Catholic Responsible Investments Funds NCSRS Certified semi-annual shareholder report (management investment company)

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)

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(Address of principal executive offices) (Zip code)

Michael Beattie

c/o SEI Investments

One Freedom Valley Drive

Oaks, Pennsylvania 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, 2022

Date of reporting period: April 30, 2022

Item 1.

Reports to Stockholders.

The registrant’s schedules as of the close of the reporting period, pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), are attached hereto.

Catholic Responsible Investments

Semi-Annual Report April 30, 2022

CRI Ultra Short Bond Fund

Institutional Shares: CRHSX

CRI Short Duration Bond Fund

Institutional Shares: CRDSX

CRI Opportunistic Bond Fund

Investor Shares: CROVX

Institutional Shares: CROSX

CRI Bond Fund

Investor Shares: CRBVX

Institutional Shares: CRBSX

CRI Equity Index Fund

Institutional Shares: CRQSX

CRI Multi-Style US Equity Fund

Investor Shares: CRTVX

Institutional Shares: CRTSX

CRI International Equity Fund

Investor Shares: CRLVX

Institutional Shares: CRLSX

CRI Small-Cap Fund

Institutional Shares: CRSSX

CRI International Small-Cap Fund

Institutional Shares: CRNSX

CRI Magnus 45/55 Fund

Investor Shares: CMNVX

Institutional Shares: CMNSX

CRI Magnus 60/40 Alpha Plus Fund

Investor Shares: CMPVX

Institutional Shares: CMPSX

CRI Magnus 60/40 Beta Plus Fund

Investor Shares: CMMVX

Institutional Shares: CMMSX

CRI Magnus 75/25 Fund

Investor Shares: CMUVX

Institutional Shares: CMUSX

LOGO

Investment Adviser:

Christian Brothers Investment Services

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

TABLE OF CONTENTS


Schedules of Investments			2

Statements of Assets and Liabilities			84

Statements of Operations			87

Statements of Changes in Net Assets			90

Financial Highlights			93

Notes to Financial Statements			95

Disclosure of Fund Expenses			107

Approval of Investment Advisory Agreements			110

The Funds file their complete schedules of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how the Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1- 866-392-2626; and (ii) on the SEC’s website at http://www.sec.gov.

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2022 (Unaudited)

SECTOR WEIGHTINGS^†

LOGO

† Percentages are based on total investments.


SCHEDULE OF INVESTMENTS
REPURCHASE AGREEMENTS — 28.9%

	Face Amount		Value
Gold Triparty Mortgage 0.290%, dated 04/30/22, to be repurchased on 05/02/22, repurchase price $11,300,273, collateralized by various U.S. Government obligations, par value $16,074 - $11,956,640, 1.500% - 4.000%, 07/20/46 - 11/20/51, with a total market value of $11,526,000	$	11,300,000	$	11,300,000

Socgen Triparty 0.295%, dated 04/30/22, to be repurchased on 05/02/22, repurchase price $6,000,148, collateralized by various U.S. Government obligations, par value $100 - $4,934,011, 0.000% - 7.250%, 06/16/22 - 01/01/52, with a total market value of $6,120,000		6,000,000		6,000,000


Total Repurchase Agreements
(Cost $17,300,000)				17,300,000

U.S. TREASURY OBLIGATIONS — 18.4%

	Face Amount		Value
U.S. Cash Management Bill
0.275%, 05/24/22(A)	$	600,000	$	599,892
0.150%, 05/10/22(A)		1,200,000		1,199,969
0.125%, 05/03/22(A)		2,000,000		1,999,995
U.S. Treasury Bill
0.300%, 05/17/22(A)		1,733,600		1,733,497
0.065%, 05/19/22(A)		2,000,000		1,999,797


U.S. TREASURY OBLIGATIONS — continued

	Face Amount		Value
U.S. Treasury Bill - WI Post Auction
0.341%, 06/07/22(A)	$	1,250,000	$	1,249,458
U.S. Treasury Note
0.967%, US Treasury 3 Month Bill Money Market Yield + 0.055%, 10/31/22(B)		2,200,000		2,202,129


Total U.S. Treasury Obligations
(Cost $10,983,230)				10,984,737

CORPORATE OBLIGATIONS — 16.4%

	Face Amount		Value

COMMUNICATION SERVICES — 0.3%
Magallanes
2.057%, SOFRINDX + 1.780%, 03/15/24(B)(C)	$	215,000	$	216,962


CONSUMER DISCRETIONARY — 0.3%
Starbucks
0.617%, SOFRINDX + 0.420%, 02/14/24(B)		175,000		175,164


CONSUMER STAPLES — 0.8%
Daimler Trucks Finance North America
1.295%, U.S. SOFR + 1.000%, 04/05/24(B)(C)		175,000		175,033
McCormick
2.700%, 08/15/22		110,000		110,089
Volkswagen Group of America Finance
2.700%, 09/26/22(C)		200,000		199,944

				485,066


ENERGY — 0.4%
Enbridge
0.835%, SOFRINDX + 0.630%, 02/16/24(B)		250,000		250,308


FINANCIALS — 11.4%
American Express
1.020%, SOFRINDX + 0.720%, 05/03/24(B)		150,000		149,970
Athene Global Funding
3.000%, 07/01/22(C)		350,000		350,563
Bank of Montreal MTN
0.969%, SOFRINDX + 0.710%, 03/08/24(B)		300,000		300,177
Barclays Bank
1.700%, 05/12/22		600,000		600,114

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2022 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
BNP Paribas NY
0.430%, U.S. SOFR + 0.130%, 09/09/22(B)	$	650,000	$	649,504
BPCE MTN
3.000%, 05/22/22(C)		350,000		350,250
Credit Suisse NY
0.680%, SOFRINDX + 0.380%, 08/09/23(B)		300,000		298,752
Deutsche Bank NY
0.800%, U.S. SOFR + 0.500%, 11/08/23(B)		225,000		223,689
Dexia Credit Local
2.375%, 09/20/22		300,000		300,626
Equitable Financial Life Global Funding
0.685%, U.S. SOFR + 0.390%, 04/06/23(B)(C)		450,000		449,242
Mitsubishi UFJ Financial Group
2.665%, 07/25/22		575,000		576,269
Morgan Stanley MTN
3.125%, 01/23/23		350,000		351,538
2.750%, 05/19/22		300,000		300,180
NatWest Markets
3.625%, 09/29/22(C)		500,000		502,324
Nordea Bank Abp NY
0.470%, U.S. SOFR + 0.170%, 11/28/22(B)		250,000		249,619
Societe Generale NY
0.460%, U.S. SOFR + 0.160%, 08/08/22(B)		625,000		624,898
Toronto-Dominion Bank MTN
0.536%, U.S. SOFR + 0.240%, 01/06/23(B)		150,000		149,754
UBS
0.558%, U.S. SOFR + 0.320%, 06/01/23(B)(C)		375,000		374,344

				6,801,813

INDUSTRIALS — 0.8%
ABB Finance USA
2.875%, 05/08/22		300,000		300,055
Caterpillar Financial Services MTN
0.466%, U.S. SOFR + 0.170%, 01/10/24(B)		175,000		174,257

				474,312

INFORMATION TECHNOLOGY — 0.3%
QUALCOMM
1.969%, ICE LIBOR USD 3 Month + 0.730%, 01/30/23(B)		194,000		194,529


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

UTILITIES — 2.1%
Florida Power & Light
0.436%, SOFRINDX + 0.250%, 05/10/23(B)	$	200,000	$	199,419
National Rural Utilities Cooperative Finance MTN
0.700%, U.S. SOFR + 0.400%, 08/07/23(B)		225,000		224,704
NextEra Energy Capital Holdings
0.778%, SOFRINDX + 0.540%, 03/01/23(B)		225,000		224,734
0.750%, ICE LIBOR USD 3 Month + 0.270%, 02/22/23(B)		300,000		299,167
Southern
0.556%, U.S. SOFR + 0.370%, 05/10/23(B)		300,000		299,091

				1,247,115

Total Corporate Obligations
(Cost $9,868,536)				9,845,269

ASSET-BACKED SECURITIES — 14.7%

	Face Amount		Value

Automotive — 13.2%
American Credit Acceptance Receivables Trust, Ser 2020-1, Cl C
2.190%, 03/13/26 (C)	$	302,400	$	302,603
American Credit Acceptance Receivables Trust, Ser 2020-3, Cl B
1.150%, 08/13/24 (C)		23,903		23,897
American Credit Acceptance Receivables Trust, Ser 2021-1, Cl B
0.610%, 03/13/25 (C)		278,633		278,153
American Credit Acceptance Receivables Trust, Ser 2021-2, Cl A
0.370%, 10/15/24 (C)		18,741		18,713
American Credit Acceptance Receivables Trust, Ser 2021-3, Cl A
0.330%, 06/13/25 (C)		56,274		56,048
American Credit Acceptance Receivables Trust, Ser 2022-2, Cl A
2.660%, 02/13/26 (C)		195,000		195,049

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2022 (Unaudited)


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
AmeriCredit Automobile Receivables Trust, Ser 2019-2, Cl B
2.540%, 07/18/24	$	65,183	$	65,334
ARI Fleet Lease Trust, Ser 2020-A, Cl A2
1.770%, 08/15/28 (C)		97,730		97,771
ARI Fleet Lease Trust, Ser 2021-A, Cl A1
0.173%, 06/15/22 (C)		8,089		8,085
BMW Vehicle Lease Trust, Ser 2022-1, Cl A1
0.237%, 01/25/23		36,265		36,223
Canadian Pacer Auto Receivables Trust, Ser 2019-1A, Cl A3
2.800%, 10/19/23 (C)		223,539		223,953
CarMax Auto Owner Trust, Ser 2022-1, Cl A1
0.313%, 02/15/23		102,386		102,270
CarMax Auto Owner Trust, Ser 2022-2, Cl A2B
1.078%, SOFR30A + 0.600%, 05/15/25 (B)		60,000		60,000
Carvana Auto Receivables Trust, Ser 2021-N2, Cl A1
0.320%, 03/10/28		19,197		18,933
Carvana Auto Receivables Trust, Ser 2021-P4, Cl A1
0.306%, 01/10/23		7,656		7,654
Chesapeake Funding II, Ser 2019-1A, Cl A1
2.940%, 04/15/31 (C)		92,501		92,568
CPS Auto Receivables Trust, Ser 2021-A, Cl B
0.610%, 02/18/25 (C)		194,848		194,394
CPS Auto Receivables Trust, Ser 2021-B, Cl A
0.370%, 03/17/25 (C)		35,972		35,827
CPS Auto Receivables Trust, Ser 2021-C, Cl A
0.330%, 07/15/24 (C)		219,195		218,494
Credit Acceptance Auto Loan Trust, Ser 2019-3A, Cl A
2.380%, 11/15/28 (C)		176,400		176,600
Donlen Fleet Lease Funding 2, Ser 2021-2, Cl A1
0.818%, ICE LIBOR USD 1 Month + 0.330%, 12/11/34 (B)(C)		189,821		189,016
Drive Auto Receivables Trust, Ser 2018-2, Cl D
4.140%, 08/15/24		125,909		126,406


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Drive Auto Receivables Trust, Ser 2018-3, Cl D
4.300%, 09/16/24	$	159,336	$	160,153
Drive Auto Receivables Trust, Ser 2019-4, Cl C
2.510%, 11/17/25		41,350		41,388
Drive Auto Receivables Trust, Ser 2020-1, Cl C
2.360%, 03/16/26		111,801		111,891
Drive Auto Receivables Trust, Ser 2020-2, Cl B
1.420%, 03/17/25		56,571		56,563
Drive Auto Receivables Trust, Ser 2021-2, Cl A2
0.360%, 05/15/24		44,119		44,020
Drive Auto Receivables Trust, Ser 2021-3, Cl A2
0.520%, 01/15/25		243,081		241,385
DT Auto Owner Trust, Ser 2019-2A, Cl C
3.180%, 02/18/25 (C)		38,358		38,412
DT Auto Owner Trust, Ser 2021-1A, Cl A
0.350%, 01/15/25 (C)		67,310		67,091
DT Auto Owner Trust, Ser 2021-2A, Cl A
0.410%, 03/17/25 (C)		103,978		103,336
DT Auto Owner Trust, Ser 2021-3A, Cl A
0.330%, 04/15/25 (C)		172,361		170,475
Enterprise Fleet Financing, Ser 2021-3, Cl A1
0.222%, 11/21/22 (C)		44,652		44,582
Exeter Automobile Receivables Trust, Ser 2020-2A, Cl B
2.080%, 07/15/24 (C)		26,357		26,365
Exeter Automobile Receivables Trust, Ser 2020-2A, Cl C
3.280%, 05/15/25 (C)		175,000		175,783
Exeter Automobile Receivables Trust, Ser 2020-3A, Cl B
0.790%, 09/16/24		218,838		218,734
Exeter Automobile Receivables Trust, Ser 2021-3A, Cl A2
0.340%, 01/16/24		4,199		4,196
Exeter Automobile Receivables Trust, Ser 2021-4A, Cl A2
0.400%, 04/15/24		152,766		152,437
Exeter Automobile Receivables Trust, Ser 2022-1A, Cl A2
1.150%, 06/17/24		160,000		159,406

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2022 (Unaudited)


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Exeter Automobile Receivables Trust, Ser 2022-2A, Cl A1
1.042%, 05/12/23	$	300,000	$	300,027
First Investors Auto Owner Trust, Ser 2021-1A, Cl A
0.450%, 03/16/26 (C)		220,689		218,407
Flagship Credit Auto Trust, Ser 2018-4, Cl C
4.110%, 10/15/24 (C)		85,306		85,667
Flagship Credit Auto Trust, Ser 2020-1, Cl A
1.900%, 08/15/24 (C)		28,037		28,043
Flagship Credit Auto Trust, Ser 2020-4, Cl A
0.530%, 04/15/25 (C)		115,806		115,268
Flagship Credit Auto Trust, Ser 2021-1, Cl A
0.310%, 06/16/25 (C)		282,262		279,935
Ford Credit Auto Lease Trust, Ser 2022-A, Cl A1
1.374%, 05/15/23		52,000		52,006
Ford Credit Auto Lease Trust, Ser 2022-A, Cl A2B
0.889%, SOFR30A + 0.600%, 10/15/24 (B)		40,000		40,000
Ford Credit Auto Owner Trust, Ser 2022-A, Cl A1
0.239%, 02/15/23		55,964		55,916
GLS Auto Receivables Issuer Trust, Ser 2020-4A, Cl B
0.870%, 12/16/24 (C)		77,533		77,303
GLS Auto Receivables Issuer Trust, Ser 2021-1A, Cl A
0.340%, 05/15/24 (C)		17,282		17,270
GM Financial Consumer Automobile Receivables Trust, Ser 2018-3, Cl B
3.270%, 01/16/24		125,000		125,309
GM Financial Consumer Automobile Receivables Trust, Ser 2022-1, Cl A1
0.229%, 01/17/23		57,125		57,076
Honda Auto Receivables Owner Trust, Ser 2020-1, Cl A3
1.610%, 04/22/24		260,697		—
Santander Drive Auto Receivables Trust, Ser 2019-2, Cl C
2.900%, 10/15/24		48,074		48,112
Santander Drive Auto Receivables Trust, Ser 2019-3, Cl C
2.490%, 10/15/25		84,631		84,746


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Santander Drive Auto Receivables Trust, Ser 2020-2, Cl B
0.960%, 11/15/24	$	20,548	$	20,540
Santander Drive Auto Receivables Trust, Ser 2020-2, Cl C
1.460%, 09/15/25		350,000		348,863
Santander Drive Auto Receivables Trust, Ser 2020-3, Cl B
0.690%, 03/17/25		113,655		113,554
Santander Drive Auto Receivables Trust, Ser 2020-4, Cl B
0.730%, 03/17/25		269,989		269,552
Santander Drive Auto Receivables Trust, Ser 2021-3, Cl A2
0.290%, 05/15/24		49,821		49,819
Santander Retail Auto Lease Trust, Ser 2020-A, Cl A3
1.740%, 07/20/23 (C)		84,625		84,687
United Auto Credit Securitization Trust, Ser 2021-1, Cl A
0.340%, 07/10/23 (C)		3,162		3,161
United Auto Credit Securitization Trust, Ser 2022-1, Cl A
1.110%, 07/10/24 (C)		87,327		87,006
Volkswagen Auto Lease Trust, Ser 2020-A, Cl A2
0.270%, 04/20/23		67,652		67,575
Westlake Automobile Receivables Trust, Ser 2018-3A, Cl D
4.000%, 10/16/23 (C)		51,221		51,350
Westlake Automobile Receivables Trust, Ser 2019-1A, Cl E
4.490%, 07/15/24 (C)		125,000		126,386
Westlake Automobile Receivables Trust, Ser 2019-3A, Cl C
2.490%, 10/15/24 (C)		105,105		105,216
Westlake Automobile Receivables Trust, Ser 2021-1A, Cl A2A
0.390%, 10/15/24 (C)		55,756		55,462
Westlake Automobile Receivables Trust, Ser 2021-3A, Cl A2
0.570%, 09/16/24 (C)		294,133		291,447
World Omni Auto Receivables Trust, Ser 2022-A, Cl A1
0.396%, 02/15/23		147,504		147,294
World Omni Select Auto Trust, Ser 2019-A, Cl A3
2.000%, 08/15/24		120,489		120,539

				7,871,744

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2022 (Unaudited)


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Other Asset-Backed Securites — 1.5%
CCG Receivables Trust, Ser 2021-2, Cl A1
0.125%, 10/14/22 (C)	$	9,863	$	9,858
Cloud Pass-Through Trust, Ser 2019-1A, Cl CLOU
3.554%, 12/05/22 (B)(C)		1,535		1,536
Dell Equipment Finance Trust, Ser 2021-2, Cl A1
0.182%, 09/22/22 (C)		41,470		41,433
Dllmt, Ser 2021-1A, Cl A1
0.229%, 10/20/22 (C)		34,095		34,059
DLLST, Ser 2022-1A, Cl A1
1.560%, 05/22/23 (C)		285,714		285,718
FREED ABS Trust, Ser 2021-3FP, Cl A
0.620%, 11/20/28 (C)		36,987		36,828
FREED ABS Trust, Ser 2022-1FP, Cl A
0.940%, 03/19/29 (C)		71,975		71,387
GreatAmerica Leasing Receivables Funding, Ser 2021-2, Cl A1
0.149%, 10/17/22 (C)		150,193		150,003
HPEFS Equipment Trust, Ser 2022-1A, Cl A1
0.427%, 01/20/23 (C)		165,513		165,183
SCF Equipment Leasing, Ser 2022-1A, Cl A1
0.632%, 03/13/23 (C)		121,509		121,371

				917,376


Total Asset-Backed Securities
(Cost $9,074,899)				8,789,120

COMMERCIAL PAPER — 13.6%

	Face Amount		Value
Banco Santander
1.276%, 08/01/22	$	300,000	$	298,997
BASF
1.052%, 06/02/22		250,000		249,834
BofA Securities
0.985%, 09/01/22		450,000		447,698
Caisse d’Amortissement de la Dette Sociale
0.922%, 06/22/22		525,000		524,285
CDP Financial
0.601%, 06/01/22		315,000		314,784
Commonwealth Bank of Australia
0.190%, 07/18/22		675,000		673,320


COMMERCIAL PAPER — continued

	Face Amount		Value
Erste Abwicklungsanstalt
0.761%, 06/13/22	$	625,000	$	624,359
HSBC USA
0.250%, 06/10/22		350,000		349,634
Kimberly-Clark
0.350%, 05/03/22		1,000,000		999,958
Kreditanstalt fuer Wiederaufbau
0.490%, 05/05/22		400,000		399,971
Macquarie Bank
0.201%, 07/06/22		300,000		299,352
National Bank of Canada
0.180%, 08/10/22		625,000		622,675
Province of Alberta Canada
0.180%, 06/02/22		300,000		299,818
Royal Bank of Canada NY
0.638%, 10/04/22		500,000		495,831
Skandinaviska Enskilda Banken
0.170%, 06/15/22		550,000		549,395
Societe Generale
0.902%, 05/31/22		250,000		249,837
Standard Chartered Bank
0.241%, 10/06/22		250,000		248,200
Sumitomo Mitsui Trust Bank
0.943%, 06/28/22		250,000		249,567
Svenska Handelsbanken
0.160%, 05/24/22		250,000		249,894


Total Commercial Paper
(Cost $8,158,347)				8,147,409

CERTIFICATES OF DEPOSIT — 7.5%

	Face Amount		Value
Australia & New Zealand Banking Group
0.240%, 10/07/22	$	600,000	$	599,662
Bank of Montreal
0.640%, 10/18/22		600,000		599,945
Bank of Nova Scotia
0.510%, 06/03/22		750,000		750,027
BNZ International Funding
0.750%, 09/09/22		250,000		250,295
Credit Agricole Corporate and Investment Bank
0.190%, 05/16/22		500,000		500,010
Credit Suisse New York
0.490%, 08/18/22		286,000		285,850
Macquarie Bank
0.250%, 06/21/22		625,000		624,951
National Australia Bank
0.220%, 07/25/22		600,000		599,815

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2022 (Unaudited)


CERTIFICATES OF DEPOSIT — continued

	Face Amount		Value
Westpac Banking
0.180%, 08/10/22	$	300,000	$	299,871


Total Certificates of Deposit
(Cost $4,510,841)				4,510,426

U.S. GOVERNMENT AGENCY OBLIGATION – 1.0%

	Face Amount		Value
FFCB
0.335%, U.S. SOFR + 0.035%, 07/12/23(B)	$	600,000	$	599,985

Total U.S. Government Agency Obligations
(Cost $599,964)				599,985

Total Investments in Securities— 100.5%
(Cost $60,495,817)			$	60,176,946

Percentages are based on Net Assets of $59,880,826.

(A)

Interest rate represents the security’s effective yield at the time of purchase.

(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)

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, 2022 was $17,724,272 and represented 29.6% of Net Assets.

Cl — Class

FFCB — Federal Farm Credit Bank

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

Ser — Series

SOFR — Secured Overnight Financing Rate

SOFRINDX — Secured Overnight Financing Rate

USD — U.S. Dollar

The following is a list of the inputs used as of April 30, 2022, in valuing the Fund’s investments carried at market value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Repurchase Agreements	$	—	$	17,300,000	$	—	$	17,300,000
U.S. Treasury Obligations		2,202,129		8,782,608		—		10,984,737
Corporate Obligations		—		9,845,269		—		9,845,269
Asset-Backed Securities		—		8,789,120		—		8,789,120
Commercial Paper		—		8,147,409		—		8,147,409
Certificates of Deposit		—		4,510,426		—		4,510,426
U.S. Government Agency Obligation		—		599,985		—		599,985
Total Investments in Securities

	$	2,202,129	$	57,974,817	$	—	$	60,176,946

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 SHORT DURATION BOND FUND

APRIL 30, 2022 (Unaudited)



SECTOR WEIGHTINGS†

LOGO

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 42.7%

	Face Amount		Value

COMMUNICATION SERVICES — 1.9%
AT&T
0.000%, 11/27/22(A)(C)	$	2,000,000	$	1,973,377
Magallanes
3.428%, 03/15/24(A)		2,625,000		2,608,521
Sky
3.125%, 11/26/22(A)		1,000,000		1,004,235
Sprint Spectrum
4.738%, 03/20/25(A)		1,920,000		1,935,110
Time Warner Entertainment
8.375%, 03/15/23		2,400,000		2,507,834

				10,029,077


CONSUMER DISCRETIONARY — 4.0%
7-Eleven
0.800%, 02/10/24(A)		2,525,000		2,406,345
DR Horton
2.600%, 10/15/25		2,575,000		2,466,758
Ford Motor Credit
2.300%, 02/10/25		2,500,000		2,321,750
General Motors Financial
4.150%, 06/19/23		1,975,000		1,995,469
Leland Stanford Junior University
6.875%, 02/01/24		1,250,000		1,328,433
Lennar
4.875%, 12/15/23		2,000,000		2,033,970
4.750%, 05/30/25		1,825,000		1,859,906
Marriott International
3.125%, 02/15/23		780,000		780,080
Mileage Plus Holdings
6.500%, 06/20/27(A)		1,350,000		1,377,000
Mohawk Industries
3.850%, 02/01/23		1,200,000		1,208,416
Picasso Finance Sub
6.125%, 06/15/25(A)		1,420,000		1,446,625
Ross Stores
3.375%, 09/15/24		1,725,000		1,719,671

				20,944,423



CORPORATE OBLIGATIONS — continued

	Face Amount			Value

CONSUMER STAPLES — 1.4%
Baylor Scott & White Holdings
2.650%, 11/15/26		$	1,500,000		$	1,423,123
Bunge Finance
1.630%, 08/17/25			2,200,000			2,046,508
CVS Pass-Through Trust
6.036%, 12/10/28			2,703,383			2,853,160
Pilgrim’s Pride
5.875%, 09/30/27(A)			1,000,000			1,007,305

						7,330,096


ENERGY — 2.2%
Cal Dive I-Title XI
4.930%, 02/01/27			749,240			776,923
Continental Resources
3.800%, 06/01/24			1,695,000			1,697,847
2.268%, 11/15/26(A)			760,000			694,283
Equities
6.625%, 02/01/25			1,250,000			1,299,825
Petroleos Mexicanos
2.830%, 02/15/24			369,000			368,784
2.378%, 04/15/25			762,000			754,665
1.950%, 12/20/22			630,000			629,658
1.700%, 12/20/22			584,000			583,046
Phillips
66 3.700%, 04/06/23			2,250,000			2,266,613
Plains All American Pipeline
4.650%, 10/15/25			2,250,000			2,273,425

						11,345,069


FINANCIALS — 23.9%
Abay Leasing 2014
2.654%, 11/09/26			727,455			719,066
ABN AMRO Bank
7.750%, 05/15/23(A)			1,700,000			1,757,268
Ahold Lease Series 2001-A-2 Pass Through Trust
8.620%, 01/02/25			207,743			220,066
American Express
3.700%, 08/03/23			2,400,000			2,424,966
Athene Global Funding
2.800%, 05/26/23(A)			1,000,000			998,549
2.514%, 03/08/24(A)			1,570,000			1,531,218
Bank of America
3.004%, ICE LIBOR USD 3 MONTH + 0.790%, 12/20/23(B)			2,075,000			2,070,380
0.810%, U.S. SOFR + 0.740%, 10/24/24(B)			2,000,000			1,920,163

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2022 (Unaudited)



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
Bank of New Zealand
2.000%, 02/21/25(A)	$	3,150,000	$	3,017,531
Bank One Michigan
8.250%, 11/01/24		1,925,000		2,117,765
Banque Federative du Credit Mutuel
2.375%, 11/21/24(A)		2,578,000		2,489,961
Barclays
1.007%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.800%, 12/10/24(B)		2,575,000		2,456,887
BGC Partners
5.375%, 07/24/23		2,150,000		2,184,074
BPCE
4.000%, 04/15/24		1,050,000		1,060,572
Brighthouse Financial Global Funding MTN
1.200%, 12/15/23(A)		1,720,000		1,658,533
1.000%, 04/12/24(A)		594,000		565,704
Cantor Fitzgerald
6.500%, 06/17/22(A)		1,458,000		1,464,682
Charles Schwab
0.750%, 03/18/24		2,665,000		2,552,705
Citigroup
3.106%, U.S. SOFR + 2.842%, 04/08/26(B)		2,232,000		2,161,823
Credit Agricole MTN
1.907%, U.S. SOFR + 1.676%, 06/16/26(A)(B)		2,525,000		2,345,584
Credit Suisse Group
2.593%, U.S. SOFR + 1.560%, 09/11/25(A)(B)		3,050,000		2,910,235
Deutsche Bank NY
2.222%, U.S. SOFR + 2.159%, 09/18/24(B)		2,605,000		2,534,409
Durrah MSN
35603 1.684%, 01/22/25		1,569,824		1,539,845
DY8 Leasing
2.627%, 04/29/26		2,372,917		2,348,626
DY9 Leasing
2.372%, 03/19/27		683,095		669,630
Equitable Financial Life Global Funding
1.100%, 11/12/24(A)		2,670,000		2,513,345
Export Lease Ten
1.650%, 05/07/25		1,812,922		1,776,719
Federation des Caisses Desjardins du Quebec
0.700%, 05/21/24(A)		1,500,000		1,416,584



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
Five Corners Funding Trust
4.419%, 11/15/23(A)	$	3,875,000	$	3,926,378
GATX Financial 2005-1 Pass Through Trust
5.697%, 01/02/25(A)		217,960		220,541
Goldman Sachs Group MTN
2.905%, ICE LIBOR USD 3 Month + 0.990%, 07/24/23(B)		3,325,000		3,323,139
Harar Leasing
2013 2.582%, 07/02/25		1,787,499		1,770,741
Helios Leasing II
2.668%, 03/18/25		1,490,288		1,483,057
HSBC Holdings 4.292%, ICE LIBOR USD 3 Month +
1.348%, 09/12/26(B)		2,980,000		2,963,662
ING Bank
5.800%, 09/25/23(A)		2,500,000		2,571,891
Jackson National Life Global Funding
2.500%, 06/27/22(A)		2,000,000		2,002,580
JPMorgan Chase
1.045%, U.S. SOFR + 0.800%, 11/19/26(B)		1,500,000		1,349,078
Kansas City Southern
3.850%, 11/15/23		1,975,000		1,989,303
Lulwa
1.831%, 03/26/25		1,410,486		1,385,480
Macquarie Bank
3.231%, 03/21/25(A)		1,675,000		1,654,271
Massachusetts Mutual Life Insurance
7.625%, 11/15/23(A)		2,250,000		2,365,690
Metropolitan Tower Life Insurance
7.625%, 01/15/24(A)		2,000,000		2,131,999
Mizuho Financial Group
1.241%, U.S. SOFR + 1.252%, 07/10/24(B)		2,300,000		2,241,777
Morgan Stanley
5.000%, 11/24/25		3,425,000		3,518,126
3.737%, ICE LIBOR USD 3 Month + 0.847%, 04/24/24(B)		1,000,000		1,000,806
MSN 41079 and 41084
1.631%, 12/14/24		922,026		905,416
NatWest Group
6.125%, 12/15/22		1,200,000		1,220,619
6.000%, 12/19/23		1,480,000		1,520,317
NatWest Markets
3.479%, 03/22/25(A)		1,585,000		1,571,125

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2022 (Unaudited)



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
Pershing Road Development
0.923%, ICE LIBOR USD 3 Month + 0.400%, 09/01/26(A)(B)	$	1,391,358	$	1,335,703
PNC Bank
2.875%, 06/29/22		2,418,000		2,422,930
Reliance Standard Life Global Funding II
2.150%, 01/21/23(A)		2,275,000		2,263,907
Royal Bank of Canada MTN
1.600%, 01/21/25		2,970,000		2,820,985
Sandalwood 2013
2.836%, 07/10/25		1,266,326		1,263,022
Schneider Electric
2.950%, 09/27/22(A)		2,175,000		2,179,217
Security Benefit Global Funding MTN
1.250%, 05/17/24(A)		2,800,000		2,653,945
State Street
3.100%, 05/15/23		2,000,000		2,009,301
Swiss Re Treasury US
2.875%, 12/06/22(A)		1,575,000		1,576,628
Toronto-Dominion Bank MTN
2.350%, 03/08/24		1,565,000		1,542,251
TTX MTN
3.600%, 01/15/25(A)		2,500,000		2,510,728
UBS Group
1.008%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.830%, 07/30/24(A)(B)		2,500,000		2,427,645
Ulani MSN 35940
2.227%, 05/16/25		1,022,396		1,010,581
Washington Aircraft 2 DAC
1.396%, ICE LIBOR USD 3 Month + 0.430%, 06/26/24(B)		1,287,185		1,288,610
Wells Fargo MTN
2.406%, U.S. SOFR + 1.087%, 10/30/25(B)		4,825,000		4,636,268

				124,484,607


HEALTH CARE — 0.3%
Adventist Health System
2.433%, 09/01/24		1,415,000		1,373,215



INDUSTRIALS — 3.5%
AerCap Ireland Capital DAC
4.875%, 01/16/24		1,000,000		1,005,746
4.125%, 07/03/23		1,925,000		1,922,827



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

INDUSTRIALS — continued
American Airlines Class A Pass Through Trust, Cl A
4.950%, 01/15/23	$	3,084,425	$	3,064,087
Burlington Northern and Santa Fe Railway Pass Through Trust, Ser 2006-1
5.720%, 01/15/24		591,393		606,153
CNH Industrial
4.500%, 08/15/23		2,375,000		2,408,607
Delta Air Lines
4.500%, 10/20/25(A)		2,000,000		1,987,226
Georgia-Pacific
3.734%, 07/15/23(A)		2,100,000		2,119,085
Lennox International
3.000%, 11/15/23		2,000,000		1,988,360
Republic Services
4.750%, 05/15/23		900,000		913,967
Westinghouse Air Brake Technologies
3.200%, 06/15/25		2,250,000		2,174,583

				18,190,641


INFORMATION TECHNOLOGY — 2.2%
Fiserv
3.800%, 10/01/23		2,015,000		2,034,231
Global Payments
4.000%, 06/01/23		2,000,000		2,016,165
Infor
1.450%, 07/15/23(A)		550,000		536,974
Microchip Technology
4.250%, 09/01/25		1,925,000		1,909,921
PayPal Holdings
1.350%, 06/01/23		2,250,000		2,221,052
TD SYNNEX
1.250%, 08/09/24(A)		2,655,000		2,497,445

				11,215,788


MATERIALS — 1.7%
Air Liquide Finance
2.250%, 09/27/23(A)		2,000,000		1,981,369
Berry Global
4.875%, 07/15/26(A)		1,250,000		1,242,312
0.950%, 02/15/24		1,300,000		1,240,649
Graphic Packaging International
0.821%, 04/15/24(A)		1,025,000		967,501
Nutrien
1.900%, 05/13/23		1,175,000		1,163,158

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2022 (Unaudited)



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

MATERIALS — continued
Union Carbide
7.875%, 04/01/23	$	1,950,000	$	2,022,593

				8,617,582


UTILITIES — 1.6%
National Rural Utilities Cooperative Finance MTN
2.300%, 09/15/22		2,825,000		2,830,339
NextEra Energy Capital Holdings
2.940%, 03/21/24		1,300,000		1,290,910
0.650%, 03/01/23		1,100,000		1,082,730
NorthWestern
1.000%, 03/26/24		2,600,000		2,456,104
Pacific Gas and Electric
1.347%, SOFRINDX + 1.150%, 11/14/22(B)		370,000		370,309

				8,030,392

Total Corporate Obligations (Cost $229,798,895)				221,560,890


U.S. TREASURY OBLIGATIONS — 25.9%

	Face Amount		Value
U.S. Treasury Notes
2.875%, 04/30/25	$	3,000,000	$	2,999,297
2.750%, 07/31/23		1,520,000		1,527,066
2.750%, 02/28/25		7,640,000		7,615,827
2.625%, 06/30/23		2,575,000		2,584,958
2.625%, 03/31/25		3,640,000		3,614,691
2.375%, 08/15/24		6,260,000		6,198,867
2.250%, 11/15/24		19,350,000		19,065,797
2.250%, 12/31/24		2,580,000		2,540,091
2.125%, 11/30/23		2,200,000		2,185,906
2.125%, 02/29/24		23,775,000		23,554,895
2.125%, 05/15/25		1,000,000		977,773
1.750%, 12/31/24		14,145,000		13,744,409
1.625%, 10/31/23		5,555,000		5,483,175
1.375%, 06/30/23		10,000,000		9,896,094
1.125%, 02/28/25		3,780,000		3,602,960
0.375%, 12/31/25		15,150,000		13,813,723
0.250%, 06/30/25		16,500,000		15,187,090

Total U.S. Treasury Obligations (Cost $140,141,878)				134,592,619



ASSET-BACKED SECURITIES — 23.7%

	Face Amount		Value

Automotive — 4.0%
ARI Fleet Lease Trust, Ser 2022-A, Cl A2
3.120%, 01/15/31 (A)	$	935,000	$	936,385
Avis Budget Rental Car Funding AESOP, Ser 2017-2A, Cl A
2.970%, 03/20/24 (A)		3,050,000		3,056,171
Carvana Auto Receivables Trust, Ser 2021-N3, Cl B
0.660%, 06/12/28		953,453		937,304
GTE Auto Receivables Trust, Ser 2019-1, Cl A3
2.390%, 08/15/24 (A)		625,639		625,155
Hertz Vehicle Financing, Ser 2021-1A, Cl A
1.210%, 12/26/25 (A)		2,575,000		2,419,925
NextGear Floorplan Master Owner Trust, Ser 2020-1A, Cl A2
1.550%, 02/15/25 (A)		2,000,000		1,982,326
NextGear Floorplan Master Owner Trust, Ser 2022-1A, Cl A2
2.800%, 03/15/27 (A)		2,360,000		2,295,138
Santander Drive Auto Receivables Trust, Ser 2021-2, Cl B
0.590%, 09/15/25		3,460,000		3,421,883
Toyota Auto Receivables Owner Trust, Ser 2022-B, Cl A3
2.930%, 09/15/26		935,000		931,704
World Omni Auto Receivables Trust, Ser 2020-C, Cl A3
0.480%, 11/17/25		1,500,000		1,473,917
World Omni Select Auto Trust, Ser 2020-A, Cl B
0.840%, 06/15/26		2,500,000		2,435,069

				20,514,977

Other Asset-Backed Securities — 19.7%
American Tower Trust #1, Ser 2013-13, Cl 2A
3.070%, 03/15/48 (A)		3,265,000		3,264,363
Amur Equipment Finance Receivables VII, Ser 2019-1A, Cl A2
2.630%, 06/20/24 (A)		435,029		435,649
BBCMS Mortgage Trust, Ser 2021-AGW, Cl A
1.804%, ICE LIBOR USD 1 Month + 1.250%, 06/15/36 (A)(B)		4,130,000		4,039,268
Business Jet Securities, Ser 2021-1A, Cl A
2.162%, 04/15/36 (A)		1,201,409		1,105,607

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2022 (Unaudited)



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl B
1.504%, ICE LIBOR USD 1 Month + 0.950%, 09/15/36 (A)(B)	$	4,250,000	$	4,139,924
CHL Mortgage Pass-Through Trust, Ser 2004-29, Cl 1A1
5.401%, ICE LIBOR USD 1 Month + 0.540%, 02/25/35 (B)		12,485		11,984
COMM Mortgage Trust, Ser 2012-CR5, Cl ASB
2.388%, 12/10/45		207,669		207,671
COMM Mortgage Trust, Ser 2013-CR11, Cl A4
4.258%, 08/10/50		1,500,000		1,517,363
COMM Mortgage Trust, Ser 2013-WWP, Cl A1
2.499%, 03/10/31 (A)		403,812		404,518
COMM Mortgage Trust, Ser 2014-UBS5, Cl ASB
3.548%, 09/10/47		769,585		772,093
Community Program Loan Trust, Ser 1987-A, Cl B
4.500%, 10/01/29		18,581		18,139
CSAIL Commercial Mortgage Trust, Ser 2015-C1, Cl ASB
3.351%, 04/15/50		1,348,224		1,348,680
CSAIL Commercial Mortgage Trust, Ser 2018-CX11, Cl A3
4.095%, 04/15/51		2,125,000		2,139,960
CSMC Trust, Ser 2017-MOON, Cl A
3.197%, 07/10/34 (A)		2,200,000		2,197,230
DBCG Mortgage Trust, Ser 2017-BBG, Cl A
1.255%, ICE LIBOR USD 1 Month + 0.700%, 06/15/34 (A)(B)		2,225,000		2,198,423
DBGS Mortgage Trust, Ser 2018-C1, Cl A1
3.409%, 10/15/51		481,853		481,297
DLLST, Ser 2022-1A, Cl A2
2.790%, 01/22/24 (A)		810,000		809,863
Extended Stay America Trust, Ser 2021-ESH, Cl B
1.935%, ICE LIBOR USD 1 Month + 1.380%, 07/15/38 (A)(B)		1,093,271		1,078,273
FCI Funding, Ser 2021-1A, Cl A
1.130%, 04/15/33 (A)		788,478		780,673



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
FREED ABS Trust, Ser 2021-2, Cl A
0.680%, 06/19/28 (A)	$	272,617	$	272,376
FREED ABS Trust, Ser 2022-2CP, Cl A
3.030%, 05/18/29 (A)		3,000,000		2,991,063
Golub Capital Partners CLO 24M-R, Ser 2017-24A, Cl AR
1.915%, ICE LIBOR USD 3 Month + 1.600%, 11/05/29 (A)(B)		2,600,000		2,588,378
GS Mortgage Securities II, Ser 2012-BWTR, Cl A
2.954%, 11/05/34 (A)		3,200,000		3,187,284
GSR Mortgage Loan Trust, Ser 2004-9, Cl 3A1
2.594%, 08/25/34 (B)		17,446		17,523
HPLY Trust, Ser 2019-HIT, Cl A
1.554%, ICE LIBOR USD 1 Month + 1.000%, 11/15/36 (A)(B)		1,551,804		1,516,782
JP Morgan Mortgage Trust, Ser 2006-A2, Cl 4A1
4.061%, 08/25/34 (B)		15,127		15,675
Life Mortgage Trust, Ser 2021-BMR, Cl A
1.254%, ICE LIBOR USD 1 Month + 0.700%, 03/15/38 (A)(B)		1,867,643		1,828,020
Mariner Finance Issuance Trust, Ser 2020-AA, Cl A
2.190%, 08/21/34 (A)		3,250,000		3,125,368
ME Funding, Ser 2019-1, Cl A2
6.448%, 07/30/49 (A)		1,539,563		1,547,346
MHC Commercial Mortgage Trust, Ser 2021-MHC, Cl A
1.355%, ICE LIBOR USD 1 Month + 0.801%, 04/15/38 (A)(B)		4,650,000		4,559,681
MMAF Equipment Finance, Ser 2019-A, Cl A3
2.840%, 11/13/23 (A)		480,053		480,913
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl ASB
3.069%, 02/15/48		1,018,916		1,015,582
Morgan Stanley Capital I Trust, Ser 2017-CLS, Cl A
1.254%, ICE LIBOR USD 1 Month + 0.700%, 11/15/34 (A)(B)		1,300,000		1,293,459

