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, 2023

Date of reporting period: April 30, 2023

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, 2023

CRI Ultra Short Bond Fund

Institutional Shares: CRHSX

CRI Short Duration Bond Fund

Institutional Shares: CRDSX

CRI Bond Fund

Investor Shares: CRBVX

Institutional Shares: CRBSX

CRI Opportunistic Bond Fund

Investor Shares: CROVX

Institutional Shares: CROSX

CRI Equity Index Fund

Institutional Shares: CRQSX

CRI Small-Cap Fund

Institutional Shares: CRSSX

CRI Multi-Style US Equity Fund

Investor Shares: CRTVX

Institutional Shares: CRTSX

CRI International Equity Fund

Investor Shares: CRLVX

Institutional Shares: CRLSX

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, 2023 (Unaudited)

TABLE OF CONTENTS


Schedules of Investments			2

Statements of Assets and Liabilities			89

Statements of Operations			92

Statements of Changes in Net Assets			95

Financial Highlights			102

Notes to Financial Statements			104

Disclosure of Fund Expenses			121

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, 2023 (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
ASSET-BACKED SECURITIES — 24.6%

	Face Amount		Value

Automotive — 21.6%
Ally Auto Receivables Trust, Ser 2022-3, Cl A2
5.290%, 06/16/25	$	95,000	$	94,846
American Credit Acceptance Receivables Trust, Ser 2022-2, Cl A
2.660%, 02/13/26 (A)		36,718		36,625
American Credit Acceptance Receivables Trust, Ser 2022-3, Cl A
4.120%, 02/13/26 (A)		17,125		17,040
American Credit Acceptance Receivables Trust, Ser 2023-1, Cl A
5.450%, 09/14/26 (A)		206,123		205,684
American Credit Acceptance Receivables Trust, Ser 2023-2, Cl A
5.890%, 10/13/26 (A)		105,000		105,006
AmeriCredit Automobile Receivables Trust, Ser 2019-2, Cl C
2.740%, 04/18/25		158,332		157,303
AmeriCredit Automobile Receivables Trust, Ser 2020-3, Cl A3
0.530%, 06/18/25		44,234		43,810
AmeriCredit Automobile Receivables Trust, Ser 2021-1, Cl A3
0.370%, 08/18/25		94,481		93,139
AmeriCredit Automobile Receivables Trust, Ser 2021-3, Cl A2
0.410%, 02/18/25		8,888		8,867


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
AmeriCredit Automobile Receivables Trust, Ser 2022-1, Cl A2
2.050%, 01/20/26	$	235,160	$	232,980
AmeriCredit Automobile Receivables Trust, Ser 2022-2, Cl A2A
4.200%, 12/18/25		60,837		60,335
Americredit Automobile Receivables Trust, Ser 2023-1, Cl A1
5.154%, 03/18/24		400,000		399,959
ARI Fleet Lease Trust, Ser 2020-A, Cl A3
1.800%, 08/15/28 (A)		320,365		318,251
ARI Fleet Lease Trust, Ser 2021-A, Cl A2
0.370%, 03/15/30 (A)		295,552		292,592
ARI Fleet Lease Trust, Ser 2023-A, Cl A1
5.426%, 04/15/24 (A)		375,000		374,916
BMW Vehicle Lease Trust, Ser 2021-1, Cl A4
0.370%, 07/25/24		325,000		321,178
BMW Vehicle Lease Trust, Ser 2021-2, Cl A4
0.430%, 01/27/25		400,000		385,527
BMW Vehicle Lease Trust, Ser 2023-1, Cl A1
4.831%, 02/26/24		193,050		193,019
BMW Vehicle Owner Trust, Ser 2019-A, Cl A4
1.950%, 01/26/26		309,719		308,330
BMW Vehicle Owner Trust, Ser 2022-A, Cl A2B
5.335%, SOFR30A + 0.520%, 12/26/24 (B)		35,489		35,501
CarMax Auto Owner Trust, Ser 2022-2, Cl A2B
5.350%, SOFR30A + 0.600%, 05/15/25 (B)		28,297		28,293
CarMax Auto Owner Trust, Ser 2023-1, Cl A1
4.964%, 02/15/24		85,917		85,937
CarMax Auto Owner Trust, Ser 2023-2, Cl A1
5.508%, 05/15/24		162,000		162,081
Carvana Auto Receivables Trust, Ser 2021-N2, Cl A1
0.320%, 03/10/28		4,211		4,176
Chesapeake Funding II, Ser 2020-1A, Cl A1
0.870%, 08/15/32 (A)		456,410		453,155

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2023 (Unaudited)


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
CPS Auto Receivables Trust, Ser 2019-D, Cl D
2.720%, 09/15/25 (A)	$	116,620	$	115,904
CPS Auto Receivables Trust, Ser 2022-C, Cl A
4.180%, 04/15/30 (A)		58,160		57,683
CPS Auto Receivables Trust, Ser 2023-A, Cl A
5.540%, 03/16/26 (A)		189,988		189,560
Credit Acceptance Auto Loan Trust, Ser 2021-3A, Cl A
1.000%, 05/15/30 (A)		375,000		363,508
Donlen Fleet Lease Funding 2, Ser 2021-2, Cl A1
5.220%, ICE LIBOR USD 1 Month + 0.330%, 12/11/34 (A)(B)		95,794		95,494
Drive Auto Receivables Trust, Ser 2020-2, Cl C
2.280%, 08/17/26		44,407		44,174
Drive Auto Receivables Trust, Ser 2021-1, Cl C
1.020%, 06/15/27		116,529		114,401
DT Auto Owner Trust, Ser 2021-1A, Cl B
0.620%, 09/15/25 (A)		27,718		27,665
DT Auto Owner Trust, Ser 2021-3A, Cl A
0.330%, 04/15/25 (A)		16,156		16,122
Enterprise Fleet Financing, Ser 2019-3, Cl A3
2.190%, 05/20/25 (A)		270,729		270,092
Enterprise Fleet Financing, Ser 2020-1, Cl A3
1.860%, 12/22/25 (A)		450,000		446,547
Enterprise Fleet Financing, Ser 2021-2, Cl A2
0.480%, 05/20/27 (A)		365,211		350,676
Enterprise Fleet Financing, Ser 2023-1, Cl A1
5.330%, 03/20/24 (A)		152,269		152,183
Exeter Automobile Receivables Trust, Ser 2020-2A, Cl C
3.280%, 05/15/25 (A)		78,368		78,291
Exeter Automobile Receivables Trust, Ser 2021-3A, Cl B
0.690%, 01/15/26		47,220		46,752
Exeter Automobile Receivables Trust, Ser 2022-1A, Cl A3
1.540%, 07/15/25		81,320		81,103
Exeter Automobile Receivables Trust, Ser 2022-3A, Cl A2
3.450%, 08/15/24		6,434		6,429


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Exeter Automobile Receivables Trust, Ser 2022-4A, Cl A2
3.990%, 08/15/24	$	13,626	$	13,617
Exeter Automobile Receivables Trust, Ser 2022-4A, Cl A3
4.330%, 02/17/26		250,000		248,678
Exeter Automobile Receivables Trust, Ser 2022-5A, Cl A2
5.290%, 01/15/25		299,522		299,487
Exeter Automobile Receivables Trust, Ser 2023-1A, Cl A2
5.610%, 06/16/25		70,000		69,939
First Investors Auto Owner Trust, Ser 2021-1A, Cl A
0.450%, 03/16/26 (A)		31,744		31,581
Flagship Credit Auto Trust, Ser 2020-3, Cl B
1.410%, 09/15/26 (A)		127,547		126,508
Flagship Credit Auto Trust, Ser 2021-2, Cl A
0.370%, 12/15/26 (A)		89,534		88,438
Flagship Credit Auto Trust, Ser 2022-1, Cl A
1.790%, 10/15/26 (A)		197,284		191,852
Flagship Credit Auto Trust, Ser 2023-1, Cl A1
4.922%, 02/15/24 (A)		160,462		160,478
Flagship Credit Auto Trust, Ser 2023-2, Cl A1
5.420%, 05/15/24 (A)		250,000		250,043
Ford Credit Auto Lease Trust, Ser 2021-A, Cl B
0.470%, 05/15/24		175,592		175,185
Ford Credit Auto Lease Trust, Ser 2021-B, Cl A3
0.370%, 10/15/24		371,840		367,390
Ford Credit Auto Lease Trust, Ser 2022-A, Cl A2B
5.350%, SOFR30A + 0.600%, 10/15/24 (B)		20,751		20,754
Ford Credit Auto Lease Trust, Ser 2023-A, Cl A1
4.959%, 02/15/24		76,410		76,391
Ford Credit Auto Owner Trust, Ser 2022-D, Cl A1
4.594%, 12/15/23		37,115		37,117
Ford Credit Auto Owner Trust, Ser 2023-A, Cl A1
5.028%, 04/15/24		126,965		126,990
Foursight Capital Automobile Receivables Trust, Ser 2023-1, Cl A1
4.974%, 02/15/24 (A)		136,752		136,714

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2023 (Unaudited)


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
GLS Auto Receivables Issuer Trust, Ser 2021-2A, Cl B
0.770%, 09/15/25 (A)	$	77,623	$	77,015
GM Financial Automobile Leasing Trust, Ser 2021-2, Cl A4
0.410%, 05/20/25		200,000		195,819
GM Financial Automobile Leasing Trust, Ser 2021-3, Cl A3
0.390%, 10/21/24		447,541		438,878
GM Financial Automobile Leasing Trust, Ser 2022-2, Cl A2
2.930%, 10/21/24		92,577		91,653
GM Financial Automobile Leasing Trust, Ser 2023-1, Cl A1
4.948%, 02/20/24		118,434		118,445
GM Financial Consumer Automobile Receivables Trust, Ser 2023-1, Cl A1
4.890%, 01/16/24		214,016		214,045
GM Financial Consumer Automobile Receivables Trust, Ser 2023-2, Cl A1
5.186%, 04/16/24		330,000		330,061
Honda Auto Receivables Owner Trust, Ser 2020-1, Cl A3
1.610%, 04/22/24		33,128		33,021
Honda Auto Receivables Owner Trust, Ser 2020-1, Cl A4
1.630%, 10/21/26		300,000		298,463
Honda Auto Receivables Owner Trust, Ser 2021-1, Cl A3
0.270%, 04/21/25		348,366		339,147
Hyundai Auto Lease Securitization Trust, Ser 2021-B, Cl A3
0.330%, 06/17/24 (A)		149,357		147,839
Hyundai Auto Lease Securitization Trust, Ser 2022-B, Cl A2B
5.370%, SOFR30A + 0.620%, 10/15/24 (A)(B)		63,588		63,582
Hyundai Auto Lease Securitization Trust, Ser 2023-A, Cl A2A
5.200%, 04/15/25 (A)		100,000		99,825
Hyundai Auto Receivables Trust, Ser 2019-B, Cl B
2.210%, 04/15/25		100,000		98,441
Hyundai Auto Receivables Trust, Ser 2023-A, Cl A1
5.167%, 04/15/24		360,000		360,144
Mercedes-Benz Auto Lease Trust, Ser 2021-B, Cl A3
0.400%, 11/15/24		217,661		213,375
Nissan Auto Receivables Owner Trust, Ser 2020-A, Cl A3
1.380%, 12/16/24		152,260		150,852


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Nissan Auto Receivables Owner Trust, Ser 2023-A, Cl A1
5.424%, 05/15/24	$	130,000	$	130,051
Santander Drive Auto Receivables Trust, Ser 2021-1, Cl C
0.750%, 02/17/26		123,490		122,128
Santander Drive Auto Receivables Trust, Ser 2022-2, Cl A3
2.980%, 10/15/26		315,915		312,052
Santander Drive Auto Receivables Trust, Ser 2022-4, Cl A2
4.050%, 07/15/25		59,295		59,146
Santander Drive Auto Receivables Trust, Ser 2022-5, Cl A2
3.980%, 01/15/25		293,060		292,317
Santander Drive Auto Receivables Trust, Ser 2022-5, Cl A3
4.110%, 08/17/26		225,000		222,355
Santander Drive Auto Receivables Trust, Ser 2022-6, Cl A2
4.370%, 05/15/25		53,718		53,580
Santander Drive Auto Receivables Trust, Ser 2023-1, Cl A2
5.360%, 05/15/26		355,000		354,286
Toyota Lease Owner Trust, Ser 2021-B, Cl A3
0.420%, 10/21/24 (A)		256,784		252,433
Toyota Lease Owner Trust, Ser 2023-A, Cl A1
5.388%, 04/22/24 (A)		204,000		203,990
United Auto Credit Securitization Trust, Ser 2022-2, Cl A
4.390%, 04/10/25 (A)		62,460		62,229
United Auto Credit Securitization Trust, Ser 2023-1, Cl A
5.570%, 07/10/25 (A)		128,488		128,274
Westlake Automobile Receivables Trust, Ser 2019-3A, Cl D
2.720%, 11/15/24 (A)		82,641		82,429
Westlake Automobile Receivables Trust, Ser 2021-1A, Cl B
0.640%, 03/16/26 (A)		155,942		155,002
Westlake Automobile Receivables Trust, Ser 2021-2A, Cl A2A
0.320%, 04/15/25 (A)		54,284		54,045
Westlake Automobile Receivables Trust, Ser 2021-3A, Cl A2
0.570%, 09/16/24 (A)		16,632		16,599
Westlake Automobile Receivables Trust, Ser 2022-3A, Cl A1
4.005%, 10/16/23 (A)		45,977		45,941
Westlake Automobile Receivables Trust, Ser 2023-1A, Cl A1
5.046%, 01/16/24 (A)		210,245		210,262

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2023 (Unaudited)


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Westlake Automobile Receivables Trust, Ser 2023-2A, Cl A1
5.266%, 03/15/24 (A)	$	205,939	$	205,909
World Omni Auto Receivables Trust, Ser 2022-B, Cl A2B
5.320%, SOFR30A + 0.570%, 10/15/25 (B)		42,132		42,118
World Omni Auto Receivables Trust, Ser 2023-A, Cl A1
4.867%, 02/15/24		284,234		284,251
World Omni Automobile Lease Securitization Trust, Ser 2020-B, Cl A4
0.520%, 02/17/26		67,410		67,284
World Omni Select Auto Trust, Ser 2020-A, Cl A3
0.550%, 07/15/25		51,708		51,589

				15,975,171


Other Asset-Backed Securities — 3.0%
BHG Securitization Trust, Ser 2022-C, Cl A
5.320%, 10/17/35 (A)		75,660		74,981
CCG Receivables Trust, Ser 2023-1, Cl A1
5.395%, 03/14/24 (A)		187,677		187,588
CNH Equipment Trust, Ser 2023-A, Cl A1
5.425%, 05/15/24		160,000		160,102
Dell Equipment Finance Trust, Ser 2021-2, Cl A3
0.530%, 12/22/26 (A)		375,000		363,417
Dell Equipment Finance Trust, Ser 2023-1, Cl A1
5.456%, 03/22/24 (A)		250,000		249,966
DLLAD, Ser 2021-1A, Cl A2
0.350%, 09/20/24 (A)		40,530		40,254
DLLAD, Ser 2023-1A, Cl A1
5.014%, 02/20/24 (A)		130,744		130,521
GreatAmerica Leasing Receivables Funding Series, Ser 2022-1, Cl A1
4.335%, 10/16/23 (A)		42,930		42,841
Hpefs Equipment Trust, Ser 2022-3A, Cl A1
4.331%, 10/20/23 (A)		35,967		35,958
Hpefs Equipment Trust, Ser 2023-1A, Cl A1
5.450%, 03/20/24 (A)		250,000		249,780
Kubota Credit Owner Trust, Ser 2023-1A, Cl A1
5.292%, 03/15/24 (A)		60,140		60,085
MMAF Equipment Finance, Ser 2022-B, Cl A1
4.924%, 12/01/23 (A)		80,807		80,736


