liquid secondary market for bank loans has increased over the years, particularly with respect to loans held directly, the secondary market for such instruments is not as liquid as for other types of investments. Loans continue to trade in an unregulated inter-dealer or inter-bank secondary market. Purchases and sales of bank loans are generally subject to the contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell bank loans, may negatively impact the transaction price, may result in delayed settlement of bank loan transactions, and/or may delay the Fund’s ability to make timely redemptions of Fund shares. In addition, the lack of a highly liquid secondary market may have an adverse impact on the value of such investments and on the Fund’s ability to dispose of such investments quickly, particularly in response to a specific economic event or the sudden deterioration in the creditworthiness of the borrower. Additionally, in the event of an insolvency, a court could subordinate a bank loan to presently existing or future indebtedness of the borrower to take other action detrimental to the lenders.

Capital Gain Risk (Catholic Responsible Investments Equity Index Fund and Catholic Responsible Investments Small-Cap Fund) — A substantial portion of each Fund’s net asset value is attributable to net unrealized capital gains on portfolio securities. If a Fund realizes capital gains in excess of realized capital losses in any fiscal year, it makes capital gain distributions to shareholders. You may receive distributions that are attributable to appreciation of portfolio securities that happened before you made your investment. Unless you purchase shares through a tax-advantaged account (such as an IRA or 401(k) plan), these distributions will be taxable to you even though they economically represent a return of a portion of your investment. You should consult your tax adviser about your investment in the Funds.

Catholic Values Investing Risk (All Funds) — Each Fund considers the Adviser’s Catholic Responsible Investment criteria in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the Adviser’s Catholic Responsible Investment criteria. This means that a Fund may underperform other similar mutual funds that do not consider these criteria when making investment decisions. In addition, there can be no guarantee that the activities of the companies identified by each Fund’s investment process will align (or be perceived to align) with the principles contained in the Adviser’s Catholic Responsible Investment criteria.

Collateralized Loan Obligations Risk (Catholic Responsible Investments Short Duration Bond Fund and Catholic Responsible Investments Opportunistic Bond Fund) — Collateralized loan obligations are investment vehicles typically collateralized by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Collateralized loan obligations are subject to the risks of substantial losses due to actual defaults by borrowers of the loans underlying the collateralized loan obligations, which will be greater during periods of economic or financial stress. Collateralized loan obligations may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to collateralized loan obligation securities as a class. The Funds may invest in collateralized loan obligations that hold loans of non-creditworthy borrowers or in subordinate tranches of a collateralized loan obligation, which may absorb losses from underlying borrower defaults before senior tranches. Investments in such collateralized loan obligations present a greater risk of loss. In addition, collateralized loan obligations are subject to interest rate risk and credit risk.

Legislation such as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), which was signed into law on July 21, 2010, together with uncertainty about the nature and timing of regulations that will be promulgated to implement such legislation, may continue to create uncertainty in the credit and other financial markets. Given that all applicable final implementing rules and regulations have not yet been published or are not yet in effect, the potential impact of these actions on collateralized loan obligations that may be owned by the Funds is unknown. If existing transactions are not exempted from the new rules or regulations, compliance with those rules and regulations could impose significant costs on the issuers of collateralized loan obligations and ultimately adversely impact the holders (including the Funds) of those types of securities.

Commercial Paper Risk (Catholic Responsible Investments Ultra Short Bond Fund) — 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

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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 an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

Corporate Fixed Income Securities Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) — The Funds may invest in corporate fixed income securities. Corporate fixed income securities are fixed income securities issued by public and private businesses. 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. Corporate fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to repay principal upon maturity. Interruptions or delays of these payments could adversely affect the market value of the security. In addition, due to lack of uniformly available information about issuers or differences in the issuers' sensitivity to changing economic conditions, it may be difficult to measure the credit risk of corporate securities.

Credit Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) — Credit risk is the risk that a decline in the credit quality of an investment could cause a Fund to lose money. A Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a derivative contract fails to make timely payment or otherwise honor its obligations. Fixed income securities rated below investment grade (junk bonds) (described elsewhere in this section) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Discontinuation of these payments could substantially adversely affect the market value of the security.

Credit Spread Risk (Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) – Credit spread is the difference in yield between securities that results from differences in each security’s respective credit quality. Credit spreads may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities.

Derivatives Risk (Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund and Catholic Responsible Investments International Small-Cap Fund) – Derivatives are instruments that derive their value from an underlying security, financial asset or an index. Examples of derivative instruments include futures contracts, forward contracts, options and swaps. Changes in the market value of a security that is a reference asset for a derivative instrument may not be proportionate to changes in the market value of the derivative instrument itself. There may not be a liquid market for a Fund to sell a derivative instrument, which could result in difficulty in closing the position. Moreover, certain derivative instruments can magnify the extent of losses incurred due to changes in the market value of the securities to which they relate. Some derivative instruments are subject to counterparty risk. A default by the counterparty on its payments to a Fund will cause the value of your investment in the Fund to decrease. A Fund’s use of derivatives is also subject to credit risk, leverage risk, lack of availability risk, valuation risk, correlation risk and tax risk. Credit risk is described elsewhere in this section. Leverage risk is the risk that a small percentage of assets invested in derivatives can have a disproportionately larger impact on a Fund’s performance. A Fund’s counterparties to its derivative contracts present the same types of credit risk as issuers of fixed income securities. Lack of availability risk is the risk that suitable derivative transactions, such as roll-forward contracts, may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause a Fund to realize higher amounts of short-term capital gains, thereby increasing the amount of taxes payable by some shareholders. These risks could cause a Fund to lose more than the principal amount invested.