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2022 (Unaudited)



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Morgan Stanley Capital I Trust, Ser 2017-CLS, Cl B
1.404%, ICE LIBOR USD 1 Month + 0.850%, 11/15/34 (A)(B)	$	2,700,000	$	2,683,153
Navient Private Education Refi Loan Trust, Ser 2019-GA, Cl A
2.400%, 10/15/68 (A)		1,531,290		1,498,464
Navient Private Education Refi Loan Trust, Ser 2020-HA, Cl A
1.310%, 01/15/69 (A)		937,582		902,552
Navient Private Education Refi Loan Trust, Ser 2021-A, Cl A
0.840%, 05/15/69 (A)		945,131		878,698
NMEF Funding, Ser 2022-A, Cl A2
2.580%, 10/16/28 (A)		2,375,000		2,331,565
NP SPE II, Ser 2019-1A, Cl A1
2.574%, 09/20/49 (A)		1,158,124		1,084,472
Octane Receivables Trust, Ser 2021-1A, Cl A
0.930%, 03/22/27 (A)		1,211,837		1,175,994
OnDeck Asset Securitization Trust III, Ser 2021-1A, Cl A
1.590%, 05/17/27 (A)		1,910,000		1,814,698
PFS Financing, Ser 2020-A, Cl A
1.270%, 06/15/25 (A)		4,000,000		3,919,430
SBA Small Business Investment, Ser 2013-10A, Cl 1
2.351%, 03/10/23		635,774		631,555
SBA Small Business Investment, Ser 2014-10A, Cl 1
3.191%, 03/10/24		541,558		528,710
SBA Small Business Investment, Ser 2014-10B, Cl 1
3.015%, 09/10/24		190,291		183,006
SBA Small Business Investment, Ser 2015-10A, Cl 1
2.517%, 03/10/25		1,198,542		1,155,349
SBA Small Business Investment, Ser 2015-10B, Cl 1
2.829%, 09/10/25		786,912		759,846
SBA Small Business Investment, Ser 2016-10A, Cl 1
2.507%, 03/10/26		1,926,413		1,840,285
SBA Small Business Investment, Ser 2016-10B, Cl 1
2.051%, 09/10/26		2,147,235		2,024,384
SBA Small Business Investment, Ser 2017-10A, Cl 1
2.845%, 03/10/27		1,298,122		1,244,970



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
SBA Small Business Investment, Ser 2019-10B, Cl 1
2.283%, 09/10/29	$	2,793,968	$	2,649,559
SBA Small Business Investment, Ser 2020-10B, Cl 1
1.034%, 09/10/30		3,969,597		3,554,778
SBA Tower Trust, Ser 2014-2A, Cl C
3.869%, 10/15/49 (A)		2,525,000		2,535,855
SCF Equipment Leasing, Ser 2020-1A, Cl A3
1.190%, 10/20/27 (A)		1,635,295		1,617,824
Sequoia Mortgage Trust, Ser 2013-2, Cl A
1.874%, 02/25/43 (B)		104,317		96,430
SMR Mortgage Trust, Ser 2022-IND, Cl A
2.159%, TSFR1M + 1.650%, 02/15/39 (A)(B)		2,411,476		2,382,013
SMRT, Ser 2022-MINI, Cl A
1.522%, TSFR1M + 1.000%, 01/15/39 (A)(B)		1,035,000		1,019,452
SOFI Professional Loan Program Trust, Ser 2021-A, Cl AFX
1.030%, 08/17/43 (A)		1,510,433		1,385,919
Transportation Finance Equipment Trust, Ser 2019-1, Cl A4
1.880%, 03/25/24 (A)		3,000,000		2,986,348
UBS Commercial Mortgage Trust, Ser 2017-C6, Cl A3
3.581%, 12/15/50		2,550,000		2,501,964
United States Small Business Administration, Ser 2005-20F, Cl 1
4.570%, 06/01/25		49,822		49,634
United States Small Business Administration, Ser 2020-10E, Cl 1
0.700%, 09/01/30		1,381,038		1,263,421
Westgate Resorts, Ser 2020-1A, Cl A
2.713%, 03/20/34 (A)		1,507,755		1,496,223
WFRBS Commercial Mortgage Trust, Ser 2012-C10, Cl A3
2.875%, 12/15/45		2,615,000		2,609,384
WFRBS Commercial Mortgage Trust, Ser 2012-C10, Cl ASB
2.453%, 12/15/45		54,872		54,865

				102,251,228

Total Asset-Backed Securities (Cost $126,528,443)				122,766,205

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2022 (Unaudited)



MORTGAGE-BACKED SECURITIES — 2.3%

	Face Amount		Value
Agency Mortgage-Backed Obligation — 2.2%
FHLB
3.250%, 06/09/23	$	1,520,000	$	1,536,033
2.250%, 12/08/23		1,280,000		1,274,081
FHLMC
5.000%, 07/01/35		147,467		156,478
0.375%, 05/05/23		1,250,000		1,227,249
FHLMC, Ser 2019-4911, Cl HG
2.250%, 04/15/49		390,844		366,005
FHLMC, Ser 2020-5037, Cl NE
2.500%, 05/25/39		1,805,126		1,718,496
FNMA
5.000%, 03/01/34		118,529		126,052
4.500%, 08/01/38		235,241		245,214
4.000%, 03/01/31		216,491		217,380
3.500%, 11/01/34		2,503,587		2,512,464
FNMA, Ser 2009-62, Cl WA
5.578%, 08/25/39 (B)		37,135		38,865
FNMA, Ser 2013-9, Cl AE
1.750%, 03/25/39		202,621		201,016
FNMA, Ser M15, Cl A
2.536%, 10/25/22 (B)		689,693		690,173
GNMA 2.136%, ICE LIBOR USD 1 Month +
1.905%, 06/20/61 (B)		181,965		185,643
GNMA, Ser 131, Cl A
2.200%, 04/16/57		199,351		198,846
GNMA, Ser 17, Cl AM
3.335%, 06/16/48 (B)		197,874		197,326
GNMA, Ser 2011-57, Cl BA
3.000%, 05/20/40		41,068		41,054
GNMA, Ser 2017-99, Cl WA
4.784%, 12/20/32 (B)		405,257		416,850
GNMA, Ser 27, Cl A
1.614%, 07/16/39		98,847		98,585

				11,447,810

Other Mortgage-Backed Obligation — 0.1%
SBA 1.250%, Prime Rate + -
2.250%, 09/25/28 (B)		106,367		107,839
0.900%, Prime Rate + - 2.600%, 01/25/26 (B)		124,725		125,150
0.890%, Prime Rate + - 2.610%, 05/25/39 (B)		290,306		294,521

				527,510

Total Mortgage-Backed Securities (Cost $12,242,390)				11,975,320



MUNICIPAL BONDS — 2.1%

	Face Amount		Value
California — 0.5%
City of Union City California, RB
5.920%, 07/01/24	$	2,470,000	$	2,545,750

Illinois — 0.4%
Sales Tax Securitization, Ser B, RB
2.225%, 01/01/24		1,800,000		1,766,100

New Jersey — 0.7%
New Jersey Economic Development Authority, Ser B, RB
0.000%, 02/15/24 (C)		2,250,000		2,114,726
New Jersey State, Transportation Trust Fund Authority, RB
2.551%, 06/15/23		1,750,000		1,740,170

				3,854,896

New York — 0.5%
County of Suffolk New York, Ser C, GO
1.607%, 06/15/25		1,800,000		1,698,151
Utility Debt Securitization Authority, Ser T, RB
3.435%, 12/15/25		1,154,000		1,156,287

				2,854,438

Total Municipal Bonds (Cost $11,345,540)				11,021,184


U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.0%

	Face Amount		Value
Export-Import Bank of the United States
2.628%, 11/12/26	$	2,510,231	$	2,478,935
1.900%, 07/12/24		969,686		958,513
United States International Development Finance
2.820%, 03/20/24		2,533,333		2,532,317
2.290%, 09/15/26		1,280,635		1,263,726
0.000%, 08/16/24(C)		3,000,000		3,182,198

Total U.S. Government Agency Obligations (Cost $10,598,887)				10,415,689

Total Investments in Securities— 98.7% (Cost $530,656,033)			$	512,331,907

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2022 (Unaudited)

Percentages are based on Net Assets of $518,976,913.

(A)

(B)

(C)	Zero coupon security.

Cl — Class

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

RB — Revenue Bond

Ser — Series

SOFR — Secured Overnight Financing Rate

SOFRINDX — Secured Overnight Financing Rate Index

TSFR1M — Term Secured Overnight Financing Rate 1 Month

USD — U.S. Dollar

The following is a list of the inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	221,560,890	$	—	$	221,560,890
U.S. Treasury Obligations		13,814,694		120,777,925		—		134,592,619
Asset-Backed Securities		—		122,766,205		—		122,766,205
Mortgage-Backed Securities		—		11,975,320		—		11,975,320
Municipal Bonds		—		11,021,184		—		11,021,184
U.S. Government Agency Obligations		—		10,415,689		—		10,415,689

Total Investments in Securities	$	13,814,694	$	498,517,213	$	—	$	512,331,907

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, 2022 (Unaudited)



SECTOR WEIGHTINGS†

LOGO

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — 34.8%

	Face Amount		Value

COMMUNICATION SERVICES — 2.6%
CCO Holdings
5.000%, 02/01/28(A)	$	1,500,000	$	1,428,990
CommScope
6.000%, 03/01/26(A)		1,060,000		999,792
Crown Castle Towers
3.663%, 05/15/25(A)		2,450,000		2,417,575
Gray Escrow II
5.375%, 11/15/31(A)		1,500,000		1,292,940
Lumen Technologies
5.125%, 12/15/26(A)		750,000		675,000
Nexstar Media
5.625%, 07/15/27(A)		1,500,000		1,459,695
Sprint Spectrum
5.152%, 03/20/28(A)		1,465,000		1,508,118
Time Warner Entertainment
8.375%, 03/15/23		1,500,000		1,567,396
T-Mobile USA
3.750%, 04/15/27		1,500,000		1,460,257

				12,809,763


CONSUMER DISCRETIONARY — 4.2%
Block Financial
2.500%, 07/15/28		1,750,000		1,552,983
Elanco Animal Health
6.400%, 08/28/28		795,000		815,869
General Motors Financial
5.100%, 01/17/24		1,080,000		1,104,198
4.300%, 07/13/25		1,577,000		1,582,406
1.407%, U.S. SOFR + 1.200%, 11/17/23(B)		1,765,000		1,767,061
Hilton Domestic Operating
3.750%, 05/01/29(A)		1,500,000		1,359,030



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

CONSUMER DISCRETIONARY — continued
Howard University
2.416%, 10/01/24	$	1,250,000	$	1,212,692
Lennar
5.250%, 06/01/26		1,500,000		1,549,900
Marriott International
4.650%, 12/01/28		1,500,000		1,476,226
Mattel
3.375%, 04/01/26(A)		1,500,000		1,458,750
Mileage Plus Holdings
6.500%, 06/20/27(A)		2,000,000		2,040,000
Prime Security Services Borrower
3.375%, 08/31/27(A)		2,000,000		1,711,980
US Foods
6.250%, 04/15/25(A)		1,500,000		1,541,250
XLIT
4.450%, 03/31/25		1,400,000		1,421,533

				20,593,878


CONSUMER STAPLES — 2.9%
Albertsons
5.875%, 02/15/28(A)		1,600,000		1,554,000
Barry Callebaut Services
5.500%, 06/15/23(A)		2,000,000		2,032,395
CVS Pass-Through Trust
6.036%, 12/10/28		1,740,845		1,837,294
Darling Ingredients
5.250%, 04/15/27(A)		1,000,000		1,000,000
Delta Air Lines
4.750%, 10/20/28(A)		500,000		495,971
Ethiopian Leasing 2012
2.566%, 08/14/26		755,571		739,430
Ferrellgas
5.375%, 04/01/26(A)		2,000,000		1,810,000
Kraft Heinz Foods
3.000%, 06/01/26		1,388,000		1,328,197
Pilgrim’s Pride
5.875%, 09/30/27(A)		1,000,000		1,007,305
Williams Scotsman International
4.625%, 08/15/28(A)		1,800,000		1,703,610
YMCA of Greater New York
2.303%, 08/01/26		1,000,000		944,045

				14,452,247


ENERGY — 1.1%
Cheniere Energy Partners
4.500%, 10/01/29		1,750,000		1,675,625
Continental Resources
3.800%, 06/01/24		980,000		981,646
2.268%, 11/15/26(A)		500,000		456,765

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2022 (Unaudited)



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

ENERGY — continued
Petroleos Mexicanos
7.690%, 01/23/50	$	295,000	$	231,132
Southwestern Energy
5.375%, 03/15/30		1,500,000		1,481,025
Sunoco
4.500%, 05/15/29		1,000,000		899,230

				5,725,423


FINANCIALS — 16.7%
AerCap Ireland Capital DAC
3.000%, 10/29/28		500,000		435,091
Ahold Lease Series 2001-A-2 Pass Through Trust
8.620%, 01/02/25		161,001		170,551
Allianz
3.200%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.165%(A)(B)(C)		1,600,000		1,299,520
American Tower Trust #1
3.652%, 03/23/28(A)		2,125,000		2,096,347
Athene Global Funding
2.500%, 03/24/28(A)		1,750,000		1,552,921
0.927%, U.S. SOFR + 0.700%, 05/24/24(A)(B)		2,060,000		2,036,102
Banco Santander
4.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.753%(B)(C)		2,000,000		1,766,638
Bank of America MTN
3.559%, ICE LIBOR USD 3 Month + 1.060%, 04/23/27(B)		1,750,000		1,699,195
Bank of Montreal MTN
0.949%, SOFRINDX + 0.680%, 03/10/23(B)		2,235,000		2,237,123
Bank of New Zealand
2.000%, 02/21/25(A)		2,500,000		2,394,866
Bank of Nova Scotia
3.625%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.613%, 10/27/81(B)		1,000,000		799,124
0.827%, SOFRINDX + 0.550%, 09/15/23(B)		2,530,000		2,525,127
Banque Federative du Credit Mutuel
1.604%, 10/04/26(A)		2,000,000		1,798,502



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

FINANCIALS — continued
BGC Partners
4.375%, 12/15/25	$	1,750,000	$	1,735,607
Blue Owl Finance
3.125%, 06/10/31(A)		845,000		678,065
BNP Paribas
4.625%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.340%(A)(B)(C)		1,250,000		1,053,063
Canadian Imperial Bank of Commerce
1.093%, U.S. SOFR + 0.800%, 03/17/23(B)		1,805,000		1,808,056
Cantor Fitzgerald
6.500%, 06/17/22(A)		1,050,000		1,054,812
4.875%, 05/01/24(A)		1,140,000		1,161,023
Capital One Financial
0.956%, U.S. SOFR + 0.690%, 12/06/24(B)		2,320,000		2,311,810
CES MU2
2.166%, 12/16/26		1,035,614		1,011,479
Citigroup
3.106%, U.S. SOFR + 2.842%, 04/08/26(B)		1,000,000		968,558
Cloverie for Zurich Insurance MTN
5.625%, ICE LIBOR USD 3 Month + 4.918%, 06/24/46(B)		1,550,000		1,580,269
Commonwealth Bank of Australia
0.696%, U.S. SOFR + 0.400%, 07/07/25(A)(B)		2,700,000		2,676,197
Credit Agricole MTN
1.907%, U.S. SOFR + 1.676%, 06/16/26(A)(B)		1,000,000		928,944
Deutsche Bank MTN
4.296%, USD Swap Semi 30/360 5 Yr Curr + 2.248%, 05/24/28(B)		1,650,000		1,618,890
DY9 Leasing
2.372%, 03/19/27		1,486,662		1,457,359
Equitable Financial Life Global Funding
1.400%, 07/07/25(A)		1,000,000		932,395
Federation des Caisses Desjardins du Quebec
2.050%, 02/10/25(A)		1,500,000		1,429,731
Fort Benning Family Communities
0.904%, ICE LIBOR USD 1 Month + 0.350%, 01/15/36(A)(B)		955,800		754,944

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2022 (Unaudited)



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

FINANCIALS — continued
GA Global Funding Trust
1.625%, 01/15/26(A)	$	1,000,000	$	912,832
1.000%, 04/08/24(A)		1,000,000		949,188
Goldman Sachs Group
4.250%, 10/21/25		1,750,000		1,752,814
3.650%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.915%(B)(C)		2,000,000		1,735,000
Golub Capital BDC
2.500%, 08/24/26		960,000		856,239
HSBC Holdings
4.292%, ICE LIBOR USD 3 Month + 1.348%, 09/12/26(B)		1,750,000		1,740,405
Jefferies Finance
5.000%, 08/15/28(A)		875,000		796,259
John Hancock Life Insurance
7.375%, 02/15/24(A)		1,500,000		1,598,003
JPMorgan Chase
3.559%, ICE LIBOR USD 3 Month + 0.730%, 04/23/24(B)		2,000,000		2,001,742
Kansas City Southern
3.850%, 11/15/23		435,000		438,150
Liberty Mutual Insurance
7.875%, 10/15/26(A)		1,250,000		1,435,507
Metropolitan Life Global Funding I MTN 0.866%, U.S. SOFR + 0.570%, 01/13/23(A)(B)		1,235,000		1,236,124
Morgan Stanley MTN 5.000%, 11/24/25		1,750,000		1,797,583
MSCI 3.250%, 08/15/33(A)		950,000		802,750
National Australia Bank 0.676%, U.S. SOFR + 0.380%, 01/12/25(A)(B)		1,930,000		1,922,063
NatWest Group 6.000%, 12/19/23		1,500,000		1,540,863
Owl Rock Capital 2.625%, 01/15/27		2,580,000		2,275,530
Pershing Road Development 0.923%, ICE LIBOR USD 3 Month + 0.400%, 09/01/26(A)(B)		878,138		843,013
Prudential Financial 5.700%, ICE LIBOR USD 3 Month + 2.665%, 09/15/48(B)		2,115,000		2,114,915



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

FINANCIALS — continued
Prudential Insurance of America 8.300%, 07/01/25(A)	$	800,000	$	900,483
Reliance Standard Life Global Funding II 2.500%, 10/30/24(A)		1,000,000		973,850
SBA Tower Trust 2.836%, 01/15/25(A)		2,250,000		2,184,436
Societe Generale 5.000%, 01/17/24(A)		1,500,000		1,517,709
Swiss Re Treasury US 2.875%, 12/06/22(A)		1,725,000		1,726,783
Truist Bank 2.636%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.150%, 09/17/29(B)		2,000,000		1,937,110
TTX MTN 3.600%, 01/15/25(A)		700,000		703,004
UBS Group 1.494%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 0.850%, 08/10/27(A)(B)		950,000		843,515
Ulani MSN 35940 2.227%, 05/16/25		331,771		327,937


				81,836,116


INDUSTRIALS — 4.3%
American Airlines Class A Pass Through Trust, Cl A 4.950%, 01/15/23		2,553,457		2,536,620
Carlisle 3.750%, 11/15/22		1,000,000		1,001,924
Caterpillar Financial Services MTN 0.357%, U.S. SOFR + 0.150%, 11/17/22(B)		1,590,000		1,588,513
Clean Harbors 5.125%, 07/15/29(A)		1,500,000		1,477,500
Delta Air Lines 4.500%, 10/20/25(A)		1,500,000		1,490,420
JetBlue 2020-1 Class B Pass Through Trust 7.750%, 11/15/28		1,565,616		1,677,435
Lennox International 3.000%, 11/15/23		1,500,000		1,491,270
Protective Life Global Funding 1.170%, 07/15/25		1,425,000		1,313,895

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2022 (Unaudited)



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

INDUSTRIALS — continued
Sensata Technologies 3.750%, 02/15/31(A)	$	1,475,000	$	1,247,171
Southwest Airlines 5.250%, 05/04/25		1,500,000		1,551,396
Spirit Airlines Pass Through Trust 2017-1A 3.650%, 02/15/30		1,016,908		922,507
Union Pacific Railroad 2005 Pass Through Trust 5.082%, 01/02/29		317,336		330,635
United Rentals North America 4.875%, 01/15/28		1,000,000		973,060
3.875%, 02/15/31		500,000		440,900
Vessel Management Services 5.125%, 04/16/35		1,083,000		1,174,897
Weir Group 2.200%, 05/13/26(A)		1,000,000		905,533
Westinghouse Air Brake Technologies 3.200%, 06/15/25		1,075,000		1,038,967


				21,162,643


INFORMATION TECHNOLOGY — 1.6%
Diebold Nixdorf 9.375%, 07/15/25(A)		970,000		849,245
Infor 1.750%, 07/15/25(A)		1,000,000		931,930
Kyndryl Holdings 2.050%, 10/15/26(A)		1,000,000		873,518
Microchip Technology 4.250%, 09/01/25		1,500,000		1,488,250
Qorvo 4.375%, 10/15/29		1,500,000		1,393,575
TD SYNNEX 1.250%, 08/09/24(A)		1,000,000		940,657
VMware 4.500%, 05/15/25		1,400,000		1,419,282


				7,896,457


MATERIALS — 1.0%
Berry Global 4.875%, 07/15/26(A)		1,500,000		1,490,775
Dow Chemical
7.375%, 03/01/23		600,000		620,886
International Flavors & Fragrances
1.832%, 10/15/27(A)		1,500,000		1,323,067
Vulcan Materials
4.500%, 04/01/25		1,215,000		1,245,690


				4,680,418



CORPORATE OBLIGATIONS — continued

	Face Amount		Value

UTILITIES — 0.4%
NRG Energy
3.875%, 02/15/32(A)		$ 2,000,000	$	1,669,490

Total Corporate Obligations (Cost $182,743,196)				170,826,435

U.S. TREASURY OBLIGATIONS — 29.3%

	Face Amount		Value
U.S. Treasury Notes
0.961%, US Treasury 3 Month Bill Money Market Yield + 0.049%, 01/31/23(B)		$13,180,000	$	13,194,586
0.947%, US Treasury 3 Month Bill Money Market Yield + 0.035%, 10/31/23(B)		20,130,000		20,167,051
0.946%, US Treasury 3 Month Bill Money Market Yield + 0.034%, 04/30/23(B)		3,190,000		3,193,872
0.941%, US Treasury 3 Month Bill Money Market Yield + 0.029%, 07/31/23(B)		4,015,000		4,021,356
2.750%, 07/31/23		6,500,000		6,530,215
2.500%, 04/30/24		10,000,000		9,961,328
2.500%, 01/31/25		2,440,000		2,417,220
2.375%, 08/15/24		23,350,000		23,121,973
1.875%, 02/28/27		13,800,000		13,156,359
1.875%, 02/15/32		30,890,000		28,245,044
1.750%, 12/31/24		8,000,000		7,773,438
1.625%, 10/31/23		1,500,000		1,480,606
1.125%, 02/28/25		600,000		571,898
0.250%, 04/15/23		10,250,000		10,071,826


Total U.S. Treasury Obligations (Cost $146,736,187)				143,906,772


ASSET-BACKED SECURITIES — 20.9%

	Face Amount		Value

Automotive — 2.3%
Carvana Auto Receivables Trust, Ser 2019-3A, Cl C
2.710%, 10/15/24 (A)	$	1,301,411	$	1,302,473

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2022 (Unaudited)



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Carvana Auto Receivables Trust, Ser 2021-N2, Cl C
1.070%, 03/10/28	$	1,000,000	$	971,856
Flagship Credit Auto Trust, Ser 2019-3, Cl E
3.840%, 12/15/26 (A)		1,175,000		1,143,402
GM Financial Automobile Leasing Trust, Ser 2020-2, Cl C 2.560%, 07/22/24		2,260,000		2,248,871
GTE Auto Receivables Trust, Ser 2019-1, Cl A3 2.390%, 08/15/24 (A)		360,945		360,666
Hertz Vehicle Financing III, Ser 2022-1A, Cl A 1.990%, 06/25/26 (A)		1,000,000		945,623
Hertz Vehicle Financing, Ser 2021-1A, Cl B 1.560%, 12/26/25 (A)		1,500,000		1,410,284
UNIFY Auto Receivables Trust, Ser 2021-1A, Cl C 1.440%, 04/15/27 (A)		2,750,000		2,620,434

				11,003,609

Other Asset-Backed Securities — 18.6%
Aligned Data Centers Issuer, Ser 2021-1A, Cl A2 1.937%, 08/15/46 (A)		1,500,000		—
Amur Equipment Finance Receivables VII, Ser 2019-1A, Cl A2 2.630%, 06/20/24 (A)		435,029		435,649
Aqua Finance Trust, Ser 2021-A, Cl A 1.540%, 07/17/46 (A)		816,551		770,180
Avant Credit Card Master Trust, Ser 2021-1A, Cl A 1.370%, 04/15/27 (A)		2,000,000		1,886,417
Bellemeade Re, Ser 2021-2A, Cl M1B 1.789%, SOFR30A + 1.500%, 06/25/31 (A)(B)		1,500,000		1,464,435
Blackrock Rainier CLO VI, Ser 2021-6A, Cl A 2.763%, ICE LIBOR USD 3 Month + 1.700%, 04/20/33 (A)(B)		1,500,000		1,486,947
Business Jet Securities, Ser 2021-1A, Cl A 2.162%, 04/15/36 (A)		1,162,654		1,069,942



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl C 1.654%, ICE LIBOR USD 1 Month + 1.100%, 09/15/36 (A)(B)	$	1,250,000	$	1,207,336
Cajun Global, Ser 2021-1, Cl A2 3.931%, 11/20/51 (A)		1,494,375		1,396,120
CFCRE Commercial Mortgage Trust, Ser 2016-C7, Cl A3 3.839%, 12/10/54		1,750,000		1,738,862
Citigroup Commercial Mortgage Trust, Ser 2014-GC21, Cl AS 4.026%, 05/10/47		1,650,000		—
Citigroup Commercial Mortgage Trust, Ser 2014-GC25, Cl A4 3.635%, 10/10/47		750,000		747,268
CLI Funding VI, Ser 2020-1A, Cl A 2.080%, 09/18/45 (A)		1,664,500		1,525,171
COMM Mortgage Trust, Ser 2020-CBM, Cl A2 2.896%, 02/10/37 (A)		600,000		576,213
Commonbond Student Loan Trust, Ser 2021-AGS, Cl B 1.400%, 03/25/52 (A)		742,907		692,254
CoreVest American Finance Trust, Ser 2020-3, Cl A 1.358%, 08/15/53 (A)		682,593		616,095
Corevest American Finance Trust, Ser 2020-4, Cl A 1.174%, 12/15/52 (A)		531,549		483,344
CSMC Trust, Ser 2017-MOON, Cl A 3.197%, 07/10/34 (A)		1,500,000		1,498,112
DBCG Mortgage Trust, Ser 2017-BBG, Cl A 1.255%, ICE LIBOR USD 1 Month + 0.700%, 06/15/34 (A)(B)		1,229,614		1,214,926
EDvestinU Private Education Loan Issue No. 1, Ser 2019-A, Cl A 3.580%, 11/25/38 (A)		823,061		808,099
EDvestinU Private Education Loan Issue No. 3, Ser 2021-A, Cl A 1.800%, 11/25/45 (A)		577,296		524,832

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2022 (Unaudited)



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Extended Stay America Trust, Ser 2021-ESH, Cl B 1.935%, ICE LIBOR USD 1 Month + 1.380%, 07/15/38 (A)(B)	$	447,247	$	441,112
FirstKey HomesTrust, Ser 2020-SFR2, Cl A 1.266%, 10/19/37 (A)		995,520		906,826
FREED ABS Trust, Ser 2022-2CP, Cl A 3.030%, 05/18/29 (A)		2,000,000		1,994,042
Golub Capital Partners CLO 24M-R, Ser 2017-24A, Cl AR 1.915%, ICE LIBOR USD 3 Month + 1.600%, 11/05/29 (A)(B)		1,600,000		1,592,848
GS Mortgage Securities Corportation Trust, Ser 2021-IP, Cl A 1.504%, ICE LIBOR USD 1 Month + 0.950%, 10/15/36 (A)(B)		2,000,000		1,958,844
GS Mortgage Securities II, Ser 2012-BWTR, Cl A 2.954%, 11/05/34 (A)		1,750,000		1,743,046
GS Mortgage Securities II, Ser 2013-GC10, Cl A4 2.681%, 02/10/46		1,789,673		1,791,330
GS Mortgage Securities Trust, Ser 2013-GC12, Cl A3 2.860%, 06/10/46		870,000		866,871
Guggenheim MM CLO, Ser 2021-3A, Cl A 2.648%, ICE LIBOR USD 3 Month + 1.550%, 01/21/34 (A)(B)		2,000,000		1,976,628
Hardee’s Funding, Ser 2021-1A, Cl A2 2.865%, 06/20/51 (A)		1,364,688		1,205,065
Home Equity Loan Trust, Ser 2006-HSA2, Cl AI3 4.787%, 03/25/36 (B)		40,889		11,919
Hotwire Funding, Ser 2021-1, Cl A2 2.311%, 11/20/51 (A)		1,000,000		917,322
HPLY Trust, Ser 2019-HIT, Cl B 1.904%, ICE LIBOR USD 1 Month + 1.350%, 11/15/36 (A)(B)		1,163,853		1,143,247



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Issuer, Ser 2021-1, Cl A2 3.734%, 07/30/51 (A)	$	1,691,500	$	1,467,686
ITE Rail Fund Levered, Ser 2021-1A, Cl A 2.250%, 02/28/51 (A)		1,185,509		1,074,884
ITE Rail Fund Levered, Ser 2021-3A, Cl A 2.210%, 06/28/51 (A)		2,411,926		2,195,681
Jersey Mike’s Funding, Ser 2019-1A, Cl A2 4.433%, 02/15/50 (A)		1,645,875		1,594,064
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-C10, Cl B 3.674%, 12/15/47 (B)		3,900,000		3,891,124
Laurel Road Prime Student Loan Trust, Ser 2019-A, Cl A2FX 2.730%, 10/25/48 (A)		553,914		548,868
Life Mortgage Trust, Ser 2021-BMR, Cl C 1.654%, ICE LIBOR USD 1 Month + 1.100%, 03/15/38 (A)(B)		737,228		709,131
Maranon Loan Funding, Ser 2021-2RA, Cl A1R 2.734%, ICE LIBOR USD 3 Month + 1.690%, 07/15/33 (A)(B)		1,750,000		1,745,275
Mariner Finance Issuance Trust, Ser 2021-AA, Cl A 1.860%, 03/20/36 (A)		1,150,000		1,034,208
Massachusetts Educational Financing Authority, Ser 2020-A, Cl A 2.300%, 02/25/40		887,375		870,048
ME Funding, Ser 2019-1, Cl A2 6.448%, 07/30/49 (A)		1,490,688		1,498,224
MHC Commercial Mortgage Trust, Ser 2021-MHC, Cl A 1.355%, ICE LIBOR USD 1 Month + 0.801%, 04/15/38 (A)(B)		2,500,000		2,451,441
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C9, Cl B 3.708%, 05/15/46 (B)		1,700,000		1,687,089

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2022 (Unaudited)



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Morgan Stanley Capital I Trust, Ser 2017-CLS, Cl A 1.254%, ICE LIBOR USD 1 Month + 0.700%, 11/15/34 (A)(B)	$	1,200,000	$	1,193,962
Morgan Stanley Capital I Trust, Ser 2017-CLS, Cl B 1.404%, ICE LIBOR USD 1 Month + 0.850%, 11/15/34 (A)(B)		640,000		636,007
Motel Trust, Ser 2021-MTL6, Cl B 1.754%, ICE LIBOR USD 1 Month + 1.200%, 09/15/38 (A)(B)		734,145		722,253
Navient Private Education Refi Loan Trust, Ser 2019-FA, Cl A2 2.600%, 08/15/68 (A)		1,204,280		1,187,904
Navient Private Education Refi Loan Trust, Ser 2019-GA, Cl A 2.400%, 10/15/68 (A)		385,230		376,972
Newday Funding Master Issuer, Ser 2021-1A, Cl A2 1.320%, U.S. SOFR + 1.100%, 03/15/29 (A)(B)		2,000,000		1,996,646
Octane Receivables Trust, Ser 2021-2A, Cl A 1.210%, 09/20/28 (A)		796,944		773,058
OnDeck Asset Securitization Trust III, Ser 2021-1A, Cl A 1.590%, 05/17/27 (A)		1,250,000		1,187,629
One Market Plaza Trust, Ser 2017-1MKT, Cl A 3.614%, 02/10/32 (A)		2,372,000		2,361,932
PFS Financing, Ser 2020-A, Cl A 1.270%, 06/15/25 (A)		2,000,000		1,959,715
SBA Small Business Investment, Ser 2018-10A, Cl 1 3.187%, 03/10/28		642,406		625,154
SCF Equipment Leasing, Ser 2020-1A, Cl C 2.600%, 08/21/28 (A)		1,000,000		964,398
Sequoia Mortgage Trust, Ser 2014-4, Cl A6 3.500%, 11/25/44 (A)(B)		304,210		288,568
ServiceMaster Funding, Ser 2020-1, Cl A2I 2.841%, 01/30/51 (A)		990,000		874,712



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
SERVPRO Master Issuer, Ser 2019-1A, Cl A2 3.882%, 10/25/49 (A)	$	1,755,000	$	1,685,335
SOFI PROFESSIONAL LOAN PROGRAM, Ser 2017-F, Cl A2FX 2.840%, 01/25/41 (A)		653,439		651,540
Summit Issuer, Ser 2020-1A, Cl A2 2.290%, 12/20/50 (A)		1,250,000		1,144,073
TICP CLO XI, Ser 2018-11A, Cl E 7.063%, ICE LIBOR USD 3 MONTH + 6.000%, 10/20/31 (A)(B)		700,000		675,933
Tricon American Homes, Ser 2020-SFR1, Cl A 1.499%, 07/17/38 (A)		997,962		907,523
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C4, Cl A5 2.850%, 12/10/45		435,000		435,409
United States Small Business Administration, Ser 2004-20C, Cl 1 4.340%, 03/01/24		276,191		275,100
United States Small Business Administration, Ser 2011-20D, Cl 1 4.050%, 04/01/31		463,798		457,254
United States Small Business Administration, Ser 2013-20D, Cl 1 2.080%, 04/01/33		311,276		293,421
VASA Trust, Ser 2021-VASA, Cl A 1.454%, ICE LIBOR USD 1 Month + 0.900%, 07/15/39 (A)(B)		2,000,000		1,954,845
Wells Fargo Commercial Mortgage Trust, Ser 2016-LC24, Cl A4 2.942%, 10/15/49		1,500,000		1,443,809
Wells Fargo Commercial Mortgage Trust, Ser 2017-C40, Cl A4 3.581%, 10/15/50		1,500,000		1,470,419
WFRBS Commercial Mortgage Trust, Ser 2013-C15, Cl A4 4.153%, 08/15/46 (B)		2,000,000		2,013,107
WFRBS Commercial Mortgage Trust, Ser 2013-C15, Cl B 4.654%, 08/15/46 (B)		1,000,000		959,418

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2022 (Unaudited)



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
WFRBS Commercial Mortgage Trust, Ser 2014-C19, Cl B 4.723%, 03/15/47 (B)	$	2,093,258	$	2,066,685
World Financial Network Credit Card Master Trust, Ser 2019-B, Cl A 2.490%, 04/15/26		2,500,000		2,504,411


				91,546,217


Total Asset-Backed Securities (Cost $109,802,890)				102,549,826


COMMON STOCK — 8.9%

	Shares		Value

DIVERSIFIED — 8.7%
Accelerate Acquisition		42,000	$	414,120
African Gold Acquisition *		44,000		436,040
Americas Technology Acquisition Corp *		44,858		461,589
Anzu Special Acquisition I *		89,148		886,131
Apollo Strategic Growth Capital II *		85,000		843,149
Arctos NorthStar Acquisition		70,000		695,800
Ares Acquisition *		90,000		891,000
Arrowroot Acquisition		85,000		842,350
Atlas Crest Investment II *		60,884		600,931
Austerlitz Acquisition II		23,645		234,558
Authentic Equity Acquisition *		87,451		871,012
B Riley Principal 250 Merger *		7,000		69,370
Big Sky Growth Partners *		6,870		68,013
Black Spade Acquisition *		39,989		393,492
BlueRiver Acquisition		25,245		249,895
BOA Acquisition		50,000		498,500
Broadscale Acquisition		75,000		749,250
Carney Technology Acquisition II *		50,000		497,500
CC Neuberger Principal Holdings II *		34,325		349,085
CC Neuberger Principal Holdings III *		45,630		453,106
CF Acquisition IV *		78,100		776,314
Churchill Capital V *		152,067		1,521,689
Churchill Capital VI *		122,801		1,218,186
Churchill Capital VII		122,801		1,215,730
Clarim Acquisition *		88,000		870,320
Climate Real Impact Solutions II Acquisition *		23,674		233,899



COMMON STOCK — continued

	Shares		Value
Cohn Robbins Holdings *		9,706	$	99,487
Colonnade Acquisition II		44,000		433,400
Compute Health Acquisition *		20,000		198,200
Constellation Acquisition I		57,908		576,185
Corner Growth Acquisition *		2,329		23,080
D & Z Media Acquisition		50,000		494,000
DILA Capital Acquisition *		10,000		100,600
Edify Acquisition		55,393		547,283
Equity Distribution Acquisition *		100,350		1,002,497
Figure Acquisition I *		6,871		68,229
Fortress Value Acquisition III *		12,766		126,830
FTAC Hera Acquisition *		60,800		601,920
Fusion Acquisition II		44,000		432,520
Gaming & Hospitality Acquisition		44,000		435,600
Goal Acquisitions		42,229		423,979
Golden Falcon Acquisition *		88,000		873,840
Gores Holdings VII *		15,000		148,650
Hamilton Lane Alliance Holdings I *		44,001		436,930
Haymaker Acquisition III *		119,980		1,203,399
Health Assurance Acquisition *		48,172		480,275
Hudson Executive Investment II		35,900		353,974
Hudson Executive Investment III *		50,000		493,250
Huttig Building Products *		4,200		44,856
Jack Creek Investment *		92,804		919,688
Jaws Mustang Acquisition *		51,132		509,786
JOFF Fintech Acquisition		60,000		591,000
Kadem Sustainable Impact		50,450		499,455
Kernel Group Holdings		53,171		527,988
Landcadia Holdings IV *		21,100		215,853
Lazard Growth Acquisition I *		36,058		356,253
Live Oak Mobility Acquisition *		26,662		264,895
Marlin Technology *		15,677		155,986
Mason Industrial Technology *		50,000		494,000
New Vista Acquisition		60,152		597,911
Newbury Street Acquisition *		54,000		533,520
North Atlantic Acquisition		58,023		583,131
North Mountain Merger *		36,167		365,287
Peridot Acquisition II *		44,000		435,600
Pontem *		60,000		595,200
Powered Brands		94,026		934,618
Priveterra Acquisition *		50,000		495,500
Progress Acquisition		50,000		498,500

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value
DIVERSIFIED — continued
Property Solutions Acquisition II		6,895		67,916
PropTech Investment II *		44,000		437,800
Provident Acquisition *		15,819		158,348
Recharge Acquisition *		64,999		654,540
RMG Acquisition III *		44,773		443,253
Ross Acquisition II *		44,000		439,129
ScION Tech Growth I *		47,026		466,028
ScION Tech Growth II		21,675		214,366
SportsTek Acquisition		65,896		652,370
Sustainable Development Acquisition I *		43,466		430,313
Tailwind International Acquisition *		50,215		496,124
TCW Special Purpose Acquisition		90,000		891,900
Tekkorp Digital Acquisition *		55,342		556,187
Thunder Bridge Capital Partners III *		31,213		309,321
Tio Tech A *		7,000		69,510
TZP Strategies Acquisition		43,132		427,869
VectoIQ Acquisition II *		12,953		128,753
Virgin Group Acquisition II *		27,000		270,000
Z-Work Acquisition *		25,901		256,420


				42,884,331


ENERGY — 0.1%
Blueknight Energy Partners		43,100		196,536


FINANCIALS — 0.0%
Randolph Bancorp		247		6,506


INDUSTRIALS — 0.0%
Cornerstone Building Brands *		4,658		113,608


INFORMATION TECHNOLOGY — 0.1%
Anaplan *		3,500		227,465
Sailpoint Technologies Holdings *		3,500		223,405


				450,870

Total Common Stock (Cost $44,047,049)				43,651,851

MORTGAGE-BACKED SECURITIES — 2.8%

	Face Amount		Value

Agency Mortgage-Backed Obligation — 1.2%
FHLMC
6.000%, 03/01/23	$	677	$	681
4.500%, 04/01/25		26,633		27,236
FHLMC, Ser 2014-4302, Cl AB 1.750%, 11/15/29		51,435		51,170



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FHLMC, Ser 2016-4578, Cl CD 3.500%, 06/15/50 (B)	$	95,146	$	94,894
FHLMC, Ser 2019-4911, Cl HG 2.250%, 04/15/49		305,133		285,741
FNMA 4.500%, 05/01/31		93,682		95,613
4.000%, 02/01/45		431,300		436,622
4.000%, 03/01/31		55,925		56,154
2.726%, 06/01/23 (B)		2,062,333		2,060,830
FNMA, Ser 2014-92, Cl BD 2.500%, 02/25/44		64,818		64,141
FREMF Mortgage Trust, Ser 2017-K61, Cl C 3.814%, 12/25/49 (A)(B)		770,000		731,185
GNMA 2.140%, 08/15/23		237,688		237,321
GNMA, Ser 17, Cl AM 3.335%, 06/16/48 (B)		175,260		174,774
GNMA, Ser 2014-4, Cl EC 2.000%, 03/16/26		116,477		115,524
GNMA, Ser 2017-153, Cl WA 4.696%, 06/20/36 (B)		430,130		444,201
GNMA, Ser 27, Cl A 1.614%, 07/16/39		40,120		40,014
GNMA, Ser 51, Cl AB 2.350%, 04/16/57		420,589		415,659
GNMA, Ser 59, Cl PA 2.750%, 06/16/56		592,604		560,706

				5,892,466


Non-Agency Mortgage-Backed Obligation — 1.6%
Connecticut Avenue Securities Trust, Ser 2018-R07, Cl 1M2 3.068%, ICE LIBOR USD 1 MONTH + 2.400%, 04/25/31 (A)(B)		191,369		191,369
CSMC Trust, Ser 2016-NXSR, Cl AS 4.049%, 12/15/49 (B)		1,455,000		1,441,066
GS Mortgage Securities II, Ser GC10, Cl B 3.682%, 02/10/46 (A)		2,465,000		2,460,002
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C26, Cl AS 3.800%, 01/15/48		2,089,000		2,064,416
Residential Mortgage Loan Trust, Ser 2019-3, Cl A1 2.633%, 09/25/59 (A)(B)		293,863		288,227

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2022 (Unaudited)



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
SBA 1.125%, Prime Rate + -2.375%, 04/25/29 (B)	$	346,870	$	353,946
1.000%, Prime Rate + -2.500%, 04/25/28 (B)		86,318		87,633
0.880%, Prime Rate + -2.620%, 05/25/31 (B)		139,678		141,334
Wells Fargo Commercial Mortgage Trust, Ser 2019-C49, Cl D 3.000%, 03/15/52 (A)		950,000		757,638

				7,785,631

Total Mortgage-Backed Securities
(Cost $14,161,189)				13,678,097

MUNICIPAL BONDS — 1.4%

	Face Amount		Value

Florida — 0.2%
Sumter Landing Community Development District, RB 3.282%, 10/01/26	$	1,250,000	$	1,234,719

Guam — 0.2%
Antonio B Won Pat International Airport Authority, Ser B, RB 3.133%, 10/01/24		1,000,000		991,141

				991,141


New Jersey — 0.2%
New Jersey State, Transportation Trust Fund Authority, RB 2.551%, 06/15/23		1,250,000		1,242,979


New York — 0.2%
New York State, Transportation Development, RB 1.610%, 12/01/22		825,000		821,947


Ohio — 0.2%
City of Cleveland Ohio Airport System Revenue, Ser A, RB 2.309%, 01/01/24		1,000,000		986,164


Pennsylvania — 0.3%
School District of Philadelphia, GO 3.738%, 09/01/23		1,275,000		1,279,095



MUNICIPAL BONDS — continued

	Face Amount		Value

Texas — 0.1%
Tarrant County Cultural Education Facilities Finance, RB 1.356%, 09/01/24	$	500,000	$	480,244

Total Municipal Bonds (Cost $7,158,112)				7,036,289


U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%

	Face Amount		Value
Export-Import Bank of the United States 2.702%, 08/20/26	$	1,127,175	$	1,115,780
1.900%, 07/12/24		487,409		481,793
1.822%, 05/03/25		554,718		543,342

Total U.S. Government Agency Obligations (Cost $2,230,724)				2,140,915



PREFERRED STOCK — 0.0%

	Shares		Value

CONSUMER DISCRETIONARY — 0.0%
Franchise Group, 7.500%, (C)		4,450		$ 110,582


Total Preferred Stock (Cost $112,140)				110,582


RIGHTS — 0.0%

	Number Of Rights

Media General*		39,120		$ —


Total Rights (Cost $–)				—


Total Investments in Securities — 98.6% (Cost $506,991,487)				$ 483,900,767

Percentages are based on Net Assets of $490,671,691.