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Verizon Owner Trust, Ser 2020-A, Cl B
1.980%, 07/22/24	$	172,282	$	171,951
Verizon Owner Trust, Ser 2020-B, Cl B
0.680%, 02/20/25		375,000		366,392

				2,214,572

Total Asset-Backed Securities
(Cost $18,162,946)				18,189,743

U.S. GOVERNMENT AGENCY OBLIGATIONS — 24.3%

	Face Amount		Value
FFCB
4.845%, U.S. SOFR + 0.035%, 07/12/23(B)	$	600,000	$	600,009
FHLB DN
5.041%, 10/20/23(C)		1,575,000		1,539,341
FHLB DN
5.023%, 06/09/23(C)		1,500,000		1,492,308
FHLB DN
4.955%, 08/16/23(C)		762,000		751,200
FHLB DN
4.936%, 10/11/23(C)		1,525,000		1,492,260
FHLB DN
4.919%, 09/29/23(C)		1,136,000		1,113,233
FHLB DN
4.919%, 10/13/23(C)		375,000		366,851
FHLB DN
4.859%, 07/05/23(C)		2,300,000		2,280,063
FHLB DN
4.858%, 06/02/23(C)		1,500,000		1,493,686
FHLB DN
4.855%, 07/07/23(C)		2,500,000		2,477,665
FHLB DN
4.829%, 08/04/23(C)		750,000		740,555
FHLB DN
4.825%, 07/21/23(C)		2,250,000		2,225,721
FHLB DN
4.719%, 06/06/23(C)		1,400,000		1,393,372

Total U.S. Government Agency Obligations
(Cost $17,964,241)				17,966,264

REPURCHASE AGREEMENT — 15.5%

	Face Amount		Value
Socgen Triparty Tsy
4.760%, dated 04/28/23, to be repurchased on 05/01/23, repurchase price $11,504,562, collateralized by a U.S. Government obligation, par value $11,730,000, 5.000%, 12/20/2052, with a total market value of $11,685,863	$	11,500,000	$	11,500,000

Total Repurchase Agreements
(Cost $11,500,000)				11,500,000

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2023 (Unaudited)


CORPORATE OBLIGATIONS — 11.4%

	Face Amount		Value

COMMUNICATION SERVICES — 0.3%
Warnermedia Holdings
6.592%, SOFRINDX + 1.780%, 03/15/24(A)(B)	$	215,000	$	216,214


CONSUMER DISCRETIONARY — 0.2%
Starbucks
5.140%, SOFRINDX + 0.420%, 02/14/24(B)		175,000		174,897


CONSUMER STAPLES — 0.3%
Daimler Truck Finance North America
5.837%, U.S. SOFR + 1.000%, 04/05/24(A)(B)		175,000		174,778


ENERGY — 0.4%
Enbridge
5.357%, SOFRINDX + 0.630%, 02/16/24(B)		250,000		249,315


FINANCIALS — 8.3%
American Express
5.559%, SOFRINDX + 0.720%, 05/03/24(B)		150,000		150,045
Bank of Montreal MTN
5.502%, SOFRINDX + 0.710%, 03/08/24(B)		300,000		299,287
Barclays MTN
4.338%, ICE LIBOR USD 3 Month + 1.356%, 05/16/24(B)		450,000		449,549
Canadian Imperial Bank of Commerce
0.450%, 06/22/23		525,000		521,323
Cooperatieve Rabobank UA
5.340%, U.S. SOFR + 0.530%, 06/28/23(B)		300,000		300,186
Credit Suisse NY
5.086%, SOFRINDX + 0.380%, 08/09/23(B)		300,000		296,378
Deutsche Bank NY
5.339%, U.S. SOFR + 0.500%, 11/08/23(B)		225,000		222,966
0.962%, 11/08/23		250,000		242,068
Goldman Sachs Group
1.217%, 12/06/23		275,000		268,534
Morgan Stanley MTN
5.185%, U.S. SOFR + 0.466%, 11/10/23(B)		117,000		116,860
New York Life Global Funding MTN
5.211%, SOFRINDX + 0.430%, 06/06/24(A)(B)		300,000		299,135
Nordea Bank Abp
1.000%, 06/09/23(A)		350,000		348,327


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

FINANCIALS — continued
Pacific Life Global Funding II
5.581%, SOFRINDX + 0.800%, 12/06/24(A)(B)	$	300,000	$	298,373
Svenska Handelsbanken
0.625%, 06/30/23(A)		350,000		347,193
Swedbank
1.300%, 06/02/23(A)		350,000		348,555
Toronto-Dominion Bank MTN
2.350%, 03/08/24		475,000		462,613
0.750%, 06/12/23		225,000		223,815
Truist Bank
5.037%, U.S. SOFR + 0.200%, 01/17/24(B)		650,000		642,333
UBS
5.092%, U.S. SOFR + 0.320%, 06/01/23(A)(B)		375,000		374,996

				6,212,536


INDUSTRIALS — 0.7%
Caterpillar Financial Services MTN
5.169%, U.S. SOFR + 0.450%, 11/13/23(B)		200,000		200,072
5.007%, U.S. SOFR + 0.170%, 01/10/24(B)		175,000		174,614
Protective Life Global Funding
5.850%, U.S. SOFR + 1.050%, 12/11/24(A)(B)		150,000		150,116

				524,802

UTILITIES — 1.2%
Florida Power & Light
4.963%, SOFRINDX + 0.250%, 05/10/23(B)		200,000		199,961
National Rural Utilities Cooperative Finance MTN
5.239%, U.S. SOFR + 0.400%, 08/07/23(B)		225,000		224,959
ONE Gas
3.610%, 02/01/24		160,000		157,953
Southern
5.083%, SOFRINDX + 0.370%, 05/10/23(B)		300,000		299,966

				882,839

Total Corporate Obligations
(Cost $8,454,083)				8,435,381

COMMERCIAL PAPER — 11.4%

	Face Amount		Value
AT&T Inc
6.035%, 03/19/24(C)	$	550,000	$	522,049
Banco Santander
5.388%, 09/01/23(C)		200,000		196,294
5.386%, 05/25/23(C)		200,000		199,252

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2023 (Unaudited)


COMMERCIAL PAPER — continued

	Face Amount		Value
Bank of Montreal
2.811%, 05/24/23(C)	$	250,000	$	249,104
BNP Paribas
5.354%, 12/05/23(C)		400,000		387,172
BofA Securities
5.375%, 10/13/23(C)		250,000		243,875
5.203%, 05/19/23(C)		300,000		299,130
BPC Disc
5.516%, 03/06/24(C)		400,000		382,096
CDP Financial
4.957%, 05/31/23(C)		250,000		248,841
Cooperatieve Rabobank UA
5.215%, 09/15/23(C)		375,000		367,300
Credit Agricole
5.354%, 05/31/23(C)		250,000		248,848
HSBC USA Inc
5.734%, 01/05/24(C)		300,000		288,807
Macquarie Bank Ltd
5.523%, 01/17/12(C)		250,000		240,443
5.374%, 11/15/23(C)		250,000		242,637
Mercedes-Benz Financial
5.433%, 05/02/23(C)		375,000		374,801
Mitsubushi
5.392%, 05/15/23(C)		250,000		249,420
MUFG BLK Ltd
5.419%, 10/16/23(C)		250,000		243,730
National Bank
5.136%, 07/06/23(C)		327,000		323,846
5.116%, 06/07/23(C)		375,000		372,925
Natixis
5.401%, 10/06/23(C)		300,000		292,936
Old Line Funding LLC
5.151%, 06/26/23(C)		375,000		371,825
Royal Bank
5.330%, 09/26/23(C)		345,000		337,545
5.266%, 08/14/23(C)		250,000		246,190
Skandinaviska Enskilda Banken
5.462%, 08/01/23(C)		400,000		394,653
Societe Generale
5.322%, 09/15/23(C)		250,000		244,860
Thunder Bay Funding LLC
5.022%, 05/17/23(C)		250,000		249,353
Transcanada Pipelines Ltd
5.507%, 05/08/23(C)		250,000		249,648
Westpac Banking
5.147%, 06/29/23(C)		348,000		345,014


Total Commercial Paper
(Cost $8,415,647)				8,412,594


U.S. TREASURY OBLIGATIONS — 9.5%

	Face Amount		Value
U.S. Treasury Bills
4.962%, 10/26/23(C)	$	2,300,000	$	2,244,985
4.914%, 10/12/23(C)		1,500,000		1,466,935
4.817%, 10/05/23(C)		747,600		731,884
U.S. Treasury Note
5.222%, US Treasury 3 Month Bill Money Market Yield + 0.035%, 10/31/23(B)		2,625,000		2,624,981

Total U.S. Treasury Obligations
(Cost $7,069,188)				7,068,785

CERTIFICATES OF DEPOSIT — 1.3%

	Face Amount		Value
BofA Securities
1.320%, 06/16/23	$	250,000	$	250,103
Natixis
5.150%, 11/02/23		250,000		249,589
Toronto-Dominion Bank
0.000%, 05/01/23		500,000		500,022

Total Certificates of Deposit
(Cost $999,809)				999,714

Total Investments in Securities — 98.0%
(Cost $72,565,914)			$	72,572,481

Percentages are based on Net Assets of $74,026,566.

(A)

Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other “accredited investors”. The total value of these securities at April 30, 2023 was $12,610,228 and represented 17.0% of Net Assets.

(B)

Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

(C)

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

Cl — Class

DN — Discount Note

FFCB — Federal Farm Credit Bank

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

APRIL 30, 2023 (Unaudited)

FHLB — Federal Home Loan Bank

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

Ser — Series

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

SOFRINDX — Secured Overnight Financing Rate

USD — U.S. Dollar

As of April 30, 2023, all of the Fund’s investments in securities were considered level 2, in accordance with the authoritative guidance of fair value measurements and disclosure under 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 SHORT DURATION BOND FUND

APRIL 30, 2023 (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
CORPORATE OBLIGATIONS — 40.6%
	Face Amount		Value
COMMUNICATION SERVICES — 1.0%
Sprint Spectrum
4.738%, 03/20/25(A)	$	1,280,000	$	1,270,884
Take-Two Interactive Software
5.000%, 03/28/26		725,000		729,689
Warnermedia Holdings
3.428%, 03/15/24(A)		2,625,000		2,568,576

				4,569,149

CONSUMER DISCRETIONARY — 2.3%
DR Horton
2.600%, 10/15/25		2,575,000		2,428,830
Ford Motor Credit
2.300%, 02/10/25		2,500,000		2,327,469
General Motors Financial
4.150%, 06/19/23		1,000,000		997,844
Haleon UK Capital
3.125%, 03/24/25		625,000		603,300
Haleon US Capital
3.024%, 03/24/24		525,000		513,657
Lennar
4.875%, 12/15/23		2,000,000		1,995,856
4.750%, 05/30/25		1,825,000		1,811,768
ZF North America Capital
6.875%, 04/14/28(A)		150,000		154,503

				10,833,227

CONSUMER STAPLES — 1.2%
Bunge Finance
1.630%, 08/17/25		2,200,000		2,032,472
Cargill
4.500%, 06/24/26(A)		535,000		537,465
CVS Pass-Through Trust
6.036%, 12/10/28		2,355,905		2,374,080
General Mills
5.241%, 11/18/25		800,000		800,395

				5,744,412


CORPORATE OBLIGATIONS — continued
	Face Amount		Value
ENERGY — 2.3%
Continental Resources
3.800%, 06/01/24	$	1,695,000	$	1,661,848
Hydro-Quebec
8.050%, 07/07/24		2,000,000		2,069,720
MidAmerican Energy
3.100%, 05/01/27		2,000,000		1,909,910
Petroleos Mexicanos
2.830%, 02/15/24		184,500		182,079
Pioneer Natural Resources
5.100%, 03/29/26		130,000		131,142
Plains All American Pipeline
4.650%, 10/15/25		2,250,000		2,225,275
Terraform Power Operating
7.430%, 05/21/29		2,493,719		2,487,484
Williams
5.400%, 03/02/26		300,000		305,685

				10,973,143

FINANCIALS — 27.1%
ABN AMRO Bank
7.750%, 05/15/23(A)		1,700,000		1,700,958
Aflac
1.125%, 03/15/26		900,000		821,994
AIB Group
7.583%, U.S. SOFR + 3.456%, 10/14/26(A)(B)		750,000		773,313
American Express
4.990%, U.S. SOFR + 0.999%, 05/01/26(B)		1,250,000		1,248,800
Asian Development Bank MTN
1.750%, 08/14/26		2,387,000		2,236,319
Athene Global Funding
2.800%, 05/26/23(A)		1,000,000		997,420
2.514%, 03/08/24(A)		1,570,000		1,516,452
Bank of America MTN
5.080%, U.S. SOFR + 1.290%, 01/20/27(B)		1,000,000		997,988
2.456%, ICE LIBOR USD 3 Month + 0.870%, 10/22/25(B)		1,464,000		1,398,293
1.530%, U.S. SOFR + 0.650%, 12/06/25(B)		1,000,000		937,598
0.810%, U.S. SOFR + 0.730%, 10/24/24(B)		2,000,000		1,953,180
Bank of Ireland Group
6.253%, H15T1Y + 2.650%, 09/16/26(A)(B)		815,000		819,782
Bank of New York Mellon
4.947%, U.S. SOFR + 1.026%, 04/26/27(B)		470,000		472,847
Bank of Nova Scotia
4.750%, 02/02/26		750,000		747,539
Bank One Michigan
8.250%, 11/01/24		1,925,000		1,996,407

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2023 (Unaudited)


CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Banque Federative du Credit Mutuel
4.935%, 01/26/26(A)	$	750,000	$	747,022
4.524%, 07/13/25(A)		1,225,000		1,202,975
Barclays
5.304%, H15T1Y + 2.300%, 08/09/26(B)		1,450,000		1,436,365
BB Blue Financing DAC
4.395%, 09/20/29		2,500,000		2,506,470
Brighthouse Financial Global Funding MTN
1.200%, 12/15/23(A)		1,720,000		1,668,362
1.000%, 04/12/24(A)		594,000		567,868
Caisse d’Amortissement de la Dette Sociale
3.000%, 05/17/25(A)		428,000		416,803
0.375%, 05/27/24(A)		1,000,000		956,097
Canadian Imperial Bank of Commerce
3.945%, 08/04/25		1,000,000		976,819
Capital One Financial
4.985%, U.S. SOFR + 2.160%, 07/24/26(B)		825,000		804,649
4.166%, U.S. SOFR + 1.370%, 05/09/25(B)		1,185,000		1,154,036
CDP Financial MTN
1.000%, 05/26/26(A)		1,000,000		909,422
Central American Bank for Economic Integration
5.000%, 02/09/26(A)		500,000		503,902
Citigroup
5.610%, U.S. SOFR + 1.546%, 09/29/26(B)		1,250,000		1,262,736
5.532%, U.S. SOFR + 0.694%, 01/25/26(B)		2,117,000		2,085,631
2.014%, U.S. SOFR + 0.694%, 01/25/26(B)		1,000,000		943,459
0.776%, U.S. SOFR + 0.686%, 10/30/24(B)		1,000,000		975,261
Council of Europe Development Bank
3.000%, 06/16/25		1,000,000		975,527
Credit Agricole MTN
1.907%, U.S. SOFR + 1.676%, 06/16/26(A)(B)		2,525,000		2,335,601
Credit Suisse Group
2.593%, U.S. SOFR + 1.560%, 09/11/25(A)(B)		3,050,000		2,837,089
Credit Suisse NY
4.750%, 08/09/24		625,000		603,906
Daimler Truck Finance North America
5.150%, 01/16/26(A)		710,000		715,111


CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Danske Bank
6.466%, H15T1Y + 2.100%, 01/09/26(A)(B)	$	875,000	$	880,729
Deutsche Bank NY
2.222%, U.S. SOFR + 2.159%, 09/18/24(B)		2,605,000		2,551,400
1.686%, 03/19/26		1,000,000		894,003
European Investment Bank
2.875%, 06/13/25(A)		2,000,000		1,950,815
2.125%, 04/13/26		447,000		425,574
0.625%, 10/21/27		2,000,000		1,750,832
Federation des Caisses Desjardins du Quebec
0.700%, 05/21/24(A)		1,500,000		1,428,948
Fifth Third Bank
5.852%, U.S. SOFR + 1.230%, 10/27/25(B)		1,130,000		1,122,291
GATX Financial 2005-1 Pass Through Trust
5.697%, 01/02/25(A)		156,537		156,593
Global Payments
4.000%, 06/01/23		2,000,000		1,997,063
Goldman Sachs Group
5.700%, 11/01/24		750,000		756,260
4.387%, U.S. SOFR + 1.510%, 06/15/27(B)		1,000,000		981,408
0.855%, U.S. SOFR + 0.609%, 02/12/26(B)		579,000		531,048
HSBC Holdings
7.336%, U.S. SOFR + 3.030%, 11/03/26(B)		1,000,000		1,047,727
ING Bank
5.800%, 09/25/23(A)		2,500,000		2,500,083
ING Groep
1.400%, H15T1Y + 1.100%, 07/01/26(A)(B)		1,000,000		915,168
Inter-American Development Bank
0.500%, 05/24/23		2,443,000		2,436,282
Inter-American Investment
4.125%, 02/15/28		500,000		504,044
International Bank for Reconstruction & Development MTN
1.875%, 06/19/23		2,000,000		1,991,580
0.250%, 11/24/23		1,341,000		1,304,753
0.000%, 03/31/28(C)		1,000,000		1,007,595
0.000%, 03/31/27(C)		2,500,000		2,298,800
International Finance MTN
4.930%, U.S. SOFR + 0.090%, 04/03/24(B)		2,000,000		1,999,714
JPMorgan Chase
1.045%, U.S. SOFR + 0.800%, 11/19/26(B)		1,500,000		1,351,032

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2023 (Unaudited)


CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
0.768%, U.S. SOFR + 0.490%, 08/09/25(B)	$	1,000,000	$	939,795
0.653%, TSFR3M + 0.600%, 09/16/24(B)		2,500,000		2,453,194
Kansas City Southern
3.850%, 11/15/23		1,975,000		1,954,841
KBC Group
5.796%, H15T1Y + 2.100%, 01/19/29(A)(B)		295,000		298,777
Macquarie Group
5.108%, U.S. SOFR + 2.208%, 08/09/26(A)(B)		1,450,000		1,446,773
Manufacturers & Traders Trust
5.400%, 11/21/25		1,000,000		976,001
4.650%, 01/27/26		1,650,000		1,597,114
Massachusetts Mutual Life Insurance
7.625%, 11/15/23(A)		1,250,000		1,258,035
Metropolitan Tower Life Insurance
7.625%, 01/15/24(A)		2,000,000		2,019,073
Mitsubishi UFJ Financial Group
5.063%, H15T1Y + 1.550%, 09/12/25(B)		1,000,000		994,400
4.788%, H15T1Y + 1.700%, 07/18/25(B)		1,000,000		990,566
2.527%, 09/13/23		1,000,000		989,690
Morgan Stanley MTN
5.000%, 11/24/25		3,425,000		3,428,010
0.864%, U.S. SOFR + 0.745%, 10/21/25(B)		1,000,000		929,786
National Australia Bank
4.966%, 01/12/26		700,000		707,813
National Bank of Canada MTN
0.550%, H15T1Y + 0.400%, 11/15/24(B)		2,000,000		1,946,771
NatWest Group
5.847%, H15T1Y + 1.350%, 03/02/27(B)		435,000		439,575
2.359%, H15T1Y + 2.150%, 05/22/24(B)		1,000,000		997,740
NatWest Markets
3.479%, 03/22/25(A)		1,585,000		1,527,173
OPEC Fund for International Development
4.500%, 01/26/26(A)		450,000		450,043
Royal Bank of Canada MTN
4.950%, 04/25/25		750,000		749,955
Santander Holdings USA
5.807%, U.S. SOFR + 2.328%, 09/09/26(B)		1,000,000		990,724
Societe Generale MTN
6.447%, H15T1Y + 2.300%, 01/12/27(A)(B)		875,000		883,811


CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Standard Chartered
7.776%, H15T1Y + 3.100%, 11/16/25(A)(B)	$	1,000,000	$	1,028,301
6.170%, H15T1Y + 2.050%, 01/09/27(A)(B)		700,000		709,268
Toronto-Dominion Bank MTN
5.291%, U.S. SOFR + 0.450%, 09/28/23(B)		3,587,000		3,585,772
Truist Financial MTN
4.260%, U.S. SOFR + 1.456%, 07/28/26(B)		1,025,000		991,685
TTX MTN
3.600%, 01/15/25(A)		2,500,000		2,434,991
UBS Group
1.008%, H15T1Y + 0.830%, 07/30/24(A)(B)		2,500,000		2,464,878
USAA Capital
1.500%, 05/01/23(A)		1,000,000		1,000,000
0.500%, 05/01/24(A)		2,500,000		2,383,319
Wells Fargo MTN
2.406%, ICE LIBOR USD 3 Month + 0.825%, 10/30/25(B)		2,500,000		2,390,651
0.805%, U.S. SOFR + 0.510%, 05/19/25(B)		1,000,000		951,185
WLB Asset II D Pte
6.500%, 12/21/26(A)		1,000,000		1,006,372

				125,903,825

HEALTH CARE — 1.2%
Adventist Health System
2.433%, 09/01/24		1,415,000		1,365,186
CommonSpirit Health
1.547%, 10/01/25		1,000,000		921,250
CVS Health
5.000%, 02/20/26		1,000,000		1,010,665
Elevance Health
5.350%, 10/15/25		330,000		334,190
GE HealthCare Technologies
5.600%, 11/15/25(A)		950,000		961,366
Quest Diagnostics
3.450%, 06/01/26		910,000		878,708

				5,471,365

INDUSTRIALS — 1.2%
AerCap Ireland Capital DAC
4.875%, 01/16/24		1,000,000		991,870
Burlington Northern and Santa Fe Railway Pass Through Trust, Ser 2006-1
5.720%, 01/15/24		180,734		183,972
CNH Industrial
4.500%, 08/15/23		2,375,000		2,369,211

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2023 (Unaudited)


CORPORATE OBLIGATIONS — continued
	Face Amount		Value
INDUSTRIALS — continued
Mileage Plus Holdings
6.500%, 06/20/27(A)	$	1,147,488	$	1,145,697
Nature Conservancy
0.467%, 07/01/23		425,000		421,213
Regal Rexnord
6.050%, 02/15/26(A)		715,000		724,802

				5,836,765

INFORMATION TECHNOLOGY — 0.5%
Flex
6.000%, 01/15/28		550,000		560,717
Intel
4.875%, 02/10/26		1,105,000		1,118,073
Open Text
6.900%, 12/01/27(A)		570,000		588,731
Oracle
5.800%, 11/10/25		200,000		204,736

				2,472,257

MATERIALS — 1.5%
Berry Global
4.875%, 07/15/26(A)		1,250,000		1,222,156
BHP Billiton Finance USA
4.875%, 02/27/26		500,000		505,624
Celanese US Holdings
6.050%, 03/15/25		1,025,000		1,028,214
Graphic Packaging International
0.821%, 04/15/24(A)		1,025,000		973,750
LG Chemical
4.375%, 07/14/25(A)		570,000		560,405
Nutrien
5.950%, 11/07/25		370,000		380,785
1.900%, 05/13/23		1,175,000		1,173,446
Steel Dynamics
5.000%, 12/15/26		1,550,000		1,554,657

				7,399,037

REAL ESTATE — 0.2%
Realty Income
5.050%, 01/13/26		910,000		909,849

UTILITIES — 2.1%
Avangrid
3.200%, 04/15/25		2,500,000		2,398,463
3.150%, 12/01/24		1,000,000		966,062
Edison International
4.700%, 08/15/25		1,450,000		1,430,399
Electricite de France
3.625%, 10/13/25(A)		500,000		489,224
NextEra Energy Capital Holdings
6.051%, 03/01/25		515,000		523,236
Pacific Gas and Electric
5.450%, 06/15/27		725,000		718,897
Pennsylvania Electric
5.150%, 03/30/26(A)		500,000		501,845


CORPORATE OBLIGATIONS — continued
	Face Amount		Value
UTILITIES — continued
Southern
5.150%, 10/06/25	$	750,000	$	756,998
Southern Power
4.150%, 12/01/25		1,000,000		980,761
0.900%, 01/15/26		1,000,000		907,851

				9,673,736

Total Corporate Obligations
(Cost $193,676,214)				189,786,765

U.S. TREASURY OBLIGATIONS — 28.8%

	Face Amount		Value
U.S. Treasury Notes
4.250%, 10/15/25	$	7,000,000	$	7,050,859
4.000%, 12/15/25		5,000,000		5,017,383
4.000%, 02/15/26		19,800,000		19,891,266
3.000%, 10/31/25		2,450,000		2,396,885
2.875%, 06/15/25		28,000,000		27,337,187
2.750%, 02/28/25		7,640,000		7,449,000
2.625%, 03/31/25		3,640,000		3,540,042
2.500%, 05/31/24		705,000		688,036
2.250%, 11/15/24	��	3,600,000		3,485,672
2.250%, 12/31/24		2,580,000		2,495,747
1.875%, 06/30/26		33,900,000		32,026,230
1.750%, 12/31/24		14,145,000		13,571,464
1.125%, 02/28/25		1,280,000		1,211,550
0.250%, 06/30/25		9,150,000		8,449,811

Total U.S. Treasury Obligations
(Cost $137,216,313)				134,611,132

ASSET-BACKED SECURITIES — 18.0%

	Face Amount		Value
Automotive — 9.2%
American Credit Acceptance Receivables Trust, Ser 2022-3, Cl A
4.120%, 02/13/26 (A)	$	112,263	$	111,703
American Credit Acceptance Receivables Trust, Ser 2023-2, Cl A
5.890%, 10/13/26 (A)		520,000		520,002
Americredit Automobile Receivables Trust, Ser 2022-1, Cl A3
2.450%, 11/18/26		950,000		918,508
Americredit Automobile Receivables Trust, Ser 2023-1, Cl A3
5.620%, 11/18/27		1,000,000		1,009,176
ARI Fleet Lease Trust, Ser 2022-A, Cl A2
3.120%, 01/15/31 (A)		749,615		737,097

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2023 (Unaudited)


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
BMW Vehicle Lease Trust, Ser 2023-1, Cl A3
5.160%, 11/25/25	$	265,000	$	265,312
BMW Vehicle Lease Trust, Ser 2023-1, Cl A4
5.070%, 06/25/26		480,000		481,318
CarMax Auto Owner Trust, Ser 2023-1, Cl A2A
5.230%, 01/15/26		540,000		538,852
CarMax Auto Owner Trust, Ser 2023-1, Cl A3
4.750%, 10/15/27		500,000		500,775
Carvana Auto Receivables Trust, Ser 2021-N3, Cl B
0.660%, 06/12/28		198,292		181,683
Carvana Auto Receivables Trust, Ser 2022-P3, Cl A2
4.420%, 12/10/25		631,325		627,675
Chesapeake Funding II, Ser 2023-1A, Cl A1
5.650%, 05/15/35 (A)		1,100,000		1,104,533
CPS Auto Receivables Trust, Ser 2022-C, Cl A
4.180%, 04/15/30 (A)		401,305		397,996
Drive Auto Receivables Trust, Ser 2021-2, Cl C
0.870%, 10/15/27		1,250,000		1,211,642
Enterprise Fleet Financing, Ser 2022-3, Cl A2
4.380%, 07/20/29 (A)		285,000		280,660
Enterprise Fleet Financing, Ser 2023-1, Cl A2
5.510%, 01/22/29 (A)		545,000		546,751
Exeter Automobile Receivables Trust, Ser 2022-4A, Cl A2
3.990%, 08/15/24		101,059		100,993
Flagship Credit Auto Trust, Ser 2022-2, Cl A2
3.280%, 08/15/25 (A)		1,082,659		1,074,919
Flagship Credit Auto Trust, Ser 2022-3, Cl A2
4.060%, 10/15/25 (A)		640,632		635,724
Flagship Credit Auto Trust, Ser 2023-2, Cl A2
5.760%, 04/15/27 (A)		700,000		700,008
Flagship Credit Auto Trust, Ser 2023-2, Cl A3
5.220%, 12/15/27 (A)		599,000		599,232
Ford Credit Auto Lease Trust, Ser 2021-B, Cl B
0.660%, 01/15/25		1,250,000		1,209,737
Ford Credit Auto Lease Trust, Ser 2023-A, Cl A3
4.940%, 03/15/26		1,495,000		1,492,779


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Foursight Capital Automobile Receivables Trust, Ser 2022-2, Cl A2
4.490%, 03/16/26 (A)	$	1,438,434	$	1,427,045
Foursight Capital Automobile Receivables Trust, Ser 2023-1, Cl A2
5.430%, 10/15/26 (A)		515,000		512,144
Foursight Capital Automobile Receivables Trust, Ser 2023-1, Cl A3
5.390%, 12/15/27 (A)		900,000		895,070
GM Financial Automobile Leasing Trust, Ser 2023-1, Cl A4
5.160%, 01/20/27		1,000,000		1,003,403
GM Financial Consumer Automobile Receivables Trust, Ser 2023-2, Cl A2A
5.100%, 05/18/26		695,000		693,308
GM Financial Consumer Automobile Receivables Trust, Ser 2023-2, Cl A3
4.470%, 02/16/28		475,000		472,732
Hertz Vehicle Financing, Ser 2021-1A, Cl A
1.210%, 12/26/25 (A)		2,575,000		2,413,443
Hyundai Auto Lease Securitization Trust, Ser 2022-B, Cl A3
3.350%, 06/16/25 (A)		1,435,000		1,408,057
Hyundai Auto Lease Securitization Trust, Ser 2023-A, Cl A3
5.050%, 01/15/26 (A)		990,000		990,123
Hyundai Auto Lease Securitization Trust, Ser 2023-A, Cl A4
4.940%, 11/16/26 (A)		900,000		902,350
Hyundai Auto Receivables Trust, Ser 2023-A, Cl A2A
5.190%, 12/15/25		810,000		808,293
Hyundai Auto Receivables Trust, Ser 2023-A, Cl A3
4.580%, 04/15/27		355,000		353,645
Nissan Auto Lease Trust, Ser 2023-A, Cl A4
4.800%, 07/15/27		895,000		894,650
Santander Drive Auto Receivables Trust, Ser 2022-4, Cl A2
4.050%, 07/15/25		429,887		428,832
Santander Drive Auto Receivables Trust, Ser 2022-5, Cl A2
3.980%, 01/15/25		307,836		307,072
Tesla Auto Lease Trust, Ser 2021-A, Cl B
1.020%, 03/20/25 (A)		1,000,000		972,586