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Some derivatives have the potential for unlimited loss, regardless of the size of a Fund’s initial investment. Derivatives are also subject to a number of other risks described elsewhere in this prospectus.

Derivatives transactions conducted outside of the U.S. may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures. Derivatives transactions conducted outside the U.S. also are subject to the risks affecting foreign securities, currencies and other instruments, in addition to other risks.

Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, including Rule 18f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”). The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, limit or restrict their use by a Fund, otherwise adversely affect their performance or disrupt markets. Additionally, regulation relating to the Funds’ use of derivatives and related instruments, including Rule 18f-4, could potentially limit or impact the Funds’ ability to invest in derivatives, limit the Funds’ ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Funds’ performance.

Forward Contracts – A forward contract, also called a “forward,” involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for a Fund’s account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage.

Futures Contracts – Futures contracts, or “futures,” provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price (with or without delivery required). The risks of futures include: (i) leverage risk; (ii) correlation or tracking risk; and (iii) liquidity risk. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, a Fund may experience losses that exceed losses experienced by funds that do not use futures contracts and which may be unlimited, depending on the structure of the contract. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge.

Lack of correlation (or tracking) may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are traded. Consequently, the effectiveness of futures as a security substitute or as a hedging vehicle will depend, in part, on the degree of correlation between price movements in the futures and price movements in underlying securities or assets. While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. Futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading.

Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, a Fund may be unable to close out its futures contracts at a time that is advantageous. If movements in the markets for security futures contracts or the underlying security decrease the value of a Fund’s positions in security futures contracts, the Fund may be required to have or make additional funds available to its brokerage firm as margin. If a Fund’s account is under the minimum margin requirements set by the exchange or the brokerage firm, its position may be liquidated at a loss, and the Fund will be liable for the deficit, if any, in its account. A Fund may also experience losses due to systems failures or inadequate system back-up or procedures at the brokerage firm(s) carrying the Fund’s positions. The successful use of futures depends upon a variety of factors, particularly the ability of the Adviser to predict movements of the underlying securities markets, which

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requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular futures strategy adopted will succeed.

Options – An option is a contract between two parties for the purchase and sale of a financial instrument for a specified price at any time during the option period. Unlike a futures contract, an option grants the purchaser, in exchange for a premium payment, a right (not an obligation) to buy or sell a financial instrument. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. The seller of an uncovered call (buy) option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of the securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. The buyer of a call option assumes the risk of losing an entire premium in the call option without ever getting the opportunity to exercise the option. The seller (writer) of a put (sell) option that is covered (e.g., the writer has a short position in the underlying security) assumes the risk of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying security plus the premium received and gives up the opportunity for gain on the underlying security below the exercise price of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of losing an entire premium in the put option without ever getting the opportunity to exercise the option. An option’s time value (i.e., the component of the option’s value that exceeds the in-the-money amount) tends to diminish over time. Even though an option may be in-the-money to the buyer at various times prior to its expiration date, the buyer’s ability to realize the value of an option depends on when and how the option may be exercised. For example, the terms of a transaction may provide for the option to be exercised automatically if it is in-the-money on the expiration date. Conversely, the terms may require timely delivery of a notice of exercise, and exercise may be subject to other conditions (such as the occurrence or non-occurrence of certain events, such as knock-in, knock-out or other barrier events) and timing requirements, including the “style” of the option.

Swap Agreements – Swaps are agreements whereby two parties agree to exchange payment streams calculated by reference to an underlying asset, such as a rate, index, currency, instrument or securities. Swaps typically involve credit risk, market risk, liquidity risk, funding risk, operational risk, legal and documentation risk, regulatory risk and/or tax risk. Interest rate swaps involve one party, in return for a premium, agreeing to make payments to another party to the extent that interest rates exceed or fall below a specified rate (a “cap” or “floor,” respectively). Swap agreements involve the risk that the party with whom a Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to the other party to the agreement. Certain derivatives, including swaps, may be subject to fees and expenses, and by investing in such derivatives indirectly through a Fund, a shareholder will bear the expenses of such derivatives in addition to expenses of the Fund.