*	Non-income producing security.

(A)

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2022 (Unaudited)

“accredited investors”. The total value of these securities at April 30, 2022 was $161,954,245 and represented 33.0% of Net Assets.

(B)

(C)

Perpetual security with no stated maturity date.

Cl — Class

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FREMF— Freddie Mac Multi-Family

GNMA — Government National Mortgage Association

GO — General Obligation

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

RB — Revenue Bond

Ser — Series

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

SOFRINDX — Secured Overnight Financing Rate Index

USD — U.S. Dollar

The following is a list of the inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	170,826,435	$	—	$	170,826,435
U.S. Treasury Obligations		23,121,973		120,784,799		—		143,906,772
Asset-Backed Securities		—		102,549,826		—		102,549,826
Common Stock		43,651,851		—		—		43,651,851
Mortgage-Backed Securities		—		13,678,097		—		13,678,097
Municipal Bonds		—		7,036,289		—		7,036,289
U.S. Government Agency Obligations		—		2,140,915		—		2,140,915
Preferred Stock		—		110,582		—		110,582
Rights		—		—		—		—

Total Investments in Securities	$	66,773,824	$	417,126,943	$	—	$	483,900,767

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, 2022 (Unaudited)



SECTOR WEIGHTINGS†

LOGO

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



SCHEDULE OF INVESTMENTS

U.S. TREASURY OBLIGATIONS — 36.9%

	Face Amount		Value
U.S. Treasury Bond
3.000%, 02/15/49	$	985,000	$	981,614
2.500%, 02/15/45		30,190,000		26,812,494
2.500%, 02/15/46		1,775,000		1,579,889
2.375%, 11/15/49		395,000		348,881
2.375%, 05/15/51		760,000		672,125
2.000%, 11/15/41		1,305,000		1,082,946
2.000%, 02/15/50		4,745,000		3,846,601
2.000%, 08/15/51		12,840,000		10,424,475
1.875%, 02/15/41		9,465,000		7,748,359
1.875%, 02/15/51		290,000		228,375
1.875%, 11/15/51		74,045,000		58,333,577
1.750%, 08/15/41		6,400,000		5,085,000
1.625%, 11/15/50		4,240,000		3,131,472
1.375%, 11/15/40		2,265,000		1,699,635
1.375%, 08/15/50		5,080,000		3,513,534
1.250%, 05/15/50		505,000		338,350
1.125%, 05/15/40		605,000		437,254
1.125%, 08/15/40		3,550,000		2,552,810
U.S. Treasury Note
2.625%, 02/15/29		33,850,000		33,192,834
2.375%, 03/31/29		10,190,000		9,833,350
1.875%, 02/15/32		81,135,000		74,187,816
1.750%, 12/31/26		3,240,000		3,074,330
1.625%, 05/15/31		21,585,000		19,425,657
1.500%, 01/31/27		4,325,000		4,052,322
1.375%, 10/31/28		8,090,000		7,336,619
1.375%, 12/31/28		4,005,000		3,627,341
1.375%, 11/15/31		13,115,000		11,469,477
1.250%, 11/30/26		19,000,000		17,643,281
1.250%, 08/15/31		9,530,000		8,264,297
1.125%, 10/31/26		2,805,000		2,591,667
1.125%, 02/29/28		4,320,000		3,901,500
1.125%, 02/15/31		3,995,000		3,451,774



U.S. TREASURY OBLIGATIONS — continued

	Face Amount		Value
0.875%, 06/30/26	$	19,905,000	$	18,304,047
0.875%, 09/30/26		107,950,000		98,770,033
0.875%, 11/15/30		16,029,000		13,598,979
0.750%, 03/31/26		1,595,000		1,466,777
0.750%, 04/30/26		14,082,000		12,928,486
0.750%, 08/31/26		2,607,000		2,376,443
0.750%, 01/31/28		20,150,000		17,811,498
0.625%, 11/30/27		8,280,000		7,295,456
0.625%, 12/31/27		7,560,000		6,647,780
0.625%, 08/15/30		270,000		225,028
0.500%, 04/30/27		5,430,000		4,820,822
0.500%, 05/31/27		1,100,000		974,059
0.500%, 08/31/27		9,175,000		8,073,642
0.375%, 10/31/23		7,395,000		7,163,617
0.375%, 11/30/25		625,000		570,996
0.250%, 09/30/25		380,000		347,210
0.250%, 10/31/25		245,000		223,361
0.947%, US Treasury 3 Month Bill Money Market Yield + 0.035%, 10/31/23(A)		37,460,000		37,528,948
0.941%, US Treasury 3 Month Bill Money Market Yield + 0.029%, 07/31/23(A)		39,010,000		39,071,750


Total U.S. Treasury Obligations (Cost $661,439,600)				609,068,588


MORTGAGE-BACKED SECURITIES — 28.3%

	Face Amount		Value

Agency Mortgage-Backed Obligation — 22.2%
FHLMC
7.000%, 11/01/32	$	234,931	$	253,305
7.000%, 10/01/32		7,523		8,167
7.000%, 07/01/32		3,221		3,546
7.000%, 06/01/32		57,371		63,095
6.500%, 01/01/38		862		941
6.500%, 09/01/37		22,742		24,621
6.500%, 08/01/37		2,185		2,324
6.500%, 12/01/32		63,156		68,361
6.500%, 12/01/31		2,479		2,663
6.000%, 05/01/39		45,612		49,955
6.000%, 02/01/39		17,948		19,473
6.000%, 09/01/38		11,999		13,188
6.000%, 06/01/38		3,291		3,376
6.000%, 11/01/36		6,433		6,922
6.000%, 12/01/33		12,807		14,042

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
6.000%, 01/01/24	$	18,085	$	18,419
5.500%, 06/01/37		826		865
5.500%, 01/01/35		75,454		80,324
5.000%, 04/01/34		9,091		9,493
4.500%, 09/01/48		685,744		703,261
4.500%, 03/01/47		961,688		996,479
4.500%, 11/01/45		372,022		386,598
4.500%, 02/01/45		1,212,490		1,255,147
4.500%, 08/01/44		960,941		1,001,534
4.500%, 07/01/44		324,180		336,902
4.500%, 03/01/44		12,225		12,685
4.500%, 01/01/44		102,482		106,464
4.500%, 12/01/43		100,696		104,252
4.500%, 11/01/43		13,151		13,809
4.500%, 09/01/41		299,050		312,008
4.500%, 07/01/41		12,170		12,707
4.500%, 12/01/33		23,932		24,487
4.500%, 06/01/31		23,627		24,133
4.500%, 06/01/26		5,484		5,605
4.500%, 02/01/26		7,585		7,803
4.000%, 01/01/52		1,310,110		1,309,069
4.000%, 05/01/46		1,532,987		1,549,088
4.000%, 07/01/34		78,492		79,841
4.000%, 10/01/31		48,355		48,676
3.500%, 04/01/52		4,698,795		4,571,537
3.500%, 02/01/52		1,821,821		1,772,613
3.500%, 01/01/52		1,743,608		1,697,719
3.500%, 04/01/37		727,993		721,137
3.005%, ICE LIBOR USD 12 MONTH + 1.630%, 05/01/44 (A)		7,487		7,679
3.000%, 11/01/51		3,318,323		3,144,996
3.000%, 07/01/51		1,990,482		1,885,826
3.000%, 02/01/50		1,559,159		1,479,819
3.000%, 04/01/42		2,252,225		2,159,376
2.893%, ICE LIBOR USD 12 MONTH + 1.650%, 04/01/43 (A)		51,636		53,074
2.751%, ICE LIBOR USD 12 MONTH + 1.622%, 12/01/45 (A)		363,897		372,971
2.500%, 02/01/51		4,149,714		3,805,425
2.500%, 11/01/50		7,611,826		6,973,666
2.500%, 10/01/50		6,087,111		5,582,440
2.500%, 07/01/50		8,245,645		7,554,345
2.500%, 03/01/37		1,427,651		1,371,147
2.397%, ICE LIBOR USD 12 MONTH + 1.704%, 04/01/38 (A)		99,779		102,976
2.232%, ICE LIBOR USD 12 MONTH + 1.807%, 10/01/41 (A)		12,793		13,206



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
2.142%, ICE LIBOR USD 12 MONTH + 1.878%, 01/01/42 (A)	$	42,436	$	43,857
2.127%, ICE LIBOR USD 12 MONTH + 1.758%, 11/01/39 (A)		107,213		111,060
2.115%, ICE LIBOR USD 12 MONTH + 1.791%, 08/01/42 (A)		3,372		3,472
2.094%, ICE LIBOR USD 12 MONTH + 1.651%, 08/01/44 (A)		486,788		497,604
2.012%, ICE LIBOR USD 12 MONTH + 1.630%, 02/01/45 (A)		18,669		18,991
2.000%, 01/01/52		1,410,925		1,249,146
2.000%, 12/01/50		5,923,487		5,254,039
2.000%, 11/01/50		1,330,301		1,180,141
2.000%, 09/01/50		3,242,550		2,874,526
2.000%, 07/01/50		9,772,169		8,675,088
2.000%, 02/01/42		1,706,584		1,532,724
1.987%, ICE LIBOR USD 12 MONTH + 1.630%, 02/01/45 (A)		146,354		148,822
1.906%, ICE LIBOR USD 12 MONTH + 1.630%, 01/01/45 (A)		383,916		390,488
1.892%, ICE LIBOR USD 12 MONTH + 1.607%, 11/01/44 (A)		770,522		788,700
1.880%, ICE LIBOR USD 12 MONTH + 1.630%, 12/01/44 (A)		38,472		39,132
1.880%, ICE LIBOR USD 12 MONTH + 1.630%, 07/01/44 (A)		55,714		57,252
1.876%, ICE LIBOR USD 12 MONTH + 1.610%, 10/01/44 (A)		45,886		47,052
1.876%, ICE LIBOR USD 12 MONTH + 1.613%, 01/01/44 (A)		28,917		29,453
FHLMC STACR REMIC Trust 2021-DNA3, Ser 2021-DNA3, Cl M2 2.389%, SOFR30A + 2.100%, 10/25/33 (A),(B)		815,000		793,573
FHLMC STACR REMIC Trust 2021-DNA6, Ser 2021-DNA6, Cl M2 1.789%, SOFR30A + 1.500%, 10/25/41 (A),(B)		1,975,000		1,903,933

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FHLMC Structured Pass-Through Certificates, Ser 2002-41, Cl 2A 4.851%, 07/25/32 (A)	$	23,538	$	23,489
FHLMC Structured Pass-Through Certificates, Ser 2002-48, Cl 1A 4.494%, 07/25/33 (A)		210,770		210,863
FHLMC Structured Pass-Through Certificates, Ser 2002-51, Cl 1A 6.500%, 09/25/43 (A)		74,084		83,145
FHLMC Structured Pass-Through Certificates, Ser 2002-51, Cl 2A 7.500%, 08/25/42 (A)		4,295		4,657
FHLMC Structured Pass-Through Certificates, Ser 2003-54, Cl 3A 7.000%, 02/25/43		373,224		402,405
FHLMC Structured Pass-Through Certificates, Ser 2003-57, Cl 1A2 7.000%, 07/25/43		23,044		25,621
FHLMC, Ser 1998-2084, Cl ZC 6.500%, 08/15/28		59,941		63,575
FHLMC, Ser 2001-2295, Cl BD 6.000%, 03/15/31		13,528		14,410
FHLMC, Ser 2003-2676, Cl PZ 5.500%, 09/15/33		52,334		55,323
FHLMC, Ser 2005-2944, Cl OH 5.500%, 03/15/35		180,275		193,468
FHLMC, Ser 2005-2957, Cl VZ 5.000%, 02/15/35		52,398		54,883
FHLMC, Ser 2006-3143, Cl BC 5.500%, 02/15/36		147,484		158,239
FHLMC, Ser 2006-3185, Cl GT 6.000%, 07/15/26		54,427		56,784
FHLMC, Ser 2007-3330, Cl GZ 5.500%, 06/15/37		2,763		2,871
FHLMC, Ser 2013-299, Cl F1 1.054%, ICE LIBOR USD 1 MONTH + 0.500%, 01/15/43 (A)		189,116		188,059



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FHLMC, Ser 2013-4283, Cl EW 4.500%, 12/15/43 (A)	$	140,559	$	141,208
FHLMC, Ser 2014-4319, Cl MA 4.500%, 03/15/44 (A)		248,199		252,291
FHLMC, Ser 2021-5092, Cl BC 2.500%, 06/25/36		580,384		574,258
FNMA
7.000%, 12/01/37		332		362
7.000%, 08/01/32		136,626		147,444
7.000%, 11/01/29		44,167		47,184
6.500%, 01/01/49		1,595		1,731
6.500%, 10/01/39		48,952		53,118
6.500%, 08/01/39		11,614		12,716
6.500%, 10/01/38		16,601		18,084
6.500%, 03/01/38		5,910		6,291
6.500%, 02/01/38		1,005		1,096
6.500%, 12/01/37		1,246		1,360
6.500%, 11/01/37		1,180		1,285
6.500%, 03/01/35		179,367		193,135
6.500%, 05/01/33		3,111		3,311
6.500%, 12/01/32		11,399		12,263
6.500%, 08/01/32		26,414		28,165
6.000%, 05/01/38		39,577		43,767
6.000%, 08/01/37		14,713		15,801
6.000%, 03/01/37		12,376		13,512
6.000%, 09/01/36		81,587		89,298
6.000%, 03/01/36		11,140		12,184
6.000%, 11/01/35		14,588		15,907
6.000%, 07/01/35		2,689		2,889
6.000%, 04/01/35		20,724		22,488
6.000%, 04/01/34		15,305		16,636
6.000%, 03/01/34		216,797		235,138
6.000%, 12/01/33		4,082		4,467
6.000%, 11/01/33		4,296		4,707
6.000%, 12/01/32		5,270		5,687
6.000%, 06/01/23		975		984
6.000%, 10/01/22		120		120
5.500%, 02/01/38		3,091		3,252
5.500%, 04/01/37		100,465		106,835
5.500%, 09/01/36		11,947		12,710
5.500%, 10/01/35		60,751		64,351
5.500%, 04/01/35		198,322		210,947
5.500%, 11/01/33		7,693		8,185
5.500%, 06/01/33		11,990		12,753
5.500%, 11/01/29		8,736		9,169
5.500%, 01/01/25		4,268		4,323
5.500%, 05/01/24		945		959
5.500%, 03/01/24		720		729

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
5.500%, 01/01/24	$	57	$	56
5.500%, 11/01/23		39		39
5.000%, 03/01/49		439,407		455,016
5.000%, 12/01/48		301,773		315,029
5.000%, 08/01/40		16,743		17,827
5.000%, 09/01/39		52,840		56,068
5.000%, 09/01/25		25,267		25,738
5.000%, 04/01/25		200		204
4.500%, 03/01/52		812,416		834,585
4.500%, 06/01/48		494,982		506,768
4.500%, 02/01/46		1,054,878		1,100,125
4.500%, 02/01/45		477,150		498,199
4.500%, 10/01/44		29,799		31,035
4.500%, 09/01/43		9,947		10,320
4.500%, 01/01/43		904,068		934,700
4.500%, 07/01/42		227,697		237,522
4.500%, 12/01/41		30,525		31,798
4.500%, 11/01/41		30,703		32,040
4.500%, 09/01/41		16,744		17,305
4.500%, 08/01/41		15,197		15,723
4.500%, 05/01/41		2,039,228		2,123,453
4.500%, 06/01/36		25,968		27,091
4.500%, 09/01/31		19,517		19,918
4.500%, 06/01/31		16,234		16,569
4.500%, 01/01/31		58,392		59,494
4.500%, 08/01/26		97,532		99,247
4.500%, 10/01/24		27,948		28,473
4.000%, 04/01/52		1,493,909		1,497,364
4.000%, 10/01/51		1,720,776		1,724,692
4.000%, 04/01/48		1,596,547		1,605,039
4.000%, 03/01/46		3,583,527		3,623,252
4.000%, 01/01/37		685,562		691,676
4.000%, 01/01/35		2,272,220		2,309,423
4.000%, 10/01/34		1,110,832		1,115,380
4.000%, 06/01/34		1,314,913		1,333,303
4.000%, 03/01/34		526,481		535,152
4.000%, 11/01/33		780,414		793,171
4.000%, 10/01/32		23,989		24,087
4.000%, 09/01/31		184,660		186,776
4.000%, 12/01/30		229,161		230,102
4.000%, 11/01/30		194,117		194,915
3.693%, ICE LIBOR USD 12 MONTH + 1.620%, 11/01/48 (A)		705,553		709,488
3.500%, 03/01/52		1,924,008		1,871,466
3.500%, 01/01/52		2,330,279		2,267,731
3.500%, 11/01/51		1,443,242		1,403,760
3.500%, 04/01/37		609,867		597,828
3.500%, 02/01/31		1,140,117		1,144,487
3.500%, 12/01/29		390,782		392,028
3.000%, 03/01/52		3,074,794		2,912,884



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
3.000%, 11/01/51	$	2,231,020	$	2,117,365
3.000%, 10/01/51		2,625,051		2,487,836
3.000%, 07/01/50		1,117,602		1,064,603
3.000%, 01/01/31		1,438,505		1,429,410
2.961%, ICE LIBOR USD 12 MONTH + 1.610%, 10/01/47 (A)		205,342		206,851
2.913%, ICE LIBOR USD 12 MONTH + 1.580%, 09/01/47 (A)		415,792		420,350
2.814%, ICE LIBOR USD 12 MONTH + 1.580%, 04/01/44 (A)		151,287		155,084
2.593%, ICE LIBOR USD 12 MONTH + 1.567%, 05/01/44 (A)		79,528		81,424
2.551%, ICE LIBOR USD 12 MONTH + 1.568%, 05/01/45 (A)		401,096		411,195
2.500%, 02/01/52		1,763,776		1,615,006
2.500%, 12/01/51		7,775,020		7,116,197
2.500%, 08/01/51		5,322,306		4,879,103
2.500%, 05/01/51		0		—
2.500%, 02/01/51		13,351,922		12,213,464
2.500%, 01/01/51		1,443,725		1,322,150
2.500%, 11/01/50		11,546,837		10,590,543
2.500%, 10/01/50		11,104,922		10,177,780
2.500%, 07/01/50		14,671,415		13,444,739
2.500%, 10/01/41		3,105,700		2,887,346
2.500%, 05/01/41		899,431		836,200
2.500%, 08/01/36		2,036,551		1,952,992
2.500%, 07/01/36		1,165,364		1,117,626
2.282%, ICE LIBOR USD 12 MONTH + 1.791%, 06/01/38 (A)		5,747		5,987
2.143%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.143%, 08/01/34 (A)		2,732		2,745
2.081%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.999%, 09/01/34 (A)		996		1,033
2.050%, ICE LIBOR USD 12 MONTH + 1.550%, 02/01/44 (A)		1,442		1,437
2.048%, ICE LIBOR USD 12 MONTH + 1.696%, 04/01/44 (A)		91,764		94,348
2.028%, ICE LIBOR USD 12 MONTH + 1.778%, 12/01/39 (A)		14,008		13,949

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
2.000%, 11/01/51	$	0	$	—
2.000%, 10/01/51		1,838,927		1,629,757
2.000%, 09/01/51		1,643,844		1,457,247
2.000%, 04/01/51		1,408,518		1,213,843
2.000%, 02/01/51		1,168,469		1,035,825
2.000%, 01/01/51		5,086,403		4,509,333
2.000%, 09/01/50		5,052,522		4,480,526
2.000%, 09/01/36		1,546,876		1,452,161
2.000%, 03/01/36		0		—
2.000%, 01/01/36		1,336,481		1,254,733
1.934%, ICE LIBOR USD 12 MONTH + 1.570%, 02/01/44 (A)		11,304		11,516
1.928%, ICE LIBOR USD 12 MONTH + 1.591%, 07/01/44 (A)		288,219		297,247
1.910%, ICE LIBOR USD 12 MONTH + 1.552%, 02/01/44 (A)		15,332		15,608
1.850%, ICE LIBOR USD 12 MONTH + 1.600%, 12/01/44 (A)		39,036		39,900
1.840%, ICE LIBOR USD 12 MONTH + 1.590%, 12/01/44 (A)		355,570		363,238
1.830%, ICE LIBOR USD 12 MONTH + 1.580%, 09/01/44 (A)		3,465		3,556
1.826%, ICE LIBOR USD 12 MONTH + 1.577%, 10/01/44 (A)		185,277		189,808
1.815%, ICE LIBOR USD 12 MONTH + 1.565%, 01/01/44 (A)		68,190		69,600
1.815%, ICE LIBOR USD 12 MONTH + 1.572%, 08/01/43 (A)		4,177		4,280
1.721%, ICE LIBOR USD 12 MONTH + 1.471%, 06/01/35 (A)		2,966		2,965
1.500%, 10/01/50		1,757,542		1,488,604
FNMA Connecticut Avenue Securities, Ser 2018-C06, Cl 1M2 2.668%, ICE LIBOR USD 1 MONTH + 2.000%, 03/25/31 (A)		2,235,583		2,236,934
FNMA Grantor Trust 2000-T6, Ser 2000-T6, Cl A1 7.500%, 11/25/40		18,358		18,735



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FNMA Grantor Trust 2001-T1, Ser 2001-T1, Cl A1 7.500%, 10/25/40	$	138,090	$	146,212
FNMA Grantor Trust 2001-T10, Ser 2001-T10, Cl A1 7.000%, 12/25/41		105,364		112,614
FNMA Grantor Trust 2001-T12, Ser 2001-T12, Cl A1 6.500%, 08/25/41		3,716		3,944
FNMA Grantor Trust 2001-T3, Ser 2001-T3, Cl A1 7.500%, 11/25/40		9,870		10,436
FNMA Grantor Trust 2001-T4, Ser 2001-T4, Cl A1 7.500%, 07/25/41		43,433		47,995
FNMA Grantor Trust 2001-T7, Ser 2001-T7, Cl A1 7.500%, 02/25/41		1,913		2,130
FNMA Grantor Trust 2001-T8, Ser 2001-T8, Cl A1 7.500%, 07/25/41		5,727		5,911
FNMA Grantor Trust 2004-T1, Ser 2004-T1, Cl 1A2 6.500%, 01/25/44		1,680		1,808
FNMA or FHLMC 3.500%, 05/15/51		43,549,000		42,283,357
3.000%, 05/15/51		16,475,000		15,551,499
FNMA REMIC Trust 2001-W3, Ser 2001-W3, Cl A 7.000%, 09/25/41 (A)		94,080		96,003
FNMA REMIC Trust 2002-W6, Ser 2002-W6, Cl 2A 7.500%, 06/25/42 (A)		6,863		7,167
FNMA REMIC Trust 2002-W6, Ser 2002-W6, Cl 2A1 7.000%, 06/25/42 (A)		6,863		6,966
FNMA REMIC Trust 2003-W4, Ser 2003-W4, Cl 3A 5.145%, 10/25/42 (A)		76,051		80,857

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FNMA Trust 2003-W2, Ser 2003-W2, Cl 1A3 7.500%, 07/25/42	$	9,138	$	10,122
FNMA Trust 2004-W2, Ser 2004-W2, Cl 2A2 7.000%, 02/25/44		17,953		19,582
FNMA Trust 2004-W2, Ser 2004-W2, Cl 5A 7.500%, 03/25/44		6,960		7,594
FNMA, Ser 2001-2, Cl ZK 6.500%, 02/25/31		11,170		11,908
FNMA, Ser 2001-79, Cl BA 7.000%, 03/25/45		15,410		16,560
FNMA, Ser 2002-33, Cl A1 7.000%, 06/25/32		45,451		48,938
FNMA, Ser 2007-21, Cl MT 5.750%, 03/25/37		6,810		7,111
FNMA, Ser 2009-11, Cl MP 7.000%, 03/25/49		7,125		7,840
FNMA, Ser 2010-136, Cl BA 3.500%, 12/25/30		232,796		229,596
FNMA, Ser 2014-1, Cl KF 1.268%, ICE LIBOR USD 1 MONTH + 0.600%, 02/25/44 (A)		441,388		446,707
FREMF 2015-K44 Mortgage Trust, Ser K44, Cl C 3.795%, 01/25/48 (A),(B)		1,900,000		1,839,613
FREMF 2015-K46 Mortgage Trust, Ser K46, Cl C 3.819%, 04/25/48 (A),(B)		2,560,000		2,497,432
FREMF 2015-K47 Mortgage Trust, Ser K47, Cl C 3.708%, 06/25/48 (A),(B)		1,445,000		1,395,787
FREMF 2016-K55 Mortgage Trust, Ser K55, Cl C 4.297%, 04/25/49 (A),(B)		1,225,000		1,194,538
FREMF 2016-K56 Mortgage Trust, Ser K56, Cl C 4.077%, 06/25/49 (A),(B)		2,555,000		2,489,856
FREMF 2016-K57 Mortgage Trust, Ser K57, Cl C 4.052%, 08/25/49 (A),(B)		3,060,000		2,963,705
FREMF 2016-K60 Mortgage Trust, Ser K60, Cl C 3.661%, 12/25/49 (A),(B)		1,370,000		1,310,082
FREMF 2017-K62 Mortgage Trust, Ser K62, Cl C 4.008%, 01/25/50 (A),(B)		2,286,000		2,185,167
FREMF 2017-K69 Mortgage Trust, Ser K69, Cl C 3.854%, 10/25/49 (A),(B)		2,424,000		2,287,889



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FREMF 2018-K732 Mortgage Trust, Ser K732, Cl C 4.196%, 05/25/25 (A),(B)	$	3,050,000	$	2,990,652
FREMF 2018-K74 Mortgage Trust, Ser K74, Cl C 4.228%, 02/25/51 (A),(B)		2,700,000		2,595,730
FREMF 2018-K83 Mortgage Trust, Ser K83, Cl C 4.418%, 11/25/51 (A),(B)		2,750,000		2,668,547
FREMF 2018-K85 Mortgage Trust, Ser K85, Cl B 4.464%, 12/25/50 (A),(B)		2,900,000		2,895,499
FREMF 2018-K86 Mortgage Trust, Ser K86, Cl C 4.437%, 11/25/51 (A),(B)		1,792,000		1,753,918
FREMF 2019-K736 Mortgage Trust, Ser K736, Cl B 3.885%, 07/25/26 (A),(B)		3,000,000		2,932,932
FREMF 2019-K89 Mortgage Trust, Ser K89, Cl C 4.433%, 01/25/51 (A),(B)		5,000,000		4,876,406
FREMF 2019-K96 Mortgage Trust, Ser K96, Cl C 3.942%, 08/25/56 (A),(B)		1,700,000		1,588,885
FREMF 2020-K104 Mortgage Trust, Ser K104, Cl C 3.660%, 02/25/52 (A),(B)		1,200,000		1,104,884
FREMF 2020-K737 Mortgage Trust, Ser K737, Cl C 3.416%, 01/25/53 (A),(B)		545,000		515,770
FREMF Mortgage Trust, Ser 2017-K61, Cl C 3.814%, 12/25/49 (A),(B)		2,160,000		2,051,117
GNMA
7.000%, 12/15/29		973		1,057
6.500%, 05/15/29		1,764		1,884
4.000%, 04/20/52		1,385,000		1,392,040
4.000%, 03/20/52		1,600,655		1,608,791
4.000%, 02/20/52		1,622,960		1,632,120
4.000%, 01/20/52		1,316,671		1,323,363
3.500%, 03/20/52		1,914,988		1,880,026
3.500%, 02/20/52		1,420,894		1,394,838
3.500%, 01/20/52		1,544,281		1,515,989
3.500%, 06/20/51		1,591,711		1,564,704
3.000%, 10/20/51		1,946,850		1,862,779
3.000%, 07/20/51		1,386,213		1,328,136
3.000%, 05/20/51		1,247,374		1,194,329

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
2.500%, 05/20/51	$	843,289	$	786,140
2.500%, 03/20/51		1,967,195		1,833,377
GNMA, Ser 2002-49, Cl ZG 6.000%, 07/20/32		436,998		436,987
GNMA, Ser 2012-98, Cl BM 4.904%, 08/20/42 (A)		209,217		212,960
GNMA, Ser 2017-H17, Cl FQ 0.502%, ICE LIBOR USD 12 MONTH + 0.270%, 09/20/67 (A)		2,881,415		2,836,380
GNMA, Ser 2017-H22, Cl FH 0.455%, ICE LIBOR USD 12 MONTH + 0.220%, 11/20/67 (A)		1,879,693		1,840,971
GNMA, Ser 2017-H24, Cl FQ 0.567%, ICE LIBOR USD 12 MONTH + 0.200%, 11/20/67 (A)		1,896,338		1,853,292
GNMA, Ser 2018-H04, Cl FK 0.988%, ICE LIBOR USD 12 MONTH + 0.040%, 03/20/68 (A)		1,771,139		1,711,961
GNMA, Ser 2018-H05, Cl CF 1.008%, ICE LIBOR USD 12 MONTH + 0.060%, 03/20/68 (A)		1,813,337		1,753,780
GNMA, Ser 2019-H09, Cl FG 0.631%, ICE LIBOR USD 12 MONTH + 0.350%, 05/20/69 (A)		785,010		774,562
GNMA, Ser 2020-H01, Cl FV 0.892%, ICE LIBOR USD 1 MONTH + 0.650%, 01/20/70 (A)		7,017,409		7,000,285
GNMA, Ser 2022-H04, Cl FG 0.840%, SOFR30A + 0.550%, 02/20/67 (A)		4,260,499		4,215,106
GNMA, Ser 2022-H08, Cl FE 1.017%, SOFR30A + 0.750%, 03/20/72 (A)		2,883,000		2,893,361



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
GNMA, Ser 2022-H09, Cl FA 0.720%, SOFR30A + 0.670%, 04/20/72 (A)	$	3,015,000	$	3,032,430
Vendee Mortgage Trust 1993-1, Ser 1993-1, Cl ZB 7.250%, 02/15/23		3,365		3,421
Vendee Mortgage Trust 1995-1, Ser 1995-1, Cl 2 7.793%, 02/15/25		3,191		3,305
Vendee Mortgage Trust 1995-2, Ser 1995-2C, Cl 3A 8.793%, 06/15/25		2,199		2,357
Vendee Mortgage Trust 1998-2, Ser 1998-2, Cl 2A 8.613%, 08/15/27 (A)		634		664

				366,066,711

Non-Agency Mortgage-Backed Obligation — 6.1%
Benchmark 2019-B10 Mortgage Trust, Ser B10, Cl E 3.000%, 03/15/62 (B)		1,100,000		818,201
Benchmark 2020-B16 Mortgage Trust, Ser B16, Cl D 2.500%, 02/15/53 (B)		4,755,000		3,541,567
BIG Commercial Mortgage Trust 2022-BIG, Ser BIG, Cl D 3.548%, TSFR1M + 3.039%, 02/15/39 (A),(B)		3,800,000		3,764,206
CFCRE Commercial Mortgage Trust 2016-C6, Ser C6, Cl D 4.335%, 11/10/49 (A),(B)		2,250,000		1,874,752
Citigroup Commercial Mortgage Trust 2014-GC21, Ser GC21, Cl D 5.109%, 05/10/47 (A),(B)		3,185,000		2,961,303
COMM 2014-CCRE20 Mortgage Trust, Ser CR20, Cl C 4.640%, 11/10/47 (A)		2,600,000		2,537,836
COMM 2015-CCRE24 Mortgage Trust, Ser CR24, Cl D 3.463%, 08/10/48 (A)		490,000		433,886

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
Commercial Mortgage Trust 2022-LPFL, Ser LPFL, Cl C 2.903%, TSFR1M + 2.394%, 03/15/39 (A),(B)	$	2,000,000	$	1,984,968
Connecticut Avenue Securities Trust 2022-R03, Ser 2022-R03, Cl 1M2 3.789%, SOFR30A + 3.500%, 03/25/42 (A),(B)		2,850,000		2,900,015
Connecticut Avenue Securities Trust, Ser 2018-R07, Cl 1M2 3.068%, ICE LIBOR USD 1 MONTH + 2.400%, 04/25/31 (A),(B)		538,982		538,982
CSMC 2014-USA OA, Ser USA, Cl A2 3.953%, 09/15/37 (B)		1,250,000		1,209,414
CSMC 2014-USA OA, Ser USA, Cl C 4.336%, 09/15/37 (B)		3,140,000		2,817,449
CSMC 2021-NQM5 Trust, Ser 2021-NQM5, Cl M1 2.168%, 05/25/66 (A),(B)		1,135,000		997,576
CSMC Trust, Ser 2016-NXSR, Cl AS 4.049%, 12/15/49 (A)		4,145,000		4,105,306
FASST 2021-JR1 A2 2.000%, 04/25/51		2,234,502		2,125,317
FASST 2021-S2 A2 09/2051 1.750%, 09/25/51		2,206,228		2,074,972
FASST 21-S1-A2 07/25/2051 1.750%, 07/25/51		3,838,014		3,620,516
FIN AMER 19-JR2 06/25/69 2.000%, 06/25/69		1,772,495		1,899,602
FIN AMER 19-JR3 09/25/69 2.000%, 09/25/69		1,268,091		1,321,643
GS Mortgage Securities II, Ser GC10, Cl B 3.682%, 02/10/46 (B)		6,785,000		6,771,242
GS Mortgage Securities Trust 2017-GS8, Ser GS8, Cl D 2.700%, 11/10/50 (B)		2,205,000		1,808,959
JPMBB Commercial Mortgage Securities Trust 2014-C19, Ser C19, Cl D 4.807%, 04/15/47 (A),(B)		1,430,000		1,361,937
JPMBB Commercial Mortgage Securities Trust 2014-C26, Ser C26, Cl D 4.018%, 01/15/48 (A),(B)		1,000,000		911,098



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
JPMBB Commercial Mortgage Securities Trust 2015-C28, Ser C28, Cl C 4.284%, 10/15/48 (A)	$	4,740,000	$	4,489,325
JPMBB Commercial Mortgage Securities Trust 2015-C29, Ser C29, Cl C 4.326%, 05/15/48 (A)		5,000,000		4,739,690
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C26, Cl AS 3.800%, 01/15/48		5,885,000		5,815,743
NCMF Trust 2022-MFP, Ser MFP, Cl E 4.342%, TSFR1M + 3.833%, 03/15/39 (A),(B)		2,500,000		2,486,724
New Residential Mortgage Loan Trust 2021-NQM2R, Ser 2021-NQ2R, Cl M1 2.201%, 10/25/58 (A),(B)		1,684,000		1,607,674
NW RE-REMIC TRUST 2021-FRR1, Ser FRR1, Cl AK88 2.818%, 12/18/51 (A),(B)		2,500,000		2,337,112
OBX 2022-NQM1 Trust, Ser 2022-NQM1, Cl M1 3.504%, 11/25/61 (A),(B)		900,000		813,226
Onslow Bay Mortgage Loan Trust, Ser 2021-NQM4, Cl M1 3.248%, 10/25/61 (B)		1,530,000		1,299,217
Palisades Center Trust 2016-PLSD, Ser PLSD, Cl A 2.713%, 04/13/33 (B)		3,990,000		3,720,434
Residential Mortgage Loan Trust, Ser 2019-3, Cl A1 2.633%, 09/25/59 (A),(B)		893,345		876,211
SFAVE Commercial Mortgage Securities Trust 2015-5AVE, Ser 5AVE, Cl A1 3.872%, 01/05/43 (A),(B)		2,470,000		2,234,409
Shops at Crystals Trust 2016-CSTL, Ser CSTL, Cl C 3.731%, 07/05/36 (A),(B)		2,500,000		2,231,573
SLG Office Trust 2021-OVA, Ser OVA, Cl D 2.851%, 07/15/41 (B)		3,035,000		2,551,895

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
SPGN 2022-TFLM Mortgage Trust, Ser TFLM, Cl D 4.009%, TSFR1M + 3.500%, 02/15/39 (A),(B)	$	2,500,000	$	2,450,657
Verus Securitization Trust 2021-2, Ser 2021-2, Cl M1 2.187%, 02/25/66 (A),(B)		2,500,000		2,228,907
Verus Securitization Trust 2021-3, Ser 2021-3, Cl M1 2.397%, 06/25/66 (A),(B)		1,350,000		1,203,333
Verus Securitization Trust 2021-4, Ser 2021-4, Cl M1 2.195%, 07/25/66 (A),(B)		1,215,000		1,053,710
Verus Securitization Trust 2021-R3, Ser 2021-R3, Cl M1 2.411%, 04/25/64 (A),(B)		2,370,000		2,255,829
Wells Fargo Commercial Mortgage Trust 2015-C28, Ser C28, Cl D 4.220%, 05/15/48 (A)		1,450,000		1,317,435
Wells Fargo Commercial Mortgage Trust, Ser 2019-C49, Cl D 3.000%, 03/15/52 (B)		3,100,000		2,472,293

				100,566,144

Total Mortgage-Backed Securities (Cost $500,676,185)				466,632,855


CORPORATE OBLIGATIONS — 27.0%

	Face Amount		Value
COMMUNICATION SERVICES — 4.3%
Alibaba Group Holding 3.600%, 11/28/24	$	1,755,000	$	1,750,064
America Movil 4.375%, 04/22/49		1,440,000		1,374,307
AT&T
8.750%, 11/15/31		790,000		1,024,698
4.500%, 03/09/48		796,000		748,911
4.350%, 06/15/45		2,360,000		2,145,877
3.650%, 09/15/59		2,966,000		2,296,029
3.550%, 09/15/55		2,029,000		1,574,372
3.500%, 09/15/53		774,000		608,873
2.750%, 06/01/31		975,000		860,338
CCO Holdings 4.500%, 06/01/33(B)		1,450,000		1,185,839
4.500%, 05/01/32		725,000		614,220
4.250%, 01/15/34(B)		1,225,000		973,875