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2023 (Unaudited)


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Tesla Auto Lease Trust, Ser 2021-B, Cl A3
0.600%, 09/22/25 (A)	$	1,540,000	$	1,476,409
Tesla Auto Lease Trust, Ser 2021-B, Cl D
1.320%, 09/22/25 (A)		1,000,000		934,061
Toyota Auto Receivables Owner Trust, Ser 2022-B, Cl A3
2.930%, 09/15/26		935,000		907,857
Toyota Lease Owner Trust, Ser 2023-A, Cl A3
4.930%, 04/20/26 (A)		555,000		556,783
Tricolor Auto Securitization Trust, Ser 2023-1A, Cl A
6.480%, 08/17/26 (A)		494,106		493,233
United Auto Credit Securitization Trust, Ser 2022-2, Cl A
4.390%, 04/10/25 (A)		640,310		637,935
United Auto Credit Securitization Trust, Ser 2023-1, Cl A
5.570%, 07/10/25 (A)		606,666		605,639
Westlake Automobile Receivables Trust, Ser 2021-3A, Cl A3
0.950%, 06/16/25 (A)		1,908,000		1,877,870
Westlake Automobile Receivables Trust, Ser 2022-3A, Cl A2
5.240%, 07/15/25 (A)		1,250,000		1,246,708
Westlake Automobile Receivables Trust, Ser 2023-1A, Cl A2A
5.510%, 06/15/26 (A)		940,000		938,944
World Omni Auto Receivables Trust, Ser 2020-C, Cl A3
0.480%, 11/17/25		689,368		671,586
World Omni Select Auto Trust, Ser 2020-A, Cl B
0.840%, 06/15/26		2,500,000		2,438,862
World Omni Select Auto Trust, Ser 2023-A, Cl A3
5.650%, 07/17/28		700,000		709,160

				43,224,875

Other Asset-Backed Securities — 8.8%
Affirm Asset Securitization Trust, Ser 2023-A, Cl 1A
6.610%, 01/18/28 (A)		755,000		754,798
Amur Equipment Finance Receivables XI, Ser 2022-2A, Cl A2
5.300%, 06/21/28 (A)		441,604		438,954
Apidos CLO XXII, Ser 2020-22A, Cl A1R
6.310%, ICE LIBOR USD 3 Month + 1.060%, 04/20/31 (A)(B)		925,000		916,643


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Bain Capital Credit CLO, Ser 2018-1A, Cl A1
6.233%, ICE LIBOR USD 3 Month + 0.960%, 04/23/31 (A)(B)	$	1,675,000	$	1,660,027
BHG Securitization Trust, Ser 2022-C, Cl A
5.320%, 10/17/35 (A)		279,943		277,418
CCG Receivables Trust, Ser 2023-1, Cl A2
5.820%, 09/16/30 (A)		1,000,000		1,007,645
CIFC Funding, Ser 2017-5A, Cl A1
6.440%, ICE LIBOR USD 3 Month + 1.180%, 11/16/30 (A)(B)		1,201,894		1,193,897
CNH Equipment Trust, Ser 2022-B, Cl A2
3.940%, 12/15/25		473,010		469,777
CNH Equipment Trust, Ser 2023-A, Cl A3
4.810%, 08/15/28		1,000,000		1,004,257
Dell Equipment Finance Trust, Ser 2022-2, Cl A2
4.030%, 07/22/27 (A)		794,814		788,552
DLLAD, Ser 2023-1A, Cl A2
5.190%, 04/20/26 (A)		605,000		602,352
DLLAD, Ser 2023-1A, Cl A3
4.790%, 01/20/28 (A)		685,000		680,952
DLLST, Ser 2022-1A, Cl A2
2.790%, 01/22/24 (A)		417,662		415,427
Evergreen Credit Card Trust Series, Ser 2022-CRT1, Cl B
5.610%, 07/15/26 (A)		2,000,000		1,985,355
FCI Funding, Ser 2021-1A, Cl A
1.130%, 04/15/33 (A)		270,960		258,595
Flatiron CLO 17, Ser 2021-1A, Cl AR
5.844%, ICE LIBOR USD 3 Month + 0.980%, 05/15/30 (A)(B)		1,325,014		1,314,172
FREED ABS Trust, Ser 2022-2CP, Cl A
3.030%, 05/18/29 (A)		313,380		312,585
Golub Capital Partners CLO, Ser 2017-24A, Cl AR
6.406%, ICE LIBOR USD 3 Month + 1.600%, 11/05/29 (A)(B)		2,378,108		2,348,241
GoodLeap Sustainable Home Solutions Trust, Ser 2022-3CS, Cl B
5.500%, 07/20/49 (A)		500,000		440,733
GreatAmerica Leasing Receivables Funding Series, Ser 2022-1, Cl A2
4.920%, 05/15/25 (A)		605,000		601,656

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2023 (Unaudited)


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
John Deere Owner Trust, Ser 2023-A, Cl A3
5.010%, 11/15/27	$	850,000	$	860,122
Kubota Credit Owner Trust, Ser 2023-1A, Cl A2
5.400%, 02/17/26 (A)		500,000		499,422
Mariner Finance Issuance Trust, Ser 2020-AA, Cl A
2.190%, 08/21/34 (A)		3,250,000		3,128,167
Marlette Funding Trust, Ser 2022-2A, Cl A
4.250%, 08/15/32 (A)		171,391		169,616
Marlette Funding Trust, Ser 2022-3A, Cl A
5.180%, 11/15/32 (A)		348,830		345,979
MMAF Equipment Finance, Ser 2021-A, Cl A5
1.190%, 11/13/43 (A)		620,000		558,014
Mosaic Solar Loan Trust, Ser 2020-1A, Cl B
3.100%, 04/20/46 (A)		170,600		144,844
OBX Trust, Ser 2023-NQM2, Cl A1
6.319%, 01/25/62 (A)		881,883		890,920
Octagon Investment Partners 35, Ser 2018-1A, Cl A1A
6.310%, ICE LIBOR USD 3 Month + 1.060%, 01/20/31 (A)(B)		1,496,734		1,485,501
Octagon Investment Partners 36, Ser 2018-1A, Cl A1
6.230%, ICE LIBOR USD 3 Month + 0.970%, 04/15/31 (A)(B)		540,000		534,777
Octane Receivables Trust, Ser 2021-1A, Cl A
0.930%, 03/22/27 (A)		564,957		547,775
OnDeck Asset Securitization Trust III, Ser 2021-1A, Cl A
1.590%, 05/17/27 (A)		1,910,000		1,778,027
PFS Financing, Ser 2020-A, Cl A
1.270%, 06/15/25 (A)		4,000,000		3,979,727
RR 24, Ser 2022-24A, Cl A1
7.386%, TSFR3M + 2.400%, 01/15/32 (A)(B)		1,698,562		1,701,310
SCF Equipment Leasing, Ser 2019-2A, Cl B
2.760%, 08/20/26 (A)		870,000		843,700
SCF Equipment Leasing, Ser 2020-1A, Cl A3
1.190%, 10/20/27 (A)		452,191		445,546
SCF Equipment Leasing, Ser 2022-2A, Cl A2
6.240%, 07/20/28 (A)		635,157		637,019


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
SoFi Consumer Loan Program Trust, Ser 2023-1S, Cl A
5.810%, 05/15/31 (A)	$	307,831	$	307,776
TCI-Flatiron CLO, Ser 2021-1A, Cl AR
5.837%, ICE LIBOR USD 3 Month + 0.960%, 11/18/30 (A)(B)		749,252		741,054
Transportation Finance Equipment Trust, Ser 2019-1, Cl A4
1.880%, 03/25/24 (A)		718,830		717,331
Verizon Master Trust, Ser 2023-2, Cl A
4.890%, 04/13/28		1,575,000		1,578,515
Vivint Solar Financing V, Ser 2018-1A, Cl A
4.730%, 04/30/48 (A)		457,572		415,395
Vivint Solar Financing V, Ser 2018-1A, Cl B
7.370%, 04/30/48 (A)		316,522		291,990
Vivint Solar Financing VII, Ser 2020-1A, Cl B
3.220%, 07/31/51 (A)		915,428		700,429

				40,774,992

Total Asset-Backed Securities
(Cost $84,745,272)				83,999,867

MORTGAGE-BACKED SECURITIES — 6.4%

	Face Amount		Value
Agency Mortgage-Backed Obligation — 1.4%
FHLMC
5.000%, 07/01/35	$	122,394	$	124,574
FNMA
5.000%, 03/01/34		97,626		99,256
3.500%, 11/01/34		1,563,841		1,531,385
3.000%, 02/01/35		1,966,451		1,889,772
FNMA, Ser 2009-62, Cl WA
5.579%, 08/25/39 (B)		28,342		28,645
FNMA, Ser 2013-9, Cl AE
1.750%, 03/25/39		43,426		42,983
FNMA, Ser 2019-18, Cl A
3.500%, 05/25/49		593,402		567,040
FNMA, Ser 2022-29, Cl MG
4.500%, 11/25/42		1,757,317		1,726,516
GNMA, Ser 2011-57, Cl BA
3.000%, 05/20/40		25,694		25,008
GNMA, Ser 2016-131, Cl A
2.200%, 04/16/57		76,600		75,619
GNMA, Ser 2017-99, Cl WA
4.876%, 12/20/32 (B)		248,940		248,461
GNMA, Ser 2022-177, Cl LA
3.500%, 01/20/52		288,837		281,739

				6,640,998

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2023 (Unaudited)


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
Non-Agency Mortgage-Backed Obligation — 5.0%
BANK, Ser 2018-BN10, Cl ASB
3.641%, 02/15/61	$	395,309	$	381,702
BX Commercial Mortgage Trust, Ser 2022-AHP, Cl A
5.880%, TSFR1M + 0.990%, 01/17/39 (A)(B)		492,000		478,054
BX Commercial Mortgage Trust, Ser 2022-AHP, Cl AS
6.380%, TSFR1M + 1.490%, 01/17/39 (A)(B)		2,500,000		2,433,409
BX Trust, Ser 2022-CLS, Cl B
6.300%, 10/13/27 (A)		2,200,000		2,156,706
CHL Mortgage Pass-Through Trust, Ser 2004-29, Cl 1A1
5.401%, ICE LIBOR USD 1 Month + 0.540%, 02/25/35 (B)		9,728		8,536
COMM Mortgage Trust, Ser 2013-CR11, Cl A4
4.258%, 08/10/50		1,500,000		1,487,732
COMM Mortgage Trust, Ser 2014-UBS5, Cl ASB
3.548%, 09/10/47		379,165		373,321
COMM Mortgage Trust, Ser 2015-LC19, Cl A4
3.183%, 02/10/48		1,275,000		1,220,609
CSAIL Commercial Mortgage Trust, Ser 2015-C1, Cl ASB
3.351%, 04/15/50		762,840		745,569
CSAIL Commercial Mortgage Trust, Ser 2018-CX11, Cl A3
4.095%, 04/15/51		982,335		970,670
DBUBS Mortgage Trust, Ser 2017-BRBK, Cl E
3.648%, 10/10/34 (A)(B)		521,000		442,143
Extended Stay America Trust, Ser 2021-ESH, Cl B
6.328%, ICE LIBOR USD 1 Month + 1.380%, 07/15/38 (A)(B)		1,073,811		1,041,539
GS Mortgage Securities II, Ser 2018-GS10, Cl WLSC
5.067%, 03/10/33 (A)(B)		400,000		338,190
GS Mortgage Securities Trust, Ser 2022-SHIP, Cl A
5.621%, TSFR1M + 0.731%, 08/15/36 (A)(B)		115,000		114,220
GSR Mortgage Loan Trust, Ser 2004-9, Cl 3A1
3.502%, 08/25/34 (B)		16,282		15,061
Hudson Yards Mortgage Trust, Ser 2016-10HY, Cl A
2.835%, 08/10/38 (A)		1,000,000		897,771


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
JP Morgan Mortgage Trust, Ser 2006-A2, Cl 4A1
4.061%, 08/25/34 (B)	$	14,027	$	13,822
Life Mortgage Trust, Ser 2021-BMR, Cl A
5.705%, TSFR1M + 0.814%, 03/15/38 (A)(B)		1,867,643		1,817,824
Manhattan West 2020-1MW Mortgage Trust, Ser 1MW, Cl C
2.413%, 09/10/39 (A)(B)		214,000		175,211
MHC Commercial Mortgage Trust, Ser 2021-MHC, Cl A
5.805%, TSFR1M + 0.915%, 04/15/38 (A)(B)		4,650,000		4,539,510
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl ASB
3.069%, 02/15/48		592,449		578,025
One Market Plaza Trust, Ser 2017-1MKT, Cl B
3.845%, 02/10/32 (A)		2,000,000		1,819,707
One Market Plaza Trust, Ser 2017-1MKT, Cl C
4.016%, 02/10/32 (A)		965,000		868,883
Sequoia Mortgage Trust, Ser 2013-2, Cl A
1.874%, 02/25/43 (B)		89,304		75,299
STWD Mortgage Trust, Ser 2021-LIH, Cl D
7.253%, ICE LIBOR USD 1 Month + 2.305%, 11/15/36 (A)(B)		450,000		418,043

				23,411,556

Total Mortgage-Backed Securities
(Cost $30,846,750)				30,052,554

MUNICIPAL BONDS — 2.8%

	Face Amount		Value
California — 0.6%
California Community Choice Financing Authority, RB
5.950%, 08/01/29	$	825,000	$	843,840
City of Union City California, RB
5.920%, 07/01/24		1,730,000		1,739,895

				2,583,735

Florida — 0.4%
Florida Development Finance
7.500%, 07/01/57 (A)(B)		1,000,000		982,740
7.250%, 07/01/57 (A)(B)		1,000,000		1,012,652

				1,995,392

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2023 (Unaudited)


MUNICIPAL BONDS — continued

	Face Amount		Value
Hawaii — 0.2%
State of Hawaii Department of Business Economic Development & Tourism, Ser A-2, RB
3.242%, 01/01/31	$	1,072,517	$	1,032,034

Illinois — 0.0%
Chicago Housing Authority, Ser B, RB
3.822%, 01/01/26		250,000		243,954

Indiana — 0.1%
City of Fort Wayne Indiana, RB
10.750%, 12/01/29		500,000		499,658

Louisiana — 0.2%
Louisiana Local Government Environmental Facilities & Community Development Auth, RB
3.615%, 02/01/29		1,028,094		1,006,311

Montana — 0.1%
County of Gallatin Montana, RB
11.500%, 09/01/27 (A)		250,000		262,542

New Jersey — 0.4%
New Jersey Economic Development Authority, RB
4.984%, 03/01/27		1,000,000		1,007,426
4.927%, 03/01/26		1,000,000		1,002,117

				2,009,543

New York — 0.4%
New York State Energy Research & Development Authority, Ser A, RB
4.480%, 04/01/25		500,000		494,969
4.336%, 04/01/24		1,000,000		990,583
Utility Debt Securitization Authority, Ser T, RB
3.435%, 12/15/25		653,000		650,041

				2,135,593

Oregon — 0.3%
Warm Springs Reservation Confederated Tribe, Ser G
2.370%, 11/01/27 (A)		1,000,000		896,734
2.165%, 11/01/26 (A)		500,000		455,673

				1,352,407

South Dakota — 0.1%
South Dakota Housing Development Authority, Ser E, RB
5.460%, 05/01/53		250,000		255,193

Total Municipal Bonds
(Cost $13,364,866)				13,376,362


REPURCHASE AGREEMENT — 2.2%
	Face Amount		Value
Socgen Triparty Tsy 4.760%, dated 04/28/23, to be repurchased on 05/01/23, repurchase price $10,104,006, collateralized by a U.S. Government obligation, par value $10,302,001, 5.000%, 12/20/2052, with a total market value of $10,263,236	$	10,100,000	$	10,100,000

Total Repurchase Agreements
(Cost $10,100,000)				10,100,000

U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%

	Face Amount		Value
Export-Import Bank of the United States
2.628%, 11/12/26	$	2,006,766	$	1,960,166
Export-Import Bank of the United States
1.900%, 07/12/24		543,816		530,360
United States International Development Finance
1.790%, 10/15/29		374,735		342,898

Total U.S. Government Agency Obligations
(Cost $2,950,381)				2,833,424

Total Investments in Securities — 99.4%
(Cost $472,899,796)			$	464,760,104

Percentages are based on Net Assets of $467,370,226.