Total return swaps are contracts that obligate a party to pay interest in exchange for payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. Total return swaps give a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset in a total return swap declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

A credit default swap enables a Fund to buy or sell protection against a defined credit event of an issuer or a basket of 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. If a Fund is a seller of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the 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

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and a credit event occurs (as defined under the terms of that particular swap agreement), the 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 calculated by market makers considering either industry standard recovery rates or entity specific factors and other considerations until a credit event occurs. If a credit event has occurred, the recovery value is generally determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swaps involve special risks in addition to those mentioned above because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). Like a long or short position in a physical security, credit default swaps are subject to the same factors that cause changes in the market value of the underlying asset.

The Dodd-Frank Act created a new statutory framework that comprehensively regulated the OTC derivatives markets for the first time. Key Dodd-Frank Act provisions relating to OTC derivatives require rulemaking by the U.S. Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC”), not all of which has been proposed or finalized as of the date of this prospectus. Prior to the Dodd-Frank Act, the OTC derivatives markets were traditionally traded on a bilateral basis (so-called “bilateral OTC transactions”). Under the Dodd-Frank Act, certain OTC derivatives transactions are now required to be centrally cleared and traded on exchanges or electronic trading platforms called swap execution facilities. Bilateral OTC transactions differ from exchange-traded or cleared derivatives transactions in several respects. Bilateral OTC transactions are transacted directly with dealers and not with a clearing corporation. As bilateral OTC transactions are entered into directly with a dealer, there is a risk of nonperformance by the dealer as a result of its insolvency or otherwise. Under regulations adopted by the CFTC and federal banking regulators (commonly referred to as “Margin Rules”), a Fund is required to post collateral (known as variation margin) to cover the mark-to-market exposure in respect of its uncleared swaps. These rules also mandate that collateral in the form of initial margin be posted to cover potential future exposure attributable to uncleared swap transactions for certain entities, which may include the Funds.

Dividend-Paying Investments Risk (Catholic Responsible Investments International Equity Fund) – The Fund’s investments in dividend-paying securities could cause the Fund to underperform other funds that invest in similar asset classes but employ a different investment style. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. To the extent that dividend-paying securities are concentrated in only a few market sectors, the Fund may be subject to the risks of volatile economic cycles and/or conditions or developments that may be particular to a sector to a greater extent than if its investments were diversified across different sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. A sharp rise in interest rates or an economic downturn could cause an issuer to abruptly reduce or eliminate its dividend. This may limit the ability of the Fund to produce current income.

Duration Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) – Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility. Longer-term fixed income securities in which a portfolio may invest are more volatile than shorter-term fixed income securities. A portfolio with a longer average portfolio duration is typically more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

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Emerging Markets Securities Risk (Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund and Catholic Responsible Investments International Small-Cap Fund) – Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with a Fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

Equity Risk (Catholic Responsible Investments Equity Index Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund, Catholic Responsible Investments Small-Cap Fund and Catholic Responsible Investments International Small-Cap Fund) – Equity securities include common and preferred stocks, convertible securities, rights and warrants, depositary receipts, private placements, “new issues” and shares of exchange-traded funds (“ETFs”). Common stock represents an equity or ownership interest in an issuer. Preferred stock provides a fixed dividend that is paid before any dividends are paid to common stockholders, and which takes precedence over common stock in the event of a liquidation. Like common stock, preferred stocks represent partial ownership in a company, although preferred stock shareholders do not enjoy any of the voting rights of common stockholders. Also, unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a Fund invests will cause the Fund’s NAV to fluctuate.

Fixed Income Market Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) — The prices of a Fund’s 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, a Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. Fixed income securities may have fixed-, variable- or floating-rates. There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates. Also, longer-term securities are generally more sensitive to changes in the level of interest rates, so the average maturity or duration of these securities affects risk. Changes in government policy, including the Federal Reserve’s decisions with respect to raising interest rates or terminating certain programs such as quantitative easing, could increase the risk that interest rates will rise. Rising interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by a Fund. These risks may be heightened in a low interest rate environment. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. As a result of these market conditions, a 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. Broad movements in financial markets may adversely affect the price of a Fund’s investments, regardless of how well the companies in which the Fund invests perform. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund.

Floating Rate Securities Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) — Each Fund may invest in obligations with interest rates that are reset periodically. Although

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floating rate securities are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Floating rate securities are issued by a wide variety of issuers and may be issued for a wide variety of purposes, including as a method of reconstructing cash flows. Issuers of floating rate securities may include, but are not limited to, financial companies, merchandising entities, bank holding companies, and other entities. In addition to the risks associated with the floating nature of interest payments, investors remain exposed to other underlying risks associated with the issuer of the floating rate security, such as credit risk.

Foreign Company Risk (Catholic Responsible Investments Short-Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund and Catholic Responsible Investments International Small-Cap Fund) — Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. More specifically, investing in foreign issuers includes risks of adverse changes in foreign economic, political, regulatory and other conditions, changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges), differing accounting, auditing, financial reporting and legal standards and practices, differing securities market structures, and higher transaction costs. In certain countries, legal remedies available to investors may be more limited than those available with respect to investments in the U.S. In addition, the securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies. A Fund may also experience more rapid or extreme changes in value as compared to a fund that invests solely in securities of U.S. companies because the securities markets of many foreign countries are relatively small and consist of a limited number of companies representing a small number of industries. Investing in foreign issuers also poses the risk that the cost of buying, selling and holding foreign securities, including brokerage, tax and custody costs, may be higher than the costs involved in domestic transactions. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of a Fund's investments. These currency movements may happen separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause a Fund to incur losses.