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
COMMUNICATION SERVICES — continued
Charter Communications Operating 6.484%, 10/23/45	$	5,085,000	$	5,135,723
5.750%, 04/01/48		700,000		658,974
5.375%, 05/01/47		1,175,000		1,053,925
5.250%, 04/01/53		800,000		701,228
4.400%, 04/01/33		375,000		342,124
Comcast 4.400%, 08/15/35		2,055,000		2,043,799
3.450%, 02/01/50		765,000		631,691
2.800%, 01/15/51		190,000		140,590
CommScope 6.000%, 03/01/26(B)		3,435,000		3,239,892
Cox Communications 3.850%, 02/01/25(B)		1,100,000		1,099,587
3.500%, 08/15/27(B)		2,600,000		2,525,352
3.350%, 09/15/26(B)		750,000		728,567
Paramount Global 4.950%, 01/15/31		1,140,000		1,130,170
Prosus 4.987%, 01/19/52(B)		3,425,000		2,691,890
4.850%, 07/06/27(B)		850,000		806,650
4.193%, 01/19/32(B)		425,000		359,129
3.680%, 01/21/30(B)		2,075,000		1,751,484
3.061%, 07/13/31(B)		4,750,000		3,752,950
Rogers Communications 3.800%, 03/15/32(B)		1,090,000		1,009,666
Telecom Italia 5.303%, 05/30/24(B)		3,500,000		3,434,375
Telecom Italia Capital 7.721%, 06/04/38		1,970,000		1,849,338
7.200%, 07/18/36		300,000		270,619
Tencent Holdings MTN 3.975%, 04/11/29(B)		1,690,000		1,614,847
Time Warner Cable 6.750%, 06/15/39		1,300,000		1,389,210
T-Mobile USA 4.500%, 04/15/50		775,000		708,503
4.375%, 04/15/40		425,000		392,243
3.875%, 04/15/30		3,650,000		3,460,595
3.500%, 04/15/31(B)		925,000		819,855
3.375%, 04/15/29(B)		925,000		840,117
2.250%, 02/15/26(B)		950,000		871,625
Verizon Communications 4.400%, 11/01/34		2,810,000		2,772,159
4.272%, 01/15/36		1,300,000		1,260,113
3.550%, 03/22/51		390,000		321,805
2.987%, 10/30/56		570,000		406,457
2.650%, 11/20/40		1,625,000		1,232,413
2.100%, 03/22/28		440,000		394,484

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
COMMUNICATION SERVICES — continued
Vodafone Group 7.000%, USD Swap Semi 30/360 5 Yr Curr + 4.873%, 04/04/79(A)	$	1,650,000	$	1,742,450
Walt Disney 6.650%, 11/15/37		810,000		996,239

				69,738,241

CONSUMER DISCRETIONARY — 1.8%
Aptiv 3.250%, 03/01/32		220,000		194,322
Elanco Animal Health 6.400%, 08/28/28		1,635,000		1,677,919
Ford Motor Credit 5.125%, 06/16/25		600,000		598,500
4.542%, 08/01/26		700,000		669,375
4.389%, 01/08/26		600,000		579,000
4.375%, 08/06/23		1,050,000		1,050,630
4.140%, 02/15/23		900,000		897,750
4.134%, 08/04/25		675,000		648,000
4.063%, 11/01/24		2,850,000		2,787,763
3.810%, 01/09/24		850,000		835,125
3.375%, 11/13/25		775,000		730,488
3.350%, 11/01/22		1,250,000		1,250,387
General Motors Financial 5.100%, 01/17/24		3,505,000		3,583,534
3.250%, 01/05/23		730,000		733,085
1.407%, U.S. SOFR + 1.200%, 11/17/23(A)		5,805,000		5,811,779
Mileage Plus Holdings 6.500%, 06/20/27(B)		4,780,000		4,875,600
Nordstrom 6.950%, 03/15/28		1,165,000		1,189,675
PayPal Holdings 3.250%, 06/01/50		2,575,000		2,052,674
RELX Capital 4.000%, 03/18/29		650,000		642,586

				30,808,192

CONSUMER STAPLES — 0.3%
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc 4.900%, 02/01/46		575,000		568,045
Anheuser-Busch InBev Worldwide 5.550%, 01/23/49		450,000		482,287
5.450%, 01/23/39		1,285,000		1,368,119
4.350%, 06/01/40		425,000		400,605
Coca-Cola 3.450%, 03/25/30		475,000		463,536
1.650%, 06/01/30		875,000		742,843



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
CONSUMER STAPLES — continued
Keurig Dr Pepper 4.417%, 05/25/25	$	80,000	$	81,751
Mars 2.375%, 07/16/40(B)		960,000		722,872

				4,830,058

ENERGY — 3.6%
BP Capital Markets America 3.060%, 06/17/41		1,670,000		1,363,627
Cameron LNG 3.701%, 01/15/39(B)		1,285,000		1,134,933
ConocoPhillips 4.150%, 11/15/34		386,000		370,680
Energy Transfer 4.400%, 03/15/27		2,490,000		2,471,604
2.900%, 05/15/25		1,655,000		1,598,348
Exxon Mobil 4.227%, 03/19/40		1,100,000		1,078,776
2.610%, 10/15/30		850,000		775,792
Kinder Morgan 5.550%, 06/01/45		4,400,000		4,434,194
5.200%, 03/01/48		750,000		725,994
4.300%, 06/01/25		525,000		529,764
Kinder Morgan Energy Partners 5.500%, 03/01/44		310,000		306,718
4.300%, 05/01/24		1,865,000		1,886,934
Marathon Petroleum 4.700%, 05/01/25		190,000		192,931
Midwest Connector Capital 3.900%, 04/01/24(B)		3,045,000		3,028,901
MPLX 5.500%, 02/15/49		1,220,000		1,195,837
Occidental Petroleum 3.200%, 08/15/26		975,000		916,500
2.900%, 08/15/24		2,900,000		2,834,750
Petrobras Global Finance BV 7.250%, 03/17/44		725,000		723,187
6.750%, 06/03/50		2,425,000		2,247,684
5.500%, 06/10/51		625,000		512,888
5.093%, 01/15/30		257,000		249,290
Petroleos Mexicanos 7.690%, 01/23/50		8,055,000		6,311,093
6.950%, 01/28/60		141,000		102,225
6.700%, 02/16/32		3,183,000		2,742,727
6.625%, 06/15/35		1,750,000		1,419,250
6.375%, 01/23/45		880,000		630,617
6.350%, 02/12/48		506,000		354,200
Rio Oil Finance Trust Series 2014-1 9.250%, 07/06/24(B)		2,052,555		2,137,736

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
ENERGY — continued
Rio Oil Finance Trust Series 2014-3 9.750%, 01/06/27(B)	$	1,376,702	$	1,510,931
Rio Oil Finance Trust Series 2018-1 8.200%, 04/06/28(B)		850,820		913,568
TransCanada PipeLines 4.625%, 03/01/34		1,010,000		999,725
Transcanada Trust 5.875%, ICE LIBOR USD 3 MONTH + 4.640%, 08/15/76(A)		1,375,000		1,375,990
5.625%, ICE LIBOR USD 3 MONTH + 3.528%, 05/20/75(A)		475,000		473,575
5.600%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.986%, 03/07/82(A)		625,000		604,688
5.500%, U.S. SOFR + 4.416%, 09/15/79(A)		1,725,000		1,660,313
5.300%, ICE LIBOR USD 3 MONTH + 3.208%, 03/15/77(A)		4,650,000		4,464,000
Ultrapar International 5.250%, 10/06/26(B)		1,075,000		1,084,406
5.250%, 06/06/29(B)		429,000		416,885
Williams 3.500%, 11/15/30		975,000		907,410
3.350%, 08/15/22		2,725,000		2,726,046

				59,414,717

FINANCIALS — 12.6%
AerCap Ireland Capital DAC 3.300%, 01/30/32		1,445,000		1,202,797
3.000%, 10/29/28		225,000		195,791
American International Group 3.900%, 04/01/26		720,000		717,073
Ares Capital 4.250%, 03/01/25		1,370,000		1,352,364
Athene Global Funding 0.927%, U.S. SOFR + 0.700%, 05/24/24(A),(B)		6,890,000		6,810,071
Aviation Capital Group 4.125%, 08/01/25(B)		420,000		410,664
Avolon Holdings Funding 4.375%, 05/01/26(B)		1,220,000		1,172,029
Bank of America MTN 4.450%, 03/03/26		1,120,000		1,122,153
4.250%, 10/22/26		1,050,000		1,048,568
4.200%, 08/26/24		605,000		611,742



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
4.183%, 11/25/27	$	2,000,000	$	1,968,054
3.846%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.000%, 03/08/37(A)		1,850,000		1,648,164
3.705%, ICE LIBOR USD 3 MONTH + 1.512%, 04/24/28(A)		1,350,000		1,303,316
3.093%, ICE LIBOR USD 3 MONTH + 1.090%, 10/01/25(A)		1,330,000		1,303,513
3.004%, ICE LIBOR USD 3 MONTH + 0.790%, 12/20/23(A)		2,413,000		2,407,627
2.676%, U.S. SOFR + 1.930%, 06/19/41(A)		1,625,000		1,218,400
Bank of Montreal MTN 0.949%, SOFRINDX + 0.680%, 03/10/23(A)		7,570,000		7,577,191
Bank of Nova Scotia 0.827%, SOFRINDX + 0.550%, 09/15/23(A)		8,255,000		8,239,099
Barclays 4.836%, 05/09/28		1,225,000		1,205,926
4.375%, 09/11/24		1,975,000		1,984,634
2.894%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.300%, 11/24/32(A)		1,000,000		836,355
1.007%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.800%, 12/10/24(A)		2,165,000		2,065,693
Belrose Funding Trust 2.330%, 08/15/30(B)		1,680,000		1,400,990
BGC Partners 5.375%, 07/24/23		3,475,000		3,530,073
Blackstone Private Credit Fund 2.625%, 12/15/26(B)		2,085,000		1,829,116
Blue Owl Finance 3.125%, 06/10/31(B)		2,800,000		2,246,842
BNP Paribas MTN 4.625%, 03/13/27(B)		2,200,000		2,181,280
4.375%, 09/28/25(B)		2,175,000		2,159,656
4.375%, 05/12/26(B)		450,000		445,106
4.250%, 10/15/24		2,700,000		2,721,013
Boston Properties 3.250%, 01/30/31‡		1,675,000		1,519,905
3.125%, 09/01/23‡		1,225,000		1,225,955

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
Brookfield Finance 4.850%, 03/29/29	$	1,205,000	$	1,235,842
Canadian Imperial Bank of Commerce 1.093%, U.S. SOFR + 0.800%, 03/17/23(A)		6,225,000		6,235,539
Capital One Financial 4.200%, 10/29/25		1,600,000		1,596,798
3.750%, 04/24/24		475,000		475,784
3.500%, 06/15/23		778,000		782,760
0.956%, U.S. SOFR + 0.690%, 12/06/24(A)		8,150,000		8,121,230
Citigroup 8.125%, 07/15/39		640,000		881,969
6.625%, 06/15/32		900,000		1,013,119
4.650%, 07/23/48		440,000		434,930
4.450%, 09/29/27		1,685,000		1,673,373
4.412%, U.S. SOFR + 3.914%, 03/31/31(A)		875,000		855,513
3.785%, U.S. SOFR + 1.939%, 03/17/33(A)		1,275,000		1,184,787
3.400%, 05/01/26		255,000		248,710
2.666%, U.S. SOFR + 1.146%, 01/29/31(A)		1,350,000		1,174,367
Commonwealth Bank of Australia 0.696%, U.S. SOFR + 0.400%, 07/07/25(A),(B)		8,970,000		8,890,921
Corporate Office Properties 2.750%, 04/15/31‡		900,000		764,500
Credit Suisse Group 4.207%, ICE LIBOR USD 3 MONTH + 1.240%, 06/12/24(A),(B)		900,000		901,684
Fairfax Financial Holdings 4.850%, 04/17/28		770,000		774,387
FS KKR Capital 4.625%, 07/15/24		730,000		729,858
Goldman Sachs Group MTN 4.017%, ICE LIBOR USD 3 MONTH + 1.373%, 10/31/38(A)		2,375,000		2,173,952
4.000%, 03/03/24		1,455,000		1,468,622
3.615%, U.S. SOFR + 1.846%, 03/15/28(A)		4,700,000		4,514,608
3.272%, ICE LIBOR USD 3 MONTH + 1.201%, 09/29/25(A)		845,000		831,754
Golub Capital BDC 2.500%, 08/24/26		3,530,000		3,148,462



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
HSBC Holdings 6.800%, 06/01/38	$	425,000	$	479,427
6.500%, 09/15/37		2,375,000		2,670,818
6.500%, 05/02/36		685,000		760,833
4.950%, 03/31/30		1,250,000		1,262,416
4.762%, U.S. SOFR + 2.530%, 03/29/33(A)		1,700,000		1,609,899
4.375%, 11/23/26		420,000		415,976
4.300%, 03/08/26		2,500,000		2,504,902
3.950%, ICE LIBOR USD 3 MONTH + 0.987%, 05/18/24(A)		1,350,000		1,355,507
2.848%, U.S. SOFR + 2.387%, 06/04/31(A)		825,000		712,911
2.357%, U.S. SOFR + 1.947%, 08/18/31(A)		1,200,000		997,302
0.976%, U.S. SOFR + 0.708%, 05/24/25(A)		1,450,000		1,359,943
Intercontinental Exchange
2.650%, 09/15/40		1,485,000		1,146,420
JPMorgan Chase
8.750%, 09/01/30		1,095,000		1,382,978
7.625%, 10/15/26		100,000		114,215
4.493%, U.S. SOFR + 3.790%, 03/24/31(A)		1,450,000		1,446,644
4.250%, 10/01/27		1,199,000		1,191,816
4.125%, 12/15/26		500,000		497,405
4.032%, ICE LIBOR USD 3 MONTH + 1.460%, 07/24/48(A)		675,000		602,635
4.023%, ICE LIBOR USD 3 MONTH + 1.000%, 12/05/24(A)		1,515,000		1,522,294
3.897%, ICE LIBOR USD 3 MONTH + 1.220%, 01/23/49(A)		270,000		238,802
3.797%, ICE LIBOR USD 3 MONTH + 0.890%, 07/23/24(A)		2,155,000		2,165,104
3.625%, 12/01/27		240,000		231,969
3.328%, U.S. SOFR + 1.580%, 04/22/52(A)		790,000		632,311
2.956%, U.S. SOFR + 2.515%, 05/13/31(A)		2,895,000		2,547,407
2.522%, U.S. SOFR + 2.040%, 04/22/31(A)		925,000		804,445
Lloyds Banking Group
4.650%, 03/24/26		1,300,000		1,303,602
4.582%, 12/10/25		1,953,000		1,955,164
4.500%, 11/04/24		525,000		529,556

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
Macquarie Group
1.340%, U.S. SOFR + 1.069%, 01/12/27(A),(B)	$	710,000	$	630,842
Metropolitan Life Global Funding I MTN
0.866%, U.S. SOFR + 0.570%, 01/13/23(A),(B)		3,755,000		3,758,417
Mitsubishi UFJ Financial Group
1.538%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.750%, 07/20/27(A)		1,840,000		1,646,019
Morgan Stanley MTN
4.431%, ICE LIBOR USD 3 MONTH + 1.628%, 01/23/30(A)		395,000		391,223
3.950%, 04/23/27		1,890,000		1,854,046
3.875%, 04/29/24		1,485,000		1,494,553
3.217%, U.S. SOFR + 1.485%, 04/22/42(A)		810,000		667,038
3.125%, 01/23/23		1,685,000		1,692,405
3.125%, 07/27/26		115,000		110,268
National Australia Bank
0.676%, U.S. SOFR + 0.380%, 01/12/25(A),(B)		6,760,000		6,732,200
NatWest Group
6.125%, 12/15/22		1,010,000		1,027,354
6.000%, 12/19/23		3,450,000		3,543,984
4.269%, ICE LIBOR USD 3 MONTH + 1.762%, 03/22/25(A)		1,640,000		1,640,992
1.642%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.900%, 06/14/27(A)		3,025,000		2,691,515
Owl Rock Capital
3.400%, 07/15/26		1,000,000		922,986
2.875%, 06/11/28		1,035,000		882,491
2.625%, 01/15/27		9,170,000		8,087,835
OWS Cre Funding I
5.700%, ICE LIBOR USD 1 MONTH + 4.900%, 09/01/23(A),(B)		3,500,000		3,478,125
Santander Holdings USA
3.244%, 10/05/26		2,630,000		2,502,740
Spirit Realty
3.400%, 01/15/30‡		1,330,000		1,209,244



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
Truist Bank
2.636%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.150%, 09/17/29(A)	$	2,315,000	$	2,242,205
UBS Group
1.494%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 0.850%, 08/10/27(A),(B)		430,000		381,801
UniCredit MTN
7.296%, USD ICE Swap 11:00 NY 5 Yr + 4.914%, 04/02/34(A),(B)		2,825,000		2,856,188
5.459%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.750%, 06/30/35(A),(B)		1,600,000		1,445,079
Unum Group
6.750%, 12/15/28		615,000		684,722
Wells Fargo MTN
5.013%, U.S. SOFR + 4.502%, 04/04/51(A)		2,619,480		2,741,173
4.300%, 07/22/27		1,950,000		1,947,855
4.100%, 06/03/26		500,000		498,061
3.068%, U.S. SOFR + 2.530%, 04/30/41(A)		575,000		463,235
2.188%, U.S. SOFR + 2.000%, 04/30/26(A)		565,000		533,988
2.164%, ICE LIBOR USD 3 MONTH + 0.750%, 02/11/26(A)		855,000		811,464

				207,787,378

HEALTH CARE — 0.8%
Aetna
2.800%, 06/15/23		1,375,000		1,371,456
Cigna
7.875%, 05/15/27		764,000		894,100
4.125%, 11/15/25		425,000		429,381
3.750%, 07/15/23		848,000		855,151
CVS Health
5.050%, 03/25/48		3,350,000		3,397,816
4.780%, 03/25/38		1,525,000		1,510,994
4.125%, 04/01/40		225,000		204,889
3.750%, 04/01/30		300,000		286,959
3.500%, 07/20/22		1,635,000		1,636,635
Royalty Pharma
1.750%, 09/02/27		975,000		854,950
Zoetis
4.500%, 11/13/25		1,000,000		1,029,106

				12,471,437

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
INDUSTRIALS — 1.0%
BNSF Railway 2007-1 Pass Through Trust
5.996%, 04/01/24	$	10,932	$	11,284
Burlington Northern and Santa Fe Railway 2001-1 Pass Through Trust
6.727%, 07/15/22		55,980		56,094
Burlington Northern and Santa Fe Railway Pass Through Trust, Ser 2006-1
5.720%, 01/15/24		17,249		17,679
Burlington Northern Santa Fe
3.750%, 04/01/24		1,750,000		1,773,036
Caterpillar Financial Services MTN
0.357%, U.S. SOFR + 0.150%, 11/17/22(A)		5,180,000		5,175,155
Cemex
7.375%, 06/05/27(B)		1,700,000		1,789,590
5.450%, 11/19/29(B)		475,000		456,021
5.200%, 09/17/30(B)		1,950,000		1,837,875
CRH America
3.875%, 05/18/25(B)		1,175,000		1,182,167
CSX Transportation
6.251%, 01/15/23		33,358		34,073
FedEx
5.250%, 05/15/50		1,200,000		1,231,128
Union Pacific
3.375%, 02/14/42		210,000		181,626
3.200%, 05/20/41		790,000		670,839
2.950%, 01/15/23		1,975,000		1,982,302
Union Pacific Railroad 2002 Pass Through Trust
6.061%, 01/17/23		43,678		44,280
Union Pacific Railroad 2003 Pass Through Trust
4.698%, 01/02/24		1,912		1,941
Union Pacific Railroad 2005 Pass Through Trust
5.082%, 01/02/29		35,700		37,196
Union Pacific Railroad 2007-3 Pass Through Trust
6.176%, 01/02/31		23,285		25,722

				16,508,008

INFORMATION TECHNOLOGY — 1.1%
Apple
2.650%, 02/08/51		580,000		440,782
2.400%, 08/20/50		1,380,000		1,001,033



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
INFORMATION TECHNOLOGY — continued
Arrow Electronics
3.875%, 01/12/28	$	1,677,000	$	1,639,767
3.250%, 09/08/24		1,585,000		1,567,792
Broadcom
4.150%, 11/15/30		370,000		350,921
4.110%, 09/15/28		446,000		432,106
3.875%, 01/15/27		1,720,000		1,677,579
Dell International
8.350%, 07/15/46		308,000		412,010
6.020%, 06/15/26		475,000		501,750
3.375%, 12/15/41(B)		210,000		157,753
International Business Machines
2.950%, 05/15/50		680,000		519,404
Microchip Technology
0.983%, 09/01/24(B)		1,450,000		1,360,890
NXP BV
3.875%, 06/18/26(B)		210,000		206,935
Oracle
3.950%, 03/25/51		975,000		742,902
3.900%, 05/15/35		2,005,000		1,735,162
3.600%, 04/01/40		420,000		326,109
2.950%, 04/01/30		1,100,000		950,000
2.875%, 03/25/31		200,000		169,005
VMware
4.650%, 05/15/27		1,655,000		1,678,837
1.400%, 08/15/26		750,000		672,820
0.600%, 08/15/23		600,000		580,676
Western Digital
2.850%, 02/01/29		420,000		371,991

				17,496,224

MATERIALS — 0.1%
Dow Chemical
9.400%, 05/15/39		212,000		315,898
7.375%, 11/01/29		682,000		814,138
Glencore Funding
1.625%, 09/01/25(B)		195,000		179,366
LYB International Finance III
4.200%, 05/01/50		200,000		174,820
3.375%, 10/01/40		1,060,000		863,505
2.250%, 10/01/30		150,000		127,327

				2,475,054

UTILITIES — 1.4%
Alabama Power
3.700%, 12/01/47		1,550,000		1,355,198
Berkshire Hathaway Energy
6.125%, 04/01/36		54,000		61,394

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
UTILITIES — continued
CenterPoint Energy Houston Electric
3.350%, 04/01/51	$	940,000	$	806,531
CenterPoint Energy Resources
1.750%, 10/01/30		1,135,000		940,628
Commonwealth Edison
4.000%, 03/01/48		485,000		450,904
Consolidated Edison of New York
4.450%, 03/15/44		2,010,000		1,914,759
Dominion Energy
5.750%, ICE LIBOR USD 3 MONTH + 3.057%, 10/01/54(A)		2,100,000		2,094,182
Duke Energy Florida
3.850%, 11/15/42		385,000		343,467
3.200%, 01/15/27		655,000		640,813
Enel Finance International
6.800%, 09/15/37(B)		1,725,000		2,077,876
6.000%, 10/07/39(B)		1,050,000		1,161,663
Exelon
3.950%, 06/15/25		1,120,000		1,129,172
MidAmerican Energy MTN
5.800%, 10/15/36		320,000		365,127
Pacific Gas and Electric
4.950%, 07/01/50		1,215,000		1,015,963
PacifiCorp
6.350%, 07/15/38		690,000		813,937
PECO Energy
4.150%, 10/01/44		825,000		785,816
3.000%, 09/15/49		845,000		666,127
Southern
4.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.733%, 01/15/51(A)		2,225,000		2,110,524
3.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.915%, 09/15/51(A)		2,325,000		2,092,500
Union Electric
3.900%, 04/01/52		1,910,000		1,743,468
Virginia Electric and Power
4.650%, 08/15/43		580,000		579,508

				23,149,557

Total Corporate Obligations (Cost $472,423,595)				444,678,866



ASSET-BACKED SECURITIES — 5.7%

	Face Amount		Value
Automotive — 2.4%
American Credit Acceptance Receivables Trust 2022-2, Ser 2022-2, Cl D
4.850%, 06/13/28 (B)	$	2,220,000	$	2,228,780
CAL Receivables 2022-1, Ser 2022-1, Cl B
0.000%, SOFR30A + 4.350%, 10/15/22 (A),(B),(C)		2,520,000		2,469,600
Carmax Auto Owner Trust 2019-2, Ser 2019-2, Cl D
3.410%, 10/15/25		1,700,000		1,702,720
Carvana Auto Receivables Trust 2019-1, Ser 2019-1A, Cl D
3.880%, 10/15/24 (B)		3,641,955		3,657,744
Carvana Auto Receivables Trust 2019-2, Ser 2019-2A, Cl D
3.280%, 01/15/25 (B)		3,200,000		3,205,929
Credit Acceptance Auto Loan Trust 2020-3, Ser 2020-3A, Cl C
2.280%, 02/15/30 (B)		1,040,000		995,700
Drive Auto Receivables Trust 2018-5, Ser 2018-5, Cl D
4.300%, 04/15/26		2,265,844		2,283,894
Drive Auto Receivables Trust 2019-3, Ser 2019-3, Cl D
3.180%, 10/15/26		4,035,000		4,039,390
Drive Auto Receivables Trust 2020-1, Ser 2020-1, Cl D
2.700%, 05/17/27		2,230,000		2,218,247
Drive Auto Receivables Trust 2020-2, Ser 2020-2, Cl D
3.050%, 05/15/28		2,200,000		2,190,362
Exeter Automobile Receivables Trust 2022-2, Ser 2022-2A, Cl D
4.560%, 07/17/28		2,000,000		1,986,333
Flagship Credit Auto Trust, Ser 2019-3, Cl E
3.840%, 12/15/26 (B)		3,825,000		3,722,139
Ford Credit Auto Owner Trust 2021-REV1, Ser 2021-1, Cl D
2.310%, 10/17/33 (B)		1,500,000		1,375,762
Santander Drive Auto Receivables Trust 2019-1, Ser 2019-1, Cl D
3.650%, 04/15/25		2,120,824		2,130,247

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Santander Drive Auto Receivables Trust 2019-2, Ser 2019-2, Cl D
3.220%, 07/15/25	$	4,000,000	$	4,007,474
Santander Drive Auto Receivables Trust 2020-1, Ser 2020-1, Cl C
4.110%, 12/15/25		1,180,000		1,190,214

				39,404,535

Other Asset-Backed Securities — 3.3%
AEP Texas Central Transition Funding III, Ser 2012-1, Cl A3
2.845%, 03/01/26		87,543		87,325
Benefit Street Partners CLO V-B, Ser 2018-5BA, Cl B
3.213%, ICE LIBOR USD 3 MONTH + 2.150%, 04/20/31 (A),(B)		2,750,000		2,720,438
CASC 2019-NRM1
0.000%, 11/25/49 (C)		1,185,781		1,050,579
DRIVEN BRANDS FUNDING, Ser 2019-1A, Cl A2
4.641%, 04/20/49 (B)		3,149,213		3,087,831
KKR CLO 41, Ser 2022-41A, Cl C 2.942%, TSFR3M + 2.250%, 04/15/35 (A),(B)		3,500,000		3,461,136
Madison Park Funding XXI, Ser 2021-21A, Cl BRR 3.244%, ICE LIBOR USD 3 MONTH + 2.200%, 10/15/32 (A),(B)		1,250,000		1,236,935
Navient Student Loan Trust 2016-5, Ser 2016-5A, Cl A 1.918%, ICE LIBOR USD 1 MONTH + 1.250%, 06/25/65 (A),(B)		955,504		960,388
Navient Student Loan Trust 2018-2, Ser 2018-2A, Cl A3 1.418%, ICE LIBOR USD 1 MONTH + 0.750%, 03/25/67 (A),(B)		8,539,000		8,425,977
Navient Student Loan Trust 2021-1, Ser 2021-1A, Cl A1B 1.268%, ICE LIBOR USD 1 MONTH + 0.600%, 12/26/69 (A),(B)		5,275,036		5,229,736
Neuberger Berman Loan Advisers CLO, Ser 2022-47A, Cl C 2.298%, TSFR3M + 2.050%, 04/14/35 (A),(B)		6,000,000		5,933,034



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Santander Drive Auto Receivables Trust 2020-3, Ser 2020-3, Cl D
1.640%, 11/16/26	$	2,430,000	$	2,372,583
SBAP 2004-20K 1
4.880%, 11/01/24		2,921		2,940
SBAP 2006-20B 1
5.350%, 02/01/26		1,898		1,920
SBAP 2006-20C 1
5.570%, 03/01/26		1,864		1,885
SBAP 2007-20C 1
5.230%, 03/01/27		1,800		1,812
SLM Student Loan Trust 2004-3, Ser 2014-3A, Cl A 6B 1.734%, ICE LIBOR USD 3 MONTH + 0.550%, 10/25/64 (A),(B)		6,467,554		6,296,312
SLM Student Loan Trust 2009-3, Ser 2009-3, Cl A 1.418%, ICE LIBOR USD 1 MONTH + 0.750%, 01/25/45 (A),(B)		3,502,906		3,460,596
SMB Private Education Loan Trust 2018-A, Ser 2018-A, Cl A2A 3.500%, 02/15/36 (B)		2,191,731		2,177,022
SOUND POINT CLO XXII, Ser 2021-1A, Cl CR 3.313%, ICE LIBOR USD 3 MONTH + 2.250%, 01/20/32 (A),(B)		3,480,000		3,443,999
TICP CLO XI, Ser 2018-11A, Cl E 7.063%, ICE LIBOR USD 3 MONTH + 6.000%, 10/20/31 (A),(B)		2,230,000		2,153,330
United States Small Business Administration, Ser 2003-20B, Cl 1
4.840%, 02/01/23		1,162		1,170
United States Small Business Administration, Ser 2003-20J, Cl 1
4.920%, 10/01/23		998		1,005
United States Small Business Administration, Ser 2003-20K, Cl 1
4.980%, 11/01/23		2,367		2,387
United States Small Business Administration, Ser 2004-20L, Cl 1
4.870%, 12/01/24		2,646		2,648

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
United States Small Business Administration, Ser 2005-20A, Cl 1
4.860%, 01/01/25	$	919	$	922
United States Small Business Administration, Ser 2005-20E, Cl 1
4.840%, 05/01/25		777		779
United States Small Business Administration, Ser 2005-20G, Cl 1
4.750%, 07/01/25		4,067		4,065
United States Small Business Administration, Ser 2005-20H, Cl 1
5.110%, 08/01/25		6,791		6,830
United States Small Business Administration, Ser 2006-20F, Cl 1
5.820%, 06/01/26		1,164		1,171
United States Small Business Administration, Ser 2006-20G, Cl 1
6.070%, 07/01/26		3,490		3,540
United States Small Business Administration, Ser 2006-20H, Cl 1
5.700%, 08/01/26		2,045		2,095
United States Small Business Administration, Ser 2007-20E, Cl 1
5.310%, 05/01/27		2,750		2,791
United States Small Business Administration, Ser 2007-20F, Cl 1
5.710%, 06/01/27		6,163		6,288
Wellfleet CLO X, Ser 2021-XA, Cl BR
3.263%, ICE LIBOR USD 3 MONTH + 2.200%, 07/20/32 (A),(B)		2,000,000		1,979,908

				54,121,377

Total Asset-Backed Securities (Cost $95,187,054)				93,525,912



MUNICIPAL BONDS — 0.5%

	Face Amount		Value
California — 0.2%
Los Angeles Unified School District, Ser RY
6.758%, 07/01/34	$	150,000	$	180,018
Regents of the University of California Medical Center Pooled Revenue
4.563%, 05/15/53		875,000		876,757
State of California
7.500%, 04/01/34		1,150,000		1,511,179
7.300%, 10/01/39		1,075,000		1,420,623

				3,988,577

Illinois — 0.2%
State of Illinois
5.100%, 06/01/33		2,750,000		2,814,044

New Jersey — 0.1%
New Jersey Turnpike Authority
7.414%, 01/01/40		350,000		475,302
7.102%, 01/01/41		1,350,000		1,784,521

				2,259,823

Total Municipal Bonds (Cost $8,420,137)				9,062,444


PREFERRED STOCK — 0.3%
	Shares		Value
FINANCIALS — 0.3%
Citigroup Capital XIII, 7.609%, ICE LIBOR USD 3 MONTH + 6.370%, 10/30/40		156,815	$	4,251,255

Total Preferred Stock (Cost $4,091,303)				4,251,255

Total Investments in Securities— 98.7% (Cost $1,742,237,874)			$	1,627,219,920

Percentages are based on net assets of $1,649,333,383.

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2022 (Unaudited)

A list of the open futures contracts held by the Fund at April 30, 2022, is as follows:



Type of Contract	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Depreciation
Long Contracts U.S. Ultra Long Treasury Bond		86		Jun-2022	$	15,675,306	$	13,797,625	$	(1,877,681	)

‡	Real Estate Investment Trust.

(A)

(B)

(C)

No interest rate available.

Cl — Class

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FREMF— Freddie Mac Multi-Family

GNMA — Government National Mortgage Association

ICE— Intercontinental Exchange

LIBOR— London Interbank Offered Rate

LLC — Limited Liability Company

MTN — Medium Term Note

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

SOFRINDX — Secured Overnight Financing Rate Index

STACR — Structured Agency Credit Risk

TSFR3M — Term Structured Financing Rate 3 Month Average

The following is a list of the inputs used as of April 30, 2022 in valuing the Fund’s investments and other financial instruments carried at value:


Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	141,258,017	$	467,810,571	$	–	$	609,068,588
Corporate Obligations		–		444,678,866		–		444,678,866
Mortgage-Backed Securities		–		466,632,855		–		466,632,855
Municipal Bonds		–		9,062,444		–		9,062,444
Asset-Backed Securities		–		93,525,912		–		93,525,912
Preferred Stock		4,251,255		–		–		4,251,255

Total Investments in Securities	$	145,509,272	$	1,481,710,648	$	–	$	1,627,219,920


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Depreciation	$	(1,877,681	)	$	–	$	–	$	(1,877,681	)

Total Other Financial Instruments	$	(1,877,681	)	$	–	$	–	$	(1,877,681	)

* Futures contracts are valued at the unrealized 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 EQUITY INDEX FUND

APRIL 30, 2022 (Unaudited)



SECTOR WEIGHTINGS †

LOGO

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



SCHEDULE OF INVESTMENTS COMMON STOCK — 99.8%
	Shares		Value

COMMUNICATION SERVICES — 9.3%
Activision Blizzard		67,715	$	5,119,254
Alphabet, Cl A *		26,821		61,210,618
Alphabet, Cl C *		25,252		58,062,681
AT&T		854,521		16,116,266
Charter Communications, Cl A *		10,778		4,618,265
Comcast, Cl A		396,105		15,749,135
DISH Network, Cl A *		11,336		323,189
Electronic Arts		24,581		2,901,787
Fox		12,742		423,544
Fox		28,386		1,017,354
Interpublic Group of		34,079		1,111,657
Lumen Technologies		81,877		823,683
Match Group *		24,604		1,947,407
Meta Platforms, Cl A *		207,146		41,526,559
Netflix *		38,473		7,323,720
News		34,132		677,861
News		10,637		211,783
Omnicom Group		54,590		4,155,937
Paramount Global, Cl B		53,780		1,566,074
Take-Two Interactive Software *		10,058		1,202,031
T-Mobile US *		64,473		7,939,205
Twitter *		69,479		3,405,861
Verizon Communications		505,195		23,390,528
Walt Disney *		157,768		17,611,642
Warner Bros Discovery *		249,827		4,534,360


				282,970,401



COMMON STOCK — continued
	Shares		Value

CONSUMER DISCRETIONARY — 11.5%
Advance Auto Parts		5,487	$	1,095,370
Amazon.com *		39,377		97,876,653
Aptiv *		20,826		2,215,886
AutoZone *		1,793		3,506,158
Bath & Body Works		23,027		1,217,898
Best Buy		19,195		1,726,206
Booking Holdings *		3,611		7,981,429
BorgWarner		20,842		767,611
CarMax *		14,061		1,206,153
Carnival *		69,922		1,209,651
Chipotle Mexican Grill, Cl A *		2,406		3,502,198
Darden Restaurants		11,297		1,488,154
Dollar General		20,248		4,809,507
Dollar Tree *		19,530		3,172,648
Domino’s Pizza		3,211		1,085,318
DR Horton		28,316		1,970,510
eBay		54,375		2,823,150
Etsy *		11,040		1,028,818
Expedia Group *		14,554		2,543,311
Ford Motor		342,817		4,854,289
Garmin		13,191		1,447,580
General Motors *		126,116		4,781,058
Genuine Parts		12,377		1,609,629
Hasbro		11,285		993,757
Hilton Worldwide Holdings		24,231		3,762,832
Home Depot		94,392		28,355,357
Las Vegas Sands *		29,871		1,058,330
Lennar, Cl A		23,650		1,808,988
LKQ		23,320		1,157,372
Lowe’s		60,204		11,904,137
Marriott International, Cl A		23,791		4,223,378
McDonald’s		64,891		16,168,242
Mohawk Industries *		4,791		675,818
NIKE, Cl B		111,055		13,848,558
Norwegian Cruise Line Holdings *		32,171		644,385
NVR *		280		1,225,339
O’Reilly Automotive *		5,861		3,554,990
Penn National Gaming *		7,308		267,254
Pool		3,528		1,429,616
PulteGroup		21,961		917,091
PVH		6,066		441,483
Ralph Lauren, Cl A		4,267		445,219
Ross Stores		30,904		3,083,292
Starbucks		102,486		7,649,555
Tapestry		23,910		787,117
Target		42,428		9,701,162
Tesla *		72,802		63,393,070
TJX		104,498		6,403,637
Tractor Supply		9,931		2,000,600
Ulta Beauty *		4,748		1,884,006

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued
	Shares		Value

CONSUMER DISCRETIONARY — continued
Under Armour, Cl A *		23,735	$	364,570
Under Armour, Cl C *		18,707		265,452
VF		28,170		1,464,840
Whirlpool		5,294		960,967
Wynn Resorts *		9,142		644,328
Yum! Brands		25,463		2,979,426


				348,383,353


CONSUMER STAPLES — 7.3%
Archer-Daniels-Midland		48,649		4,357,004
Brown-Forman, Cl B		15,973		1,077,219
Campbell Soup		27,587		1,302,658
Clorox		11,775		1,689,359
Coca-Cola		441,928		28,552,968
Colgate-Palmolive		167,660		12,918,203
Conagra Brands		41,510		1,449,944
Constellation Brands, Cl A		14,245		3,505,552
Costco Wholesale		56,245		29,906,591
Estee Lauder, Cl A		48,503		12,807,702
General Mills		69,560		4,919,979
Hershey		23,469		5,298,596
Hormel Foods		146,817		7,691,743
J M Smucker		22,688		3,106,668
Kellogg		23,994		1,643,589
Kimberly-Clark		60,065		8,338,824
Kraft Heinz		61,656		2,628,395
Kroger		58,742		3,169,718
Lamb Weston Holdings		34,736		2,296,050
McCormick		21,636		2,175,933
Molson Coors Beverage, Cl B		20,928		1,133,042
Mondelez International, Cl A		158,628		10,228,334
Monster Beverage *		32,643		2,796,852
PepsiCo		164,400		28,229,124
Sysco		44,518		3,805,399
Tyson Foods, Cl A		26,877		2,503,861
Walgreens Boots Alliance		62,437		2,647,329
Walmart		213,805		32,710,027


				222,890,663


ENERGY — 4.3%
APA		23,552		963,983
Baker Hughes, Cl A		76,031		2,358,482
Chevron		169,425		26,543,815
ConocoPhillips		114,619		10,948,407
Coterra Energy		228,839		6,588,275
Devon Energy		49,580		2,884,068
Diamondback Energy		14,761		1,863,281
EOG Resources		50,826		5,934,444



COMMON STOCK — continued
	Shares		Value

ENERGY — continued
Exxon Mobil		371,683	$	31,685,976
Halliburton		77,713		2,768,137
Hess		23,963		2,469,866
Kinder Morgan		169,414		3,074,864
Marathon Oil		54,941		1,369,130
Marathon Petroleum		53,394		4,659,160
Occidental Petroleum		77,087		4,246,723
ONEOK		38,696		2,450,618
Phillips 66		38,108		3,306,250
Pioneer Natural Resources		19,713		4,582,681
Schlumberger		121,842		4,753,056
Valero Energy		35,573		3,965,678
Williams		105,547		3,619,207


				131,036,101


FINANCIALS — 11.8%
Aflac		52,844		3,026,904
Allstate		24,911		3,152,238
American Express		54,543		9,529,208
American International Group		72,126		4,220,092
Ameriprise Financial		9,767		2,593,041
Aon, Cl A		19,139		5,511,841
Arthur J Gallagher		18,023		3,036,695
Assurant		5,811		1,056,905
Bank of America		625,669		22,323,870
Bank of New York Mellon		65,995		2,775,750
Berkshire Hathaway, Cl B *		195,588		63,141,674
BlackRock, Cl A		12,410		7,752,279
Brown & Brown		20,300		1,258,194
Capital One Financial		36,991		4,609,818
Cboe Global Markets		9,218		1,041,450
Charles Schwab		146,649		9,727,228
Chubb		37,429		7,727,217
Cincinnati Financial		13,051		1,600,836
Citigroup		172,381		8,310,488
Citizens Financial Group		37,049		1,459,731
CME Group, Cl A		51,119		11,212,441
Comerica		11,457		938,328
Discover Financial Services		25,459		2,863,119
Everest Re Group		3,466		952,145
FactSet Research Systems		3,319		1,339,183
Fifth Third Bancorp		59,326		2,226,505
First Republic Bank		15,527		2,316,939
Franklin Resources		24,460		601,471
Globe Life		8,043		788,857
Goldman Sachs Group		29,524		9,019,287
Hartford Financial Services Group		29,649		2,073,354
Huntington Bancshares		125,651		1,652,311

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued
	Shares		Value

FINANCIALS — continued
Intercontinental Exchange		48,972	$	5,671,447
Invesco		29,686		545,629
JPMorgan Chase		256,781		30,649,380
KeyCorp		80,867		1,561,542
Lincoln National		14,753		887,393
Loews		17,443		1,096,118
M&T Bank		22,059		3,675,912
MarketAxess Holdings		4,803		1,266,119
Marsh & McLennan		43,869		7,093,617
MetLife		80,729		5,302,281
Moody’s		14,029		4,439,898
Morgan Stanley		146,115		11,775,408
MSCI, Cl A		7,149		3,011,516
Nasdaq		10,208		1,606,433
Northern Trust		18,055		1,860,568
PNC Financial Services Group		36,737		6,102,016
Principal Financial Group		21,339		1,454,040
Progressive		50,824		5,456,465
Prudential Financial		32,820		3,561,298
Raymond James Financial		16,236		1,582,360
Regions Financial		82,780		1,715,202
S&P Global		30,784		11,590,176
Signature Bank NY		5,284		1,280,049
State Street		31,776		2,128,039
SVB Financial Group *		5,118		2,495,741
Synchrony Financial		47,561		1,750,720
T Rowe Price Group		19,517		2,401,372
Travelers		21,334		3,649,394
Truist Financial		115,934		5,605,409
US Bancorp		117,238		5,693,077
W R Berkley		18,345		1,219,759
Wells Fargo		385,235		16,807,803
Willis Towers Watson		10,854		2,332,090
Zions Bancorp		13,609		769,044