A list of the open futures contracts held by the Fund at April 30, 2023, is as follows:



Type of Contract	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
U.S. 2-Year Treasury Note		317			Jun-2023	$	65,100,089		$	65,354,008		$	253,920
Short Contracts
U.S. 5-Year Treasury Note		(8	)		Jun-2023		(857,482	)		(877,938	)		(20,456	)

						$	64,242,607		$	64,476,070		$	233,464

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

APRIL 30, 2023 (Unaudited)

(A)

(B)

(C)

Zero coupon security.

Cl — Class

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

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

LIBOR— London Interbank Offered Rate

MTN — Medium Term Note

RB — Revenue Bond

Ser — Series

SOFR — Secured Overnight Financing Rate

TSFR1M — Term Secured Overnight Financing Rate 1 Month

TSFR3M — Term Secured Overnight Financing Rate 3 Month

USD — U.S. Dollar

The following is a summary of the inputs used as of April 30, 2023, in valuing the Fund’s investments carried at market value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	189,786,765	$	—	$	189,786,765
U.S. Treasury Obligations		7,449,000		127,162,132		—		134,611,132
Asset-Backed Securities		—		83,999,867		—		83,999,867
Mortgage-Backed Securities		—		30,052,554		—		30,052,554
Municipal Bonds		—		13,376,362		—		13,376,362
Repurchase Agreement		—		10,100,000		—		10,100,000
U.S. Government Agency Obligations		—		2,833,424		—		2,833,424

Total Investments in Securities	$	7,449,000	$	457,311,104	$	—	$	464,760,104


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	253,920	$	—	$	—	$	253,920
Unrealized Depreciation		(20,456)		—		—		(20,456	)

Total Other Financial Instruments	$	233,464	$	—	$	—	$	233,464

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, 2023 (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
MORTGAGE-BACKED SECURITIES — 32.9%

	Face Amount		Value
Agency Mortgage-Backed Obligation — 28.2%
FHLMC
7.000%, 11/01/32	$	221,783	$	230,726
7.000%, 10/01/32		6,480		6,813
7.000%, 09/01/32		12,637		13,246
7.000%, 07/01/32		2,743		2,907
7.000%, 06/01/32		46,560		48,560
6.500%, 01/01/38		821		862
6.500%, 11/01/37		1,198		1,238
6.500%, 09/01/37		24,451		25,621
6.500%, 08/01/37		2,101		2,173
6.500%, 12/01/32		72,071		75,829
6.500%, 12/01/31		1,986		2,070
6.000%, 05/01/39		37,449		39,453
6.000%, 04/01/39		15,638		16,061
6.000%, 02/01/39		15,631		16,296
6.000%, 09/01/38		9,006		9,460
6.000%, 06/01/38		3,154		3,150
6.000%, 11/01/36		26,587		27,844
6.000%, 12/01/33		10,472		10,883
6.000%, 01/01/24		4,434		4,416
5.856%, ICE LIBOR USD 12 MONTH + 1.623%, 12/01/45 (A)		125,054		127,162
5.500%, 11/01/52		19,754,625		19,918,466
5.500%, 06/01/37		516		526
5.500%, 01/01/35		78,532		81,438
5.005%, ICE LIBOR USD 12 MONTH + 1.630%, 05/01/44 (A)		5,520		5,402
5.000%, 11/01/52		1,713,285		1,706,396
5.000%, 04/01/34		5,478		5,519
4.886%, ICE LIBOR USD 12 MONTH + 1.650%, 04/01/43 (A)		47,640		47,422


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
4.803%, ICE LIBOR USD 12 Month + 1.632%, 05/01/46 (A)	$	23,000	$	23,250
4.500%, 10/01/52		4,854,453		4,745,801
4.500%, 09/01/52		8,152,591		7,978,677
4.500%, 06/01/52		0		—
4.500%, 09/01/48		687,226		684,040
4.500%, 03/01/47		472,780		471,586
4.500%, 03/01/46		86,005		85,872
4.500%, 11/01/45		175,374		175,185
4.500%, 02/01/45		602,910		596,710
4.500%, 10/01/44		25,731		25,642
4.500%, 08/01/44		464,573		463,855
4.500%, 07/01/44		159,306		159,060
4.500%, 03/01/44		10,814		10,798
4.500%, 01/01/44		101,183		101,026
4.500%, 12/01/43		86,169		85,870
4.500%, 11/01/43		11,528		11,581
4.500%, 05/01/42		42,837		43,035
4.500%, 09/01/41		138,491		139,132
4.500%, 07/01/41		20,073		20,166
4.500%, 05/01/41		43,367		43,564
4.500%, 04/01/40		57,831		58,099
4.500%, 12/01/33		19,116		19,086
4.500%, 06/01/31		18,945		18,915
4.500%, 06/01/26		2,243		2,241
4.500%, 02/01/26		4,845		4,840
4.399%, ICE LIBOR USD 12 MONTH + 1.697%, 04/01/38 (A)		93,182		94,084
4.285%, ICE LIBOR USD 12 Month + 2.035%, 09/01/37 (A)		1,905		1,872
4.236%, SOFR30A + 2.281%, 09/01/52 (A)		1,001,385		980,013
4.224%, ICE LIBOR USD 12 Month + 1.724%, 04/01/36 (A)		5,579		5,488
4.197%, ICE LIBOR USD 12 Month + 1.973%, 04/01/40 (A)		4,283		4,222
4.145%, ICE LIBOR USD 12 MONTH + 1.877%, 01/01/42 (A)		32,899		33,378
4.075%, ICE LIBOR USD 12 MONTH + 1.655%, 08/01/44 (A)		219,490		220,532
4.007%, ICE LIBOR USD 12 MONTH + 1.764%, 11/01/39 (A)		93,234		94,568
4.000%, 08/01/52		1,351,193		1,300,868
4.000%, 01/01/52		1,280,291		1,225,085
4.000%, 05/01/46		743,997		725,720
4.000%, 07/01/34		66,440		64,902

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
4.000%, 10/01/31	$	38,919	$	38,031
3.982%, ICE LIBOR USD 12 MONTH + 1.630%, 02/01/45 (A)		13,816		13,846
3.977%, ICE LIBOR USD 12 MONTH + 1.630%, 02/01/45 (A)		137,033		137,383
3.914%, ICE LIBOR USD 12 MONTH + 1.630%, 01/01/45 (A)		174,276		174,620
3.880%, ICE LIBOR USD 12 MONTH + 1.630%, 12/01/44 (A)		32,041		32,113
3.878%, ICE LIBOR USD 12 MONTH + 1.788%, 08/01/42 (A)		3,065		3,093
3.876%, ICE LIBOR USD 12 MONTH + 1.613%, 01/01/44 (A)		27,572		27,687
3.864%, ICE LIBOR USD 12 Month + 1.615%, 11/01/44 (A)		31,864		32,026
3.846%, ICE LIBOR USD 12 MONTH + 1.814%, 10/01/41 (A)		7,807		7,787
3.786%, ICE LIBOR USD 12 MONTH + 1.607%, 11/01/44 (A)		348,856		351,832
3.777%, ICE LIBOR USD 12 MONTH + 1.609%, 10/01/44 (A)		51,056		51,367
3.771%, ICE LIBOR USD 12 Month + 1.630%, 01/01/45 (A)		21,412		21,491
3.684%, ICE LIBOR USD 12 MONTH + 1.630%, 07/01/44 (A)		28,687		28,569
3.500%, 07/01/52		9,778,951		9,133,006
3.500%, 06/01/52		2,341,543		2,182,525
3.500%, 05/01/52		5,555,935		5,183,885
3.500%, 04/01/52		15,660,833		14,594,743
3.500%, 02/01/52		576,287		535,906
3.500%, 01/01/52		3,333,271		3,106,082
3.500%, 04/01/37		410,396		396,058
3.170%, ICE LIBOR USD 12 Month + 1.630%, 02/01/45 (A)		165,743		161,734
3.000%, 03/01/52		1,479,156		1,340,752
3.000%, 02/01/50		3,532,487		3,205,545
2.500%, 09/01/52		8,273,733		7,169,058
2.500%, 02/01/51		2,490,696		2,182,748
2.500%, 11/01/50		3,950,311		3,453,943
2.500%, 10/01/50		3,155,399		2,765,366
2.500%, 07/01/50		5,224,034		4,565,212


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
2.500%, 01/01/36	$	1,170,244	$	1,091,743
2.000%, 06/01/52		1,866,313		1,554,401
2.000%, 04/01/52		1,853,738		1,543,369
2.000%, 03/01/52		3,183,299		2,657,300
2.000%, 02/01/52		1,803,977		1,501,681
2.000%, 01/01/52		1,501,253		1,253,914
2.000%, 12/01/50		3,842,216		3,226,366
2.000%, 11/01/50		1,421,602		1,197,416
2.000%, 09/01/50		1,283,904		1,072,388
2.000%, 07/01/50		5,852,388		4,928,433
2.000%, 02/01/42		1,820,171		1,566,208
FHLMC Multifamily ML Certificates, Ser ML13, Cl ACA
2.875%, 07/25/36		2,474,752		2,211,450
FHLMC Multifamily Variable Rate Certificate, Ser M069, Cl A
4.013%, 04/15/37		1,240,000		1,201,184
FHLMC Structured Pass-Through Certificates, Ser 2002-41, Cl 2A
4.709%, 07/25/32(A)		20,182		19,905
FHLMC Structured Pass-Through Certificates, Ser 2002-48, Cl 1A
4.401%, 07/25/33(A)		189,086		182,344
FHLMC Structured Pass-Through Certificates, Ser 2002-51, Cl 1A
6.500%, 09/25/43(A)		111,547		113,190
FHLMC Structured Pass-Through Certificates, Ser 2002-51, Cl 2A
7.500%, 08/25/42(A)		45,289		47,274
FHLMC Structured Pass-Through Certificates, Ser 2003-54, Cl 3A
7.000%, 02/25/43		348,690		372,173
FHLMC Structured Pass-Through Certificates, Ser 2003-57, Cl 1A2
7.000%, 07/25/43		21,347		22,810
FHLMC, Ser 1998-2084, Cl ZC
6.500%, 08/15/28		45,535		46,521
FHLMC, Ser 2001-2295, Cl BD
6.000%, 03/15/31		11,050		11,465
FHLMC, Ser 2003-2676, Cl PZ
5.500%, 09/15/33		42,731		43,447
FHLMC, Ser 2005-2944, Cl OH
5.500%, 03/15/35		148,052		153,189
FHLMC, Ser 2005-2957, Cl VZ
5.000%, 02/15/35		43,230		43,509
FHLMC, Ser 2006-3143, Cl BC
5.500%, 02/15/36		123,719		127,655

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FHLMC, Ser 2006-3185, Cl GT
6.000%, 07/15/26	$	35,394	$	35,515
FHLMC, Ser 2007-3330, Cl GZ
5.500%, 06/15/37		2,625		2,637
FHLMC, Ser 2013-299, Cl F1
5.448%, ICE LIBOR USD 1 MONTH + 0.500%, 01/15/43 (A)		162,846		159,495
FHLMC, Ser 2013-4283, Cl EW
4.500%, 12/15/43(A)		119,303		118,969
FHLMC, Ser 2014-4319, Cl MA
4.500%, 03/15/44(A)		213,334		213,916
FHLMC, Ser 2015-4440, Cl ZD
2.500%, 02/15/45		3,516,105		3,105,275
FHLMC, Ser 2021-5092, Cl BC
2.500%, 06/25/36		447,612		433,336
FNMA
7.000%, 12/01/37		283		307
7.000%, 08/01/32		129,788		134,976
7.000%, 11/01/29		41,962		43,312
6.500%, 01/01/49		5,354		5,662
6.500%, 10/01/39		38,696		40,777
6.500%, 08/01/39		16,035		17,062
6.500%, 10/01/38		13,675		14,487
6.500%, 03/01/38		5,524		5,722
6.500%, 02/01/38		3,759		3,968
6.500%, 12/01/37		14,981		15,785
6.500%, 11/01/37		864		914
6.500%, 03/01/35		173,784		181,719
6.500%, 05/01/33		2,511		2,604
6.500%, 12/01/32		9,044		9,506
6.500%, 08/01/32		21,618		22,440
6.000%, 07/01/39		63,721		66,150
6.000%, 05/01/38		32,820		34,312
6.000%, 08/01/37		86,442		89,742
6.000%, 07/01/37		20,358		21,030
6.000%, 03/01/37		10,639		11,066
6.000%, 09/01/36		66,157		68,674
6.000%, 03/01/36		8,500		8,823
6.000%, 11/01/35		11,789		12,240
6.000%, 07/01/35		5,087		5,315
6.000%, 04/01/35		50,787		53,136
6.000%, 04/01/34		12,510		12,987
6.000%, 03/01/34		176,948		183,689
6.000%, 12/01/33		3,251		3,375
6.000%, 11/01/33		3,215		3,338
6.000%, 12/01/32		4,132		4,289
6.000%, 06/01/23		3		3
5.500%, 02/01/38		2,614		2,676
5.500%, 04/01/37		116,505		120,700
5.500%, 09/01/36		9,870		10,227
5.500%, 10/01/35		49,197		50,733
5.500%, 04/01/35		162,961		168,836
5.500%, 11/01/33		6,144		6,365