Foreign Currency Risk (Catholic Responsible Investments International Equity Fund and Catholic Responsible Investments International Small-Cap Fund) — Because non-U.S. securities are usually denominated in currencies other than the dollar, the value of a Fund's portfolio may be influenced by currency exchange rates and exchange control regulations. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by a Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

Foreign Sovereign Debt Securities Risk (Catholic Responsible Investments Short-Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) – The risks 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. These risks are typically heightened with respect to emerging market countries.

Geographic Focus Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Multi-Style US Equity Fund and Catholic Responsible Investments International Small-Cap Fund) — To the extent that it focuses its investments in a particular country or geographic region, a Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region.

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As a result, such Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

Investing in the United States Risk. A Fund that focuses its investments in the United States may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers within the United States, and may be subject to greater price volatility and risk of loss, than a fund holding more geographically diverse investments.

Growth Investment Style Risk (Catholic Responsible Investments Multi-Style US Equity Fund and Catholic Responsible Investments International Small-Cap Fund) — The Fund may invest in securities of companies that the Adviser or a sub-adviser believes have superior prospects for robust and sustainable growth of revenues and earnings. An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer. In addition, these may be companies with new, limited or cyclical product lines, markets or financial resources, and the management of such companies may be dependent upon one or a few key people. The stocks of such companies can therefore be subject to more abrupt or erratic market movements than stocks of larger, more established companies or the stock market in general.

High Yield Bond Risk (Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) — High yield, or “junk,” bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the issuers of these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.

Impact Investing Risk (Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) – Each Fund invests part of its portfolio in securities that align with a proprietary impact investing framework for public fixed-income markets, which may exclude securities of certain issuers for nonfinancial reasons. Because of this, the Funds may forgo some market opportunities available to funds that do not use these criteria.

Indexing Strategy/Index Tracking Risk (Catholic Responsible Investments Equity Index Fund and Catholic Responsible Investments Small-Cap Fund) – A Fund that is managed with an indexing investment strategy attempts to track the performance of an unmanaged index of securities, which differs from an actively-managed fund, which typically seeks to outperform a benchmark index. Such Fund generally will buy and will not sell a security included in the benchmark index as long as the security is part of the benchmark index regardless of any sudden or material decline in value or foreseeable material decline in value of the security, even though the Adviser or a sub-adviser may make a different investment decision for other actively managed accounts or portfolios that hold the security. As a result, such Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the benchmark index will affect the performance, volatility, and risk of the index (in absolute terms and by comparison with other indices) and, consequently, the performance, volatility, and risk of the Fund. Such Fund’s performance may not match the performance of the benchmark index for a number of reasons. For example, the Fund incurs a number of operating expenses, including taxes, not applicable to the index and incurs costs associated with buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the index. As discussed elsewhere in this section, the performance of a Fund managed pursuant to an indexing investment strategy may also be affected because of the impact of the Adviser’s Catholic Responsible Investment criteria on the portfolio holdings of the Fund. In addition, the Fund may not be fully invested at times, either as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. Changes in the composition of the index and regulatory requirements also may impact a Fund's ability to match the return of the index. Index tracking risk may be heightened during times of increased market volatility or other unusual market conditions.

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Index Correlation Risk (Catholic Responsible Investments Multi-Style US Equity Fund) – Because a portion of the Fund weighs each sector and industry approximately the same as its index, the Fund’s ability to broadly reallocate this portion of its portfolio due to changes in outlook for a particular sector or industry is more limited than other actively-managed funds with greater flexibility to overweight or underweight certain sectors and industries due to changes in market conditions. As a result, the Fund’s performance may lag the performance of other actively-managed funds with more flexible investment programs.

Industry Concentration Risk (Catholic Responsible Investments Equity Index Fund and Catholic Responsible Investments Small-Cap Fund) – Each Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that its underlying index is so concentrated. Concentrating Fund investments in companies conducting business in the same industry will subject a Fund to a greater risk of loss as a result of adverse economic, business or other developments affecting that industry than if its investments were not so concentrated.

Inflation Protected Securities Risk (Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) – The value of inflation protected securities, generally will fluctuate in response to changes in “real” interest rates. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. The value of an inflation protected security generally decreases when real interest rates rise and generally increases when real interest rates fall. In addition, the principal value of an inflation protected security is periodically adjusted up or down along with the rate of inflation. If the measure of inflation falls, the principal value of the inflation protected security will be adjusted downwards, and consequently, the interest payable on the security will be reduced.