				357,876,714


HEALTH CARE — 11.0%
ABIOMED *		6,203		1,777,656
Align Technology *		7,551		2,189,110
AmerisourceBergen, Cl A		89,060		13,473,887
Boston Scientific *		281,145		11,839,016
Cardinal Health		110,079		6,390,086
Cerner		72,159		6,756,969
Cigna		75,432		18,615,109
CVS Health		258,340		24,834,224
DaVita *		33,248		3,603,086
DENTSPLY SIRONA		58,040		2,321,020
Dexcom *		15,560		6,357,505
Edwards Lifesciences *		117,534		12,432,747
Henry Schein *		42,350		3,434,585



COMMON STOCK — continued
	Shares		Value

HEALTH CARE — continued
Hologic *		52,151	$	3,754,351
Humana		29,445		13,090,069
IDEXX Laboratories *		15,241		6,560,946
Incyte *		187,158		14,029,364
Intuitive Surgical *		44,764		10,712,025
IQVIA Holdings *		84,486		18,417,103
Laboratory Corp of America Holdings		25,287		6,075,960
McKesson		28,431		8,802,522
Medtronic		240,970		25,147,629
Mettler-Toledo International *		13,814		17,647,799
Molina Healthcare *		15,332		4,805,815
Quest Diagnostics		33,943		4,542,931
ResMed		28,866		5,772,334
STERIS		24,217		5,425,819
Stryker		69,693		16,814,133
Teleflex		12,104		3,457,144
Waters *		44,757		13,562,266
West Pharmaceutical Services		44,415		13,993,390
Zimmer Biomet Holdings		51,780		6,252,435
Zoetis, Cl A		124,859		22,131,258


				335,020,293


INDUSTRIALS — 7.3%
3M		102,524		14,786,011
A O Smith		11,556		675,217
Alaska Air Group *		10,923		594,102
Allegion		7,769		887,531
American Airlines Group *		56,276		1,056,301
AMETEK		24,095		3,042,235
Carrier Global		81,486		3,118,469
Caterpillar		81,162		17,087,847
CH Robinson Worldwide		11,313		1,200,875
Cintas		7,615		3,025,135
Copart *		18,545		2,107,639
CSX		192,782		6,620,134
Cummins		12,449		2,355,226
Deere		43,078		16,264,099
Delta Air Lines *		55,594		2,392,210
Dover		19,096		2,545,497
Eaton		64,230		9,314,635
Emerson Electric		82,683		7,456,353
Equifax		10,631		2,163,621
Expeditors International of Washington		14,684		1,454,744
Fastenal		69,329		3,834,587
FedEx		21,197		4,212,692
Fortive		34,650		1,992,375

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued
	Shares		Value

INDUSTRIALS — continued
Fortune Brands Home & Security		8,076	$	575,415
Generac Holdings *		5,494		1,205,274
Howmet Aerospace		157,709		5,381,031
IDEX		6,601		1,253,002
Illinois Tool Works		48,435		9,547,023
Ingersoll Rand		35,443		1,558,074
JB Hunt Transport Services		7,283		1,244,301
Johnson Controls International		104,424		6,251,865
Masco		15,191		800,414
Nielsen Holdings		31,139		834,837
Nordson		4,721		1,018,272
Norfolk Southern		21,106		5,442,815
Old Dominion Freight Line		8,065		2,259,168
Otis Worldwide		56,600		4,122,744
PACCAR		37,667		3,128,244
Parker-Hannifin		15,301		4,143,817
Pentair		14,388		730,191
Quanta Services		12,384		1,436,296
Republic Services, Cl A		18,194		2,442,908
Robert Half International		9,719		955,475
Rockwell Automation		14,409		3,640,722
Rollins		19,670		659,732
Snap-on		4,694		997,428
Southwest Airlines *		62,071		2,899,957
Stanley Black & Decker		16,385		1,968,658
Trane Technologies		27,268		3,814,521
TransDigm Group *		5,270		3,134,649
Union Pacific		57,614		13,498,384
United Airlines Holdings *		34,238		1,729,019
United Parcel Service, Cl B		67,774		12,197,964
United Rentals *		6,290		1,990,911
Verisk Analytics, Cl A		13,980		2,852,619
Waste Management		33,405		5,493,118
Westinghouse Air Brake Technologies		16,285		1,464,184
WW Grainger		4,947		2,473,648
Xylem		15,655		1,260,227


				222,594,442


INFORMATION TECHNOLOGY — 27.8%
Accenture, Cl A		54,906		16,491,566
Adobe *		41,382		16,385,203
Advanced Micro Devices *		140,047		11,976,819
Akamai Technologies *		14,092		1,582,250
Amphenol, Cl A		51,964		3,715,426
Analog Devices		46,650		7,201,827
ANSYS *		6,573		1,812,110
Apple		1,353,522		213,382,743



COMMON STOCK — continued
	Shares		Value

INFORMATION TECHNOLOGY — continued
Applied Materials		77,138	$	8,512,178
Arista Networks *		19,480		2,251,304
Autodesk *		17,651		3,340,981
Automatic Data Processing		36,629		7,991,715
Broadcom		38,079		21,110,617
Broadridge Financial Solutions		10,168		1,465,514
Cadence Design Systems *		24,062		3,629,753
CDW		11,805		1,926,340
Ceridian HCM Holding *		11,870		666,263
Cisco Systems		366,450		17,948,721
Citrix Systems *		21,801		2,182,280
Cognizant Technology Solutions, Cl A		45,601		3,689,121
DXC Technology *		18,528		531,754
Enphase Energy *		11,735		1,894,029
EPAM Systems *		3,804		1,008,022
F5 *		5,257		880,074
Fidelity National Information Services		52,827		5,237,797
Fiserv *		51,641		5,056,687
FleetCor Technologies *		7,043		1,757,369
Fortinet *		11,803		3,411,185
Gartner *		7,132		2,072,203
Global Payments		25,208		3,452,992
Hewlett Packard Enterprise		113,619		1,750,869
HP		100,123		3,667,506
Intel		370,766		16,161,690
International Business Machines		77,878		10,296,250
Intuit		24,611		10,305,856
IPG Photonics *		2,093		197,747
Jack Henry & Associates		6,431		1,219,189
Juniper Networks		28,199		888,832
Keysight Technologies *		16,049		2,251,193
KLA		13,164		4,202,739
Lam Research		12,239		5,700,437
Mastercard, Cl A		75,372		27,388,677
Microchip Technology		48,228		3,144,466
Micron Technology		97,146		6,624,386
Microsoft		696,781		193,370,663
Monolithic Power Systems		3,805		1,492,473
Motorola Solutions		14,641		3,128,635
NetApp		19,415		1,422,149
NortonLifeLock		50,548		1,265,722
NVIDIA		217,213		40,286,495
NXP Semiconductors		23,138		3,954,284
Oracle		140,126		10,285,248
Paychex		27,840		3,528,163
Paycom Software *		3,250		914,778
PayPal Holdings *		98,899		8,696,189

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued
	Shares		Value

INFORMATION TECHNOLOGY — continued
PTC *		9,133	$	1,043,080
Qorvo *		8,557		973,615
QUALCOMM		102,413		14,306,072
Roper Technologies		13,607		6,394,201
Salesforce *		85,006		14,955,956
Seagate Technology Holdings		17,813		1,461,379
ServiceNow *		17,315		8,278,302
Skyworks Solutions		12,711		1,440,156
SolarEdge Technologies *		4,591		1,149,632
Synopsys *		13,239		3,796,813
TE Connectivity		28,300		3,531,274
Teledyne Technologies *		4,089		1,764,608
Teradyne		11,520		1,214,899
Texas Instruments		81,828		13,931,217
Trimble *		21,800		1,454,060
Tyler Technologies *		3,604		1,422,535
VeriSign *		8,363		1,494,385
Visa, Cl A		145,687		31,050,270
Western Digital *		27,047		1,435,384
Zebra Technologies, Cl A *		4,035		1,491,578


				847,298,895


MATERIALS — 3.4%
Air Products and Chemicals		24,141		5,650,684
Albemarle		10,202		1,967,252
Amcor		133,235		1,580,167
Avery Dennison		7,179		1,296,527
Ball		28,068		2,277,999
Celanese, Cl A		9,409		1,382,558
CF Industries Holdings		18,617		1,802,684
Corteva		102,339		5,903,937
Dow		92,528		6,153,112
DuPont de Nemours		51,865		3,419,459
Eastman Chemical		11,695		1,200,726
Ecolab		22,588		3,825,052
FMC		11,037		1,462,844
Freeport-McMoRan		146,451		5,938,588
International Flavors & Fragrances		22,162		2,688,251
International Paper		33,730		1,561,024
Linde		58,927		18,382,867
LyondellBasell Industries, Cl A		29,452		3,122,796
Martin Marietta Materials		5,434		1,924,831
Mosaic		32,166		2,007,802
Newmont		86,115		6,273,478
Nucor		43,870		6,790,199
Packaging Corp of America		8,222		1,325,140
PPG Industries		21,861		2,797,989
Sealed Air		12,878		826,896



COMMON STOCK — continued
	Shares		Value

MATERIALS — continued
Sherwin-Williams		30,921	$	8,502,038
Vulcan Materials		11,547		1,989,433
Westrock		23,241		1,151,127


				103,205,460


REAL ESTATE — 3.3%
Alexandria Real Estate Equities ‡		12,257		2,232,735
American Tower ‡		43,511		10,487,021
AvalonBay Communities ‡		12,148		2,763,427
Boston Properties ‡		12,354		1,452,830
Camden Property Trust ‡		8,100		1,270,809
CBRE Group, Cl A *		29,068		2,413,807
Crown Castle International ‡		37,554		6,955,376
Digital Realty Trust ‡		24,664		3,603,904
Duke Realty ‡		33,100		1,812,225
Equinix		7,799		5,608,105
Equity Residential ‡		29,682		2,419,083
Essex Property Trust ‡		5,665		1,865,315
Extra Space Storage ‡		13,423		2,550,370
Federal Realty Investment Trust ‡		6,086		712,427
Host Hotels & Resorts ‡		62,091		1,263,552
Iron Mountain ‡		25,160		1,351,847
Kimco Realty ‡		53,555		1,356,548
Mid-America Apartment Communities ‡		10,045		1,975,651
Prologis ‡		124,990		20,034,647
Public Storage ‡		19,222		7,140,973
Realty Income ‡		49,130		3,407,657
Regency Centers ‡		13,387		921,427
SBA Communications, Cl A ‡		9,401		3,263,181
Simon Property Group ‡		35,259		4,160,562
UDR ‡		25,283		1,345,308
Vornado Realty Trust ‡		30,105		1,165,365
Welltower ‡		37,812		3,433,708
Weyerhaeuser ‡		65,069		2,682,144


				99,650,004


UTILITIES — 2.8%
American Water Works		15,722		2,422,446
Atmos Energy		11,523		1,306,708
CenterPoint Energy		54,686		1,673,938
CMS Energy		25,137		1,726,660
Consolidated Edison		51,185		4,746,897
Constellation Energy		28,304		1,675,900
Dominion Energy		119,727		9,774,512
Edison International		32,987		2,269,176
Entergy		17,484		2,077,973

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued
	Shares		Value

UTILITIES — continued
Eversource Energy		29,869	$	2,610,551
Exelon		165,413		7,738,020
FirstEnergy		50,057		2,167,969
NextEra Energy		298,228		21,180,153
NRG Energy		21,278		763,880
Pinnacle West Capital		9,804		698,045
Public Service Enterprise Group		50,746		3,534,966
Sempra Energy		44,300		7,148,248
Southern		174,443		12,802,372


				86,318,414

Total Common Stock (Cost $2,030,923,567)				3,037,244,740

Total Investments in Securities — 99.8% (Cost $2,030,923,567)			$	3,037,244,740

Percentages based on Net Assets of $3,042,345,436.

A list of the open futures contracts held by the Fund at April 30, 2022, is as follows:


Type of Contract	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Depreciation
Long Contracts
S&P 500 Index E-MINI		21		Jun-2022	$	4,699,425	$	4,333,875	$	(365,550	)

*	Non-income producing security.

‡	Real Estate Investment Trust.

Cl — Class

S&P — Standard & Poor’s

As of April 30, 2022, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance of fair value measurement and disclosure under U.S. generally accepted accounting principles.

The following is a list of the inputs used as of April 30, 2022 in valuing the Fund’s other financial instruments carried at value:


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Depreciation	$	(365,550	)	$	–	$	–	$	(365,550	)

Total Other Financial Instruments	$	(365,550	)	$	–	$	–	$	(365,550	)

* 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, 2022 (Unaudited)



SECTOR WEIGHTINGS †

LOGO

†	Percentages are based on total investments.



SCHEDULE OF INVESTMENTS

COMMON STOCK — 97.3%

	Shares		Value

COMMUNICATION SERVICES — 10.1%
Alphabet, Cl A *		1,200	$	2,738,628
Alphabet, Cl C *		12,532		28,815,204
Charter Communications, Cl A *		10,000		4,284,900
Comcast, Cl A		155,000		6,162,800
DISH Network, Cl A *		74,000		2,109,740
Electronic Arts		7,748		914,651
Fox		66,500		2,383,360
Fox		52,000		1,728,480
Match Group *		13,607		1,076,994
Meta Platforms, Cl A *		44,926		9,006,315
News		28,000		556,080
T-Mobile US *		29,000		3,571,060
ZoomInfo Technologies, Cl A *		107,750		5,107,350

				68,455,562


CONSUMER DISCRETIONARY — 7.9%
Airbnb, Cl A *		39,297		6,020,693
Amazon.com *		7,201		17,899,022
Booking Holdings *		1,200		2,652,372
Chegg *		29,309		725,105
Etsy *		17,236		1,606,223
Gap		74,500		925,290
Hilton Worldwide Holdings		21,905		3,401,628
Honda Motor ADR		81,000		2,126,250
Lululemon Athletica *		13,261		4,702,748
NIKE, Cl B		45,242		5,641,677
Qurate Retail *		110,000		463,100
Starbucks		28,665		2,139,556
Tesla *		4,766		4,150,042
Wingstop		9,944		912,461

				53,366,167



COMMON STOCK — continued

	Shares		Value

CONSUMER STAPLES — 2.4%
Anheuser-Busch InBev ADR		41,000	$	2,355,450
Constellation Brands, Cl A		20,242		4,981,354
Freshpet *		9,034		843,324
Molson Coors Beverage, Cl B		53,500		2,896,490
PepsiCo		31,629		5,431,015

				16,507,633


ENERGY — 3.8%
ConocoPhillips		47,000		4,489,440
Occidental Petroleum		175,000		9,640,750
Schlumberger		163,184		6,365,808
Williams		155,000		5,314,950

				25,810,948


FINANCIALS — 17.1%
Aegon		207,529		1,066,699
American Express		45,738		7,990,886
Ares Management, Cl A		11,759		778,681
Bank of America		80,000		2,854,400
Bank of New York Mellon		113,000		4,752,780
Berkshire Hathaway, Cl B *		25,012		8,074,624
Brighthouse Financial *		15,418		791,869
Capital One Financial		62,000		7,726,440
Charles Schwab		246,149		16,327,063
First Republic Bank		54,288		8,100,856
Goldman Sachs Group		14,000		4,276,860
Hamilton Lane, Cl A		17,623		1,208,585
Lincoln National		10,000		601,500
Markel *		7,551		10,218,617
MarketAxess Holdings		189		49,822
Marsh & McLennan		8,136		1,315,591
MetLife		112,000		7,356,160
Moody’s		25,914		8,201,263
S&P Global		14,700		5,534,694
State Street		40,000		2,678,800
Truist Financial		34,000		1,643,900
UBS Group		67,000		1,128,280
US Bancorp		80,368		3,902,670
Wells Fargo		210,000		9,162,300

				115,743,340


HEALTH CARE — 7.8%
Align Technology *		7,487		2,170,556
Alnylam Pharmaceuticals *		18,500		2,468,455

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

CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

HEALTH CARE— continued
BioMarin Pharmaceutical *		35,000	$	2,847,250
Boston Scientific *		85,050		3,581,456
Cigna		44,000		10,858,320
CVS Health		50,000		4,806,500
Elanco Animal Health *		65,759		1,664,360
ICON *		8,691		1,965,991
Incyte *		35,000		2,623,600
Medtronic		96,539		10,074,810
Mettler-Toledo International *		5,033		6,429,809
Omnicell *		11,515		1,257,093
Seagen *		10,747		1,407,964
Zimmer Biomet Holdings		6,100		736,575

				52,892,739


INDUSTRIALS — 8.4%
AMETEK		43,154		5,448,624
Carrier Global		60,500		2,315,335
Equifax		9,764		1,987,169
FedEx		30,000		5,962,200
Fortive		79,757		4,586,028
Fortune Brands Home & Security		13,012		927,105
GXO Logistics *		121,843		7,211,887
Hexcel		19,784		1,075,458
Johnson Controls International		120,000		7,184,400
Mercury Systems *		15,946		889,627
Otis Worldwide		17,000		1,238,280
TransDigm Group *		16,275		9,680,533
TransUnion		78,380		6,859,818
Uber Technologies *		58,578		1,844,035

				57,210,499


INFORMATION TECHNOLOGY — 35.2%
Adobe *		27,974		11,076,305
Advanced Micro Devices *		30,247		2,586,723
Amphenol, Cl A		73,146		5,229,939
Apple		170,878		26,938,917
Autodesk *		15,362		2,907,719
Avalara *		48,656		3,701,262
Block, Cl A *		27,086		2,696,140
CDW		8,170		1,333,181
Ceridian HCM Holding *		56,736		3,184,592
Cisco Systems		90,000		4,408,200
Cognizant Technology Solutions, Cl A		57,000		4,611,300
Dell Technologies, Cl C		61,500		2,891,115



COMMON STOCK — continued

	Shares		Value

INFORMATION TECHNOLOGY— continued
Fidelity National Information Services		56,986	$	5,650,162
Fiserv *		65,000		6,364,800
FleetCor Technologies *		22,204		5,540,342
Gartner *		7,549		2,193,362
Global Payments		40,215		5,508,651
HashiCorp, Cl A *		1,818		85,591
Hewlett Packard Enterprise		225,000		3,467,250
HP		163,680		5,995,598
II-VI *		16,135		987,623
Intuit		14,401		6,030,419
Juniper Networks		84,500		2,663,440
KLA		2,211		705,884
Mastercard, Cl A		26,178		9,512,562
Micro Focus International ADR		62,400		290,160
Microchip Technology		241,029		15,715,091
Microsoft		143,363		39,786,100
NVIDIA		27,481		5,096,901
Palo Alto Networks *		2,310		1,296,557
Qualtrics International, Cl A *		1,321		24,491
Roper Technologies		11,518		5,412,539
Salesforce *		54,289		9,551,606
SAP ADR		37,595		3,789,576
ServiceNow *		1,186		567,027
Shift4 Payments, Cl A *		21,743		1,140,638
Synaptics *		3,764		558,728
TE Connectivity		25,500		3,181,890
UiPath, Cl A *		22,158		395,077
Varonis Systems, Cl B *		26,863		1,160,482
Visa, Cl A		50,232		10,705,946
VMware, Cl A *		49,945		5,396,058
Vontier		199,481		5,110,703
Workday, Cl A *		16,932		3,499,844

				238,950,491


MATERIALS — 3.1%
Air Products and Chemicals		41,225		9,649,536
Celanese, Cl A		14,000		2,057,160
Ecolab		18,463		3,126,524
Linde		17,788		5,549,145
LyondellBasell Industries, Cl A		3,400		360,502

				20,742,867

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

CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

REAL ESTATE — 1.5%
American Tower ‡		34,041	$	8,204,562
Equinix		2,589		1,861,698

				10,066,260


Total Common Stock (Cost $683,243,176)				659,746,506


WARRANTS — 0.1%

	Number Of Warrants		Value
Occidental Petroleum * Expires 08/06/27		18,875	$	636,843

Total Warrants (Cost $244,620)				636,843

Total Investments in Securities— 97.4%
(Cost $683,487,796)			$	660,383,349

Percentages are based on Net Assets of $677,983,429.

*	Non-income producing security.

‡	Real Estate Investment Trust.

ADR — American Depositary Receipt

Cl — Class

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, 2022 (Unaudited)



SECTOR WEIGHTINGS †

LOGO

†	Percentages are based on total investments.



SCHEDULE OF INVESTMENTS

COMMON STOCK — 96.1%

	Shares		Value

AUSTRALIA — 0.2%
Rio Tinto		26,062	$	2,055,479


BRAZIL — 0.7%
Banco do Brasil		291,400		1,953,572
Localiza Rent a Car		105,100		1,130,331
Marfrig Global Foods		114,000		433,468
MercadoLibre *		847		824,665
Petroleo Brasileiro ADR		108,404		1,471,042
Petroleo Brasileiro ADR, Cl A		134,335		1,648,291
SLC Agricola		30,760		330,445

				7,791,814


CANADA — 5.0%
Air Canada *		145,100		2,554,478
Alimentation Couche-Tard		134,290		6,009,190
Canadian National Railway		90,559		10,705,101
Canadian Pacific Railway		61,900		4,551,264
Canadian Pacific Railway		228,343		16,719,275
Franco-Nevada		23,300		3,541,899
Gildan Activewear		65,400		2,227,504
Northland Power		46,700		1,416,657
Nutrien		34,800		3,437,387
Shopify, Cl A *		10,403		4,440,208
TFI International		13,000		1,051,148

				56,654,111


CHINA — 5.7%
360 DigiTech ADR		67,838		978,902
Alibaba Group Holding ADR *		20,256		1,966,655



COMMON STOCK — continued

	Shares		Value

CHINA — continued
Anhui Conch Cement, Cl H		328,641	$	1,785,135
Baidu ADR *		1,750		217,297
Bank of China, Cl H		3,962,000		1,557,078
Bank of Communications, Cl A		1,262,700		970,733
Beijing New Building Materials, Cl A		174,400		760,859
Bosideng International Holdings		2,436,000		1,222,939
China Construction Bank, Cl H		5,856,921		4,137,490
China Everbright Environment Group		718,000		420,891
China Life Insurance, Cl H		–		—
China Lumena New Materials *(A)		15,350		—
China Northern Rare Earth Group High-Tech, Cl A		56,000		265,962
China Petroleum & Chemical ADR		30,140		1,467,818
China Railway Group, Cl H		1,749,000		1,221,789
CITIC		868,000		896,028
Contemporary Amperex Technology, Cl A *		10,900		664,635
COSCO SHIPPING Holdings, Cl H		1,257,200		1,958,768
Daqo New Energy ADR *		19,548		812,610
Dongfeng Motor Group, Cl H		974,000		710,976
East Money Information, Cl A		198,720		680,442
Ganfeng Lithium, Cl H		29,600		355,321
Guangzhou Tinci Materials Technology, Cl A		26,296		294,443
Haier Smart Home, Cl H		650,400		2,306,755
Industrial & Commercial Bank of China, Cl H		2,734,000		1,664,147
JD.com, Cl A *		11,828		382,984
JD.com ADR *		24,191		1,491,617
Jiangxi Copper, Cl H		475,000		743,560
Lenovo Group		934,000		901,802
Li Ning		1,166,372		9,134,804
NARI Technology, Cl A		136,500		654,498
PetroChina, Cl H		2,972,000		1,418,658
PICC Property & Casualty, Cl H		1,330,000		1,356,828
Pop Mart International Group		148,600		675,682
Power Construction Corp of China, Cl A		415,300		482,615

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

CHINA — continued
Shanghai Friendess Electronic Technology, Cl A		16,877	$	628,432
Shenzhou International Group Holdings		439,100		5,990,024
Sinopharm Group, Cl H		320,400		738,243
Tencent Holdings		223,494		10,511,448
Tongwei, Cl A		183,400		1,133,465
Want Want China Holdings		1,029,000		927,776
Zhejiang Expressway, Cl H		634,000		521,688

				65,011,797


COLUMBIA — 0.0%
Bancolombia ADR		11,217		434,883


DENMARK — 1.2%
AP Moller - Maersk, Cl B		582		1,699,380
Coloplast, Cl B		14,168		1,923,885
DSV		33,739		5,569,907
GN Store Nord		24,425		922,640
Pandora		15,848		1,405,418
Royal Unibrew		9,357		811,680
Vestas Wind Systems		62,843		1,611,765

				13,944,675


FINLAND — 0.1%
Nordea Bank Abp		131,293		1,319,282


FRANCE — 10.7%
Air Liquide		34,614		5,991,141
Alstom		359,500		7,887,187
AXA		298,287		7,857,308
BNP Paribas		63,189		3,270,754
Capgemini		19,823		4,034,304
Carrefour		120,963		2,555,861
Cie de Saint-Gobain		61,960		3,599,143
Danone		183,333		11,074,159
Dassault Systemes		55,627		2,457,612
Hermes International		2,813		3,458,963
Ipsen		11,460		1,187,208
Kering		5,469		2,912,719
L’Oreal		14,195		5,136,068
LVMH Moet Hennessy Louis Vuitton		33,268		21,404,438
Pernod Ricard		61,383		12,679,919
Publicis Groupe		22,321		1,335,649
Teleperformance		7,268		2,607,173
TotalEnergies		287,834		14,114,991
Valeo		154,197		2,792,675
Vinci		61,287		5,921,998

				122,279,270



COMMON STOCK — continued

	Shares		Value

GERMANY — 3.4%
Bayerische Motoren Werke		24,794	$	2,022,014
Carl Zeiss Meditec		18,408		2,307,900
CompuGroup Medical & KgaA		19,138		1,024,056
Deutsche Post		24,659		1,046,374
Deutsche Telekom		100,029		1,830,868
GEA Group		47,891		1,867,400
Puma		17,903		1,320,149
RWE		244,710		10,149,563
SAP		123,649		12,502,171
Siemens		9,996		1,212,978
Siemens Healthineers		56,705		3,042,265

				38,325,738	��


GREECE — 0.0%
FF Group *		8,921		4,517


HONG KONG — 1.6%
AIA Group		1,762,535		17,349,095
China Galaxy Securities, Cl H		806,500		439,043
WH Group		998,034		689,948

				18,478,086


INDIA — 2.4%
HDFC Bank ADR		62,762		3,465,090
ICICI Bank ADR		477,687		9,095,160
Infosys ADR		379,012		7,530,968
Tata Motors ADR *		110,550		3,118,616
Wipro ADR		381,531		2,457,060
WNS Holdings ADR *		15,405		1,207,290

				26,874,184


INDONESIA — 0.8%
Bank Central Asia		3,382,900		1,880,000
Bank Mandiri Persero		1,166,100		719,262
Bank Negara Indonesia Persero		1,803,800		1,144,014
Bank Rakyat Indonesia Persero		12,320,800		4,125,445
Indofood Sukses Makmur		82,200		35,737
Telkom Indonesia Persero		3,219,000		1,024,068

				8,928,526


IRELAND — 2.5%
Bank of Ireland Group		184,012		1,112,758
CRH		44,263		1,761,045
ICON *		69,397		15,698,295
Kingspan Group		27,483		2,574,863

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

IRELAND — continued
Ryanair Holdings ADR *		89,907	$	7,850,679

				28,997,640


ISRAEL — 0.1%
Nice ADR *		5,291		1,092,115


ITALY — 4.1%
Amplifon		47,150		1,879,469
DiaSorin		13,790		1,809,163
Enel		2,216,957		14,407,722
Ferrari		69,130		14,553,652
UniCredit		1,524,896		13,970,727

				46,620,733


JAPAN — 7.0%
Daifuku		22,500		1,389,023
Ebara		48,600		2,234,718
FANUC		82,900		12,842,545
GMO Payment Gateway		10,800		910,322
Harmonic Drive Systems		22,900		579,139
Hoya		42,100		4,155,073
Keyence		32,810		13,277,076
Lasertec		56,500		7,763,538
M3		39,500		1,270,139
Miura		22,000		460,571
Murata Manufacturing		146,500		8,745,700
Nintendo		11,300		5,166,343
Nippon Telegraph & Telephone		63,500		1,883,711
Nomura Research Institute		48,200		1,366,229
Obic		9,600		1,418,266
Renesas Electronics *		186,500		2,010,987
Seven & i Holdings		52,100		2,289,689
Shimano		12,300		2,151,602
Shin-Etsu Chemical		22,600		3,122,823
SoftBank Group		37,500		1,536,453
Sumitomo Mitsui Financial Group		152,400		4,548,132
Sundrug		36,000		833,247

				79,955,326


MALAYSIA — 0.0%
Kuala Lumpur Kepong		33,400		225,834
Sime Darby Plantation		161,100		193,445

				419,279


MEXICO — 0.7%
Alfa, Cl A		460,300		309,896
Arca Continental		89,300		567,388



COMMON STOCK — continued

	Shares		Value

MEXICO — continued
Grupo Financiero Banorte, Cl O		255,000	$	1,680,550
Grupo Mexico		222,300		1,041,216
Wal-Mart de Mexico		1,188,766		4,213,119

				7,812,169


NETHERLANDS — 6.8%
Adyen *		5,002		8,308,897
Akzo Nobel		98,797		8,555,708
ASM International		33,444		10,000,993
ASML Holding, Cl G		22,367		12,609,844
ASML Holding		18,699		10,584,772
BE Semiconductor Industries		18,372		1,106,281
ING Groep		686,891		6,482,375
Koninklijke DSM		14,271		2,388,478
Koninklijke Philips		179,322		4,660,053
Shell		488,685		13,224,074

				77,921,475


NEW ZEALAND — 0.1%
Fisher & Paykel Healthcare		78,823		1,090,598


NORWAY — 0.3%
Equinor		68,443		2,336,935
Nordic Semiconductor *		50,551		1,019,264

				3,356,199


POLAND — 0.1%
Dino Polska *		23,974		1,550,546


QATAR — 0.1%
Industries Qatar QSC		157,775		815,201
Qatar Islamic Bank SAQ		88,199		596,283

				1,411,484


RUSSIA — –%
Gazprom PJSC ADR (A)		270,588		—
Gazprom PJSC ADR (A)		28,025		—
LUKOIL PJSC ADR (A)		15,962		—
LUKOIL PJSC ADR (A)		4,815		—
Sberbank of Russia PJSC ADR (A)		55,964		—

				—


SAUDI ARABIA — 0.4%
Al Rajhi Bank		24,040		1,130,628
Leejam Sports JSC		10,000		295,458
SABIC Agri-Nutrients		12,807		556,186

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

SAUDI ARABIA — continued
Sahara International Petrochemical		50,000	$	760,426
Saudi Arabian Mining *		25,580		936,070
Saudi Arabian Oil		58,218		696,419
Saudi Kayan Petrochemical *		144,991		728,261

				5,103,448


SINGAPORE — 0.4%
DBS Group Holdings		173,500		4,218,134


SOUTH AFRICA — 0.7%
Absa Group		84,334		909,141
Anglo American		48,130		2,175,597
Group		41,230		437,741
Kumba Iron Ore		21,976		730,212
Sasol *		46,045		1,131,119
Shoprite Holdings		34,996		504,901
Sibanye Stillwater		549,315		1,918,583

				7,807,294


SOUTH KOREA — 2.6%
DB Insurance		5,217		278,033
DL E&C		8,174		384,491
Hana Financial Group		44,977		1,675,192
Hyosung TNC		1,666		536,951
Hyundai Marine & Fire Insurance		12,717		326,887
KB Financial Group ADR		41,725		1,916,012
Kia		78,572		5,132,813
LG		12,829		743,439
LG Electronics		9,969		899,329
LG Innotek		1,272		346,335
LX INTERNATIONAL CORP		19,991		605,899
Mirae Asset Securities		34,670		219,386
NH Investment & Securities		26,967		230,702
POSCO Holdings ADR		24,482		1,388,374
Samsung Electro-Mechanics		5,134		663,035
Samsung Electronics GDR		5,770		7,593,196
Samsung Electronics		122,077		6,474,655
Samsung Securities		7,461		233,351
Seegene		5,725		183,300
Youngone		10,571		398,757

				30,230,137


SPAIN — 4.1%
Aena SME *		52,778		7,509,820
Amadeus IT Group *		359,241		22,576,077



COMMON STOCK — continued

	Shares		Value

SPAIN — continued
Banco Bilbao Vizcaya Argentaria		614,287	$	3,221,325
CaixaBank		2,008,777		6,478,860
Iberdrola		462,202		5,305,683
Industria de Diseno Textil		75,711		1,586,322

				46,678,087


SWEDEN — 2.9%
AAK		63,539		1,106,824
Atlas Copco, Cl A		179,002		8,116,754
Evolution		105,010		10,825,166
Getinge, Cl B		97,632		2,837,471
Nibe Industrier, Cl B		229,839		2,267,651
Swedbank		426,414		6,788,070
Thule Group		27,518		928,838

				32,870,774


SWITZERLAND — 6.3%
Alcon		220,734		15,751,232
Credit Suisse Group		612,278		4,169,428
Geberit		3,255		1,859,004
Logitech International		36,877		2,403,377
Nestle		170,863		22,045,437
Partners Group Holding		1,725		1,837,104
Sika		44,945		13,761,843
Straumann Holding		12,550		1,485,338
Zurich Insurance Group		19,172		8,744,378

				72,057,141


TAIWAN — 4.2%
Asustek Computer		40,000		479,955
ChipMOS Technologies		161,000		250,919
CTBC Financial Holding		480,000		471,179
Evergreen Marine Taiwan		48,000		230,084
Formosa Plastics		112,000		396,155
Fubon Financial Holding		811,000		2,030,239
Gigabyte Technology		167,000		597,469
Hon Hai Precision Industry		655,000		2,241,106
King Yuan Electronics		163,000		220,904
Lite-On Technology		280,000		610,752
MediaTek		161,000		4,452,476
Novatek Microelectronics		69,000		908,638
Powertech Technology		11,000		34,398
Realtek Semiconductor		44,000		595,858
Taiwan Semiconductor Manufacturing		11,000		198,178
Taiwan Semiconductor Manufacturing ADR		319,021		29,646,621
Unimicron Technology		63,000		441,379

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

TAIWAN — continued
United Microelectronics ADR		172,099	$	1,369,908
Yang Ming Marine Transport		404,000		1,687,508
Yuanta Financial Holding		569,000		500,159

				47,363,885


THAILAND — 0.5%
Home Product Center		1,902,500		826,978
Kasikornbank		459,500		2,035,977
Kiatnakin Phatra Bank		319,100		667,916
Krung Thai Bank		1,499,200		660,220
PTT		711,000		772,254
PTT Exploration & Production		190,400		831,813
Thai Union Group, Cl F		408,800		201,310
Tisco Financial Group		91,700		241,783

				6,238,251


TURKEY — 0.1%
KOC Holding		84,641		227,335
Turk Hava Yollari AO *		120,794		332,776

				560,111


UNITED ARAB EMIRATES — 0.2%
Abu Dhabi Commercial Bank PJSC		498,757		1,380,143
Fertiglobe		313,584		474,997

				1,855,140


UNITED KINGDOM — 10.2%
3i Group		213,418		3,508,982
Ashtead Group		38,241		1,980,901
Balfour Beatty		407,519		1,208,549
Barclays		4,056,293		7,442,432
BP		2,184,892		10,456,376
CNH Industrial		97,071		1,384,503
Compass Group		421,646		8,858,994
Dechra Pharmaceuticals		35,893		1,647,735
Experian		365,939		12,749,041
Halma		47,506		1,449,459
Howden Joinery Group		197,700		1,855,335
Intermediate Capital Group		48,776		938,574
JD Sports Fashion		1,205,247		1,992,412
Lloyds Banking Group		3,935,658		2,234,303
Persimmon		39,633		1,034,118
Prudential		897,512		11,173,179
RELX		329,483		9,838,719
Segro ‡		121,234		2,045,135
SSP Group *		2,635,352		7,972,949



COMMON STOCK — continued

	Shares		Value

UNITED KINGDOM — continued
St. James’s Place		40,767	$	661,543
Tate & Lyle *		976,348		9,553,832
Taylor Wimpey		873,595		1,369,372
Unilever		237,695		11,039,281
WH Smith *		249,753		4,398,729

				116,794,453


UNITED STATES — 9.9%
Accenture, Cl A		41,691		12,522,309
Aon, Cl A		47,215		13,597,448
Atlassian, Cl A *		25,580		5,751,151
BRP		14,200		1,156,288
EPAM Systems *		18,025		4,776,445
Ferguson		81,864		10,317,712
Globant *		4,648		1,003,921
JBS		334,800		2,562,279
Lululemon Athletica *		36,100		12,802,143
Mettler-Toledo International *		9,132		11,666,404
ResMed		68,676		13,733,140
Schneider Electric		80,272		11,491,752
STERIS		50,609		11,338,946

				112,719,938


Total Common Stock (Cost $1,027,099,113)				1,096,826,719


PREFERRED STOCK — 0.5%

	Shares		Value

GERMANY — 0.5%
Volkswagen		38,979	$	6,018,269

SOUTH KOREA — 0.0%
LG Chemical		240		47,300


Total Preferred Stock (Cost $8,077,801)				6,065,569


RIGHTS — 0.0%

	Number of Rights		Value
China Lumena * Expires 11/23/21 (A)		15,350	$	—


Total Rights (Cost $61,194)				—

Total Investments in Securities— 96.6%
(Cost $1,035,238,108)			$	1,102,892,288

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2022 (Unaudited)

Percentages based on Net Assets of $1,141,765,431.

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)

Level 3 security in accordance with fair value hierarchy.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint-Stock Company

The following is a list of the inputs used as of April 30, 2022, in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1		Level 2		Level 3^		Total
					��
Common Stock
Australia	$	–	$	2,055,479	$	–	$	2,055,479
Brazil		7,791,814		–		–		7,791,814
Canada		56,654,111		–		–		56,654,111
China		6,934,900		58,076,897		–		65,011,797
Columbia		434,883		–		–		434,883
Denmark				13,944,675		–		13,944,675
Finland				1,319,282		–		1,319,282
France				122,279,270		–		122,279,270
Germany				38,325,738		–		38,325,738
Greece		4,517		–		–		4,517
Hong Kong				18,478,086		–		18,478,086
India		26,874,184		–		–		26,874,184
Indonesia				8,928,526		–		8,928,526
Ireland		23,548,974		5,448,666		–		28,997,640
Israel		1,092,115		–		–		1,092,115
Italy				46,620,733		–		46,620,733
Japan				79,955,326		–		79,955,326
Malaysia				419,279		–		419,279
Mexico		7,812,169		–		–		7,812,169
Netherlands		12,609,844		65,311,631		–		77,921,475
New Zealand		–		1,090,598		–		1,090,598
Norway				3,356,199		–		3,356,199
Poland				1,550,546		–		1,550,546
Qatar				1,411,484		–		1,411,484
Russia				–		–#		–
Saudi Arabia				5,103,448		–		5,103,448
Singapore				4,218,134		–		4,218,134
South Africa				7,807,294		–		7,807,294
South Korea		3,304,386		26,925,751		–		30,230,137
Spain				46,678,087		–		46,678,087
Sweden				32,870,774		–		32,870,774
Switzerland				72,057,141		–		72,057,141
Taiwan		31,016,529		16,347,356		–		47,363,885
Thailand				6,238,251		–		6,238,251
Turkey				560,111		–		560,111
United Arab Emirates				1,855,140		–		1,855,140


Investments in Securities	Level 1		Level 2		Level 3^		Total

United Kingdom				116,794,453		–		116,794,453
United States		90,910,474		21,809,464		–		112,719,938
Total Common Stock		268,988,900		827,837,819		–		1,096,826,719

Preferred Stock		–		6,065,569		–		6,065,569
Rights		–		–		–#		–

Total Investments in Securities	$	268,988,900	$	833,903,388	$	–	$	1,102,892,288

^ 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.

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 SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)



SECTOR WEIGHTINGS †

LOGO

†	Percent3ages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.