MORTGAGE-BACKED SECURITIES — continued

��	Face Amount		Value
5.500%, 06/01/33	$	33,874	$	35,095
5.500%, 11/01/29		5,448		5,522
5.500%, 01/01/25		423		422
5.500%, 05/01/24		166		165
5.500%, 03/01/24		207		206
5.500%, 01/01/24		1		—
5.500%, 11/01/23		1		1
5.000%, 11/01/52		23,053,526		22,925,896
5.000%, 06/01/52		1,589,741		1,584,519
5.000%, 03/01/49		196,982		198,225
5.000%, 12/01/48		168,322		170,525
5.000%, 08/01/40		13,291		13,536
5.000%, 09/01/39		44,109		44,912
5.000%, 09/01/25		2,444		2,453
5.000%, 04/01/25		7		7
4.606%, ICE LIBOR USD 12 MONTH + 1.565%, 05/01/44 (A)		63,208		63,362
4.500%, 09/01/52		9,892,109		9,670,704
4.500%, 08/01/52		3,339,514		3,275,683
4.500%, 03/01/52		346,322		346,252
4.500%, 06/01/48		303,452		301,235
4.500%, 07/01/47		95,025		95,364
4.500%, 02/01/46		623,634		625,413
4.500%, 09/01/45		48,669		48,542
4.500%, 02/01/45		220,056		219,481
4.500%, 10/01/44		24,801		24,736
4.500%, 09/01/43		8,284		8,262
4.500%, 01/01/43		543,380		540,185
4.500%, 07/01/42		200,282		200,996
4.500%, 01/01/42		62,288		62,191
4.500%, 12/01/41		27,579		27,606
4.500%, 11/01/41		27,966		28,066
4.500%, 09/01/41		14,271		14,181
4.500%, 08/01/41		12,661		12,706
4.500%, 05/01/41		1,016,719		1,018,421
4.500%, 06/01/36		22,471		22,547
4.500%, 09/01/31		42,720		42,608
4.500%, 06/01/31		12,775		12,742
4.500%, 01/01/31		115,468		115,165
4.500%, 08/01/26		57,018		56,898
4.500%, 10/01/24		12,766		12,753
4.206%, ICE LIBOR USD 12 MONTH + 1.568%, 05/01/45 (A)		255,192		255,116
4.128%, H15T1Y + 2.290%, 08/01/34 (A)		12,066		11,983
4.078%, H15T1Y + 1.999%, 09/01/34 (A)		871		881
4.050%, ICE LIBOR USD 12 MONTH + 1.550%, 02/01/44 (A)		660		650
4.028%, ICE LIBOR USD 12 MONTH + 1.778%, 12/01/39 (A)		13,352		13,180

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
4.000%, 10/01/52	$	2,667,878	$	2,563,974
4.000%, 08/01/52		1,413,555		1,351,941
4.000%, 07/01/52		1,829,093		1,749,086
4.000%, 06/01/52		39,170,221		37,444,793
4.000%, 04/01/52		1,644,785		1,585,567
4.000%, 10/01/51		1,750,699		1,677,919
4.000%, 04/01/48		1,620,543		1,577,337
4.000%, 03/01/46		3,788,576		3,693,465
4.000%, 01/01/37		339,313		331,102
4.000%, 11/01/35		68,785		67,122
4.000%, 01/01/35		1,088,328		1,062,016
4.000%, 10/01/34		589,168		574,966
4.000%, 06/01/34		642,507		626,992
4.000%, 03/01/34		255,143		248,976
4.000%, 11/01/33		396,396		386,821
4.000%, 10/01/33		50,185		48,972
4.000%, 10/01/32		53,763		52,469
4.000%, 09/01/31		146,965		143,421
4.000%, 12/01/30		224,138		218,739
4.000%, 11/01/30		161,287		157,401
3.972%, ICE LIBOR USD 12 MONTH + 1.790%, 06/01/38 (A)		4,525		4,608
3.961%, ICE LIBOR USD 12 MONTH + 1.586%, 02/01/44 (A)		19,636		19,753
3.960%, ICE LIBOR USD 12 Month + 1.815%, 07/01/41 (A)		49,272		50,338
3.909%, ICE LIBOR USD 12 MONTH + 1.551%, 02/01/44 (A)		14,036		14,103
3.907%, ICE LIBOR USD 12 Month + 1.681%, 11/01/36 (A)		5,901		5,799
3.858%, ICE LIBOR USD 12 Month + 1.685%, 06/01/42 (A)		12,647		12,516
3.851%, ICE LIBOR USD 12 MONTH + 1.698%, 04/01/44 (A)		81,577		82,455
3.850%, ICE LIBOR USD 12 MONTH + 1.600%, 12/01/44 (A)		30,277		30,451
3.840%, ICE LIBOR USD 12 MONTH + 1.590%, 12/01/44 (A)		162,351		163,032
3.830%, ICE LIBOR USD 12 Month + 1.580%, 11/01/44 (A)		20,273		20,456
3.830%, ICE LIBOR USD 12 MONTH + 1.580%, 09/01/44 (A)		2,236		2,256


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
3.827%, ICE LIBOR USD 12 MONTH + 1.577%, 10/01/44 (A)	$	150,125	$	151,579
3.814%, ICE LIBOR USD 12 MONTH + 1.564%, 01/01/44 (A)		54,659		53,967
3.729%, ICE LIBOR USD 12 MONTH + 1.576%, 08/01/43 (A)		3,089		3,031
3.721%, ICE LIBOR USD 12 Month + 1.557%, 01/01/45 (A)		27,494		27,622
3.698%, SOFR30A + 2.238%, 10/01/52 (A)		3,572,445		3,445,719
3.667%, ICE LIBOR USD 12 MONTH + 1.620%, 11/01/48 (A)		271,135		266,598
3.578%, ICE LIBOR USD 12 MONTH + 1.590%, 07/01/44 (A)		128,703		130,313
3.528%, ICE LIBOR USD 12 MONTH + 1.470%, 06/01/35 (A)		2,779		2,726
3.500%, 05/01/52		1,208,894		1,129,049
3.500%, 04/01/52		7,495,083		7,009,330
3.500%, 03/01/52		2,031,934		1,888,288
3.500%, 01/01/52		2,284,659		2,124,852
3.500%, 11/01/51		1,421,601		1,323,062
3.500%, 04/01/37		365,649		352,783
3.500%, 02/01/31		521,243		508,467
3.500%, 12/01/29		197,339		192,262
3.354%, ICE LIBOR USD 12 MONTH + 1.580%, 04/01/44 (A)		113,470		113,938
3.210%, ICE LIBOR USD 12 Month + 1.562%, 06/01/44 (A)		45,982		46,455
3.115%, ICE LIBOR USD 12 Month + 1.460%, 05/01/35 (A)		23,061		23,212
3.095%, ICE LIBOR USD 12 Month + 1.653%, 05/01/46 (A)		38,545		38,040
3.079%, ICE LIBOR USD 12 Month + 1.603%, 10/01/48 (A)		127,333		124,069
3.000%, 05/01/52		995,346		900,461
3.000%, 04/01/52		3,417,289		3,101,509
3.000%, 03/01/52		1,683,762		1,521,787
3.000%, 02/01/52		0		—
3.000%, 11/01/51		2,299,517		2,082,233
3.000%, 10/01/51		2,935,995		2,643,099
3.000%, 08/01/50		1,917,434		1,765,657
3.000%, 07/01/50		1,141,091		1,034,619

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
3.000%, 04/01/50	$	1,736,041	$	1,574,831
2.961%, ICE LIBOR USD 12 MONTH + 1.610%, 10/01/47 (A)		199,413		193,706
2.930%, ICE LIBOR USD 12 MONTH + 1.580%, 09/01/47 (A)		174,202		172,350
2.500%, 04/01/52		1,758,060		1,529,240
2.500%, 03/01/52		1,823,855		1,593,642
2.500%, 02/01/52		6,364,081		5,532,628
2.500%, 12/01/51		4,164,875		3,632,451
2.500%, 10/01/51		1,763,867		1,528,147
2.500%, 08/01/51		5,546,505		4,842,804
2.500%, 07/01/51		2,903,659		2,516,865
2.500%, 02/01/51		7,909,682		6,910,954
2.500%, 01/01/51		1,365,525		1,183,634
2.500%, 11/01/50		6,203,228		5,433,707
2.500%, 10/01/50		8,381,647		7,334,689
2.500%, 07/01/50		9,938,169		8,659,681
2.500%, 10/01/41		1,409,299		1,262,766
2.500%, 05/01/41		965,344		851,922
2.500%, 07/01/36		1,164,695		1,084,172
2.500%, 03/01/35		1,682,459		1,572,150
2.143%, H15T1Y + 2.143%, 08/01/34 (A)		848		841
2.000%, 04/01/52		3,541,207		2,952,781
2.000%, 03/01/52		1,929,646		1,608,463
2.000%, 11/01/51		7,050,243		5,874,859
2.000%, 10/01/51		3,496,944		2,934,069
2.000%, 09/01/51		1,762,059		1,473,268
2.000%, 08/01/51		1,894,570		1,581,094
2.000%, 02/01/51		1,255,104		1,050,066
2.000%, 01/01/51		3,289,432		2,752,341
2.000%, 12/01/50		533,650		446,521
2.000%, 10/01/50		1,838,717		1,537,272
2.000%, 08/01/50		768,530		643,049
2.000%, 09/01/36		1,530,357		1,382,823
2.000%, 01/01/36		1,363,361		1,233,628
1.500%, 10/01/50		1,894,563		1,498,118
FNMA Grantor Trust 2000-T6, Ser 2000-T6, Cl A1
7.500%, 11/25/40		15,443		15,214
FNMA Grantor Trust 2001-T1, Ser 2001-T1, Cl A1
7.500%, 10/25/40		131,285		133,080
FNMA Grantor Trust 2001-T10, Ser 2001-T10, Cl A1
7.000%, 12/25/41		87,267		89,918
FNMA Grantor Trust 2001-T12, Ser 2001-T12, Cl A1
6.500%, 08/25/41		3,055		3,115
FNMA Grantor Trust 2001-T3, Ser 2001-T3, Cl A1
7.500%, 11/25/40		8,288		8,386


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FNMA Grantor Trust 2001-T4, Ser 2001-T4, Cl A1
7.500%, 07/25/41	$	37,532	$	38,380
FNMA Grantor Trust 2001-T7, Ser 2001-T7, Cl A1
7.500%, 02/25/41		1,656		1,779
FNMA Grantor Trust 2001-T8, Ser 2001-T8, Cl A1
7.500%, 07/25/41		4,862		4,892
FNMA Grantor Trust 2004-T1, Ser 2004-T1, Cl 1A2
6.500%, 01/25/44		1,340		1,387
FNMA REMIC Trust 2001-W3, Ser 2001-W3, Cl A
7.000%, 09/25/41(A)		71,742		70,552
FNMA REMIC Trust 2002-W6, Ser 2002-W6, Cl 2A
7.500%, 06/25/42(A)		5,914		5,854
FNMA REMIC Trust 2002-W6, Ser 2002-W6, Cl 2A1
7.000%, 06/25/42(A)		5,914		5,800
FNMA REMIC Trust 2003-W4, Ser 2003-W4, Cl 3A
5.031%, 10/25/42(A)		61,544		63,105
FNMA REMIC Trust 2003-W4, Ser 2003-W4, Cl 4A
5.662%, 10/25/42(A)		25,037		25,706
FNMA Trust 2003-W2, Ser 2003-W2, Cl 1A3
7.500%, 07/25/42		7,718		8,231
FNMA Trust 2004-W2, Ser 2004-W2, Cl 2A2
7.000%, 02/25/44		14,037		14,708
FNMA Trust 2004-W2, Ser 2004-W2, Cl 5A
7.500%, 03/25/44		5,500		5,790
FNMA, Ser 2001-2, Cl ZK
6.500%, 02/25/31		36,363		37,464
FNMA, Ser 2001-79, Cl BA
7.000%, 03/25/45		12,170		12,545
FNMA, Ser 2002-33, Cl A1
7.000%, 06/25/32		65,054		67,142
FNMA, Ser 2007-104, Cl ZE
6.000%, 08/25/37		16,871		17,471
FNMA, Ser 2007-21, Cl MT
5.750%, 03/25/37		4,848		4,972
FNMA, Ser 2009-11, Cl MP
7.000%, 03/25/49		5,162		5,459
FNMA, Ser 2010-136, Cl BA
3.500%, 12/25/30		185,249		180,226
FNMA, Ser 2010-49, Cl ZJ
4.500%, 05/25/40		49,130		48,611

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FNMA, Ser 2013-128, Cl CF
5.620%, ICE LIBOR USD 1 Month + 0.600%, 12/25/43 (A)	$	262,655	$	258,640
FNMA, Ser 2014-1, Cl KF
5.620%, ICE LIBOR USD 1 MONTH + 0.600%, 02/25/44 (A)		380,210		373,820
FNMA, Ser M1G, Cl A2
1.516%, 11/25/30(A)		3,100,000		2,557,685
FNMA, Ser M3G, Cl A2
1.287%, 01/25/31(A)		2,000,000		1,622,574
Freddie Mac Multifamily ML Certificates
1.219%, 07/25/41 (A)(B)		10,005,240		1,018,198
FREMF 2017-K69 Mortgage Trust, Ser K69, Cl C
3.854%, 10/25/49 (A)(B)		2,788,000		2,593,821
FREMF 2018-K74 Mortgage Trust, Ser K74, Cl C
4.230%, 02/25/51 (A)(B)		3,095,000		2,867,004
FREMF 2018-K83 Mortgage Trust, Ser K83, Cl C
4.421%, 11/25/51 (A)(B)		2,890,000		2,719,542
FREMF 2018-K86 Mortgage Trust, Ser K86, Cl C
4.437%, 11/25/51 (A)(B)		2,062,000		1,940,850
FREMF 2019-K89 Mortgage Trust, Ser K89, Cl C
4.434%, 01/25/51 (A)(B)		1,042		973
FREMF 2019-K96 Mortgage Trust, Ser K96, Cl C
3.942%, 08/25/56 (A)(B)		1,910,000		1,732,413
FREMF 2020-K737 Mortgage Trust, Ser K737, Cl C
3.418%, 01/25/53 (A)(B)		640,000		593,169
FREMF K-100 Mortgage Trust, Ser K100, Cl C
3.615%, 11/25/52 (A)(B)		130,000		114,926
FREMF Mortgage Trust, Ser 2018-K75, Cl C
4.113%, 04/25/51 (A)(B)		145,000		135,266
GNMA
7.000%, 12/15/29		768		806
6.500%, 05/15/29		1,339		1,374
5.000%, 03/20/53		11,484,088		11,441,041
5.000%, 02/20/53		10,615,658		10,569,015
4.500%, 08/20/52		6,567,540		6,433,168
4.000%, 08/20/52		13,233,232		12,704,645
4.000%, 04/20/52		118,802		114,209
4.000%, 03/20/52		126,004		121,134
4.000%, 02/20/52		1,727,849		1,661,099
4.000%, 01/20/52		1,376,394		1,323,238
4.000%, 12/20/48		1,465,650		1,418,178


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
3.500%, 08/20/52	$	11,361,740	$	10,653,733
3.500%, 07/20/52		1,963,459		1,841,108
3.500%, 03/20/52		2,094,046		1,965,303
3.500%, 02/20/52		1,540,761		1,450,795
3.500%, 01/20/52		1,638,567		1,537,861
3.500%, 06/20/51		1,637,599		1,548,139
3.500%, 01/20/50		1,218,136		1,153,354
3.500%, 10/20/49		3,063,982		2,880,607
3.000%, 06/20/52		13,542,086		12,338,367
3.000%, 10/20/51		2,013,832		1,843,629
3.000%, 07/20/51		2,796,272		2,562,516
3.000%, 05/20/51		1,281,661		1,175,318
2.500%, 07/20/52		1,610,956		1,422,583
2.500%, 04/20/52		9,279,687		8,194,437
2.500%, 03/20/52		3,439,244		3,027,018
2.500%, 11/20/51		1,879,310		1,660,776
2.500%, 08/20/51		1,680,024		1,486,094
2.500%, 05/20/51		873,212		773,662
2.500%, 03/20/51		2,048,461		1,810,370
2.500%, 12/20/50		1,712,311		1,461,972
2.000%, 05/20/52		8,625,235		7,372,598
2.000%, 04/20/52		1,450,919		1,240,257
2.000%, 10/20/51		1,851,048		1,587,330
2.000%, 01/20/51		1,242,866		1,069,640
2.000%, 12/20/50		1,640,733		1,395,809
2.000%, 11/20/50		3,334,476		2,871,546
GNMA, Ser 2002-49, Cl ZG
6.000%, 07/20/32		359,005		358,104
GNMA, Ser 2012-98, Cl BM
4.903%, 08/20/42 (A)		198,442		195,830
GNMA, Ser 2017-H17, Cl FQ
3.978%, ICE LIBOR USD 12 MONTH + 0.270%, 09/20/67 (A)		1,405,154		1,385,412
GNMA, Ser��2017-H22, Cl FH
5.001%, ICE LIBOR USD 12 MONTH + 0.220%, 11/20/67 (A)		928,102		906,084
GNMA, Ser 2017-H24, Cl FQ
5.645%, ICE LIBOR USD 12 MONTH + 0.200%, 11/20/67 (A)		990,659		977,249
GNMA, Ser 2018-H04, Cl FK
5.366%, ICE LIBOR USD 12 MONTH + 0.040%, 03/20/68 (A)		868,027		841,262
GNMA, Ser 2018-H05, Cl CF
5.386%, ICE LIBOR USD 12 MONTH + 0.060%, 03/20/68 (A)		967,826		925,899
GNMA, Ser 2018-H05, Cl FE
5.396%, ICE LIBOR USD 12 Month + 0.070%, 02/20/68 (A)		366,811		360,287