Initial Public Offering Risk (Catholic Responsible Investments Multi-Style US Equity Fund) — The Fund may invest in initial public offerings (“IPOs”). An IPO is a company’s first offering of stock to the public. IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about a company’s business model, quality of management, earnings growth potential, and other criteria used to evaluate its investment prospects. Accordingly, investments in IPO shares involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. Investments in IPO shares may also involve high transaction costs, and are subject to market risk and liquidity risk, which are described elsewhere in this section.

Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. By selling IPO shares, the Fund may realize taxable gains it will subsequently distribute to shareholders. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. There is no assurance that the Fund will be able to obtain allocable portions of IPO shares. The limited number of shares available for trading in some IPOs may make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Investors in IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

Interest Rate Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) — Interest rate risk is 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 a Fund invests. In a low interest rate environment, the risk of a decline in value of a Fund’s portfolio securities associated with rising rates is heightened because there may be a greater likelihood of rates increasing, potentially rapidly. In a declining interest rate environment, a Fund generally will be required to invest available cash in instruments with lower interest rates than those of the current portfolio securities. 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. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, whereas others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. Interest rate risk may be heightened for investments in emerging market countries.

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CATHOLIC RESPONSIBLE INVESTMENTS

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Investment in Underlying Funds Risk (Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund) — The value of an investment in the Funds is based primarily on the prices of the Underlying Funds in which the Funds invest. In turn, the price of each Underlying Fund is based on the value of its assets. Each Fund, and thus its shareholders, bears its own direct expenses in addition to bearing a proportionate share of expenses of the Underlying Funds, which may make owning shares of such Fund more costly than owning shares of the Underlying Funds directly. Before investing in the Funds, investors should assess the risks associated with the Underlying Funds and the types of investments made by those Underlying Funds. These risks include any combination of the risks described elsewhere in this section, although a Fund’s exposure to a particular risk will be proportionate to the Fund’s overall asset allocation and Underlying Fund allocation.

Large-Capitalization Company Risk (Catholic Responsible Investments Equity Index Fund, Catholic Responsible Investments Multi-Style US Equity Fund and Catholic Responsible Investments International Equity Fund) — If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of small- or medium-capitalization companies, investors may migrate to the stocks of small- and medium-sized companies. Additionally, larger, more-established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

Liquidity Risk (Catholic Responsible Investments Short-Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund and Catholic Responsible Investments Multi-Style US Equity Fund) – An illiquid investment is an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in 7 calendar days or less without the sale or disposition significantly changing the market value of the investment. Pursuant to Rule 22e-4 under the 1940 Act, a Fund may invest up to 15% of its net assets in illiquid investments. Certain restricted securities that may be resold to institutional investors under Rule 144A under the Securities Act of 1933 and Section 4(2) commercial paper may be deemed liquid under guidelines approved by the Board. The Trust has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4.

Although the Funds will invest primarily in liquid, publicly traded securities, the Funds may make investments that trade in lower volumes or that otherwise may be illiquid. Also, the Funds may make investments that may become less liquid in response to market developments or adverse investor perceptions. Less liquid or illiquid investments may be difficult to value. An inability to sell one or more portfolio positions can adversely affect the Funds’ value or prevent the Funds from being able to take advantage of other investment opportunities.

Liquidity risk may also refer to the risk that the Funds will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. Although the Funds retain the ability to meet redemption requests through in-kind exchanges, subject to certain conditions, the Funds may need to raise cash to meet redemption requests through sales of portfolio securities or permissible borrowings. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, the Fund may have to lower the selling price, sell other investments, or forgo another, more appealing investment opportunity. Such sales may adversely affect a Fund’s NAV.

Market Risk (Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Multi-Style US Equity Fund and Catholic Responsible Investments International Small-Cap Fund) — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. A Fund’s NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which a Fund invests 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, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. Recent examples include pandemic risks related to

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COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

Money Market Securities Risk (Catholic Responsible Investments Ultra Short Bond Fund) — The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund’s sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. Under certain circumstances where a money market fund experiences heightened redemptions, it may be required to impose a mandatory liquidity fee on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). In addition, a money market fund may impose a liquidity fee of up to 2% on amounts the Fund redeems from the money market fund during circumstances where the money market fund’s board of directors determines such fee would be in the money market fund’s best interests. These measures may result in an investment loss. Money market funds and the securities they invest in are subject to comprehensive regulations. The regulations governing money market funds were recently amended in July 2023, and their implementation and interpretation, as well as enforcement, may affect the manner of operation, performance and/or yield of money market funds.

Mortgage-Backed Securities Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) — Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancing, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates.

Non-Diversification Risk (Catholic Responsible Investments Equity Index Fund and Catholic Responsible Investments Small-Cap Fund) —To the extent the Funds become non-diversified, the Funds may invest a relatively high percentage of their assets in a limited number of issuers. Therefore, when the Funds are non-diversified, the Funds’ performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than when the Funds’ invested assets are diversified.