SCHEDULE OF INVESTMENTS

COMMON STOCK — 98.5%

	Shares		Value

COMMUNICATION SERVICES — 1.8%
AMC Networks, Cl A *		15,452	$	504,199
ATN International		5,363		211,838
Cars.com *		32,771		364,414
Cinemark Holdings *		53,248		844,513
Cogent Communications Holdings		21,521		1,258,979
Consolidated Communications Holdings *		38,439		228,712
EW Scripps, Cl A *		27,957		460,172
Gannett *		69,905		280,319
Gogo *		33,000		607,530
Loyalty Ventures *		10,764		137,672
Marcus *		10,631		167,226
QuinStreet *		24,518		233,166
Scholastic		14,812		545,822
Shenandoah Telecommunications		25,707		519,281
TechTarget *		13,086		880,819
Telephone and Data Systems		49,056		898,706
Thryv Holdings *		9,323		240,813

				8,384,181


CONSUMER DISCRETIONARY — 12.1%
Aaron’s		15,384		315,834
Abercrombie & Fitch, Cl A *		28,181		974,499
Academy Sports & Outdoors		43,409		1,621,760
Adtalem Global Education *		24,337		713,318
American Axle & Manufacturing Holdings *		55,803		369,416



COMMON STOCK — continued

	Shares		Value

CONSUMER DISCRETIONARY— continued
American Public Education *		9,190	$	178,654
America’s Car-Mart *		2,957		239,073
Asbury Automotive Group *		11,561		2,123,871
Bed Bath & Beyond *		47,196		642,338
Big Lots		15,662		483,956
BJ’s Restaurants *		11,436		317,806
Bloomin’ Brands		40,626		893,366
Boot Barn Holdings *		14,717		1,325,413
Brinker International *		22,266		808,924
Buckle		14,783		459,160
Caleres		20,980		481,071
Cato, Cl A		9,264		125,527
Cavco Industries *		4,338		1,024,853
Century Communities		16,012		844,153
Cheesecake Factory		23,777		877,609
Chico’s FAS *		63,290		335,437
Children’s Place *		7,630		353,498
Chuy’s Holdings *		9,637		241,021
Conn’s *		9,689		151,633
Dave & Buster’s Entertainment *		18,968		863,044
Designer Brands, Cl A		33,744		466,342
Dine Brands Global		8,408		602,770
Dorman Products *		13,936		1,375,762
El Pollo Loco Holdings *		9,506		101,239
Ethan Allen Interiors		10,872		258,101
Fossil Group *		25,951		256,396
Genesco *		7,026		435,823
Gentherm *		16,251		1,095,642
G-III Apparel Group *		24,596		651,302
Golden Entertainment *		9,956		477,490
Group 1 Automotive		8,418		1,465,911
Guess?		19,759		443,985
Haverty Furniture		7,900		196,157
Hibbett		6,975		301,180
Installed Building Products		12,662		1,018,911
iRobot *		13,943		706,213
Jack in the Box		10,316		853,752
Kontoor Brands		25,414		1,009,698
La-Z-Boy, Cl Z		22,379		588,120
LCI Industries		12,370		1,203,848
LGI Homes *		11,530		1,080,476
Liquidity Services *		14,351		206,941
LL Flooring Holdings *		15,338		211,818
M *		15,518		687,137
MarineMax *		10,825		442,959
MDC Holdings		29,634		1,093,791
Meritage Homes *		19,219		1,586,528
Monarch Casino & Resort *		6,420		450,363
Monro		16,405		750,201
Motorcar Parts of America *		9,383		142,715

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

CONSUMER DISCRETIONARY— continued
Movado Group		9,270	$	333,442
ODP *		22,614		973,080
Oxford Industries		8,773		786,061
Patrick Industries		11,225		698,756
Perdoceo Education *		34,188		382,222
PetMed Express		10,249		224,453
Red Robin Gourmet Burgers *		7,658		101,009
Rent-A-Center, Cl A		30,537		736,552
Ruth’s Hospitality Group		15,628		327,719
Sally Beauty Holdings *		56,466		853,766
Shake Shack, Cl A *		19,166		1,108,370
Shoe Carnival		9,027		272,525
Shutterstock		11,480		869,266
Signet Jewelers		26,397		1,853,069
Sleep Number *		11,784		477,959
Sonic Automotive, Cl A		11,025		469,114
Sonos *		65,342		1,491,104
Standard Motor Products		9,366		399,741
Steven Madden		38,959		1,599,657
Strategic Education		11,059		714,411
Tupperware Brands *		29,082		511,262
Unifi *		6,791		99,624
Universal Electronics *		6,401		188,830
Vera Bradley *		12,358		76,002
Winnebago Industries		16,706		888,425
Wolverine World Wide		43,041		853,073
WW International *		27,337		267,629
XPEL *		8,357		361,607
Zumiez *		9,541		349,487

				55,195,020


CONSUMER STAPLES — 5.1%
Andersons		15,537		780,424
B&G Foods		33,303		896,850
Calavo Growers		8,678		314,491
Cal-Maine Foods		18,454		991,533
Celsius Holdings *		20,155		1,048,060
Central Garden & Pet *		4,742		207,652
Central Garden & Pet, Cl A *		20,843		862,483
Chefs’ Warehouse *		18,216		666,706
Coca-Cola Consolidated		2,397		1,058,276
Edgewell Personal Care		27,849		1,062,161
elf Beauty *		27,727		674,598
Fresh Del Monte Produce		16,278		424,042
Hostess Brands, Cl A *		67,662		1,535,251
Inter Parfums		9,677		790,901
J & J Snack Foods		7,502		1,123,049
John B Sanfilippo & Son		4,924		382,299
Medifast		6,285		1,120,993
MGP Ingredients		6,920		632,004



COMMON STOCK — continued

	Shares		Value

CONSUMER STAPLES— continued
National Beverage *		13,167	$	580,401
PriceSmart		12,924		1,026,812
Seneca Foods, Cl A *		4,121		223,564
Simply Good Foods *		42,896		1,786,618
SpartanNash		18,458		632,740
Tootsie Roll Industries		9,912		347,217
TreeHouse Foods *		27,314		860,391
United Natural Foods *		30,105		1,292,408
USANA Health Sciences *		6,966		534,013
WD-40		7,100		1,306,258

				23,162,195


ENERGY — 5.7%
Archrock		65,668		571,968
Bristow Group *		11,362		338,815
Callon Petroleum *		23,664		1,213,253
Civitas Resources		35,311		2,069,931
CONSOL Energy *		15,497		736,882
Core Laboratories		23,304		605,904
DMC Global *		9,417		188,246
Dorian LPG		13,552		199,485
Dril-Quip *		17,340		500,779
Green Plains *		26,232		736,332
Helix Energy Solutions Group *		69,694		286,442
Helmerich & Payne		51,638		2,376,897
Laredo Petroleum *		7,279		518,338
Nabors Industries *		3,785		585,237
Oceaneering International *		48,936		554,445
Oil States International *		30,089		203,402
Par Pacific Holdings *		22,428		329,019
Patterson-UTI Energy		105,283		1,730,853
PBF Energy, Cl A *		46,974		1,365,065
ProPetro Holding *		41,420		585,679
Ranger Oil, Cl A *		10,399		331,208
Renewable Energy Group *		24,889		1,519,722
REX American Resources *		2,545		215,383
RPC *		34,703		358,829
SM Energy		59,453		2,112,365
Southwestern Energy *		548,095		4,110,713
Talos Energy *		20,000		363,400
US Silica Holdings *		36,504		678,244
World Fuel Services		30,970		750,093

				26,136,929


FINANCIALS — 17.5%
Allegiance Bancshares		9,240		377,546
Ambac Financial Group *		22,631		174,938
American Equity Investment Life Holding		40,334		1,521,398

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
Ameris Bancorp		32,386	$	1,350,496
AMERISAFE		9,496		440,140
Apollo Commercial Real Estate Finance ‡		64,753		779,626
ARMOUR Residential REIT ‡		43,722		320,919
Assured Guaranty		34,165		1,884,200
Axos Financial *		26,210		992,835
B Riley Financial		9,348		422,156
Banc of California		26,545		478,872
BancFirst		9,252		756,351
Bancorp *		28,051		636,477
BankUnited		41,919		1,573,639
Banner		16,757		899,851
Berkshire Hills Bancorp		23,775		588,193
Blucora *		23,803		482,011
Brightsphere Investment Group		22,534		451,581
Brookline Bancorp		37,906		548,121
Capitol Federal Financial		63,236		608,963
Central Pacific Financial		13,539		327,373
City Holding		7,389		571,761
Columbia Banking System		38,066		1,068,893
Community Bank System		26,370		1,698,228
Customers Bancorp *		14,792		622,299
CVB Financial		66,313		1,526,525
Dime Community Bancshares		15,975		502,254
Donnelley Financial Solutions *		17,047		498,966
Eagle Bancorp		15,616		786,266
eHealth *		11,609		93,452
Ellington Financial ‡		28,534		461,965
Employers Holdings		13,666		537,620
Encore Capital Group *		12,806		740,315
Enova International *		18,047		674,958
EZCORP, Cl A *		26,347		184,429
FB Financial		17,421		671,231
First Bancorp		16,894		632,849
First BanCorp		98,824		1,344,995
First Commonwealth Financial		46,034		620,538
First Financial Bancorp		46,039		941,498
First Hawaiian		62,404		1,473,358
Flagstar Bancorp		26,059		919,883
Franklin BSP Realty Trust ‡		21,511		285,236
Genworth Financial, Cl A *		251,331		932,438
Granite Point Mortgage Trust ‡		26,277		255,675
Green Dot, Cl A *		26,713		707,360
Greenhill		8,057		97,570



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
Hanmi Financial		14,923	$	345,467
HCI Group		3,892		249,438
Heritage Financial		17,139		415,107
Hilltop Holdings		29,804		759,704
HomeStreet		9,812		398,269
Hope Bancorp		58,811		840,997
Horace Mann Educators		20,293		808,676
Independent Bank		23,150		1,786,254
Independent Bank Group		18,006		1,220,807
Invesco Mortgage Capital ‡		152,289		264,983
James River Group Holdings		18,288		433,608
KKR Real Estate Finance Trust ‡		21,900		416,100
Lakeland Financial		12,402		903,114
LendingTree *		6,102		484,621
Meta Financial Group		14,712		642,179
Mr Cooper Group *		36,768		1,653,457
National Bank Holdings, Cl A		14,636		534,360
NBT Bancorp		21,177		745,430
New York Mortgage Trust ‡		185,286		596,621
NMI Holdings, Cl A *		42,034		772,585
Northfield Bancorp		21,307		278,909
Northwest Bancshares		61,958		785,627
OFG Bancorp		24,248		644,512
Pacific Premier Bancorp		46,198		1,448,769
Palomar Holdings *		12,188		663,637
Park National		7,070		833,199
PennyMac Mortgage Investment Trust ‡		46,358		711,132
Piper Sandler		7,357		845,908
PRA Group *		21,373		898,307
Preferred Bank		6,597		442,791
ProAssurance		26,372		647,960
PROG Holdings *		15,745		416,770
Provident Financial Services		37,359		826,755
Ready Capital ‡		33,775		492,102
Redwood Trust ‡		56,126		544,422
Renasant		27,302		813,327
S&T Bancorp		19,214		542,988
Safety Insurance Group		6,953		598,236
Seacoast Banking Corp of Florida		28,673		931,872
Selectquote *		60,878		125,409
ServisFirst Bancshares		23,887		1,918,604
Simmons First National, Cl A		55,178		1,317,099
SiriusPoint *		42,009		263,817
Southside Bancshares		15,805		619,398
Stewart Information Services		13,137		677,869
StoneX Group *		8,360		566,641
Tompkins Financial		5,810		424,130
Triumph Bancorp *		11,727		814,323

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
Trupanion *		17,268	$	1,098,590
TrustCo Bank NY		9,417		293,340
Trustmark		30,215		842,394
Two Harbors Investment ‡		168,545		810,701
United Community Banks		51,290		1,545,881
United Fire Group		10,535		308,570
Universal Insurance Holdings		13,704		172,122
Veritex Holdings		24,184		794,444
Virtus Investment Partners		3,737		662,047
Walker & Dunlop		14,426		1,727,658
Westamerica BanCorp		13,125		773,325
WisdomTree Investments		54,749		319,187
World Acceptance *		2,249		424,409
WSFS Financial		32,052		1,284,324

				79,889,530


HEALTH CARE — 11.7%
Addus HomeCare *		8,437		711,070
Allscripts Healthcare Solutions *		62,650		1,294,349
AMN Healthcare Services *		23,911		2,337,300
AngioDynamics *		20,119		423,505
Anika Therapeutics *		10,553		227,206
Apollo Medical Holdings *		19,594		714,789
Arcus Biosciences *		22,009		532,838
Artivion *		21,534		436,925
Avanos Medical *		23,801		694,037
Cara Therapeutics *		25,945		226,240
Cardiovascular Systems *		22,235		415,795
Coherus Biosciences *		38,440		347,498
Collegium Pharmaceutical *		24,314		391,455
Computer Programs and Systems *		7,944		253,572
CONMED		15,067		2,003,308
CorVel *		5,015		777,726
Covetrus *		53,961		744,662
Cross Country Healthcare *		21,703		406,714
Cutera *		8,876		482,056
Cytokinetics *		43,038		1,715,925
Eagle Pharmaceuticals *		7,565		333,843
Embecta *		28,000		852,040
Emergent BioSolutions *		26,479		857,390
Enanta Pharmaceuticals *		9,879		636,208
Ensign Group		26,886		2,159,752
Fulgent Genetics *		11,043		606,040
Glaukos *		24,198		1,144,323
Hanger *		23,715		389,875
Harmony Biosciences Holdings *		13,371		602,230
HealthStream *		12,943		247,211



COMMON STOCK — continued

	Shares		Value

HEALTH CARE— continued
Heska *		5,780	$	634,875
Innoviva *		39,069		666,517
Inogen *		11,316		286,068
Integer Holdings *		17,078		1,283,753
Joint *		8,711		265,860
Lantheus Holdings *		33,935		2,253,623
LeMaitre Vascular		10,924		472,026
Ligand Pharmaceuticals *		8,980		833,883
Meridian Bioscience *		23,346		597,424
Merit Medical Systems *		25,968		1,610,276
Mesa Laboratories		2,698		576,374
ModivCare *		6,546		680,588
Myriad Genetics *		43,573		893,247
Natus Medical *		17,665		587,715
Nektar Therapeutics, Cl A *		104,145		430,119
NeoGenomics *		66,954		632,715
NextGen Healthcare *		29,952		564,595
Omnicell *		22,289		2,433,290
OptimizeRx *		9,954		279,807
OraSure Technologies *		38,569		236,814
Organogenesis Holdings, Cl A *		47,543		306,177
Orthofix Medical *		9,695		300,545
Owens & Minor		38,373		1,361,858
Pacira BioSciences *		23,899		1,782,148
Pennant Group *		17,157		281,203
Phibro Animal Health, Cl A		16,630		299,174
Prestige Consumer Healthcare *		27,651		1,511,404
RadNet *		26,402		514,839
Select Medical Holdings		59,040		1,334,894
Supernus Pharmaceuticals *		30,478		850,336
Surmodics *		7,895		305,221
Tactile Systems Technology *		12,043		203,286
Tivity Health *		26,213		842,224
US Physical Therapy		7,125		739,361
Vanda Pharmaceuticals *		34,807		345,285
Varex Imaging *		21,376		424,314
Vericel *		25,732		733,362
Vir Biotechnology *		40,162		817,297
Xencor *		34,181		853,841
Zimvie *		12,267		276,008
Zynex *		20,027		127,572

				53,395,800


INDUSTRIALS — 15.6%
AAON		20,509		999,609
AAR *		16,771		787,902
ABM Industries		32,952		1,590,593
AeroVironment *		11,641		935,005
Alamo Group		4,835		611,337

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

INDUSTRIALS— continued
Albany International, Cl A		16,079	$	1,257,699
Allegiant Travel *		7,610		1,180,996
American Woodmark *		8,132		380,984
Apogee Enterprises		12,147		534,468
Applied Industrial Technologies		19,188		2,008,792
ArcBest		12,483		900,773
Arcosa		23,663		1,266,680
Astec Industries		11,128		435,105
Atlas Air Worldwide Holdings *		13,223		911,594
AZZ		12,063		550,555
Barnes Group		22,829		766,598
Boise Cascade		21,068		1,592,319
Brady, Cl A		23,657		1,058,651
CIRCOR International *		10,247		201,354
Comfort Systems USA		17,931		1,513,735
CoreCivic *		58,745		730,200
Deluxe		20,853		564,699
DXP Enterprises *		8,494		200,713
Encore Wire		10,366		1,169,388
Enerpac Tool Group, Cl A		30,401		610,452
EnPro Industries		10,085		940,023
ESCO Technologies		12,741		795,675
Exponent		25,579		2,450,724
Federal Signal		29,924		1,018,314
Forrester Research *		5,432		302,508
Forward Air		13,201		1,280,101
Franklin Electric		19,089		1,335,085
GEO Group *‡		59,835		390,723
Gibraltar Industries *		16,180		612,251
GMS *		22,647		1,085,924
Granite Construction		22,387		663,775
Greenbrier		15,905		679,303
Griffon		23,105		432,295
Harsco *		39,263		401,268
Hawaiian Holdings *		25,060		425,018
Healthcare Services Group		36,661		626,536
Heartland Express		22,754		314,005
Heidrick & Struggles International		9,571		305,889
Hillenbrand		36,365		1,484,419
HNI		21,279		758,384
Hub Group, Cl A *		16,604		1,115,125
Insteel Industries		10,468		444,053
Interface, Cl A		30,954		392,806
John Bean Technologies		15,985		1,884,472
Kaman		13,632		531,784
KAR Auction Services *		59,352		870,100
Kelly Services, Cl A		17,704		341,510
Korn Ferry		26,632		1,636,270
Lindsay		5,372		726,026



COMMON STOCK — continued

	Shares		Value

INDUSTRIALS— continued
ManTech International, Cl A		13,500	$	1,084,590
Marten Transport		29,314		509,477
Matson		20,718		1,782,162
Matthews International, Cl A		15,397		458,985
Meritor *		36,659		1,316,425
Moog, Cl A		14,219		1,135,672
Mueller Industries		29,689		1,607,659
MYR Group *		8,257		653,046
NOW *		56,653		617,518
NV5 Global *		6,000		718,800
Park Aerospace		9,615		112,495
PGT Innovations *		29,297		520,608
Pitney Bowes		91,305		481,177
Powell Industries		4,490		86,657
Proto Labs *		14,249		607,150
Quanex Building Products		16,342		314,093
Resideo Technologies *		73,211		1,646,515
Resources Connection		14,937		256,767
SkyWest *		24,725		720,734
SPX *		22,227		931,311
Standex International		5,977		562,077
Tennant		9,064		585,353
Titan International *		29,107		403,423
Triumph Group *		32,428		730,927
TrueBlue *		17,345		443,512
UFP Industries		31,432		2,431,894
UniFirst		7,438		1,281,567
US Ecology *		15,565		746,964
Veritiv *		7,132		1,002,331
Viad *		10,316		337,849
Wabash National		23,915		342,224

				71,434,529


INFORMATION TECHNOLOGY — 13.0%
8x8 *		59,613		546,651
A10 Networks		30,000		428,400
ADTRAN		27,788		483,233
Advanced Energy Industries		20,803		1,591,846
Agilysys *		10,208		375,757
Alarm.com Holdings *		23,033		1,406,856
Arlo Technologies *		46,863		362,720
Axcelis Technologies *		16,619		904,905
Badger Meter		15,749		1,270,787
Benchmark Electronics		18,144		431,101
Bottomline Technologies DE *		18,947		1,072,779
CalAmp *		24,842		135,886
Cerence *		20,075		592,213
CEVA *		11,383		413,658
Cohu *		25,576		679,299

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

INFORMATION TECHNOLOGY— continued
Comtech Telecommunications		13,693	$	186,225
Consensus Cloud Solutions *		8,161		430,248
Corsair Gaming *		20,466		309,651
CSG Systems International		15,922		978,725
CTS		16,998		601,219
Diebold Nixdorf *		45,399		186,136
Digi International *		20,395		385,873
Diodes *		22,252		1,625,064
Ebix		12,854		383,049
ePlus *		16,128		910,909
EVERTEC		29,333		1,155,720
ExlService Holdings *		16,300		2,219,245
Extreme Networks *		73,073		701,501
Fabrinet *		19,588		1,923,346
FARO Technologies *		10,389		356,239
FormFactor *		39,019		1,487,014
Harmonic *		58,878		488,687
Ichor Holdings *		15,227		443,258
Insight Enterprises *		18,993		1,887,334
InterDigital		15,036		854,797
Itron *		23,744		1,134,488
Knowles *		52,099		964,873
Kulicke & Soffa Industries		31,730		1,472,589
LivePerson *		33,985		768,741
MaxLinear, Cl A *		35,221		1,686,029
Methode Electronics		21,751		970,312
NETGEAR *		16,867		366,014
NetScout Systems *		37,481		1,154,415
OneSpan *		16,791		237,257
Onto Innovation *		24,289		1,727,919
OSI Systems *		9,599		759,281
PC Connection *		7,148		353,755
PDF Solutions *		14,783		343,705
Perficient *		16,121		1,602,589
Photronics *		30,111		451,364
Plantronics *		23,392		932,405
Plexus *		15,916		1,291,424
Progress Software		21,631		1,037,855
Rambus *		53,545		1,333,806
Sanmina *		35,146		1,437,120
ScanSource *		15,703		537,671
SMART Global Holdings *		23,449		531,354
SPS Commerce *		17,622		2,108,120
TTEC Holdings		9,138		674,476
TTM Technologies *		54,837		764,976
Ultra Clean Holdings *		23,138		721,211
Unisys *		32,805		466,159
Veeco Instruments *		24,669		565,413
Viavi Solutions *		119,586		1,714,863
Vonage Holdings *		123,569		2,466,437



COMMON STOCK — continued

	Shares		Value

INFORMATION TECHNOLOGY— continued
Xperi Holding		51,160	$	798,096

				59,585,048


MATERIALS — 5.5%
AdvanSix		14,219		633,314
Allegheny Technologies *		63,461		1,724,870
American Vanguard		13,240		283,336
Arconic *		52,520		1,321,403
Balchem		15,849		1,952,597
Carpenter Technology		23,652		903,033
Century Aluminum *		25,730		434,065
Clearwater Paper *		8,203		271,601
Compass Minerals International		16,948		1,002,135
FutureFuel		12,531		119,170
GCP Applied Technologies *		26,454		829,862
Glatfelter		21,768		239,448
Hawkins		9,187		342,491
Haynes International		6,063		236,942
HB Fuller		25,856		1,724,595
Innospec		12,073		1,150,678
Kaiser Aluminum		7,763		749,130
Koppers Holdings		11,652		282,678
Livent *		80,414		1,717,643
Materion		10,100		860,015
Mercer International		23,456		375,531
Myers Industries		18,669		409,411
Neenah		8,220		290,988
O-I Glass, Cl I *		80,734		1,088,294
Olympic Steel		5,559		190,841
Quaker Chemical		6,572		1,069,330
Rayonier Advanced Materials *		31,126		159,677
Stepan		10,434		1,065,416
SunCoke Energy		40,929		340,529
Sylvamo *		20,399		910,815
TimkenSteel *		22,336		461,685
Tredegar		17,033		195,028
Trinseo		20,497		972,583
Warrior Met Coal		25,386		864,901

				25,174,035


REAL ESTATE — 8.5%
Acadia Realty Trust ‡		43,638		912,907
Agree Realty ‡		34,889		2,369,661
Alexander & Baldwin ‡		35,496		752,515
American Assets Trust ‡		25,772		943,255
Armada Hoffler Properties ‡		32,889		445,646
Brandywine Realty Trust ‡		83,810		978,063
CareTrust REIT ‡		48,064		779,117

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

REAL ESTATE— continued
Centerspace ‡		7,329	$	676,173
Chatham Lodging Trust *‡		23,821		342,070
DiamondRock Hospitality *‡		103,174		1,095,708
Diversified Healthcare Trust ‡		136,623		307,402
Douglas Elliman		38,691		234,467
Easterly Government Properties, Cl A ‡		42,222		804,329
Essential Properties Realty Trust ‡		59,502		1,428,048
Four Corners Property Trust ‡		37,859		1,039,608
Franklin Street Properties ‡		46,781		241,390
Getty Realty ‡		19,338		520,386
Global Net Lease ‡		50,773		712,345
Hersha Hospitality Trust, Cl A *‡		16,231		158,739
Independence Realty Trust ‡		108,007		2,944,271
Industrial Logistics Properties Trust ‡		31,948		516,280
Innovative Industrial Properties, Cl A ‡		13,078		1,890,948
iStar ‡		34,988		589,198
LTC Properties ‡		19,294		636,702
LXP Industrial Trust ‡		138,420		1,737,171
Marcus & Millichap		12,969		580,881
NexPoint Residential Trust ‡		11,220		1,000,375
Office Properties Income Trust ‡		23,659		511,508
Orion Office REIT ‡		29,736		399,057
RE, Cl A		9,211		216,090
Realogy Holdings *		65,270		715,359
Retail Opportunity Investments ‡		59,429		1,107,162
RPT Realty ‡		43,724		581,092
Safehold ‡		7,215		310,606
Saul Centers ‡		6,463		333,555
Service Properties Trust ‡		80,939		657,225
SITE Centers ‡		91,959		1,462,148
St. Joe		17,494		930,856
Summit Hotel Properties *‡		52,788		521,018
Tanger Factory Outlet Centers ‡		55,096		888,698
Uniti Group ‡		117,766		1,459,121
Urban Edge Properties ‡		58,493		1,093,234
Urstadt Biddle Properties, Cl A ‡		16,433		285,113
Veris Residential *‡		39,233		628,120
Washington Real Estate Investment Trust ‡		41,464		998,868
Whitestone REIT, Cl B ‡		22,652		275,222



COMMON STOCK — continued

	Shares		Value

REAL ESTATE— continued
Xenia Hotels & Resorts *‡		57,241	$	1,104,179

				39,115,886


UTILITIES — 2.0%
American States Water		18,782		1,477,392
Avista		34,723		1,408,712
California Water Service Group		26,614		1,380,468
Chesapeake Utilities		8,973		1,123,150
Middlesex Water		9,140		813,003
Northwest Natural Holding		15,184		726,251
South Jersey Industries		56,298		1,924,829
Unitil		8,278		422,178

				9,275,983


Total Common Stock (Cost $399,175,601)				450,749,136


RIGHTS — 0.0%

	Number of Rights		Value
Media General * (A) (B)		20,366	$	—
Progenics Pharmaceuticals * (A) (B)		61,398		—
Toriba Therapeutics * (B)		2,044		—

				—


Total Rights (Cost $123)				—

Total Investments in Securities— 98.5%
(Cost $399,175,724)			$	450,749,136

Percentages based on Net Assets of $457,573,418.

A list of the open futures contracts held by the Fund at April 30, 2022, is as follows:


Type of Contract	Number of Contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Long Contracts
Russell 2000 Index E-MINI	69	Jun-2022	$6,931,020	$6,421,485	$(509,535)

*	Non-income producing security.

‡	Real Estate Investment Trust.

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)

(A)

Level 3 security in accordance with fair value hierarchy.

(B)

Expiration date not available.

Cl — Class

The following is a list of the inputs used as of April 30, 2022, in valuing the Fund’s investments and other financial instruments carried at value:


Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock	$	450,749,136	$	–	$	–	$	450,749,136
Rights		–		–		– #		–
Total Investments in Securities	$	450,749,136	$	–	$	–	$	450,749,136


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Depreciation	$	(509,535)	$	–	$	–	$	(509,535)

Total Other Financial Instruments	$	(509,535)	$	–	$	–	$	(509,535)

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

Amounts designated as “–” are $0 or have been round to $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 INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)



SECTOR WEIGHTINGS †

LOGO

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS

COMMON STOCK — 95.7%

	Shares		Value

AUSTRALIA — 6.7%
Adbri		28,990	$	59,276
ALS		61,334		554,725
Alumina		362,707		454,826
Australian Clinical Labs		10,497		38,031
Bravura Solutions		301,616		401,499
Charter Hall Group ‡		14,732		159,374
Charter Hall Long Wale REIT ‡		40,863		154,063
Charter Hall Retail REIT ‡		54,487		170,684
Coronado Global Resources, Cl CDI		90,514		145,923
Elders		38,229		385,955
Emeco Holdings		75,097		44,362
Grange Resources		300,656		283,428
GUD Holdings		10,599		94,629
Ingenia Communities Group ‡		31,545		103,396
JB Hi-Fi		4,661		173,108
Lovisa Holdings		7,175		82,794
Myer Holdings		156,085		53,322
Nick Scali		10,498		75,148
Nine Entertainment Holdings		34,811		64,989
NRW Holdings		48,437		66,372
Orora		244,731		688,295
Service Stream *		50,876		31,592
West African Resources *		257,218		245,957
Westgold Resources *		310,649		359,312

				4,891,060


AUSTRIA — 1.7%
ANDRITZ		1,000		42,676



COMMON STOCK — continued

	Shares		Value

AUSTRIA — continued
Palfinger		18,340	$	463,808
Porr Ag		1,756		22,276
Schoeller-Bleckmann Oilfield Equipment		9,960		570,872
Semperit Holding		2,174		52,974
Telekom Austria, Cl A		8,421		60,212

				1,212,818


BELGIUM — 0.7%
Bekaert		4,918		182,982
Telenet Group Holding		3,692		110,041
Tessenderlo Group *		1,120		39,346
Warehouses De Pauw CVA ‡		4,804		186,564

				518,933


BRAZIL — 0.9%
Cia de Saneamento do Parana		45,700		183,180
ERO Copper *		1,645		23,773
Jalles Machado		51,000		101,955
Marfrig Global Foods		28,100		106,846
Mills Estruturas e Servicos de Engenharia		90,500		136,329
Portobello		74,200		134,400

				686,483


CANADA — 3.6%
AGF Management, Cl B		17,141		94,554
ARC Resources		20,904		291,303
Aritzia *		2,899		103,775
Artis Real Estate Investment Trust ‡		19,048		195,391
BTB Real Estate Investment Trust ‡		7,547		24,565
Calibre Mining *		49,746		55,271
Canfor *		16,127		308,900
CI Financial		5,718		74,940
Cogeco		517		30,946
Crescent Point Energy		20,199		140,660
Descartes Systems Group *		1,792		111,876
Finning International		13,310		376,373
First Capital Real Estate Investment Trust ‡		2,500		33,489
Granite Real Estate Investment Trust ‡		2,610		194,292
Home Capital Group, Cl B		2,522		63,225
Interfor *		1,441		41,289
Killam Apartment Real Estate Investment Trust ‡		9,719		153,688
North West		5,635		157,977
Pet Valu Holdings		2,323		57,164

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

CANADA — continued
Stelco Holdings		1,908	$	70,002
Western Forest Products		61,717		99,477

				2,679,157


CHINA — 2.6%
Anhui Expressway, Cl H		24,000		21,095
Beijing Enterprises Holdings		34,500		116,697
China BlueChemical		216,000		74,195
China Modern Dairy Holdings		1,020,000		148,829
China Reinsurance Group, Cl H		666,000		58,173
China Taiping Insurance Holdings		44,000		50,405
China World Trade Center, Cl A		73,800		158,621
China Yongda Automobiles Services Holdings		31,000		28,970
COFCO Joycome Foods		164,000		66,812
FinVolution Group ADR		5,961		22,413
G-bits Network Technology Xiamen, Cl A		400		20,297
Jiutian Chemical Group		1,709,400		112,887
JNBY Design		27,500		29,855
Kerry Logistics Network		169,523		390,172
Maanshan Iron & Steel, Cl H		106,000		41,431
NetDragon Websoft Holdings		41,000		82,678
Newborn Town *		52,000		18,968
S-Enjoy Service Group		58,000		67,313
Shenzhen New Nanshan Holding Group, Cl A *		60,100		42,472
Tongdao Liepin Group *		19,400		36,324
West China Cement		258,000		40,650
Yangzijiang Shipbuilding Holdings		391,100		255,734
Yuexiu Property		51,600		53,764

				1,938,755


DENMARK — 1.2%
D		5,761		215,192
Dfds *		9,750		378,907
Jyske Bank *		3,129		174,678
Per Aarsleff Holding		1,900		72,921
Ringkjoebing Landbobank		371		45,706

				887,404


EGYPT — 0.1%
Centamin		59,485		68,390



COMMON STOCK — continued

	Shares		Value

FINLAND — 0.5%
Puuilo *		13,535	$	93,391
Tokmanni Group		4,455		57,918
Uponor		3,742		65,714
Valmet		6,918		185,310

				402,333


FRANCE — 5.3%
Biosynex		5,257		101,387
Elis		1,696		24,331
Eurobio Scientific *		2,705		51,515
Korian		5,491		115,767
Lagardere		3,469		91,020
LISI		20,333		453,689
Pharmagest Interactive		285		22,856
Rothschild		25,514		1,010,847
SCOR		7,923		222,561
Societe BIC		3,522		210,192
Sopra Steria Group		6,630		1,170,049
Sword Group		741		31,894
Technip Energies		6,872		83,633
Television Francaise 1		5,294		44,779
Verallia		2,662		72,746
Vicat		1,545		46,704
Virbac		393		158,952

				3,912,922


GERMANY — 2.7%
Adesso		571		112,023
Atoss Software		346		50,499
Aurubis		4,680		533,689
Cliq Digital		3,776		97,227
flatexDEGIRO *		20,620		351,896
Kloeckner		11,918		154,121
Koenig & Bauer *		963		18,718
METRO *		8,284		72,237
PATRIZIA		16,003		272,394
ProSiebenSat.1 Media		6,448		73,938
Sirius Real Estate		47,783		73,203
Wacker Chemie		1,187		188,393

				1,998,338


GHANA — 0.1%
Tullow Oil *		132,597		90,518


GREECE — 0.0%
National Bank of Greece *		9,090		35,904


HONG KONG — 0.6%
Perfect Medical Health Management		76,000		44,147

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

HONG KONG — continued
Texhong Textile Group		67,000	$	80,504
Vitasoy International Holdings		156,000		282,557

				407,208


HUNGARY — 0.1%
Magyar Telekom Telecommunications		36,018		38,981


INDIA — 1.6%
Azure Power Global *		19,649		276,069
MakeMyTrip *		15,490		394,530
WNS Holdings ADR *		6,244		489,342

				1,159,941


INDONESIA — 0.6%
Astra Agro Lestari		34,100		29,395
First Pacific		294,000		118,530
Golden Agri-Resources		361,200		84,049
Industri Jamu Dan Farmasi Sido Muncul		1,228,500		79,706
Link Net		243,100		77,277
Metrodata Electronics		741,000		36,429

				425,386


IRAQ — 0.1%
Gulf Keystone Petroleum		18,316		54,483


IRELAND — 0.1%
Origin Enterprises		8,076		37,183


ISRAEL — 1.3%
AudioCodes		13,610		320,924
Bezeq The Israeli Telecommunication		66,873		106,687
Cogeco Communications		456		37,642
Palram Industries 1990		2,746		38,368
Plus500		14,443		286,905
ZIM Integrated Shipping Services		3,209		178,517

				969,043


ITALY — 3.4%
Autogrill *		123,843		921,961
Banco BPM		60,944		190,968
BPER Banca		47,605		79,707
Buzzi Unicem		4,982		92,368
De’ Longhi		17,886		433,817
Digital Bros		757		19,309
doValue		59,696		506,773



COMMON STOCK — continued

	Shares		Value

ITALY — continued
Hera		10,841	$	40,442
MFE-MediaForEurope, Cl B		21,735		19,911
Piaggio & C		16,942		42,222
Stevanato Group *		8,953		143,248

				2,490,726

JAPAN — 22.6%
77 Bank		3,500		43,096
Advance Residence Investment ‡		205		564,624
Aichi Bank		3,100		109,567
Ain Holdings		7,900		354,679
Aisan Industry		4,800		25,974
Alps Alpine		8,000		70,915
Ariake Japan		8,900		356,731
Asics		39,300		617,237
Astena Holdings		8,000		26,783
Bell System24 Holdings		4,400		50,689
Belluna		3,600		20,229
Careerlink		8,000		85,726
Cawachi		4,600		72,356
Charm Care		29,300		293,798
Cosmo Energy Holdings		4,500		110,974
Credit Saison		16,800		187,406
Cresco		1,700		24,636
Daihen		1,800		51,625
Daiseki		7,420		266,320
DCM Holdings		12,000		98,750
Dear Life		8,200		32,325
DMG Mori		60,800		762,199
Exedy		10,500		125,418
FIDEA Holdings		2,500		24,805
Fuji Seal International		31,100		411,009
H.U. Group Holdings		10,400		231,778
Hakuto		3,100		54,754
Hanwa		7,300		178,015
Heiwado		1,600		24,038
Hito Communications Holdings		2,000		23,783
Hokkaido Electric Power		38,100		141,834
Horiba		13,400		654,461
IDOM		4,000		20,009
Internet Initiative Japan		29,000		911,208
ISB		4,100		34,401
Itfor		6,300		39,190
Itoham Yonekyu Holdings		25,000		125,762
Iwatani		12,300		490,910
JINUSHI		5,000		73,567
Joshin Denki		1,600		24,525
JSB		2,000		53,464
JSP		1,500		17,460

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value
JAPAN — continued
Juki		12,600	$	84,446
Juroku Financial Group		2,900		48,722
JVCKenwood		114,700		163,400
Kawasaki Kisen Kaisha		1,300		68,356
KFC Holdings Japan		1,900		41,766
Kintetsu World Express		5,100		121,899
Ki-Star Real Estate		500		20,728
Kobe Steel		13,800		59,679
Komeri		4,200		88,678
Komori		4,000		22,748
KYB		1,700		38,492
Lawson		3,200		117,362
Lintec		22,800		424,100
Mabuchi Motor		21,300		570,979
Macnica Fuji Electronics Holdings		7,400		154,578
Mimasu Semiconductor Industry		8,000		144,010
Mirai ‡		493		192,237
Mirait Holdings		2,500		35,110
Mitsubishi Logistics		3,300		76,171
Mitsui Chemicals		2,000		46,131
Mitsui-Soko Holdings		6,100		113,809
Nachi-Fujikoshi		2,400		69,565
Nihon Kohden		4,900		119,681
Nippon Sheet Glass *		33,800		102,501
Nippon Shokubai		2,000		80,460
Nippon Steel Trading		1,300		53,173
Nippon Suisan Kaisha		18,700		82,585
Nippon Systemware		1,100		19,648
Nishi-Nippon Financial Holdings		13,400		79,757
Nishio Rent All		1,100		23,755
Nisshinbo Holdings		44,800		336,111
Ogaki Kyoritsu Bank		2,600		38,028
Oita Bank		1,700		24,199
Okamura		12,100		111,355
Onoken		2,900		33,830
OSG		23,200		289,515
Oyo		3,000		45,593
Pacific Metals		4,000		111,675
Remixpoint *		11,200		31,984
Restar Holdings		1,200		18,556
Riken		1,000		18,217
Riken Vitamin		1,700		22,341
Rock Field		3,800		41,539
Sakai Chemical Industry		4,300		60,875
Sakata Seed		15,700		528,699
Sanei Architecture Planning		3,700		47,797
SCREEN Holdings		600		49,656
Sega Sammy Holdings		64,500		1,140,907



COMMON STOCK — continued

	Shares		Value
JAPAN — continued
Seiren		14,400	$	228,462
Seven Bank		310,100		578,043
Shidax *		10,500		29,871
Shikoku Bank		4,100		24,522
Shin Nippon Biomedical Laboratories		6,900		72,374
SKY Perfect JSAT Holdings		49,700		160,864
Star Asia Investment ‡		59		27,017
Star Mica Holdings		3,100		36,854
Starts		1,100		20,392
Stella Chemifa		1,200		22,403
Sumitomo Seika Chemicals		700		16,447
Taihei Dengyo Kaisha		2,200		45,874
Takaoka Toko		3,600		44,916
Takara Leben		18,200		41,644
Takara Leben Real Estate Investment ‡		200		186,401
THK		19,700		390,914
Toagosei		6,500		53,361
Tokyotokeiba		3,800		129,616
Tosei		9,000		75,724
Toyo Seikan Group Holdings		10,100		109,353
Trans Genic		6,500		19,832
Transcosmos		1,700		40,281
Uchida Yoko		1,600		60,452
Unitika *		11,800		25,487
Xebio Holdings		7,300		51,455

				16,594,992


LUXEMBOURG — 1.4%
L’Occitane International		317,750		998,697


MALAYSIA — 0.4%
Bumi Armada *		1,148,400		112,372
Cahya Mata Sarawak		119,500		29,254
Eco World Development Group		157,500		34,603
Frencken Group		36,100		36,630
HAP Seng Consolidated		22,400		38,397
Lotte Chemical Titan Holding		90,500		45,520
TIME dotCom		26,500		27,123

				323,899


MALTA — 0.4%
Kambi Group *		3,403		54,368
Kindred Group SDR		30,366		266,059

				320,427

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares			Value

MAURITIUS — 0.1%
Capital		71,007		$	87,446


MEXICO — 0.5%
Alfa, Cl A		246,800			166,158
Bolsa Mexicana de Valores		36,800			73,659
Controladora Vuela Cia de Aviacion ADR *		6,238			99,309

					339,126
			��

NETHERLANDS — 0.8%
ASR Nederland		3,818			172,586
Boskalis Westminster		2,072			72,078
Eurocommercial Properties ‡		4,151			100,374
Heijmans		1,731			23,788
Ordina		24,641			112,807
Signify		902			37,894
Van Lanschot Kempen		2,198			56,923

					576,450


NIGERIA — 0.2%
Airtel Africa		77,498			139,516


NORWAY — 3.1%
2020 Bulkers		2,368			30,669
Belships		54,188			115,810
BW Energy *		14,333			42,016
DNO		21,809			33,690
Hexagon Composites *		99,700			399,024
Norway Royal Salmon *		38,633			1,016,369
Norwegian Air Shuttle *		37,132			52,308
Panoro Energy *		58,911			200,462
PhotoCure *		19,900			246,152
Rana Gruber, Cl A		19,512			122,340

					2,258,840


PHILIPPINES — 0.2%
DMCI Holdings		959,700			152,881


POLAND — 0.0%
Enea		16,072			34,634


SINGAPORE — 0.2%
Japfa		92,600			40,285
Sasseur Real Estate Investment Trust ‡		123,800			74,719
Yangzijiang Financial Holding Pte *		170,400			67,252

					182,256



COMMON STOCK — continued

	Shares		Value

SOUTH AFRICA — 0.5%
Investec		29,169	$	176,599
Murray & Roberts Holdings		–		—
Northam Platinum Holdings *		6,476		77,159
Omnia Holdings		6,963		36,698
Royal Bafokeng Platinum		8,986		89,652

				380,108


SOUTH KOREA — 2.5%
AfreecaTV		800		68,707
Asia Paper Manufacturing		655		22,946
DB HiTek		3,488		184,008
DB Insurance		2,370		126,306
DGB Financial Group		7,147		50,493
Global Standard Technology		1,259		30,434
Hanjin Transportation		900		23,447
Hanwha General Insurance *		36,995		137,876
Humasis		2,151		21,322
JB Financial Group		17,963		127,447
Korea Gas		7,488		243,352
Korea Real Estate Investment & Trust		126,871		219,857
Korean Reinsurance		3,153		24,135
Kyung Dong Navien		1,391		55,974
LF		5,835		89,742
Samchully		830		74,674
Samsung Securities		939		29,368
SaraminHR		1,428		47,416
SD Biosensor		1,730		62,428
Seegene		952		30,481
Seohee Construction		47,031		69,089
Wonik Materials		1,500		43,824
Woongjin Thinkbig		11,098		25,827
Xi S&D		6,931		50,693

				1,859,846


SPAIN — 2.3%
Fluidra		13,850		375,746
Gestamp Automocion		17,015		55,297
Laboratorios Farmaceuticos Rovi		4,667		318,939
Melia Hotels International *		109,127		905,661
Viscofan		641		35,410

				1,691,053


SWEDEN — 4.3%
AcadeMedia		6,472		36,682
Betsson, Cl B		31,641		195,066
BioGaia, Cl B		7,845		494,343
Byggmax Group		2,418		18,642
Dometic Group		28,550		245,957

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

SWEDEN — continued
Intrum		4,778	$	115,884
Inwido		2,655		36,901
Lindab International		6,265		146,889
Loomis, Cl B		36,544		916,529
NCC AB, Cl B		10,762		133,311
New Wave Group, Cl B		5,910		103,680
Peab, Cl B		16,191		155,625
Samhallsbyggnadsbolaget i Norden		29,892		94,363
Securitas, Cl B		3,254		38,627
SSAB, Cl B		39,188		231,896
Thule Group		4,775		161,175

				3,125,570


SWITZERLAND — 3.1%
Bellevue Group		1,580		60,832
Bobst Group		1,679		141,643
Bucher Industries		1,157		419,279
Comet Holding		682		147,714
IWG *		218,038		653,298
Landis+Gyr Group		8,058		450,892
Schweiter Technologies		377		381,439

				2,255,097


TAIWAN — 3.1%
Advanced International Multitech		33,000		94,215
Anpec Electronics		13,000		81,469
Asia Vital Components		62,000		215,250
Chicony Power Technology		34,000		80,092
China General Plastics		49,000		54,763
Compeq Manufacturing		43,000		65,778
DA CIN Construction		57,000		60,379
Farglory Land Development		24,000		54,421
Fusheng Precision *		7,000		51,729
Gigabyte Technology		8,000		28,621
Global Unichip		5,000		68,367
Grape King Bio		6,000		29,144
Hung Ching Development & Construction		64,000		61,402
Kindom Development		69,000		80,783
Macronix International		191,000		242,970
Micro-Star International		40,000		160,779
Pegavision		6,000		81,933
Scientech		31,000		81,016
Sitronix Technology		34,000		290,784
TA Chen Stainless Pipe		46,000		68,241
Taiwan Navigation		47,000		59,599
Tong Hsing Electronic Industries		7,000		54,076



COMMON STOCK — continued

	Shares		Value

TAIWAN — continued
Winbond Electronics		259,000	$	233,342

				2,299,153


THAILAND — 0.8%
AP Thailand NVDR		830,000		285,057
Com7, Cl F		15,700		18,976
Forth		154,400		186,741
SC Asset NVDR		601,300		64,329

				555,103


TURKEY — 0.8%
Aksa Enerji Uretim, Cl B *		103,068		115,242
Haci Omer Sabanci Holding		242,242		324,518
Logo Yazilim Sanayi Ve Ticaret		13,836		41,924
Sok Marketler Ticaret		101,370		88,690

				570,374


UNITED KINGDOM — 12.1%
888 Holdings		8,645		20,695
Balfour Beatty		17,141		50,834
Biffa		284,721		1,231,277
Big Yellow Group ‡		8,170		148,350
Centrica *		93,962		92,996
Clipper Logistics		86,612		941,015
Coats Group		467,046		423,670
Computacenter		7,045		231,626
Craneware		10,100		217,074
CVS Group		21,395		485,939
Dunelm Group		3,275		40,555
Firstgroup *		67,304		95,120
Future		5,563		153,232
Global Ship Lease, Cl A		2,843		63,228
Greggs		4,366		126,630
Halfords Group		17,483		48,419
Harbour Energy		7,474		46,235
Hochschild Mining		91,716		134,134
Howden Joinery Group		23,379		219,402
IMI		12,282		207,092
Investec		35,125		207,853
Kainos Group		2,537		38,635
Man Group		81,323		240,632
Mitie Group		50,121		33,998
Morgan Advanced Materials		17,420		62,713
Ninety One		6,011		19,999
OSB Group		94,469		647,315
Pagegroup		4,536		27,284
Pan African Resources		106,590		29,608
Pets at Home Group		9,568		36,427
Renewi *		5,525		46,809

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)



COMMON STOCK — continued

	Shares		Value

UNITED KINGDOM — continued
Rightmove		8,254	$	64,009
Royal Mail		39,352		166,895
Safestore Holdings ‡		46,596		711,169
Savills		74,804		1,022,457
Spirent Communications		6,508		19,326
Stagecoach Group *		43,178		56,939
SThree		18,899		88,055
Supermarket Income Reit ‡		79,196		124,252
TBC Bank Group		3,030		48,122
Team17 Group *		11,134		61,516
Vertu Motors		41,516		27,806
Virgin Money UK		40,060		88,734
Watches of Switzerland Group *		2,845		37,285

				8,885,361


UNITED STATES — 2.4%
BRP		2,794		227,512
Cognyte Software *		24,500		166,110
Ormat Technologies		14,550		1,136,096
Samsonite International *		114,300		251,110

				1,780,828

Total Common Stock (Cost $72,574,432)				70,317,623


PREFERRED STOCK — 0.9%

	Shares		Value

GERMANY — 0.4%
Einhell Germany		215	$	44,007
Schaeffler		34,361		183,966
STO & KGaA		412		86,435

				314,408


BRAZIL — 0.5%
Cia Energetica de Minas Gerais		25,500		77,496
Cia Paranaense de Energia		89,600		134,431
Unipar Carbocloro		6,930		135,669

				347,596

Total Preferred Stock (Cost $692,761)				662,004

Total Investments in Securities— 96.6% (Cost $73,267,193)			$	70,979,627

Percentages based on Net Assets of $73,511,533.