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
GNMA, Ser 2019-H09, Cl FG
2.522%, ICE LIBOR USD 12 MONTH + 0.350%, 05/20/69 (A)	$	392,584	$	384,951
GNMA, Ser 2019-H16, Cl CF
3.852%, ICE LIBOR USD 1 Month + 0.700%, 10/20/69 (A)		318,337		312,344
GNMA, Ser 2020-H01, Cl FV
5.351%, ICE LIBOR USD 1 MONTH + 0.650%, 01/20/70 (A)		3,572,442		3,454,961
GNMA, Ser 2020-H02, Cl FB
3.804%, ICE LIBOR USD 1 Month + 0.600%, 01/20/70 (A)		469,137		456,040
GNMA, Ser 2022-H04, Cl FG
5.075%, SOFR30A + 0.550%, 02/20/67 (A)		2,111,475		2,086,701
GNMA, Ser 2022-H08, Cl FE
5.309%, SOFR30A + 0.750%, 03/20/72 (A)		1,940,220		1,905,821
GNMA, Ser 2022-H09, Cl FA
5.460%, SOFR30A + 0.670%, 04/20/72 (A)		1,991,631		1,946,374
GNMA, Ser 2022-H11, Cl EF
5.760%, SOFR30A + 0.970%, 05/20/72 (A)		2,552,473		2,542,658
GNMA, Ser 2023-H04, Cl FC
5.640%, SOFR30A + 0.850%, 01/20/73 (A)		1,948,558		1,923,191
Vendee Mortgage Trust 1995-1, Ser 1995-1, Cl 2
7.793%, 02/15/25		1,455		1,459
Vendee Mortgage Trust 1995-2, Ser 1995-2C, Cl 3A
8.793%, 06/15/25		1,341		1,381
Vendee Mortgage Trust 1998-2, Ser 1998-2, Cl 2A
8.603%, 08/15/27 (A)		311		314

				512,680,752

Non-Agency Mortgage-Backed Obligation — 4.7%
BANK 2017-BNK5, Ser BNK5, Cl D
3.078%, 06/15/60 (A)(B)		386,000		256,536
Benchmark 2019-B10 Mortgage Trust, Ser B10, Cl E
3.000%, 03/15/62 (B)		1,260,000		680,801
Benchmark 2020-B16 Mortgage Trust, Ser B16, Cl D
2.500%, 02/15/53 (B)		5,470,000		3,214,758
Benchmark 2022-B35 Mortgage Trust, Ser B35, Cl D
2.500%, 05/15/55 (B)		4,000,000		2,018,292


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
BX Commercial Mortgage Trust, Ser 2022-AHP, Cl AS
6.380%, TSFR1M + 1.490%, 01/17/39 (A)(B)	$	2,500,000	$	2,433,409
BX Trust, Ser 2022-CLS, Cl B
6.300%, 10/13/27 (B)		2,100,000		2,058,674
Century Plaza Towers 2019-CPT, Ser CPT, Cl C
3.097%, 11/13/39 (A)(B)		500,000		336,649
Century Plaza Towers 2019-CPT, Ser CPT, Cl E
3.097%, 11/13/39 (A)(B)		2,500,000		1,580,657
Century Plaza Towers, Ser 2019-CPT, Cl B
3.097%, 11/13/39 (A)(B)		733,000		521,560
CFCRE Commercial Mortgage Trust 2016-C6, Ser C6, Cl D
4.329%, 11/10/49 (A)(B)		2,525,000		1,737,222
Citigroup Commercial Mortgage Trust 2014-GC21, Ser GC21, Cl D
5.106%, 05/10/47 (A)(B)		1,885,000		1,254,149
Citigroup Commercial Mortgage Trust 2022-GC48, Ser GC48, Cl C
5.038%, 05/15/54 (A)		3,000,000		2,364,322
COMM 2014-CCRE20 Mortgage Trust, Ser CR20, Cl C
4.597%, 11/10/47 (A)		2,980,000		2,621,326
COMM Mortgage Trust, Ser 2022-HC, Cl A
2.819%, 01/10/39 (B)		1,390,000		1,190,259
COMM Mortgage Trust, Ser 2022-HC, Cl C
3.376%, 01/10/39 (B)		1,570,000		1,294,879
Commercial Mortgage Trust 2022-LPFL, Ser LPFL, Cl C
7.284%, TSFR1M + 2.394%, 03/15/39 (A)(B)		2,560,000		2,479,880
CSMC 2014-USA OA, Ser USA, Cl C
4.336%, 09/15/37 (B)		3,550,000		2,898,086
CSMC 2021-NQM5 Trust, Ser 2021-NQM5, Cl M1
2.168%, 05/25/66 (A)(B)		1,310,000		684,564
CSMC OA, Ser 2014-USA, Cl A2
3.953%, 09/15/37 (B)		565,000		508,771
FASST 2021-JR1 A2
2.000%, 04/25/51		2,612,259		2,392,675
FASST 2021-S2 A2 09/2051
1.750%, 09/25/51		2,509,277		2,334,067
FASST 21-S1-A2 07/25/2051
1.750%, 07/25/51		5,077,298		4,715,706

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
GS Mortgage Securities Trust 2017-GS8, Ser GS8, Cl D
2.700%, 11/10/50 (B)	$	2,570,000	$	1,769,894
Hudson Yards 2019-55HY Mortgage Trust, Ser 55HY, Cl A
3.041%, 12/10/41 (A)(B)		1,000,000		852,932
Hudson Yards Mortgage Trust, Ser 2016-10HY, Cl A
2.835%, 08/10/38 (B)		2,085,000		1,871,853
JPMBB Commercial Mortgage Securities Trust 2015-C28, Ser C28, Cl C
4.275%, 10/15/48 (A)		5,170,000		4,748,282
JPMBB Commercial Mortgage Securities Trust 2015-C29, Ser C29, Cl C
4.327%, 05/15/48 (A)		5,750,000		5,154,744
New Residential Mortgage Loan Trust 2021-NQM2R, Ser 2021-NQ2R, Cl M1
2.201%, 10/25/58 (A)(B)		1,954,000		1,669,450
NW RE-REMIC TRUST 2021-FRR1, Ser FRR1, Cl AK88
2.812%, 12/18/51 (A)(B)		2,500,000		2,132,057
OBX 2022-NQM1 Trust, Ser 2022-NQM1, Cl M1
3.504%, 11/25/61 (A)(B)		1,010,000		658,302
One Bryant Park Trust, Ser 2019-OBP, Cl A
2.516%, 09/15/54 (B)		3,385,000		2,802,343
One Market Plaza Trust, Ser 2017-1MKT, Cl B
3.845%, 02/10/32 (B)		400,000		363,941
One Market Plaza Trust, Ser 2017-1MKT, Cl C
4.016%, 02/10/32 (B)		1,000,000		900,397
Onslow Bay Mortgage Loan Trust, Ser 2021-NQM4, Cl M1
3.248%, 10/25/61 (B)		1,750,000		1,126,087
Palisades Center Trust 2016-PLSD, Ser PLSD, Cl A
2.713%, 04/13/33 (B)		4,705,000		2,823,000
Residential Mortgage Loan Trust, Ser 2019-3, Cl A1
2.633%, 09/25/59 (A)(B)		0		—
SFAVE Commercial Mortgage Securities Trust 2015-5AVE, Ser 5AVE, Cl A2B
4.144%, 01/05/43 (A)(B)		1,995,000		1,404,657
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1
3.872%, 01/05/43 (A)(B)		3,045,000		2,181,414


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
Shops at Crystals Trust 2016-CSTL, Ser CSTL, Cl C
3.856%, 07/05/36 (A)(B)	$	2,800,000	$	2,342,129
SLG Office Trust 2021-OVA, Ser OVA, Cl C
2.851%, 07/15/41 (B)		2,500,000		1,925,405
SPGN Mortgage Trust, Ser 2022-TFLM, Cl D
8.390%, TSFR1M + 3.500%, 02/15/39 (A)(B)		2,500,000		2,324,510
Taubman Centers Commercial Mortgage Trust 2022-DPM, Ser DPM, Cl C
8.667%, TSFR1M + 3.777%, 05/15/37 (A)(B)		1,225,000		1,166,726
Verus Securitization Trust 2021-2, Ser 2021-2, Cl M1
2.187%, 02/25/66(A)(B)		2,910,000		2,053,085
Verus Securitization Trust 2021-3, Ser 2021-3, Cl M1
2.397%, 06/25/66(A)(B)		1,555,000		1,022,274
Verus Securitization Trust 2021-4, Ser 2021-4, Cl M1
2.195%, 07/25/66(A)(B)		1,400,000		840,965
Verus Securitization Trust 2021-R3, Ser 2021-R3, Cl M1
2.411%, 04/25/64(A)(B)		2,745,000		2,021,315
Wells Fargo Commercial Mortgage Trust 2015-C28, Ser C28, Cl D
4.217%, 05/15/48(A)		1,685,000		1,377,384

				85,110,388

Total Mortgage-Backed Securities
(Cost $638,733,784)				597,791,140

CORPORATE OBLIGATIONS — 31.2%

	Face Amount		Value
COMMUNICATION SERVICES — 3.7%
Alphabet
1.100%, 08/15/30	$	2,500,000	$	2,065,571
America Movil
4.375%, 04/22/49		1,700,000		1,516,676
AT&T
4.500%, 03/09/48		471,000		406,410
4.350%, 06/15/45		2,720,000		2,325,261
3.800%, 12/01/57		750,000		550,916
3.650%, 09/15/59		1,336,000		945,313
3.550%, 09/15/55		1,238,000		878,604
2.750%, 06/01/31		725,000		625,192
2.550%, 12/01/33		150,000		120,760

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
COMMUNICATION SERVICES — continued
CCO Holdings
4.500%, 05/01/32	$	975,000	$	780,560
4.500%, 06/01/33(B)		975,000		776,113
4.250%, 01/15/34(B)		825,000		628,436
Charter Communications Operating
6.484%, 10/23/45		3,360,000		3,113,181
5.750%, 04/01/48		950,000		807,449
5.375%, 05/01/47		800,000		654,768
4.400%, 04/01/33		250,000		221,393
Comcast
5.500%, 11/15/32		850,000		910,974
4.650%, 02/15/33		1,500,000		1,517,353
4.400%, 08/15/35		2,340,000		2,294,789
3.450%, 02/01/50		905,000		699,827
2.800%, 01/15/51		225,000		151,900
Cox Communications
3.850%, 02/01/25(B)		800,000		781,147
3.500%, 08/15/27(B)		1,025,000		973,043
3.350%, 09/15/26(B)		575,000		548,876
1.800%, 10/01/30(B)		650,000		517,410
Paramount Global
4.950%, 01/15/31(C)		1,350,000		1,254,119
Prosus
4.987%, 01/19/52(B)		2,200,000		1,616,891
4.850%, 07/06/27(B)		500,000		481,050
4.193%, 01/19/32(B)		700,000		594,659
3.680%, 01/21/30(B)		1,400,000		1,192,310
3.061%, 07/13/31(B)		3,875,000		3,052,258
Rogers Communications
3.800%, 03/15/32(B)		1,705,000		1,535,245
Telecom Italia
5.303%, 05/30/24(B)		2,300,000		2,246,491
Telecom Italia Capital
7.721%, 06/04/38		1,345,000		1,257,400
7.200%, 07/18/36		175,000		158,143
Tencent Holdings MTN
3.975%, 04/11/29(B)		2,000,000		1,897,540
Time Warner Cable
6.750%, 06/15/39		800,000		777,798
T-Mobile USA
5.650%, 01/15/53		2,998,000		3,092,365
4.500%, 04/15/50		475,000		416,286
4.375%, 04/15/40		300,000		269,454
3.875%, 04/15/30		3,695,000		3,479,035
3.500%, 04/15/31		1,000,000		903,383
3.400%, 10/15/52		100,000		72,354
3.375%, 04/15/29		1,000,000		916,541
Verizon Communications
4.400%, 11/01/34		3,130,000		2,970,078
4.272%, 01/15/36		900,000		835,684
3.875%, 03/01/52		3,500,000		2,807,573
3.550%, 03/22/51		460,000		348,927
2.987%, 10/30/56		345,000		223,071


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
COMMUNICATION SERVICES — continued
2.850%, 09/03/41	$	2,500,000	$	1,810,316
2.650%, 11/20/40		1,905,000		1,351,962
2.100%, 03/22/28		515,000		460,394
1.500%, 09/18/30		2,500,000		2,019,504
Vodafone Group
7.000%, USD Swap Semi 30/360 5 Yr Curr + 4.873%, 04/04/79(A)		1,550,000		1,588,750
Walt Disney
6.650%, 11/15/37		555,000		659,302
Warnermedia Holdings
5.050%, 03/15/42(B)		85,000		72,676
3.755%, 03/15/27(B)		85,000		80,078

				65,253,559

CONSUMER DISCRETIONARY — 1.4%
Aptiv
3.250%, 03/01/32		250,000		218,443
Ford Motor
6.100%, 08/19/32		1,000,000		953,747
3.250%, 02/12/32		2,500,000		1,932,455
Ford Motor Credit
7.350%, 11/04/27		525,000		539,858
6.800%, 05/12/28		750,000		750,448
5.125%, 06/16/25		350,000		340,704
4.542%, 08/01/26		425,000		400,745
4.389%, 01/08/26		650,000		617,557
4.375%, 08/06/23		625,000		622,416
4.134%, 08/04/25		400,000		378,515
4.063%, 11/01/24		2,000,000		1,943,254
3.810%, 01/09/24		700,000		687,041
3.375%, 11/13/25		450,000		417,897
General Motors
5.400%, 10/15/29		1,350,000		1,331,585
5.200%, 04/01/45		2,370,000		2,005,445
Lowe’s
5.750%, 07/01/53		1,205,000		1,229,625
5.625%, 04/15/53		5,694,000		5,727,214
Nordstrom
6.950%, 03/15/28		865,000		834,725
Starbucks
4.450%, 08/15/49		2,500,000		2,257,924
Whirlpool
2.400%, 05/15/31		2,500,000		2,049,919
YMCA of Greater New York
3.160%, 08/01/31		615,000		511,094
ZF North America Capital
7.125%, 04/14/30(B)		320,000		329,997
6.875%, 04/14/28(B)		300,000		309,006