Operational and Cybersecurity Risk (Catholic Responsible Investments Multi-Style US Equity Fund) — The Fund, its service providers, including the Adviser and Sub-Advisers, and other market participants increasingly depend on complex information technology and communications systems to conduct business functions. These systems are subject to a number of different threats or risks that could adversely affect the Fund and its shareholders, despite the efforts of the Fund and its service providers to adopt technologies, processes and practices intended to mitigate these risks.

For example, unauthorized third parties may attempt to improperly access, modify, disrupt the operations of or prevent access to these systems or data within them (a “cyber-attack”), whether systems of the Fund, its service providers, counterparties or other market participants. Power or communications outages, acts of god, information technology equipment malfunctions, operational errors and inaccuracies within software or data processing systems may also disrupt business operations or impact critical data. Market events also may occur at a pace that overloads current information technology and communication systems and processes of the Fund, its service providers or other market participants, impacting the ability to conduct the Fund’s operations. Cyber-attacks, disruptions or failures that affect the Fund’s service providers or counterparties may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. For example, the Fund’s service providers’ assets or sensitive or confidential information may be misappropriated, data may be corrupted and operations may be disrupted (e.g., cyber-attacks or

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operational failures may cause the release of private shareholder information or confidential Fund information, interfere with the processing of shareholder transactions, impact the ability to calculate the Fund’s NAV and impede trading). In addition, cyber-attacks, disruptions or failures may cause reputational damage and subject the Fund’s service providers to regulatory fines, litigation costs, penalties or financial losses, reimbursement or other compensation costs and/or additional compliance costs. While the Fund and its service providers may establish business continuity and other plans and processes to address the possibility of cyber-attacks, disruptions or failures, there are inherent limitations in such plans and systems, including that they do not apply to third parties, such as other market participants, as well as the possibility that certain risks have not been identified or that unknown threats may emerge in the future. The Fund’s service providers may also incur substantial costs for cybersecurity risk management, including insurance, in order to prevent or mitigate future cyber security incidents, and the Fund and its shareholders could be negatively impacted as a result of such costs. The Fund, the Adviser and the Sub-Advisers have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund, the Adviser or the Sub-Advisers. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.Similar types of operational and technology risks are also present for issuers of securities or other instruments in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund’s investments to lose value. In addition, cyber-attacks involving the Fund’s counterparties could affect such counterparties’ ability to meet their obligations to the Fund, which may result in losses to the Fund and its shareholders. Furthermore, as a result of cyber-attacks, disruptions or failures, an exchange or market may close or issue trading halts on specific securities or the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or unable to accurately price its investments. The Fund cannot directly control any cybersecurity plans and systems put in place by its service providers, Fund counterparties, issuers in which the Fund invests or securities markets and exchanges.

Portfolio Turnover Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short-Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund and Catholic Responsible Investments Multi-Style US Equity Fund) — Due to its investment strategy, a Fund may buy and sell securities frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term capital gains) realized by a Fund. Shareholders may pay tax on such capital gains.

Prepayment and Extension Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) — When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and a Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping a Fund’s assets tied up in lower interest debt obligations.

Quantitative Strategy Risk (Catholic Responsible Investments International Equity Fund) — A quantitative investment strategy generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. These issues or flaws, which can be difficult to identify, may result in the implementation of a portfolio that is different from that which was intended, and could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon quantitative models and computerization.

Repurchase Agreement Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) — Under a repurchase agreement, the seller of a security to a Fund agrees to repurchase the security at a mutually agreed-upon time and price. If the seller in a repurchase agreement transaction defaults on its obligation under the agreement, a Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement.

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CATHOLIC RESPONSIBLE INVESTMENTS

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Sector and Industry Focus Risk (Catholic Responsible Investments Multi-Style US Equity Fund) — Because the Fund may, from time to time, be more heavily invested in particular sectors or industries, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors or industries. As a result, the Fund’s share price may at times fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors or industries.

Small- and Mid-Capitalization Company Risk (Catholic Responsible Investments Multi-Style US Equity Fund and Catholic Responsible Investments International Equity Fund) — Investing in equity securities of small- and mid-capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size companies, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements. The securities of smaller companies are often traded over-the-counter (“OTC”) and, even if listed on a national securities exchange, may not be traded in volumes typical for that exchange. Consequently, the securities of smaller companies may be less liquid, may have limited market stability and may be subject to more severe, abrupt or erratic market movements than securities of larger, more established companies or the market averages in general. Further, smaller companies may have less publicly available information and, when available, it may be inaccurate or incomplete.

Small-Capitalization Company Risk (Catholic Responsible Investments Small-Cap Fund and Catholic Responsible Investments International Small-Cap Fund) — The small-capitalization companies in which a Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-capitalization stocks may be more volatile than those of larger companies. These securities may be traded OTC or listed on an exchange.

U.S. Government Securities Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund) — A Fund’s investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Obligations issued by some U.S. government agencies are backed by the U.S. Treasury, whereas others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

Value Investment Style Risk (Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund and Catholic Responsible Investments International Small-Cap Fund) — Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company’s earnings, book value, revenues or cash flow. If the Adviser’s or a sub-adviser’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, a Fund could suffer losses or produce poor performance relative to other funds. In addition, “value stocks” can continue to be undervalued by the market for long periods of time.