*	Non-income producing security.

‡	Real Estate Investment Trust.

ADR — American Depositary Receipt

Cl — Class

NVDR — Non-Voting Depositary Receipt

SDR — Swedish Depositary Receipt

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2022 (Unaudited)

The following is a list of the inputs used as of, April 30, 2022 in valuing the Fund’s investments carried at value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	–	$	4,891,060	$	–	$	4,891,060
Austria		–		1,212,818		–		1,212,818
Belgium		–		518,933		–		518,933
Brazil		686,483		–		–		686,483
Canada		2,679,157		–		–		2,679,157
China		22,413		1,916,342		–		1,938,755
Denmark		–		887,404		–		887,404
Egypt		–		68,390		–		68,390
Finland		–		402,333		–		402,333
France		–		3,912,922		–		3,912,922
Germany		–		1,998,338		–		1,998,338
Ghana		–		90,518		–		90,518
Greece		–		35,904		–		35,904
Hong Kong		–		407,208		–		407,208
Hungary		–		38,981		–		38,981
India		1,159,941		–		–		1,159,941
Indonesia		–		425,386		–		425,386
Iraq		–		54,483		–		54,483
Ireland		–		37,183		–		37,183
Israel		216,159		752,884		–		969,043
Italy		143,248		2,347,478		–		2,490,726
Japan		–		16,594,992		–		16,594,992
Luxembourg		–		998,697		–		998,697
Malaysia		–		323,899		–		323,899
Malta		–		320,427		–		320,427
Mauritius		–		87,446		–		87,446
Mexico		339,126		–		–		339,126
Netherlands		–		576,450		–		576,450
Nigeria		–		139,516		–		139,516
Norway		–		2,258,840		–		2,258,840
Philippines		–		152,881		–		152,881
Poland		–		34,634		–		34,634
Singapore		67,252		115,004		–		182,256
South Africa		–		380,108		–		380,108
South Korea		21,322		1,838,524		–		1,859,846
Spain		–		1,691,053		–		1,691,053
Sweden		–		3,125,570		–		3,125,570
Switzerland		–		2,255,097		–		2,255,097
Taiwan		–		2,299,153		–		2,299,153
Thailand		–		555,103		–		555,103
Turkey		–		570,374		–		570,374
United Kingdom		63,228		8,822,133		–		8,885,361
United States		393,622		1,387,206		–		1,780,828
Total Common Stock		5,791,951		64,525,672		–		70,317,623
Preferred Stock		347,596		314,408		–		662,004
Total Investments in Securities	$	6,139,547	$	64,840,080	$	–	$	70,979,627

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 MAGNUS 45/55 FUND

APRIL 30, 2022 (Unaudited)



SECTOR WEIGHTINGS †



		100.0% Exchange Traded Funds

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS EXCHANGE TRADED FUNDS — 99.9%
	Shares		Value
Catholic Responsible Investments Bond Fund†		2,665,698	$	23,911,308
Catholic Responsible Investments Equity Index Fund†		2,101,284		18,932,565
Catholic Responsible Investments International Equity Fund†		815,606		6,924,492
Catholic Responsible Investments International Small-Cap Fund†		202,382		1,855,844
Catholic Responsible Investments Multi-Style US Equity Fund†		644,144		5,591,168
Catholic Responsible Investments Opportunistic Bond Fund†		1,320,018		12,526,975
Catholic Responsible Investments Short Duration Bond Fund†		1,318,267		12,721,272
Catholic Responsible Investments Small-Cap Fund†		410,741		3,717,204


				86,180,828

Total Exchange Traded Funds (Cost $82,750,873)				86,180,828

Total Investments in Securities— 99.9% (Cost $82,750,873)			$	86,180,828

Percentages are based on Nest Assets of $86,250,133.

† Investment in Affiliated Security.

As of April 30, 2022, 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 U.S. generally accepted accounting principles.

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, 2022 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended April 30, 2022:


Security Description	Value 12/3/2021		Purchases at Cost/Conversion		Proceeds from Sales			Realized Loss			Change in Unrealized Appreciation/ (Depreciation)			Value 4/30/2022		Shares		Income		Capital Gains
Catholic Responsible Investments Bond Fund	$	—	$	25,990,881	$	(307,944	)	$	(16,128	)	$	(1,755,501	)	$	23,911,308		2,665,698	$	198,738	$	—
Catholic Responsible Investments Equity Index Fund		—		15,203,464		(249,155	)		(16,200	)		3,994,456			18,932,565		2,101,284		77,742		—
Catholic Responsible Investments International Equity Fund		—		6,389,581		(100,782	)		(13,166	)		648,859			6,924,492		815,606		14,439		—
Catholic Responsible Investments International Small-Cap Fund		—		1,654,550		(25,196	)		(2,157	)		228,647			1,855,844		202,382		6,551		—
Catholic Responsible Investments Multi-Style US Equity Fund		—		5,874,982		(78,386	)		(7,984	)		(197,444	)		5,591,168		644,144		4,396		—
Catholic Responsible Investments Opportunistic Bond Fund		—		12,664,442		(153,972	)		(4,926	)		21,431			12,526,975		1,320,018		81,139		—
Catholic Responsible Investments Short Duration Bond Fund		—		13,378,333		(153,972	)		(4,480	)		(498,609	)		12,721,272		1,318,267		64,823		—
Catholic Responsible Investments Small-Cap Fund		—		2,784,920		(50,391	)		(5,441	)		988,116			3,717,204		410,741		14,586		—
Totals	$	—	$	83,941,153	$	(1,119,798	)	$	(70,482	)	$	3,429,955		$	86,180,828			$	462,414	$	—

Amounts designated as “–” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS 60/40 ALPHA PLUS FUND

APRIL 30, 2022 (Unaudited)



SECTOR WEIGHTINGS†



		100.0% Exchange Traded Funds

†	Percentages are based on total investments.



SCHEDULE OF INVESTMENTS EXCHANGE TRADED FUNDS — 100.0%

	Shares		Value
Catholic Responsible Investments Bond Fund^†		23,640,167		$ 212,052,294
Catholic Responsible Investments Equity Index Fund^†		19,304,726		173,935,585
Catholic Responsible Investments International Equity Fund^†		13,764,945		116,864,384
Catholic Responsible Investments International Small-Cap Fund^†		3,499,785		32,093,026
Catholic Responsible Investments Multi-Style US Equity Fund^†		29,792,419		258,598,200
Catholic Responsible Investments Opportunistic Bond Fund^†		11,612,871		110,206,148
Catholic Responsible Investments Short Duration Bond Fund^†		11,497,534		110,951,202
Catholic Responsible Investments Small-Cap Fund^†		6,913,227		62,564,708


				1,077,265,547

Total Exchange Traded Funds (Cost $1,010,903,731)				1,077,265,547

Total Investments in Securities— 100.0% (Cost $1,010,903,731)				$1,077,265,547

Percentages are based on Nest Assets of $1,077,388,167.

† Investment in Affiliated Security.

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 60/40 APLHA PLUS FUND

APRIL 30, 2022 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended April 30, 2022:


Security Description	Value 12/3/2021		Purchases at Cost		Proceeds from Sales			Realized Loss			Change in Unrealized Appreciation/ (Depreciation)			Value 4/30/2022		Shares		Income		Capital Gains
Catholic Responsible Investments Bond Fund		$ —	$	224,115,703	$	(2,080,960	)	$	(129,934	)	$	(9,852,515	)	$	212,052,294		23,640,167	$	1,766,083	$	—
Catholic Responsible Investments Equity Index Fund		—		128,378,780		(1,560,720	)		(79,023	)		47,196,548			173,935,585		19,304,726		719,861		—
Catholic Responsible Investments International Equity Fund		—		98,616,468		(1,248,576	)		(160,535	)		19,657,027			116,864,384		13,764,945		245,491		—
Catholic Responsible Investments International Small-Cap Fund		—		29,461,916		(312,144	)		(26,376	)		2,969,630			32,093,026		3,499,785		114,461		—
Catholic Responsible Investments Multi-Style US Equity Fund		—		268,987,986		(2,497,152	)		(220,308	)		(7,672,326	)		258,598,200		29,792,419		205,919		—
Catholic Responsible Investments Opportunistic Bond Fund		—		108,969,220		(1,040,480	)		(35,992	)		2,313,400			110,206,148		11,612,871		715,550		—
Catholic Responsible Investments Short Duration Bond Fund		—		115,867,801		(1,040,481	)		(32,885	)		(3,843,233	)		110,951,202		11,497,534		566,704		—
Catholic Responsible Investments Small-Cap Fund		—		47,651,241		(624,289	)		(55,529	)		15,593,285			62,564,708		6,913,227		248,788		—

Totals	$	—	$	1,022,049,115	$	(10,404,802	)	$	(740,582	)	$	66,361,816		$	1,077,265,547			$	4,582,857	$	—

Amounts designated as “–” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS 60/40 Beta Plus Fund

APRIL 30, 2022 (Unaudited)

SECTOR WEIGHTINGS†

LOGO

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS
EXCHANGE TRADED FUNDS — 100.0%

	Shares		Value
Catholic Responsible Investments Bond Fund†		7,383,998	$	66,234,466
Catholic Responsible Investments Equity Index Fund†		14,006,317		126,196,918
Catholic Responsible Investments International Equity Fund†		4,139,510		35,144,444
Catholic Responsible Investments International Small-Cap Fund†		1,026,190		9,410,166
Catholic Responsible Investments Opportunistic Bond Fund†		3,654,505		34,681,252
Catholic Responsible Investments Short Duration Bond Fund†		3,649,313		35,215,867
Catholic Responsible Investments Small-Cap Fund†		2,082,663		18,848,100

			325,731,213

Total Exchange Traded Funds
(Cost $291,072,587)				325,731,213

Total Investments in Securities— 100.0%
(Cost $291,072,587)			$	325,731,213

Percentages are based on Nest Assets of $325,741,433.

† Investment in Affiliated Security.

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 60/40 Beta Plus Fund

APRIL 30, 2022 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended April 30, 2022:


Security Description	Value 12/3/2021	Purchases at Cost	Proceeds from Sales	Realized Loss	Change in Unrealized Appreciation/ (Depreciation)	Value 4/30/2022	Shares	Income	Capital Gains
Catholic Responsible Investments Bond Fund	$ —	$ 72,000,634	$(1,643,292)	$ (82,848)	$ (4,040,028)	$ 66,234,466	7,383,998	$ 545,962	$ —
Catholic Responsible Investments Equity Index Fund	—	99,609,670	(3,204,420)	(157,105)	29,948,773	126,196,918	14,006,317	514,269	—
Catholic Responsible Investments International Equity Fund	—	31,831,604	(985,975)	(172,318)	4,471,133	35,144,444	4,139,510	72,556	—
Catholic Responsible Investments International Small-Cap Fund	—	8,755,779	(246,494)	(29,991)	930,872	9,410,166	1,026,190	33,017	—
Catholic Responsible Investments Opportunistic Bond Fund	—	35,370,875	(821,646)	(25,079)	157,102	34,681,252	3,654,505	222,953	—
Catholic Responsible Investments Short Duration Bond Fund	—	37,344,572	(821,646)	(22,144)	(1,284,915)	35,215,867	3,649,313	178,137	—
Catholic Responsible Investments Small-Cap Fund	—	14,908,568	(492,988)	(43,169)	4,475,689	18,848,100	2,082,663	73,719	—

Totals	$ —	$299,821,702	$ (8,216,461)	$(532,654)	$ 34,658,626	$325,731,213		$1,640,613	$ —

Amounts designated as “–” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 75/25 FUND

APRIL 30, 2022 (Unaudited)

SECTOR WEIGHTINGS†

LOGO

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS
EXCHANGE TRADED FUNDS — 100.0%

	Shares		Value
Catholic Responsible Investments Bond Fund†		3,307,006	$	29,663,840
Catholic Responsible Investments Equity Index Fund†		8,843,428		79,679,287
Catholic Responsible Investments International Equity Fund†		3,721,658		31,596,877
Catholic Responsible Investments International Small-Cap Fund†		919,995		8,436,350
Catholic Responsible Investments Multi-Style US Equity Fund†		3,742,615		32,485,902
Catholic Responsible Investments Opportunistic Bond Fund†		1,631,945		15,487,154
Catholic Responsible Investments Short Duration Bond Fund†		1,627,994		15,710,143
Catholic Responsible Investments Small-Cap Fund†		1,893,702		17,138,004

			230,197,557

Total Exchange Traded Funds
(Cost $205,577,389)				230,197,557

Total Investments in Securities— 100.0%
(Cost $205,577,389)			$	230,197,557

Percentages are based on Nest Assets of $230,273,570.

† Investment in Affiliated Security.

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 75/25 FUND

APRIL 30, 2022 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended April 30, 2022:


Security Description	Value 12/3/2021	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value 4/30/2022	Shares	Income	Capital Gains
Catholic Responsible Investments Bond Fund	$ —	$ 38,576,011	$ (6,607,983)	$ (102,840)	$ (2,201,348)	$ 29,663,840	3,307,006	$250,244	$ —
Catholic Responsible Investments Equity Index Fund	—	77,429,146	(17,841,554)	1,615,145	18,476,550	79,679,287	8,843,428	335,594	—
Catholic Responsible Investments International Equity Fund	—	35,510,051	(7,929,580)	7,077	4,009,329	31,596,877	3,721,658	67,357	—
Catholic Responsible Investments International Small-Cap Fund	—	9,377,448	(1,982,395)	(14,505)	1,055,802	8,436,350	919,995	30,866	—
Catholic Responsible Investments Multi-Style US Equity Fund	—	40,748,337	(7,929,580)	450,953	(783,808)	32,485,902	3,742,615	26,759	—
Catholic Responsible Investments Opportunistic Bond Fund	—	18,811,978	(3,303,992)	(37,111)	16,279	15,487,154	1,631,945	101,955	—
Catholic Responsible Investments Short Duration Bond Fund	—	19,687,049	(3,303,992)	(48,991)	(623,923)	15,710,143	1,627,994	81,381	—
Catholic Responsible Investments Small-Cap Fund	—	16,316,732	(3,964,789)	114,774	4,671,287	17,138,004	1,893,702	70,463	—

Totals	$ —	$ 256,456,752	$ (52,863,865)	$ 1,984,502	$ 24,620,168	$230,197,557		$964,619	$ —

Amounts designated as “–” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES


	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
Assets:
Investments, at Value (Cost $43,195,817, $530,656,033, $506,991,487 and $1,742,237,874)	$	42,876,946		$	512,331,907		$	483,900,767		$	1,627,219,920
Repurchase Agreements, at Value (Cost $17,300,000, $–, $– and $–)		17,300,000			–			–			–
Receivable for Capital Shares Sold		378,690			–			–			1,233
Dividend and Interest Receivable		43,346			2,821,701			2,180,143			7,863,258
Cash and Cash Equivalents		16,645			8,014,233			17,143,034			102,101,956
Receivable for Investment Securities Sold		–			–			660,138			3,393,098
Cash Pledged as Collateral for Futures Contracts		–			–			–			572,069
Deferred Offering Costs		35,362			35,362			45,171			45,274
Other Assets		145,830			–			50			–
Prepaid Expenses		1,822			1,997			3,026			4,735

Total Assets		60,798,641			523,205,200			503,932,329			1,741,201,543

Liabilities:
Payable for Investment Securities Purchased		890,097			4,053,110			13,033,223			91,061,891
Audit Fees Payable		6,543			6,543			7,771			8,179
Payable Due to Adviser		3,493			122,213			133,976			414,761
Chief Compliance Officer Fees Payable		1,284			1,284			2,568			3,852
Transfer Agent Fee Payable		1,181			2,876			3,878			6,157
Payable Due to Administrator		981			8,305			7,974			27,038
Payable for Capital Shares Redeemed		–			4,458			4,458			8,917
Shareholder Servicing — Investor Shares		–			–			16,025			–
Payable for Variation Margin		–			–			–			69,875
Other Payables		–			–			16,391			147,573
Other Accrued Expenses		14,236			29,498			34,374			119,917

Total Liabilities		917,815			4,228,287			13,260,638			91,868,160

Net Assets	$	59,880,826		$	518,976,913		$	490,671,691		$	1,649,333,383

Net Assets Consist of:
Paid-in Capital	$	60,198,625		$	537,568,723		$	516,915,015		$	1,838,369,116
Total Distributable Loss		(317,799	)		(18,591,810	)		(26,243,324	)		(189,035,733	)

Net Assets	$	59,880,826		$	518,976,913		$	490,671,691		$	1,649,333,383

Institutional Shares:
Net Assets	$	59,880,826		$	518,976,913		$	464,942,087		$	1,594,909,668
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		5,990,666			53,791,295			48,987,722			177,811,013
Net Asset Value, Offering and Redemption Price Per Share		10 .00			9 .65			9 .49			8 .97

Investor Shares:
Net Assets		N/A			N/A		$	25,729,604		$	54,423,715
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		N/A			N/A			2,711,116			6,068,272
Net Asset Value, Offering and Redemption Price Per Share		N/A			N/A			9 .49			8 .97

Amounts designated as “—” are $0

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

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES


	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		Catholic Responsible Investments International Small-Cap Fund
Assets:
Investments, at Value (Cost $2,030,923,567, $683,487,796, $1,035,238,108, $399,175,724 and $73,267,193)	$	3,037,244,740		$	660,383,349		$	1,102,892,288		$	450,749,136	$	70,979,627
Foreign Currency, at Value (Cost $—, $—, $2,619,173, $— and $166,198)		–			–			2,609,067			–		166,001
Cash and Cash Equivalents		3,790,954			17,277,845			32,563,113			6,448,221		2,013,684
Dividend and Interest Receivable		1,955,175			247,320			2,447,308			153,905		332,843
Cash Pledged as Collateral for Futures Contracts		398,546			–			–			546,620		–
Reclaim Receivable		24,656			9,787			617,716			–		23,353
Receivable for Capital Shares Sold		3,384			–			900			483		–
Receivable for Investment Securities Sold		–			736,335			9,866,340			–		106,857
Unrealized Appreciation on Spot Currency Contracts		–			–			3,913			–		–
Deferred Offering Costs		35,362			45,171			45,274			35,362		35,362
Prepaid Expenses		39,363			49,530			50,061			37,763		38,013

Total Assets		3,043,492,180			678,749,337			1,151,095,980			457,971,490		73,695,740

Liabilities:
Payable for Capital Shares Redeemed		594,012			6,881			5,505			2,753		1,376
Payable for Variation Margin		177,270			–			–			184,920		–
Payable Due to Adviser		147,506			358,476			670,529			79,258		50,356
Payable Due to Administrator		52,387			11,686			19,277			7,751		1,223
Transfer Agent Fee Payable		7,491			4,860			5,580			2,365		600
Audit Fees Payable		5,724			6,541			7,771			5,724		7,356
Chief Compliance Officer Fees Payable		1,284			–			–			1,284		2,568
Payable for Investment Securities Purchased		–			245,300			7,970,901			–		42,180
Shareholder Servicing — Investor Shares		–			33,056			37,574			–		–
Unrealized Depreciation on Spot Currency Contracts		–			–			–			–		647
Other Payables		–			–			15,961			–		–
Other Accrued Expenses		161,070			99,108			597,451			114,017		77,901

Total Liabilities		1,146,744			765,908			9,330,549			398,072		184,207

Net Assets	$	3,042,345,436		$	677,983,429		$	1,141,765,431		$	457,573,418	$	73,511,533

Net Assets Consist of:
Paid-in Capital	$	3,376,230,989		$	781,220,039		$	1,341,913,115		$	395,373,163	$	80,157,960
Total Distributable Earnings (Loss)		(333,885,553	)		(103,236,610	)		(200,147,684	)		62,200,255		(6,646,427	)

Net Assets	$	3,042,345,436		$	677,983,429		$	1,141,765,431		$	457,573,418	$	73,511,533

Institutional Shares:
Net Assets	$	3,042,345,436		$	631,145,179		$	1,086,560,846		$	457,573,418	$	73,511,533
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		337,797,205			72,725,540			128,017,303			50,547,439		8,017,763
Net Asset Value, Offering and Redemption Price Per Share		9 .01			8 .68			8 .49			9 .05		9 .17

Investor Shares:
Net Assets		N/A		$	46,838,250		$	55,204,585			N/A		N/A
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		N/A			5,397,392			6,504,109			N/A		N/A
Net Asset Value, Offering and Redemption Price Per Share		N/A			8 .68			8 .49			N/A		N/A

Amounts designated as “—” are $0

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

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (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:
Investments, at Value (Cost $82,750,873, $1,010,903,731, $291,072,587 and $205,577,389)		$	86,180,828		$	1,077,265,547		$	325,731,213		$	230,197,557
Cash and Cash Equivalents			52,672			185,314			84,136			62,519
Due from Adviser			13,803			–			11,116			14,809
Dividend and Interest Receivable			5			17			8			6
Deferred Offering Costs			45,384			45,274			45,274			45,274
Other Assets			2,618			189,682			5,288			5,036
Prepaid Expenses			2,869			3,276			2,965			2,931

Total Assets			86,298,179			1,077,689,110			325,880,000			230,328,132

Liabilities:
Shareholder Servicing — Investor Shares			26,946			269,590			90,444			26,873
Audit Fees Payable			5,724			5,724			5,724			5,724
Transfer Agent Fee Payable			1,605			1,372			2,210			1,582
Chief Compliance Officer Fees Payable			1,284			1,284			1,284			1,284
Other Accrued Expenses			12,487			22,973			38,905			19,099

Total Liabilities			48,046			300,943			138,567			54,562

Net Assets		$	86,250,133		$	1,077,388,167		$	325,741,433		$	230,273,570

Net Assets Consist of:
Paid-in Capital		$	82,531,487		$	1,008,359,150		$	290,370,711		$	202,938,633
Total Distributable Earnings			3,718,646			69,029,017			35,370,722			27,334,937

Net Assets		$	86,250,133		$	1,077,388,167		$	325,741,433		$	230,273,570


Institutional Shares:
Net Assets		$	45,447,785		$	738,478,763		$	188,205,941		$	197,670,857
Outstanding Shares of Beneficial Interest (Unlimited Authorization—No Par Value)			4,978,098			82,009,266			20,690,412			21,990,327
Net Asset Value, Offering and Redemption Price Per Share			9 .13			9 .00			9 .10			8 .99

Investor Shares:
Net Assets		$	40,802,348		$	338,909,404		$	137,535,492		$	32,602,713
Outstanding Shares of Beneficial Interest (Unlimited Authorization—No Par Value)			4,471,494			37,657,812			15,128,315			3,629,429
Net Asset Value, Offering and Redemption Price Per Share			9 .12			9 .00			9 .09			8 .98

Amounts designated as “—” are $0

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

CATHOLIC RESPONSIBLE INVESTMENTS

FOR THE PERIOD ENDED

APRIL 30, 2022 (Unaudited)


STATEMENTS OF OPERATIONS

	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*

Investment Income:
Dividend Income		$	–			$	–			$	12,583			$	130,434
Interest Income			65,262				3,183,557				3,951,829				16,212,369

Total Investment Income			65,262				3,183,557				3,964,412				16,342,803


Expenses:
Investment Advisory Fees			60,825				628,959				710,061				2,095,446
Administration Fees			4,813				41,450				40,119				138,109
Trustees’ Fees			4,032				4,032				8,065				12,096
Chief Compliance Officer Fees			1,284				1,284				2,568				3,852
Shareholder Servicing Fees — Investor Shares			–				–				16,025				34,999
Offering Costs			15,050				15,050				21,695				21,593
Transfer Agent Fees			10,115				9,772				15,424				19,854
Audit Fees			6,543				6,543				7,771				8,179
Legal Fees			4,793				4,793				9,586				14,379
Pricing Fees			4,156				9,028				12,009				28,211
Registration Fees			2,511				18,583				18,585				61,333
Custodian Fees			1,353				1,752				2,469				6,171
Printing Fees			150				1,230				1,221				4,151
Other Expenses			7,207				8,134				8,124				10,593


Total Expenses			122,832				750,610				873,722				2,458,966

Less:
Waiver of Investment Advisory Fees			(37,598	)			(20,263	)			(40,652	)			–

Net Expenses			85,234				730,347				833,070				2,458,966


Net Investment Income (Loss)			(19,972	)			2,453,210				3,131,342				13,883,837


Net Realized Gain (Loss) on Investments			21,044				(87,518	)			(3,107,974	)			(71,538,700)
Net Realized Loss on Futures Contracts			–				–				–				(783,962)
Net Change in Unrealized Depreciation on Investments			(318,871	)			(18,324,126	)			(23,090,720	)			(115,017,954)
Net Change in Unrealized Depreciation on Futures Contracts			–				–				–				(1,877,681)


Net Realized and Unrealized Loss on Investments and Futures Contracts			(297,827	)			(18,411,644	)			(26,198,694	)			(189,218,297)


Net Decrease in Net Assets Resulting from Operations		$	(317,799	)		$	(15,958,434	)		$	(23,067,352	)		$	(175,334,460	)

* Commenced operations on December 6, 2021.

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

CATHOLIC RESPONSIBLE INVESTMENTS

FOR THE PERIOD ENDED

APRIL 30, 2022 (Unaudited)


STATEMENTS OF OPERATIONS
	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*				Catholic Responsible Investments International Small-Cap Fund*

Investment Income:
Dividend Income		$	16,225,211				$	2,578,448			$	12,186,356			$	3,938,896			$	1,041,658
Interest Income			32,120					8,794				3,706				–				–
Less: Foreign Taxes Withheld			(4,856	)				(4,491	)			(1,224,407	)			(3,028	)			(132,667)


Total Investment Income			16,252,475					2,582,751				10,965,655				3,935,868				908,991


Expenses:
Investment Advisory Fees			792,049					1,833,240				3,726,471				402,036				293,774
Administration Fees			261,175					60,464				99,637				39,770				6,052
Trustees’ Fees			4,032		��			12,096				12,096				4,032				8,065
Chief Compliance Officer Fees			1,284					3,852				3,852				1,284				2,568
Shareholder Servicing Fees — Investor Shares			–					33,056				37,577				–				–
Registration Fees			93,099					26,589				42,291				16,456				3,373
Transfer Agent Fees			18,519					16,198				18,525				9,483				6,448
Offering Costs			15,050					21,695				21,593				15,050				15,050
Custodian Fees			10,870					9,159				495,975				13,458				25,881
Printing Fees			7,505					1,802				2,987				1,199				180
Pricing Fees			7,063					1,754				4,837				2,652				4,297
Audit Fees			5,724					6,541				7,771				5,724				7,356
Legal Fees			4,793					14,379				14,378				4,793				9,586
Other Expenses			44,840					8,390				10,283				48,363				7,896


Total Expenses			1,266,003					2,049,215				4,498,273				564,300				390,526

Less:
Waiver of Investment Advisory Fees			(82,375	)				–				(268,654	)			–				(38,586)

Net Expenses			1,183,628					2,049,215				4,229,619				564,300				351,940


Net Investment Income			15,068,847					533,536				6,736,036				3,371,568				557,051


Net Realized Gain (Loss) on Investments			(1,342,462,500	)				(80,148,881	)			(271,611,995	)			9,962,374				(4,505,514)
Net Realized Gain (Loss) on Futures Contracts			126,262					–				–				(367,900	)			–
Net Realized Loss on Foreign Currency Transactions			–					–				(506,036	)			(74	)			(137,364)
Net Change in Unrealized Appreciation (Depreciation) on Investments			1,006,321,173					(23,104,447	)			67,654,180				51,573,412				(2,287,566)
Net Change in Unrealized Depreciation on Futures Contracts			(365,550	)				–				–				(509,535	)			–
Net Change in Unrealized Depreciation on Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies			–					–				(77,668	)			–				(15,218)


Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts			(336,380,615	)				(103,253,328	)			(204,541,519	)			60,658,277				(6,945,662)


Net Increase (Decrease) in Net Assets Resulting from Operations		$	(321,311,768	)			$	(102,719,792	)		$	(197,805,483	)		$	64,029,84	5		$	(6,388,611	)

* Commenced operations on December 6, 2021.

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

CATHOLIC RESPONSIBLE INVESTMENTS

FOR THE PERIOD ENDED

APRIL 30, 2022 (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:
Dividend Income		$	462,414			$	4,582,857			$	1,640,613			$	964,619
Interest Income			7				28				16				10

Total Investment Income			462,421				4,582,885				1,640,629				964,629


Expenses:
Shareholder Servicing Fees — Investor Shares			26,946				269,590				90,444				26,873
Trustees’ Fees			4,032				4,032				4,032				4,032
Chief Compliance Officer Fees			1,284				1,284				1,284				1,284
Offering Costs			21,593				21,593				21,593				21,593
Transfer Agent Fees			12,002				13,306				12,967				12,196
Audit Fees			5,724				5,724				5,724				5,724
Legal Fees			4,793				4,793				4,793				4,793
Registration Fees			3,444				22,410				27,310				10,862
Pricing Fees			411				1,843				730				467
Custodian Fees			378				796				2,548				687
Printing Fees			211				1,675				1,818				649
Other Expenses			7,260				8,503				8,637				7,627


Total Expenses			88,078				355,549				181,880				96,787

Less:
Waiver of Investment Advisory Fees			(61,131	)			(99,272	)			(91,436	)			(69,914)

Net Expenses			26,947				256,277				90,444				26,873


Net Investment Income			435,474				4,326,608				1,550,185				937,756


Net Realized Gain (Loss) on Investments			(70,482	)			(740,582	)			(532,654	)			1,984,502
Net Change in Unrealized Appreciation on Investments			3,429,955				66,361,816				34,658,626				24,620,168


Net Realized and Unrealized Gain on Investments			3,359,473				65,621,234				34,125,972				26,604,670

Net Increase in Net Assets Resulting from Operations		$	3,794,947			$	69,947,842			$	35,676,157			$	27,542,426

* Commenced operations on December 6, 2021.

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

CATHOLIC RESPONSIBLE INVESTMENTS

FOR THE PERIOD ENDED

APRIL 30, 2022 (Unaudited)


STATEMENTS OF CHANGES IN NET ASSETS

	Catholic Responsible Investments Ultra Short Bond Fund Period Ended April 30, 2022*				Catholic Responsible Investments Short Duration Bond Fund Period Ended April 30, 2022*				Catholic Responsible Investments Opportunistic Bond Fund Period Ended April 30, 2022*				Catholic Responsible Investments Bond Fund Period Ended April 30, 2022*
Operations:
Net Investment Income (Loss)		$	(19,972	)		$	2,453,210			$	3,131,342			$	13,883,837
Net Realized Gain (Loss) on Investments and Futures Contracts			21,044				(87,518	)			(3,107,974	)			(72,322,662)
Net Change in Unrealized Depreciation on Investments and Futures Contracts			(318,871	)			(18,324,126	)			(23,090,720	)			(116,895,635	)

Net Decrease in Net Assets Resulting from Operations			(317,799	)			(15,958,434	)			(23,067,352	)			(175,334,460	)

Distributions:

Institutional Shares			—				(2,633,376	)			(3,023,024	)			(13,279,545)
Investor Shares			—				—				(152,948	)			(421,728)

Total Distributions			—				(2,633,376	)			(3,175,972	)			(13,701,273)


Capital Share Transactions:
Institutional:
Issued			80,373,241				563,717,794				501,858,881				1,820,503,982
Reinvestment of Dividends and Distributions			—				2,604,900				2,896,862				12,648,126
Redeemed			(20,174,616	)			(28,753,971	)			(14,951,102	)			(55,493,942)


Net Institutional Share Transactions			60,198,625				537,568,723				489,804,641				1,777,658,166

Investor:
Issued			—				—				27,765,946				62,138,289
Reinvestment of Dividends and Distributions			—				—				138,761				393,593
Redeemed			—				—				(794,333	)			(1,820,932)

Net Investor Share Transactions			—				—				27,110,374				60,710,950

Net Increase in Net Assets from Share Transactions			60,198,625				537,568,723				516,915,015				1,838,369,116


Total Increase in Net Assets			59,880,826				518,976,913				490,671,691				1,649,333,383

Net Assets:
Beginning of Year/Period			—				—				—				—


End of Year/Period		$	59,880,826			$	518,976,913			$	490,671,691			$	1,649,333,383


Shares Transactions:
Institutional:
Issued			8,008,696				56,439,685				50,205,526				182,206,998
Reinvestment of Dividends and Distributions			—				265,544				296,921				1,334,436
Redeemed			(2,018,030	)			(2,913,934	)			(1,514,725	)			(5,730,421)

Net Institutional Shares Capital Share Transactions			5,990,666				53,791,295				48,987,722				177,811,013

Investor:
Issued			—				—				2,777,451				6,216,004
Reinvestment of Dividends and Distributions			—				—				14,222				41,535
Redeemed			—				—				(80,557	)			(189,267	)

Net Investor Shares Capital Share Transactions			—				—				2,711,116				6,068,272

Net Increase in Shares Outstanding from Share Transactions			5,990,666				53,791,295				51,698,838				183,879,285

* Commenced operations on December 6, 2021.

Amounts designated as “—” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS

FOR THE PERIOD ENDED

APRIL 30, 2022 (Unaudited)

STATEMENTS OF CHANGES IN NET ASSETS


	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			Catholic Responsible Investments International Small-Cap Fund
	Period Ended April 30, 2022*			Period Ended April 30, 2022*			Period Ended April 30, 2022*			Period Ended April 30, 2022*			Period Ended April 30, 2022*
Operations:
Net Investment Income	$	15,068,847		$	533,536		$	6,736,036		$	3,371,568		$	557,051
Net Realized Gain (Loss) on Investments, Foreign Currency Translations and Futures Contracts		(1,342,336,238	)		(80,148,881	)		(272,118,031	)		9,594,400			(4,642,878	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Foreign Currency Translations and Futures Contracts		1,005,955,623			(23,104,447	)		67,576,512			51,063,877			(2,302,784	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(321,311,768	)		(102,719,792	)		(197,805,483	)		64,029,845			(6,388,611	)

Distributions:
Institutional Shares		(12,573,785	)		(504,779	)		(2,255,794	)		(1,829,590	)		(257,816	)
Investor Shares		—			(12,039	)		(86,407	)		—			—

Total Distributions		(12,573,785	)		(516,818	)		(2,342,201	)		(1,829,590	)		(257,816	)


Capital Share Transactions:
Institutional:
Issued		3,473,490,306			745,232,555			1,314,385,107			414,303,463			83,203,675
Reinvestment of Dividends and Distributions		11,995,218			491,203			2,174,256			1,767,290			245,874
Redemption Fees - Note 2		—			—			—			(2,753	)		—
Redeemed		(109,254,535	)		(18,561,221	)		(39,529,611	)		(20,694,837	)		(3,291,589	)

Net Institutional Share Transactions		3,376,230,989			727,162,537			1,277,029,752			395,373,163			80,157,960

Investor:
Issued		—			61,922,381			69,637,231			—			—
Reinvestment of Dividends and Distributions		—			10,986			84,179			—			—
Redeemed		—			(7,875,865	)		(4,838,047	)		—			—

Net Investor Share Transactions		—			54,057,502			64,883,363			—			—

Net Increase in Net Assets from Share Transactions		3,376,230,989			781,220,039			1,341,913,115			395,373,163			80,157,960


Total Increase in Net Assets		3,042,345,436			677,983,429			1,141,765,431			457,573,418			73,511,533

Net Assets:
Beginning of Year/Period		—			—			—			—			—


End of Year/Period	$	3,042,345,436		$	677,983,429		$	1,141,765,431		$	457,573,418		$	73,511,533


Shares Transactions:
Institutional:
Issued		347,662,765			74,537,134			131,766,673			52,471,724			8,317,895
Reinvestment of Dividends and Distributions		1,179,966			48,867			227,869			174,311			24,527
Redeemed		(11,045,526	)		(1,860,461	)		(3,977,239	)		(2,098,596	)		(324,659	)

Net Institutional Shares Capital Share Transactions		337,797,205			72,725,540			128,017,303			50,547,439			8,017,763

Investor:
Issued		—			6,193,439			6,977,267			—			—
Reinvestment of Dividends and Distributions		—			1,070			8,835			—			—
Redeemed		—			(797,117	)		(481,993	)		—			—

Net Investor Shares Capital Share Transactions		—			5,397,392			6,504,109			—			—

Net Increase in Shares Outstanding from Share Transactions		337,797,205			78,122,932			134,521,412			50,547,439			8,017,763

* Commenced operations on December 6, 2021.