When-Issued and Delayed Delivery Securities Risk (Catholic Responsible Investments Ultra Short Bond Fund) — When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.

11. In-Kind Transfers of Securities:

The Funds may issue or redeem shares in-kind. These securities and cash, if any, are transferred at their current value on the date of such transactions. Any recognized gain is included on the Statements of Operations under Net Realized Gain (Loss) on Investments. There were no in-kind transfers during the period ended April 30, 2025.

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CATHOLIC RESPONSIBLE INVESTMENTS

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12. Recent Accounting Pronouncement:

In this reporting period, the Funds adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) – “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. SIMC acts as the Funds’ CODM. The CODM has determined that the Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds’ long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds’ portfolio managers as a team. The financial information in the form of the Funds’ schedules of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Funds’ comparative benchmarks and to make resource allocation decisions for the Funds’ single segment, is consistent with that presented within the Funds’ financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Statements of Operations.

13. Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments, other than that listed below, were required to the financial statements.

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OTHER INFORMATION (FORM N-CSRS ITEMS 8-11)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included within the Statement(s) of Operations of the financial statements.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Funds’ sub-advisory agreements must be renewed at least annually after their initial two-year term: (i) by the vote of the Board of Trustees (the “Board” or the “Trustees”) of Catholic Responsible Investments Funds (the “Trust”) or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on November 19–20, 2024 to decide whether to renew the sub-advisory agreements (the “Agreements”) between Christian Brothers Investment Services, Inc. (the “Adviser”) and certain sub-advisers on behalf of the Funds shown in the following table (each, a “Sub-Adviser” and together, the “Sub-Advisers”), pursuant to which the Sub-Advisers serve as investment sub-advisers to the Funds, for additional one-year terms:

Sub-Adviser	Fund(s)
RhumbLine Advisers	Catholic Responsible Investments Equity Index Fund
	Catholic Responsible Investments Small-Cap Fund
Sun Life Capital Management (U.S.) LLC	Catholic Responsible Investments Bond Fund
	Catholic Responsible Investments Opportunistic Bond Fund
Teachers Advisors, LLC	Catholic Responsible Investments Bond Fund
	Catholic Responsible Investments Opportunistic Bond Fund
	Catholic Responsible Investments Short-Duration Bond Fund
Mar Vista Investment Partners, LLC	Catholic Responsible Investments Multi-Style US Equity Fund
WCM Investment Management, LLC	Catholic Responsible Investments International Equity Fund

In preparation for the meeting, the Trustees requested that the Sub-Advisers furnish information necessary to evaluate the terms of the Agreements. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Sub-Advisers, and information was provided in response to this request. The Trustees used this information, as well as other information that the Sub-Advisers and other service providers of the Funds presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreements for an additional year.

Specifically, the Board requested and received written materials from the Sub-Advisers and other service providers of the Funds regarding: (i) the nature, extent and quality of the Sub-Advisers’ services; (ii) the Sub-Advisers’ investment

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management personnel; (iii) the Sub-Advisers’ operations and information about their financial condition, capitalization, profitability or financial viability to sub-advise the Funds; (iv) the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the advisory fees paid by the Adviser to the Sub-Advisers and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Sub-Advisers’ profitability from their relationships with the Funds, including both direct and indirect benefits accruing to the Sub-Advisers and their affiliates; (vii) the Sub-Advisers’ potential economies of scale; (viii) the Sub-Advisers’ compliance programs, including a description of material compliance matters and material compliance violations; (ix) the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; and (x) the Funds’ performance attributable to the Sub-Advisers and overall performance compared with peer groups of mutual funds and the Funds’ benchmark indices.

Representatives from the Adviser and the Sub-Advisers, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Sub-Advisers’ services, fees and other aspects of the Agreements. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management, the Adviser and the Sub-Advisers.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser, the Sub-Advisers and other service providers of the Funds, renewed the Agreements. In considering the renewal of the Agreements, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Sub-Advisers; (ii) the investment performance of the Funds and the Sub-Advisers; (iii) the costs of the services provided and profits realized by the Sub-Advisers from their relationships with the Funds, including both direct and indirect benefits accruing to the Sub-Advisers and their affiliates; (iv) the extent to which economies of scale are being realized by the Sub-Advisers; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

Nature, Extent and Quality of Services Provided by the Sub-Advisers

In considering the nature, extent and quality of the services provided by the Sub-Advisers, the Board reviewed the portfolio management services provided by the Sub-Advisers to the Funds, including the quality and continuity of the Sub-Advisers’ portfolio management personnel, the resources of the Sub-Advisers, and the Sub-Advisers’ compliance histories and compliance programs. The Trustees reviewed the terms of the Agreements. The Trustees also reviewed the Sub-Advisers’ investment and risk management approaches for the Funds. The Trustees considered that the Adviser supervises and monitors the performance of the Sub-Advisers. The most recent investment adviser registration forms (“Form ADV”) for the Sub-Advisers were available to the Board, as were the responses of the Sub-Advisers to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Sub-Advisers to the Funds.