Amounts designated as “—” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS

FOR THE PERIOD ENDED

APRIL 30, 2022 (Unaudited)

STATEMENTS OF CHANGES IN NET ASSETS


	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
	Period Ended April 30, 2022*			Period Ended April 30, 2022*			Period Ended April 30, 2022*			Period Ended April 30, 2022*
Operations:
Net Investment Income	$	435,474		$	4,326,608		$	1,550,185		$	937,756
Net Realized Gain (Loss) on Investments		(70,482	)		(740,582	)		(532,654	)		1,984,502
Net Change in Unrealized Appreciation on Investments		3,429,955			66,361,816			34,658,626			24,620,168

Net Increase in Net Assets Resulting from Operations		3,794,947			69,947,842			35,676,157			27,542,426

Distributions:
Institutional Shares		(41,794	)		(568,966	)		(170,102	)		(176,258	)
Investor Shares		(34,507	)		(349,859	)		(135,333	)		(31,231	)

Total Distributions		(76,301	)		(918,825	)		(305,435	)		(207,489	)


Capital Share Transactions:
Institutional:
Issued		44,298,630			708,080,545			173,349,079			226,786,845
Reinvestment of Dividends and Distributions		41,794			568,966			170,102			176,258
Redeemed		(827,687	)		(4,860,060	)		(2,044,630	)		(52,721,141	)

Net Institutional Share Transactions		43,512,737			703,789,451			171,474,551			174,241,962

Investor:
Issued		42,181,111			425,943,989			144,462,210			41,257,745
Reinvestment of Dividends and Distributions		31,130			348,987			133,181			31,231
Redeemed		(3,193,491	)		(121,723,277	)		(25,699,231	)		(12,592,305	)

Net Investor Share Transactions		39,018,750			304,569,699			118,896,160			28,696,671

Net Increase in Net Assets from Share Transactions		82,531,487			1,008,359,150			290,370,711			202,938,633

Total Increase in Net Assets		86,250,133			1,077,388,167			325,741,433			230,273,570

Net Assets:
Beginning of Year/Period		—			—			—			—

End of Year/Period	$	86,250,133		$	1,077,388,167		$	325,741,433		$	230,273,570


Shares Transactions:
Institutional:
Issued		5,059,627			82,454,640			20,881,920			27,151,881
Reinvestment of Dividends and Distributions		4,106			55,455			16,547			17,030
Redeemed		(85,635	)		(500,829	)		(208,055	)		(5,178,584	)

Net Institutional Shares Capital Share Transactions		4,978,098			82,009,266			20,690,412			21,990,327

Investor:
Issued		4,799,993			50,302,351			17,698,330			4,944,742
Reinvestment of Dividends and Distributions		3,058			34,015			12,956			3,018
Redeemed		(331,557	)		(12,678,554	)		(2,582,971	)		(1,318,331	)

Net Investor Shares Capital Share Transactions		4,471,494			37,657,812			15,128,315			3,629,429

Net Increase in Shares Outstanding from Share Transactions		9,449,592			119,667,078			35,818,727			25,619,756

* Commenced operations on December 6, 2021.

Amounts designated as “—” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS

(Unaudited)

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding

Throughout the Period


	Net Asset Value, Beginning of Period	Net Investment Income*	Net Realized and Unrealized Loss on Investments	Total from Operations	Distributions from Net Investment Income	Total Distributions	Net Asset Value, End of Period	Total Return	Net Assets End of Period (000)	Ratio of Expenses to Average Net Assets (including waivers and reimbursements)**	Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements)**	Ratio of Net Investment Income (Loss) to Average Net Assets	Portfolio Turnover†
Catholic Responsible Investments Ultra Short Bond Fund
Institutional Shares

2022⁽¹⁾	$10.00	$ –⁽^a)	$ –⁽^a)	$ –⁽^a)	$ –	$ –	$10.00	–%	$ 59,881	0.35%	0.51%	(0.08)%	16%
Catholic Responsible Investments Short Duration Bond Fund
Institutional Shares

2022⁽¹⁾	$10.00	$ 0.05	$ (0.35)	$ (0.30)	$ (0.05)	$ (0.05)	$ 9.65	(3.00)%	$518,977	0.35%	0.36%	1.18%	23%
Catholic Responsible Investments Opportunistic Bond Fund
Institutional Shares

2022⁽¹⁾	$10.00	$ 0.06	$ (0.51)	$ (0.45)	$ (0.06)	$ (0.06)	$ 9.49	(4.50)%	$ 464,942	0.41%	0.43%	1.56%	14%
Investor Shares

2022⁽¹⁾	$10.00	$ 0.05	$ (0.50)	$ (0.45)	$ (0.06)	$ (0.06)	$ 9.49	(4.55)%	$ 25,730	0.56%	0.58%	1.41%	14%
Catholic Responsible Investments Bond Fund
Institutional Shares

2022⁽¹⁾	$10.00	$ 0.08	$ (1.03)	$ (0.95)	$ (0.08)	$ (0.08)	$ 8.97	(9.61)%	$1,594,910	0.35%	0.35%	1.99%	33%
Investor Shares

2022⁽¹⁾	$10.00	$ 0 .07	$ (1.03)	$ (0.96)	$ (0.07)	$ (0.07)	$ 8.97	(9.66)%	$ 54,424	0.50%	0.50%	1.84%	33%
Catholic Responsible Investments Equity Index Fund
Institutional Shares

2022⁽¹⁾	$10.00	$ 0.05	$ (1.00)	$ (0.95)	$ (0.04)	$ (0.04)	$ 9.01	(9.57)%	$3,042,345	0.09%	0.10%	1.14%	8%
Catholic Responsible Investments Multi-Style US Equity Fund
Institutional Shares

2022⁽¹⁾	$10.00	$ 0.01	$ (1.32)	$ (1.31)	$ (0.01)	$ (0.01)	$ 8.68	(13.14)%	$ 631,145	0.66%	0.66%	0.19%	17%
Investor Shares

2022⁽¹⁾	$10.00	$ –⁽^a)	$ (1.32)	$ (1.32)	$ –	$ –	$ 8.68	(13.18)%	$ 46,838	0.81%	0.81%	0.03%	17%
Catholic Responsible Investments International Equity Fund
Institutional Shares

2022⁽¹⁾	$10.00	$ 0.05	$ (1.54)	$ (1.49)	$ (0.02)	$ (0.02)	$ 8.49	(14.94)%	$1,086,561	0.84%	0.89%	1.36%	23%
Investor Shares

2022⁽¹⁾	$10.00	$ 0.04	$ (1.54)	$ (1.50)	$ (0.01)	$ (0.01)	$ 8.49	(14.98)%	$ 55,205	0.99%	1.04%	1.17%	23%

*	Per unit data calculated using average units method.

†	Portfolio turnover is for the period indicated and has not been annualized.

(1)

Commenced operations on December 6, 2021. All ratios for the period have been annualized.

(a)

Amount represents less than $0.005 per share.

**	Annualized.

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

CATHOLIC RESPONSIBLE INVESTMENTS

(Unaudited)

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding

Throughout the Period


	Net Asset Value, Beginning of Period	Net Investment Income*	Net Realized and Unrealized Loss on Investments	Total from Operations	Distributions from Net Investment Income	Total Distributions	Net Asset Value, End of Period	Total Return	Net Assets End of Period (000)	Ratio of Expenses to Average Net Assets (including waivers and reimbursements)**	Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements)**	Ratio of Net Investment Income (Loss) to Average Net Assets	Portfolio Turnover†
Catholic Responsible Investments Small-Cap Fund
Institutional Shares

2022⁽¹⁾	$10.00	$ 0.07	$ (0.98)^	$ (0.91)	$ (0.04)	$ (0.04)	$ 9.05	(9.18)%	$457,573	0.28%	0.28%	1.68%	13%
Catholic Responsible Investments International Small-Cap Fund
Institutional Shares

2022⁽¹⁾	$10.00	$ 0.07	$ (0.87)	$ (0.80)	$ (0.03)	$ (0.03)	$ 9.17	(8.00)%	$ 73,512	1.15%	1.28%	1.82%	36%
Catholic Responsible Investments Magnus 45/55 Fund
Institutional Shares

2022⁽¹⁾	$10.00	$ 0.05	$ (0.91)	$ (0.86)	$ (0.01)	$ (0.01)	$ 9.13	(8.62)%	$ 45,448	–%⁽²⁾	0.17%⁽²⁾	1.29%	1%
Investor Shares

2022⁽¹⁾	$10.00	$ 0.04	$ (0.91)	$ (0.87)	$ (0.01)	$ (0.01)	$ 9.12	(8.73)%	$ 40,802	0.15%⁽²⁾	0.32%⁽²⁾	1.10%	1%
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund
Institutional Shares

2022⁽¹⁾	$10.00	$ 0.04	$ (1.03)	$ (0.99)	$ (0.01)	$ (0.01)	$ 9.00	(9.93)%	$738,479	–%⁽²⁾	0.02%⁽²⁾	1.02%	1%
Investor Shares

2022⁽¹⁾	$10.00	$ 0.03	$ (1.02)	$ (0.99)	$ (0.01)	$ (0.01)	$ 9.00	(9.94)%	$338,909	0.15%⁽²⁾	0.17%⁽²⁾	0.80%	1%
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund
Institutional Shares

2022⁽¹⁾	$10.00	$ 0.05	$ (0.94)	$ (0.89)	$ (0.01)	$ (0.01)	$ 9.10	(8.92)%	$188,206	–%⁽²⁾	0.07%⁽²⁾	1.21%	3%
Investor Shares

2022⁽¹⁾	$10.00	$ 0.04	$ (0.94)	$ (0.90)	$ (0.01)	$ (0.01)	$ 9.09	(9.03)%	$137,535	0.15%⁽²⁾	0.22%⁽²⁾	1.03%	3%
Catholic Responsible Investments Magnus 75/25 Fund
Institutional Shares

2022⁽¹⁾	$10.00	$ 0.04	$ (1.04)	$ (1.00)	$ (0.01)	$ (0.01)	$ 8.99	(10.03)%	$197,671	–%⁽²⁾	0.07%⁽²⁾	0.92%	23%
Investor Shares

2022⁽¹⁾	$10.00	$ 0.03	$ (1.04)	$ (1.01)	$ (0.01)	$ (0.01)	$ 8.98	(10.14)%	$32,603	0.15%⁽²⁾	0.22%⁽²⁾	0.82%	23%

*	Per unit data calculated using average units method.

**	Annualized.

^	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

†	Portfolio turnover is for the period indicated and has not been annualized.

(1)	Commenced operations on December 6, 2021. All ratios for the period have been annualized.

(2)	The expense ratios do not include expenses of the underlying affiliated investment companies.

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

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (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 Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Catholic Responsible Investments Magnus 75/25 Fund, 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 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 (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 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 Opportunistic Bond Fund seeks current income and to provide relatively low correlation to equity assets.

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 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 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 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 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 Beta Plus Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund seeks to achieve current income and long-term capital appreciation.

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

Each Fund’s investment objective is not a fundamental policy and may be changed by the Board without shareholder approval.

2. Significant Accounting Policies:

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

Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“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 — 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 for which market prices are not “readily available” are valued in accordance with fair value procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ fair value procedures are implemented through a fair value pricing committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

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

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

to a single issuer or to an entire market sector. If 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 Committee meeting be called.

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 pricing procedures approved by the Board, 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 4/30/2022, 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.

As of and during the period ended April 30, 2022, 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 period the Funds did not incur any interest or penalties.

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

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 Core Equity Index, Intermediate Diversified Bond and Opportunistic Bond Funds generally 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 Statement 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.

For the period ended April 30, 2022, the daily average notional value of long futures contracts held was as follows:


Catholic Responsible Investments Bond Fund
Average Monthly Notional Value Long	$	15,996,346
Catholic Responsible Investments Equity Index Fund
Average Monthly Notional Value Long	$	8,497,700
Catholic Responsible Investments Small-Cap Fund
Average Monthly Notional Value Long	$	4,705,161

The following tables are the exposure by type of risk on derivatives held throughout the period:


Catholic Responsible Investments Bond Fund Statements of Assets and Liabilities Location		Asset Derivatives		Liability Derivatives

Credit Risk Futures contracts	Unrealized appreciation/(depreciation) on futures contracts*	$	—	$	(1,877,681)


		$	—	$	(1,877,681)


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*	$	—	$	(365,550)


		$	—	$	(365,550)

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (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*	$	—	$	(509,535)


		$	—	$	(509,535)

* Unrealized appreciation/(depreciation) on Futures Contracts is included in distributable earnings/(loss).

The effect of derivative instruments on the Consolidated Statements of Operations for the period ended April 30, 2022, was as follows:


Catholic Responsible Investments Bond Fund	Net Realized Gain/(Loss)*		Change in Unrealized Appreciation/ (Depreciation)**

Credit Risk
Futures contracts	$	(783,962)	$	(1,877,681)


	$	(783,962)	$	(1,877,681)


Catholic Responsible Investments Equity Index Fund	Net Realized Gain/(Loss)*		Change in Unrealized Appreciation/ (Depreciation)**

Equity Risk
Futures contracts	$	126,262	$	(365,550)


	$	126,262	$	(365,550)


Catholic Responsible Investments Small-Cap Fund	Net Realized Gain/(Loss)*		Change in Unrealized Appreciation/ (Depreciation)**

Equity Risk
Futures contracts	$	(367,900)	$	(509,535)


	$	(367,900)	$	(509,535)

* 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 — 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.

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.

Dividends and Distributions to Shareholders — The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (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.

Deferred Offering Costs — Offering costs of the Funds, including costs of printing the initial prospectus, legal, and registration fees, are amortized to expense over a twelve month period. As of April 30, 2022, the Funds’ offering costs have been fully amortized.

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 331/3% of the total asset value of the Fund (including the loan collateral). Each Fund will not lend portfolio securities to its advisers 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. As of April 30, 2022, and during the period ended April 30, 2022, none of the Funds utilized the program.

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.

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.

100

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

For the period ended April 30, 2022, the Funds were charged the following for these services:


		Administration Fees
Catholic Responsible Investments Ultra Short Bond Fund		$ 4,813
Catholic Responsible Investments Short Duration Bond Fund		41,450
Catholic Responsible Investments Opportunistic Bond Fund		40,119
Catholic Responsible Investments Bond Fund		138,109
Catholic Responsible Investments Equity Index Fund		261,175
Catholic Responsible Investments Multi-Style US Equity Fund		60,464
Catholic Responsible Investments International Equity Fund		99,637
Catholic Responsible Investments Small-Cap Fund		39,770
Catholic Responsible Investments International Small-Cap Fund		6,052

The Trust and the Distributor are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.

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, 2022, these amounts can be found on the Statement 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 Agreement:

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 Asset Class 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 Asset Class 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.

101

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

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:


Fund		Advisory Fee
Catholic Responsible Investments Ultra Short Bond Fund		0.25%
Catholic Responsible Investments Short Duration Bond Fund		0.30%
Catholic Responsible Investments Opportunistic Bond Fund		0.35%
Catholic Responsible Investments Bond Fund		0.30%
Catholic Responsible Investments Equity Index Fund		0.06%
Catholic Responsible Investments Multi-Style US Equity Fund		0.60%
Catholic Responsible Investments International Equity Fund		0.74%
Catholic Responsible Investments Small-Cap Fund		0.20%
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%

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 generally accepted accounting principles, 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 October 31, 2023 (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 if business on October 31, 2023. As of April 30, 2022, the amounts waived on the Statement of Operations under Waiver of Investment Advisory Fees are open to recoupment.


Fund		Contractual Expense Limit
Catholic Responsible Investments Ultra Short Bond Fund		0.35%
Catholic Responsible Investments Short Duration Bond Fund		0.35%
Catholic Responsible Investments Opportunistic Bond Fund		0.41%
Catholic Responsible Investments Bond Fund		0.37%
Catholic Responsible Investments Equity Index Fund		0.09%
Catholic Responsible Investments Multi-Style US Equity Fund		0.69%
Catholic Responsible Investments International Equity Fund		0.84%
Catholic Responsible Investments Small-Cap Fund		0.31%
Catholic Responsible Investments International Small-Cap		1.15%
Catholic Responsible Investments Magnus 45/55 Fund		0.00%
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		0.00%
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		0.00%
Catholic Responsible Investments Magnus 75/25 Fund		0.00%

102

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

6. Investment Transactions:

For the period ended April 30, 2022, the purchases and sales of investment securities other than short-term investments, were as follows:


	U.S. Gov’t ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Catholic Responsible Investments Ultra Short Bond Fund
Purchases	$	—	$	385,714	$	385,714
Sales		—		1,727,478		1,727,478
Catholic Responsible Investments Short Duration Bond Fund
Purchases		74,820,132		58,572,983		133,393,115
Sales		39,936,234		72,651,447		112,587,681
Catholic Responsible Investments Opportunistic Bond Fund
Purchases		63,473,472		19,297,037		82,770,509
Sales		14,070,941		42,241,985		56,312,926
Catholic Responsible Investments Bond Fund
Purchases		446,933,959		126,401,734		573,335,693
Sales		387,729,922		118,628,515		506,358,437
Catholic Responsible Investments Equity Index Fund
Purchases		—		302,395,238		302,395,238
Sales		—		249,318,788		249,318,788
Catholic Responsible Investments Multi-Style US Equity Fund
Purchases		—		123,208,093		123,208,093
Sales		—		140,236,154		140,236,154
Catholic Responsible Investments International Equity Fund
Purchases		—		344,454,679		344,454,679
Sales		—		280,238,161		280,238,161
Catholic Responsible Investments Small-Cap Fund
Purchases		—		452,145,277		452,145,277
Sales		—		62,931,784		62,931,784
Catholic Responsible Investments International Small-Cap Fund
Purchases		—		31,365,294		31,365,294
Sales		—		27,218,882		27,218,882
Catholic Responsible Investments Magnus 45/55 Fund
Purchases		—		83,941,153		83,941,153
Sales		—		1,119,798		1,119,798
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund
Purchases		—		1,022,049,115		1,022,049,115
Sales		—		10,404,802		10,404,802
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund
Purchases		—		299,821,702		299,821,702
Sales		—		8,216,461		8,216,461
Catholic Responsible Investments Magnus 75/25 Fund
Purchases		—		256,456,752		256,456,752
Sales		—		52,863,865		52,863,865

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. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital as appropriate, in the period that the difference arises.

103

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for investments held by Funds at April 30, 2022, 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	$	60,495,817	$	5,604	$	(324,475	)	$	(318,871	)
Catholic Responsible Investments Short Duration Bond Fund		530,656,033		90,797		(18,414,923	)		(18,324,126	)
Catholic Responsible Investments Opportunistic Bond Fund		506,991,487		295,293		(23,386,013	)		(23,090,720	)
Catholic Responsible Investments Bond Fund		1,742,237,874		3,622,315		(118,640,269	)		(115,017,954	)
Catholic Responsible Investments Equity Index Fund		2,030,923,567		1,058,740,625		(52,419,452	)		1,006,321,173
Catholic Responsible Investments Multi-Style US Equity Fund		683,487,796		43,078,277		(66,182,724	)		(23,104,447	)
Catholic Responsible Investments International Equity Fund		1,035,238,108		167,967,750		(100,313,570	)		67,654,180
Catholic Responsible Investments Small-Cap Fund		399,175,724		98,147,042		(46,573,630	)		51,573,412
Catholic Responsible Investments International Small-Cap Fund		73,267,193		6,633,733		(8,921,299	)		(2,287,566	)
Catholic Responsible Investments Magnus 45/55 Fund		82,750,873		5,881,509		(2,451,554	)		3,429,955
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		1,010,903,731		87,729,890		(21,368,074	)		66,361,816
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		291,072,587		39,983,569		(5,324,943	)		34,658,626
Catholic Responsible Investments Magnus 75/25 Fund		205,577,389		28,229,247		(3,609,079	)		24,620,168

8. Concentration of Shareholders:

At April 30, 2022, the percentage of total shares outstanding held by Institutional Class shareholders for each Fund, 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
CRI Ultra Short Bond Fund	1	16
CRI Short Duration Bond Fund	1	21
CRI Opportunistic Bond Fund	1	24
CRI Bond Fund	3	28
CRI Equity Index Fund	2	15
CRI Multi-Style US Equity Fund	4	58
CRI International Equity Fund	3	34
CRI Small-Cap Fund	2	20
CRI International Small-Cap Fund	4	74
CRI Magnus 45/55 Fund	3	46
CRI Magnus 60/40 Alpha Plus Fund	2	30
CRI Magnus 60/40 Beta Plus Fund	2	22
CRI Magnus 75/25 Fund	4	72

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.

9. Concentration of Risks:

The foregoing is not intended to be a complete discussion of the risks associated with investing in a Fund. Please review each Fund’s prospectus for additional disclosures regarding the principal risks associated with investing in a particular Fund.

104

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

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.

Derivatives Risk — 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 and leverage risk are each described elsewhere in this section. 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. Some derivatives have the potential for unlimited loss, regardless of the size of a Fund’s initial investment.

New Fund Risk — Because the Funds are new, investors in the Funds bear the risk that the Funds may not be successful in implementing their investment strategies, may not employ successful investment strategies, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Funds being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation. 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.

Investments in Underlying Funds Risk - 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.

Market Risk – 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

105

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

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 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. The impact of the COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

10. 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 as of April 30, 2022.

106

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

DISCLOSURE OF FUND EXPENSES (Unaudited)

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from November 1, 2021 to April 30, 2022.

The table on the next page illustrates your Fund’s costs in two ways:

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

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

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

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

107

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)


	Beginning Account Value 12/6/21		Ending Account Value 4/30/22		Annualized Expense Ratios			Expenses Paid During Period
Catholic Responsible Investments Ultra Short Bond Fund^***
Actual Fund Return
Institutional	$	1,000.00	$	1,000.00		0.35	%		$1.40	^*
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,023.05		0.35	%		$1.77	^**
Catholic Responsible Investments Short Duration Bond Fund^***
Actual Fund Return
Institutional	$	1,000.00	$	970.00		0.35	%		$1.37	^*
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,023.06		0.35	%		$1.76	^**
Catholic Responsible Investments Opportunistic Bond Fund^***
Actual Fund Return
Institutional	$	1,000.00	$	955.00		0.41	%		$1.57	^*
Investor		1,000.00		954.50		0.56	%		2.17	^*
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,022.79		0.41	%		$2.03	^**
Investor		1,000.00		1,022.02		0.56	%		2.81	^**
Catholic Responsible Investments Bond Fund^***
Actual Fund Return
Institutional	$	1,000.00	$	1,000.00		0.35	%		$1.40	^*
Investor		1,000.00		1,000.00		0.50	%		2.00	^*
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,018.60		0.35	%		$1.41	^**
Investor		1,000.00		1,000.00		0.50	%		2.00	^**
Catholic Responsible Investments Equity Index Fund^***
Actual Fund Return
Institutional	$	1,000.00	$	1,000.00		0.09	%		$0.36	^*
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,019.64		0.09	%		$0.36	^**
Catholic Responsible Investments Multi-Style US Equity Fund^***
Actual Fund Return
Institutional	$	1,000.00	$	1,000.00		0.66	%		$2.64	^*
Investor		1,000.00		1,000.00		0.81	%		3.24	^*
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,017.36		0.66	%		$2.66	^**
Investor		1,000.00		1,000.00		0.81	%		3.24	^**
Catholic Responsible Investments International Equity Fund^***
Actual Fund Return
Institutional	$	1,000.00	$	1,000.00		0.84	%		$3.32	^*
Investor		1,000.00		1,000.00		0.99	%		3.92	^*
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,016.68		0.84	%		$3.35	^**
Investor		1,000.00		1,000.00		0.99	%		3.92	^**
Catholic Responsible Investments Small-Cap Fund^***
Actual Fund Return
Institutional	$	1,000.00	$	1,000.00		0.28	%		$1.12	^*
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,018.88		0.28	%		$1.13	^**

108

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)


	Beginning Account Value 12/6/21		Ending Account Value 4/30/22		Annualized Expense Ratios			Expenses Paid During Period
Catholic Responsible Investments International Small-Cap Fund^***
Actual Fund Return
Institutional	$	1,000.00	$	1,000.00		1.15	%		$4.60	^*
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,015.40		1.15	%		$4.64	^**
Catholic Responsible Investments Magnus 45/55 Fund^***
Actual Fund Return
Institutional	$	1,000.00	$	913.80		—	%		$–	^*
Investor		1,000.00		912.70		0.15	%		0.57	^*
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,024.79		—	%		$–	^**
Investor		1,000.00		1,024.05		0.15	%		0.75	^**
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund^***
Actual Fund Return
Institutional	$	1,000.00	$	900.70		—	%		$–	^*
Investor		1,000.00		900.60		0.15	%		0.57	^*
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,024.80		—	%		$0.01	^**
Investor		1,000.00		1,024.05		0.15	%		0.75	^**
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund^***
Actual Fund Return
Institutional	$	1,000.00	$	910.80		—	%		$0.01	^*
Investor		1,000.00		909.70		0.15	%		0.57	^*
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,024.79		—	%		$0.01	^**
Investor		1,000.00		1,024.05		0.15	%		0.75	^**
Catholic Responsible Investments Magnus 75/25 Fund^***
Actual Fund Return
Institutional	$	1,000.00	$	899.70		—	%		$–	^*
Investor		1,000.00		898.60		0.15	%		0.57	^*
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,024.79		—	%		$–	^**
Investor		1,000.00		1,024.05		0.15	%		0.75	^**

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 145/365 (to reflect the period from commencement to period end.)

**	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period.)

***	Commenced operations on December 6, 2021.

109

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

Catholic Responsible Investments Funds

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Funds’ advisory and sub-advisory agreements (the “Agreements”) must be approved: (i) by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the members of the Board of Trustees (the “Board” or the “Trustees”) of Catholic Responsible Investments Funds (the “Trust”) 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 approval.

Board meetings were held on August 18, 2021 and November 16, 2021 to decide whether to approve the following Agreements for initial two-year terms (the “Meetings”):

•

the advisory agreement between Christian Brothers Investment Services, Inc. (the “Adviser”) and the Trust, on behalf of the Funds; and

•

the sub-advisory agreements between the Adviser and certain sub-advisers (each, a “Sub-Adviser” and together, the “Sub-Advisers”), pursuant to which the Sub-Advisers serve as investment sub-advisers to the Funds, as set for the in the following table:


Sub-Adviser		Fund(s)
Brandywine Global Investment Management, LLC		Catholic Responsible Investments Opportunistic Bond Fund
Brandywine Global Investment Management, LLC		Catholic Responsible Investments Bond Fund

Causeway Capital Management LLC		Catholic Responsible Investments International Equity Fund

Dodge & Cox		Catholic Responsible Investments Bond Fund
Dodge & Cox		Catholic Responsible Investments Multi-Style US Equity Fund

Global Alpha Capital Management, Ltd.		Catholic Responsible Investments International Small-Cap Fund

Lazard Asset Management LLC		Catholic Responsible Investments International Small-Cap Fund

Longfellow Investment Management Co., LLC		Catholic Responsible Investments Short Duration Bond Fund
Longfellow Investment Management Co., LLC		Catholic Responsible Investments Opportunistic Bond Fund

Mar Vista Investment Partners, LLC		Catholic Responsible Investments Multi-Style US Equity Fund

Principal Global Investors, LLC		Catholic Responsible Investments International Equity Fund

RhumbLine Advisers		Catholic Responsible Investments Equity Index Fund
RhumbLine Advisers		Catholic Responsible Investments Small-Cap Fund

Sun Life Capital Management (U.S.) LLC		Catholic Responsible Investments Bond Fund

WCM Investment Management, LLC		Catholic Responsible Investments International Equity Fund

Wellington Management Company LLP		Catholic Responsible Investments Ultra Short Bond Fund
Wellington Management Company LLP		Catholic Responsible Investments Multi-Style US Equity Fund

The Meetings were held via videoconference in reliance on relief provided in orders issued by the Securities and Exchange Commission (“SEC”) on March 13, 2020, March 25, 2020 and June 19, 2020 from 1940 Act sections and rules requiring that certain votes of a company’s board of trustees be cast in person due to circumstances related to the current or potential effects of the COVID-19 pandemic. In preparation for the Meetings, the Trustees requested that the Adviser and the Sub-Advisers furnish information necessary to evaluate the terms of the Agreements. Prior to the Meetings, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser and certain Sub-Advisers, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser, the Sub-Advisers and other service providers of the Funds presented or submitted to the Board at the Meetings, to help them decide whether to approve the Agreements for initial two-year terms.

110

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

Specifically, the Board requested and received written materials from the Adviser, the Sub-Advisers and other service providers of the Funds regarding: (i) the nature, extent and quality of the services to be provided by the Adviser and the Sub-Advisers; (ii) the Adviser’s and the Sub-Advisers’ investment management personnel; (iii) the Adviser’s and the Sub-Advisers’ operations and information about their financial condition, capitalization, profitability or financial viability to advise or sub-advise the Funds; (iv) the brokerage practices (including any soft dollar arrangements) of the Adviser and those Sub-Advisers whose brokerage practices were not previously considered by the Board; (v) the Adviser’s and Sub-Advisers’ investment strategies; (vi) the Funds’ proposed advisory fees to be paid to the Adviser and the Sub-Advisers and overall fees and operating expenses compared with peer groups of mutual funds; (vii) the Adviser’s and the Sub-Advisers’ compliance programs, including a description of material compliance matters and material compliance violations; (viii) the Adviser’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (ix) the Adviser’s and the Sub-Advisers’ investment experience; (x) the Adviser’s rationale for introducing the Funds as well as the Funds’ proposed objectives and strategies; (x) the Adviser’s rationale for recommending the Sub-Advisers; and (xi) the Adviser’s and applicable Sub-Advisers’ performance in managing similar accounts.

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 Meetings to help the Trustees evaluate the Adviser’s and 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 Meetings, 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, approved the Agreements. In considering the approval of the Agreements, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser and the Sub-Advisers; and (ii) the fees to be paid to the Adviser (and to the Sub-Advisers out of the Adviser’s assets), as discussed in further detail below.

Nature, Extent and Quality of Services to be Provided by the Adviser and the Sub-Advisers

In considering the nature, extent and quality of the services to be provided by the Adviser and the Sub-Advisers, the Board reviewed the portfolio management services to be provided by the Adviser and the Sub-Advisers to the Funds, including the quality and continuity of the Adviser’s and the Sub-Advisers’ portfolio management personnel, the resources of the Adviser and the Sub-Advisers, and the Adviser’s and the Sub-Advisers’ compliance histories and compliance programs. The Trustees reviewed the terms of the proposed Agreements. The Trustees also reviewed the Adviser’s and the Sub-Advisers’ proposed investment and risk management approaches for the Funds. The Trustees considered that the Adviser would supervise and monitor the performance of the Sub-Advisers. The responses of the Adviser and the Sub-Advisers to a detailed series of questions which included, among other things, information about the investment advisory services to be provided by the Adviser and the Sub-Advisers to the Funds were available to the Board, as were the most recent investment adviser registration forms (“Form ADV”) for the Adviser and the Sub-Advisers, in the materials or through public disclosure.

The Trustees also considered other services to be provided to the Funds by the Adviser and the Sub-Advisers such as 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 to be provided to the Funds by the Adviser and the Sub-Advisers would be satisfactory.

Costs of Advisory Services

In considering the advisory fees payable by the Funds to the Adviser, as well as the fees payable by the Adviser to the Sub-Advisers, the Trustees reviewed, among other things, a report of the proposed advisory fees to be paid to

111

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

the Adviser and 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, an independent provider of investment company data. The Trustees reviewed pro forma fee and expense information, as well as the management fees charged by the Adviser and 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, would pay the Sub-Advisers pursuant to the sub-advisory agreements and that the fees payable to the Sub-Advisers would reflect arms-length negotiations between the Adviser and the Sub-Advisers. The Trustees evaluated both the fee that would be payable under the sub-advisory agreements and the portion of the fee under the advisory agreement that would be 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 expected to be rendered by the Adviser and the Sub-Advisers. The Board also considered the Adviser’s and the Sub-Advisers’ commitment to managing the Funds and the Adviser’s willingness to enter into expense limitation and fee waiver arrangements with the Funds.

Investment Performance, Profitability and Economies of Scale

Because the Funds were new and had not commenced operations, they did not yet have their own investment performance record, although the Board took into account the performance of the Adviser in managing the assets of the Funds’ predecessor funds and the performance of the Sub-Advisers in managing their respective sleeves of the Funds’ predecessor funds over various time periods. The Trustees determined that the performance of the Funds’ predecessor funds was satisfactory, or, where such performance was materially below their benchmarks, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser and the Sub-Advisers in an effort to improve performance. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser and the Sub-Advisers had been able to achieve for the Funds’ predecessor funds were sufficient to support approval of the Agreements.

Because the Funds were new, it was not possible to determine the profitability that the Adviser or the Sub-Advisers might achieve with respect to the Funds or the extent to which economies of scale would be realized by the Adviser or the Sub-Advisers as the assets of the Funds grow. Accordingly, the Trustees did not make any conclusions regarding the Adviser’s or the Sub-Advisers’ profitability, or the extent to which economies of scale would be realized by the Adviser or the Sub-Advisers as the assets of the Funds grow, but will do so during future considerations of the Agreements.

Approval 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 to be paid thereunder, were fair and reasonable and agreed to approve the Agreements for initial terms of two years. 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.

Board Considerations in Approving a New Sub-Advisory Agreement with RhumbLine Advisers for the Catholic Responsible Investments Equity Index Fund and Catholic Responsible Investments Small-Cap Fund

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Funds’ sub-advisory agreements (the “Agreements”) must be approved: (i) by a vote of a majority of the shareholders of the Funds; and

112

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

(ii) by the vote of a majority of the members of the Board of Trustees (the “Board” or the “Trustees”) of Catholic Responsible Investments Funds (the “Trust”) 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 approval.

On April 30, 2022, RhumbLine Adviser’s (“RhumbLine”) Chief Executive Officer, Wayne Owen retired. As part of RhumbLine’s succession planning, Wayne Owen, along with Denise D’Entremont and Kim McCant entered into an internal transaction pursuant to which Ms. D’Entremont acquired more than 25% of the ownership interests in RhumbLine (the “Transaction”). Under the 1940 Act, any person who owns more than 25% of the voting securities of a company is presumed to control such company. Accordingly, the Transaction may have been considered to have resulted in a change in control of RhumbLine under the 1940 Act, resulting in the assignment, and automatic termination, of the prior sub-advisory agreement between Christian Brothers Investment Services, Inc. (the “Adviser”) and RhumbLine with respect to the Funds (the “Prior RhumbLine Sub-Advisory Agreement”). Accordingly, in anticipation of the Transaction, a Board meeting was held on April 29, 2022 (the “April 2022 Meeting”) to decide whether to approve a new sub-advisory agreement between the Adviser and RhumbLine with respect to the Funds (the “New RhumbLine Sub-Advisory Agreement”).

The April 2022 Meeting was held via videoconference in reliance on relief provided in orders issued by the Securities and Exchange Commission (“SEC”) on March 13, 2020, March 25, 2020 and June 19, 2020 from 1940 Act sections and rules requiring that certain votes of a company’s board of trustees be cast in person due to circumstances related to the current or potential effects of the COVID-19 pandemic. In preparation for the April 2022 Meeting, the Trustees requested that the Adviser and RhumbLine furnish information necessary to evaluate the terms of the New RhumbLine Sub-Advisory Agreement. The Trustees used this information, as well as other information that the Adviser, RhumbLine and other service providers of the Funds presented or submitted to the Board at the April 2022 Meeting, as well as at the Board’s meetings held on August 17-18, 2021 and November 15-17, 2021 (the “2021 Meetings”), to help them decide whether to approve the New RhumbLine Sub-Advisory Agreement for an initial two-year term.

Specifically, the Board requested and received written materials (or took into account written materials received at the 2021 Meetings) from the Adviser, RhumbLine and other service providers of the Funds regarding, among other things: (i) the terms, conditions, and expected timing of the Transaction, and the reasons that RhumbLine was undergoing the Transaction; (ii) the nature, extent and quality of the services to be provided by RhumbLine; (iii) RhumbLine’s operations and financial condition; (iv) RhumbLine’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds’ proposed sub-advisory fee to be paid to the Adviser; (vi) RhumbLine’s compliance program, including a description of material compliance matters and material compliance violations; (vii) RhumbLine’s policies on and compliance procedures for personal securities transactions; (viii) RhumbLine’s investment experience; and (ix) RhumbLine’s investment management personnel and the Funds’ performance attributable to RhumbLine.

Representatives from the Adviser then presented additional information and participated in question and answer sessions at the April 2022 Meeting to help the Trustees evaluate RhumbLine’s services, fee and other aspects of the New RhumbLine Sub-Advisory Agreement.

Based on their evaluation of the information provided by the Adviser and RhumbLine, the Trustees, including all of the trustees who are not parties to the New RhumbLine Sub-Advisory Agreement nor are considered “interested persons” (as such term is defined in the 1940 Act) of any party to the New RhumbLine Sub-Advisory Agreement (the “Independent Trustees”), voting separately, approved the New RhumbLine Sub-Advisory Agreement at the April 2022 Meeting. In considering the approval of the New RhumbLine Sub-Advisory Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services to be provided by RhumbLine; (ii) the investment performance of the Funds and RhumbLine; and (iii) the fees to be paid to RhumbLine from the Adviser, as discussed in further detail below. The Board also determined

113

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

that it was reasonable to take into account the conclusions the Board made, and the information provided in support thereof, when considering and evaluating its recent approval of the Prior RhumbLine Sub-Advisory Agreement as part of its considerations to approve the New RhumbLine Sub-Advisory Agreement.

Nature, Extent and Quality of Services Provided by RhumbLine

In considering the nature, extent and quality of the services to be provided by RhumbLine, the Board reviewed the portfolio management services to be provided by RhumbLine to the Funds, including the quality of the continuing portfolio management personnel, the resources of RhumbLine and RhumbLine’s compliance history and compliance program. The Trustees reviewed the terms of the proposed New RhumbLine Sub-Advisory Agreement, and noted that the terms of the New RhumbLine Sub-Advisory Agreement were identical to those of the Prior RhumbLine Sub-Advisory Agreement, except for the date. The Trustees also reviewed RhumbLine’s proposed investment and risk management approaches for the Funds. The Trustees considered that the Adviser would supervise and monitor the performance of RhumbLine. RhumbLine provided the Board with a response to a detailed series of questions which included, among other things, information about the investment advisory services to be provided by RhumbLine to the Funds. In addition, the Board considered representations from RhumbLine that the Transaction was not expected to result in any material changes to the nature, extent and quality of the services to be provided to the Funds, and that the portfolio managers of the Funds were not expected to change in connection with the Transaction.

When considering the recent approval of the Prior RhumbLine Sub-Advisory Agreement, the Trustees also considered other services to be provided to the Funds by RhumbLine 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 to be provided to the Funds by RhumbLine would be satisfactory.

Investment Performance of RhumbLine

The Board was provided with reports at the 2021 Meetings regarding the performance of the Funds’ predecessor funds, and RhumbLine’s contribution thereto, over various time periods. The Trustees determined to take these reports into account and determined that RhumbLine’s performance was satisfactory. Based on this information and the representation that the portfolio managers of the Funds were not expected to change in connection with the Transaction, the Board concluded, within the context of its full deliberations, that the investment results that RhumbLine had been able to achieve for the Funds’ predecessor funds were sufficient to support approval of the New RhumbLine Sub-Advisory Agreement.

Costs of Advisory Services

In connection with the Board’s evaluation of the sub-advisory fee payable by the Adviser to RhumbLine when considering the approval of the Prior RhumbLine Sub-Advisory Agreement, the Trustees considered, among other things, information about the proposed sub-advisory fee to be paid to RhumbLine. The Trustees also reviewed the management fees charged by RhumbLine 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. When considering the New RhumbLine Sub-Advisory Agreement, the Trustees also considered that the fee payable to RhumbLine under the New RhumbLine Sub-Advisory Agreement would be the same as the fee paid to RhumbLine under the Prior RhumbLine Sub-Advisory Agreement. The Board concluded, within the context of its full deliberations, that the sub-advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by RhumbLine.

114

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2022 (Unaudited)

Approval of the New RhumbLine Sub-Advisory Agreement

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 New RhumbLine Sub-Advisory Agreement, including the fee to be paid thereunder, were fair and reasonable and agreed to approve the New RhumbLine Sub-Advisory Agreement for an initial term of two years. In its deliberations, the Board did not identify any absence of information 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.

115

[THIS PAGE INTENTIONALLY LEFT BLANK]

Catholic Responsible Investments

Investment Adviser:

Christian Brothers Investment Services, Inc.

125 S. Wacker Drive

Suite 2400

Chicago, Illinois 60606

Administrator:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

This information must be preceded or accompanied by a current prospectus for the Funds described.

CRI-SA-001-0100

Item 2.

Code of Ethics.

Not required for semi-annual report.

Item 3.

Audit Committee Financial Expert.

Not required for semi-annual report.

Item 4.

Principal Accountant Fees and Services.

Not required for semi-annual report.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6.

Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7.

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

Not applicable to open-end management investment companies.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9.

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

Not applicable to open-end management investment companies.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the registrant’s procedures by which shareholders may recommend nominees to the registrant’s board of trustees during the period covered by the report.

Item 11.

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 Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR § 270.30a-15(b) or §240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR § 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

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

Not applicable to open-end management investment companies.

Item 13.

Exhibits.

(a)(1) Not required for semi-annual report.

(a)(2) Separate certifications for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR § 270.30a-2(a)) are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR § 270.30a-2(b)) also accompany this filing as an exhibit.

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, Trustee and President

Date:		July 8, 2022

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, Trustee and President

Date:		July 8, 2022



By:		/s/ Andrew Metzger
		Andrew Metzger, Treasurer, Controller, and CFO

Date:		July 8, 2022

Catholic Responsible Investments Funds N-CSRSCertified semi-annual shareholder report (management investment company)