The Trustees also considered other services provided to the Funds by the Sub-Advisers such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Sub-Advisers were sufficient to support renewal of the Agreements.

Investment Performance of the Funds and the Sub-Advisers

The Board was provided with regular reports regarding the Funds’ performance over various time periods. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Sub-Advisers provided information regarding and led discussions of factors impacting the performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds’ performance was satisfactory, or, where the Funds’ performance was materially below their benchmarks and/or peer groups, the Trustees were satisfied by the reasons for

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the underperformance and/or the steps taken by the Sub-Advisers in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Sub-Advisers had been able to achieve for the Funds were sufficient to support renewal of the Agreements.

Costs of Sub-Advisory Services, Profitability and Economies of Scale

In considering the advisory fees payable by the Adviser to the Sub-Advisers, the Trustees reviewed, among other things, a report of the advisory fees paid to the Sub-Advisers. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the applicable Sub-Advisers to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Trustees also considered that the Adviser, not the Funds, paid the Sub-Advisers pursuant to the sub-advisory agreements and that the fees payable to the Sub-Advisers reflected arms-length negotiations between the Adviser and the Sub-Advisers. The Trustees evaluated both the fee under the sub-advisory agreements and the portion of the fee under the advisory agreement retained by the Adviser. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Sub-Advisers.

The Trustees reviewed the costs of services provided by and the profits realized by the Sub-Advisers from their relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Sub-Advisers and their affiliates. The Trustees considered how the Sub-Advisers’ profitability was affected by factors such as their organizational structures and methods for allocating expenses. The Trustees concluded that the profit margins of the Sub-Advisers with respect to the management of the Funds were not unreasonable. The Board also considered the Sub-Advisers’ commitment to managing the Funds.

The Trustees considered the Sub-Advisers’ views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds’ shareholders through a graduated advisory fee schedule or other means, including fee waivers. 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 concluded that the advisory fees were reasonable in light of the information that was provided to the Trustees by the Sub-Advisers with respect to economies of scale.

Renewal of the Agreements

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreements, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreements for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or 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.

159

NOTES

Catholic Responsible Investments Funds

Investment Adviser:

Christian Brothers Investment Services, Inc.

125 S. Wacker Drive

Suite 2400

Chicago, Illinois 60606

Administrator:

SEI Investments Global Fund Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel:

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

This information must be preceded or accompanied by a current prospectus for the Funds described.

CRI-SA-001-0400

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Included under item 7.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Included under item 7.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included under item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included under item 7.

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

Not applicable to open-end management investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

Item 16. Controls and Procedures.

(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 Act (17 CFR § 270.30a-3(c)) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR § 240.13a-15(b) or §240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is 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.

Not applicable to open-end management investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) Separate certifications for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)) are filed herewith.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Officer certifications as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)) also accompany this filing as exhibits.

SIGNATURES

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.

(Registrant)	Catholic Responsible Investments Funds

By:	/s/ Michael Beattie
	Michael Beattie, Principal Executive Officer

Date:	July 7, 2025

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.

By:	/s/ Michael Beattie
	Michael Beattie, Principal Executive Officer

Date:	July 7, 2025

By:	/s/ Andrew Metzger
	Andrew Metzger, Principal Financial Officer

Date:	July 7, 2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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Catholic Responsible Investments Funds

Catholic Responsible Investments Ultra Short Bond Fund

Institutional Class Shares - CRHSX

Semi-Annual Shareholder Report: April 30, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2025

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

Catholic Responsible Investments Funds

Catholic Responsible Investments Short Duration Bond Fund

Institutional Class Shares - CRDSX

Semi-Annual Shareholder Report: April 30, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2025

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

Catholic Responsible Investments Funds

Catholic Responsible Investments Bond Fund

Institutional Class Shares - CRBSX

Semi-Annual Shareholder Report: April 30, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2025

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

Catholic Responsible Investments Funds

Catholic Responsible Investments Bond Fund

Investor Class Shares - CRBVX

Semi-Annual Shareholder Report: April 30, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2025

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

Catholic Responsible Investments Funds

Catholic Responsible Investments Opportunistic Bond Fund

Institutional Class Shares - CROSX

Semi-Annual Shareholder Report: April 30, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2025

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

Catholic Responsible Investments Funds

Catholic Responsible Investments Opportunistic Bond Fund

Investor Class Shares - CROVX

Semi-Annual Shareholder Report: April 30, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2025

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

Catholic Responsible Investments Funds

Catholic Responsible Investments Equity Index Fund

Asset Weightings^{Footnote Reference*}

Asset Weightings^{Footnote Reference*}

Asset Weightings^{Footnote Reference*}

Asset Weightings^{Footnote Reference*}

Asset Weightings^{Footnote Reference*}

Asset Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

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