				26,389,614

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
CONSUMER STAPLES — 0.7%
Anheuser-Busch InBev Worldwide
5.450%, 01/23/39	$	1,510,000	$	1,604,702
4.900%, 02/01/46		400,000		396,381
4.350%, 06/01/40		275,000		261,264
Coca-Cola
1.650%, 06/01/30		150,000		127,336
1.450%, 06/01/27		25,000		22,735
Mather Foundation
2.675%, 10/01/31		2,500,000		2,141,853
PepsiCo
3.900%, 07/18/32		3,000,000		2,948,781
2.875%, 10/15/49		3,340,000		2,556,917
RELX Capital
4.000%, 03/18/29		375,000		367,275
3.000%, 05/22/30		50,000		44,958
Sysco
2.400%, 02/15/30		2,500,000		2,175,644

				12,647,846

ENERGY — 3.1%
Azure Power Energy
3.575%, 08/19/26(B)		1,794,600		1,378,432
BP Capital Markets America
3.060%, 06/17/41		1,925,000		1,501,153
Cameron LNG
3.701%, 01/15/39(B)		1,520,000		1,286,731
ConocoPhillips
4.150%, 11/15/34		455,000		425,326
Devon Energy
7.875%, 09/30/31		830,000		969,275
Diamondback Energy
6.250%, 03/15/53		1,640,000		1,713,949
6.250%, 03/15/33		4,050,000		4,320,167
Energy Transfer
4.400%, 03/15/27		2,945,000		2,871,790
2.900%, 05/15/25		1,935,000		1,846,943
Exxon Mobil
3.452%, 04/15/51		785,000		628,922
2.610%, 10/15/30		575,000		519,580
Hess
7.875%, 10/01/29		290,000		329,146
7.300%, 08/15/31		510,000		573,674
Hydro-Quebec
8.050%, 07/07/24		2,500,000		2,587,150
Kinder Morgan
5.550%, 06/01/45		3,285,000		3,098,148
5.200%, 03/01/48		450,000		401,772
4.800%, 02/01/33		230,000		222,671
Kinder Morgan Energy Partners
6.500%, 09/01/39		50,000		53,030
5.500%, 03/01/44		370,000		346,371


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
ENERGY — continued
MPLX
5.500%, 02/15/49	$	1,635,000	$	1,512,971
Occidental Petroleum
2.900%, 08/15/24		1,750,000		1,696,415
Petrobras Global Finance BV
7.250%, 03/17/44		500,000		493,616
6.900%, 03/19/49		100,000		92,368
6.750%, 06/03/50		1,450,000		1,305,211
5.500%, 06/10/51		375,000		296,448
Petroleos Mexicanos
7.690%, 01/23/50		6,525,000		4,348,993
6.700%, 02/16/32		2,219,000		1,708,126
6.625%, 06/15/35		1,200,000		833,775
6.375%, 01/23/45		655,000		396,050
6.350%, 02/12/48		306,000		181,669
Rio Oil Finance Trust Series 2014-1
9.250%, 07/06/24(B)		808,284		815,154
Rio Oil Finance Trust Series 2014-3
9.750%, 01/06/27(B)		1,278,578		1,321,730
Rio Oil Finance Trust Series 2018-1
8.200%, 04/06/28(B)		766,460		772,975
Sweihan PV Power PJSC
3.625%, 01/31/49(B)		2,433,950		2,017,136
Terraform Power Operating
7.430%, 05/21/29		2,493,719		2,487,484
Topaz Solar Farms
5.750%, 09/30/39(B)		2,456,871		2,422,960
TransCanada PipeLines
4.625%, 03/01/34		1,345,000		1,279,533
Transcanada Trust
5.875%, ICE LIBOR USD 3 MONTH + 4.640%, 08/15/76(A)		975,000		923,081
5.625%, ICE LIBOR USD 3 MONTH + 3.528%, 05/20/75(A)		275,000		257,184
5.600%, H15T5Y + 3.986%, 03/07/82(A)		375,000		317,077
5.500%, U.S. SOFR + 4.416%, 09/15/79(A)		1,575,000		1,334,494
5.300%, ICE LIBOR USD 3 MONTH + 3.208%, 03/15/77(A)		3,150,000		2,709,027
Ultrapar International
5.250%, 06/06/29(B)		229,000		213,543
5.250%, 10/06/26(B)		625,000		599,219
Williams
3.500%, 11/15/30		575,000		526,179

				55,936,648

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — 14.6%
ABN AMRO Bank
2.470%, H15T1Y + 1.100%, 12/13/29(A)(B)	$	2,500,000	$	2,129,722
Aflac
1.125%, 03/15/26		2,500,000		2,283,318
Allstate
5.250%, 03/30/33		1,130,000		1,151,296
American International Group
3.900%, 04/01/26		483,000		471,710
Ares Capital
4.250%, 03/01/25		1,370,000		1,310,081
Aviation Capital Group
4.125%, 08/01/25(B)		496,000		473,865
Avolon Holdings Funding
4.375%, 05/01/26(B)		1,445,000		1,364,710
Bank Hapoalim
3.255%, H15T5Y + 2.155%, 01/21/32(A)(B)		2,500,000		2,090,575
Bank of America
6.204%, U.S. SOFR + 1.990%, 11/10/28(A)		325,000		338,868
4.875%, 04/01/44		50,000		48,326
4.450%, 03/03/26		1,275,000		1,256,103
4.250%, 10/22/26		725,000		705,601
4.200%, 08/26/24		440,000		434,033
4.183%, 11/25/27		1,275,000		1,229,785
3.846%, H15T5Y + 2.000%, 03/08/37(A)		1,875,000		1,622,144
3.705%, ICE LIBOR USD 3 MONTH + 1.512%, 04/24/28(A)		1,545,000		1,464,927
3.093%, ICE LIBOR USD 3 MONTH + 1.090%, 10/01/25(A)		1,645,000		1,587,242
2.676%, U.S. SOFR + 1.930%, 06/19/41(A)		1,870,000		1,326,703
2.496%, ICE LIBOR USD 3 Month + 0.990%, 02/13/31(A)		50,000		42,210
1.530%, U.S. SOFR + 0.650%, 12/06/25(A)		3,000,000		2,812,794
Bank of New York Mellon MTN
5.834%, SOFRINDX + 2.074%, 10/25/33(A)		650,000		695,564
Barclays
7.437%, H15T1Y + 3.500%, 11/02/33(A)		325,000		357,918
5.501%, H15T1Y + 2.650%, 08/09/28(A)		450,000		448,737
4.836%, 05/09/28		725,000		687,851
4.375%, 09/11/24		1,375,000		1,336,696
2.894%, H15T1Y + 1.300%, 11/24/32(A)		1,000,000		801,011


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
1.007%, H15T1Y + 0.800%, 12/10/24(A)	$	2,540,000	$	2,452,275
BB Blue Financing DAC
4.395%, 09/20/37		2,500,000		2,555,725
Belrose Funding Trust
2.330%, 08/15/30(B)		1,990,000		1,487,713
BGC Partners
5.375%, 07/24/23		4,125,000		4,110,871
Blackstone Private Credit Fund
2.625%, 12/15/26		2,845,000		2,422,693
BNP Paribas
4.625%, 03/13/27(B)		1,275,000		1,240,446
4.375%, 09/28/25(B)		1,275,000		1,223,599
4.375%, 05/12/26(B)		250,000		239,664
4.250%, 10/15/24		2,150,000		2,108,286
1.675%, U.S. SOFR + 0.912%, 06/30/27(A)(B)		2,450,000		2,185,953
BPCE
2.045%, U.S. SOFR + 1.087%, 10/19/27(A)(B)		2,500,000		2,206,498
Brookfield Finance
4.850%, 03/29/29		1,435,000		1,411,540
Caisse d’Amortissement de la Dette Sociale
2.125%, 01/26/32(B)		2,500,000		2,188,910
1.000%, 10/21/30(B)		2,500,000		2,051,475
Cantor Fitzgerald
4.875%, 05/01/24(B)		215,000		210,748
Capital One Financial
5.268%, U.S. SOFR + 2.370%, 05/10/33(A)		1,770,000		1,688,363
4.927%, U.S. SOFR + 2.057%, 05/10/28(A)		675,000		655,090
4.200%, 10/29/25		1,050,000		1,002,452
3.750%, 04/24/24		275,000		269,099
3.500%, 06/15/23		503,000		501,712
2.636%, U.S. SOFR + 1.290%, 03/03/26(A)		50,000		46,826
CDP Financial MTN
1.000%, 05/26/26(B)		2,500,000		2,273,555
Central American Bank for Economic Integration
5.000%, 02/09/26(B)		500,000		503,902
Citigroup
8.125%, 07/15/39		785,000		1,014,576
6.625%, 06/15/32		525,000		567,114
5.532%, U.S. SOFR + 0.694%, 01/25/26(A)		2,261,000		2,227,497
4.650%, 07/23/48		495,000		456,584
4.600%, 03/09/26		40,000		39,533
4.450%, 09/29/27		1,920,000		1,876,103
4.412%, U.S. SOFR + 3.914%, 03/31/31(A)		600,000		572,839

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
3.785%, U.S. SOFR + 1.939%, 03/17/33(A)	$	750,000	$	674,546
3.700%, 01/12/26		55,000		53,568
3.400%, 05/01/26		330,000		317,935
2.666%, U.S. SOFR + 1.146%, 01/29/31(A)		1,590,000		1,362,903
2.014%, U.S. SOFR + 0.694%, 01/25/26(A)		2,500,000		2,358,648
1.281%, U.S. SOFR + 0.528%, 11/03/25(A)		2,500,000		2,345,493
0.776%, U.S. SOFR + 0.686%, 10/30/24(A)		2,500,000		2,438,152
Colombia Government International Bond
5.625%, 02/26/44		1,200,000		873,570
Community Preservation
2.867%, 02/01/30		2,400,000		2,049,786
Conservation Fund A Nonprofit
3.474%, 12/15/29		2,116,000		1,829,392
Cooperatieve Rabobank UA
1.004%, H15T1Y + 0.730%, 09/24/26(A)(B)		444,000		399,112
Corebridge Financial
3.900%, 04/05/32(B)		80,000		70,388
Council of Europe Development Bank
3.000%, 06/16/25		2,500,000		2,438,819
Deutsche Bank NY
1.686%, 03/19/26		2,500,000		2,235,008
Enel Finance International
7.500%, 10/14/32(B)		600,000		671,334
5.000%, 06/15/32(B)		1,100,000		1,046,107
European Investment Bank
3.750%, 02/14/33		3,050,000		3,092,677
3.250%, 11/15/27		1,800,000		1,770,656
2.875%, 06/13/25(B)		2,500,000		2,438,519
2.125%, 04/13/26		1,000,000		952,068
0.875%, 05/17/30		3,500,000		2,914,058
0.625%, 10/21/27		5,000,000		4,377,080
Fairfax Financial Holdings
4.850%, 04/17/28		900,000		885,322
Goldman Sachs Group
5.700%, 11/01/24		7,330,000		7,395,171
4.387%, U.S. SOFR + 1.510%, 06/15/27(A)		2,500,000		2,453,520
4.017%, ICE LIBOR USD 3 MONTH + 1.373%, 10/31/38(A)		2,795,000		2,413,880
3.615%, U.S. SOFR + 1.846%, 03/15/28(A)		2,600,000		2,475,489
3.272%, ICE LIBOR USD 3 MONTH + 1.201%, 09/29/25(A)		1,330,000		1,286,826


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
Golub Capital BDC
2.500%, 08/24/26	$	3,530,000	$	3,052,256
HSBC Holdings
8.113%, U.S. SOFR + 4.250%, 11/03/33(A)		1,000,000		1,128,512
6.800%, 06/01/38		250,000		267,297
6.500%, 09/15/37		1,525,000		1,594,699
6.500%, 05/02/36		510,000		543,938
6.254%, U.S. SOFR + 2.390%, 03/09/34(A)		650,000		677,312
4.950%, 03/31/30		725,000		715,287
4.762%, U.S. SOFR + 2.530%, 03/29/33(A)		1,275,000		1,172,646
4.375%, 11/23/26		420,000		406,704
4.300%, 03/08/26		2,900,000		2,847,317
3.950%, ICE LIBOR USD 3 MONTH + 0.987%, 05/18/24(A)		1,025,000		1,024,310
2.357%, U.S. SOFR + 1.947%, 08/18/31(A)		700,000		564,414
0.976%, U.S. SOFR + 0.708%, 05/24/25(A)		850,000		804,118
ING Groep
1.400%, H15T1Y + 1.100%, 07/01/26(A)(B)		3,765,000		3,445,609
Inter-American Development Bank MTN
5.117%, SOFRINDX + 0.280%, 04/12/27(A)		1,500,000		1,500,123
3.500%, 04/12/33		2,500,000		2,460,253
1.125%, 01/13/31		2,500,000		2,082,969
Intercontinental Exchange
2.650%, 09/15/40		2,245,000		1,632,165
International Bank for Reconstruction & Development
1.875%, 06/19/23		1,215,000		1,209,885
1.625%, 11/03/31		5,000,000		4,275,635
0.750%, 08/26/30		2,500,000		2,034,285
0.000%, 03/31/27(E)		2,500,000		2,298,800
0.000%, 03/31/28(E)		1,000,000		1,007,595
International Finance MTN
4.930%, U.S. SOFR + 0.090%, 04/03/24(A)		2,500,000		2,499,642
Jackson National Life Global Funding
5.991%, U.S. SOFR + 1.150%, 06/28/24(A)(B)		8,360,000		8,329,988
JPMorgan Chase
8.750%, 09/01/30		945,000		1,127,716
7.625%, 10/15/26		75,000		81,642
5.717%, U.S. SOFR + 2.580%, 09/14/33(A)		350,000		361,321

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
4.493%, TSFR3M + 3.790%, 03/24/31(A)	$	850,000	$	828,117
4.250%, 10/01/27		699,000		687,512
4.032%, ICE LIBOR USD 3 MONTH + 1.460%, 07/24/48(A)		830,000		699,375
4.023%, ICE LIBOR USD 3 MONTH + 1.000%, 12/05/24(A)		1,730,000		1,713,980
3.897%, ICE LIBOR USD 3 MONTH + 1.220%, 01/23/49(A)		270,000		220,193
3.797%, ICE LIBOR USD 3 MONTH + 0.890%, 07/23/24(A)		775,000		771,805
3.625%, 12/01/27		240,000		228,723
3.328%, U.S. SOFR + 1.580%, 04/22/52(A)		2,075,000		1,549,283
2.956%, U.S. SOFR + 2.515%, 05/13/31(A)		3,325,000		2,881,613
2.522%, U.S. SOFR + 2.040%, 04/22/31(A)		725,000		620,133
0.768%, U.S. SOFR + 0.490%, 08/09/25(A)		2,500,000		2,349,488
Kreditanstalt fuer Wiederaufbau
1.750%, 09/14/29		2,500,000		2,241,792
Liberty Utilities Finance GP 1
2.050%, 09/15/30(B)		2,500,000		1,994,783
Lloyds Banking Group
7.953%, H15T1Y + 3.750%, 11/15/33(A)		750,000		833,445
4.650%, 03/24/26		1,000,000		962,800
4.582%, 12/10/25		1,463,000		1,400,464
4.500%, 11/04/24		325,000		317,522
Macquarie Group
6.207%, 11/22/24(B)		9,100,000		9,210,900
1.340%, U.S. SOFR + 1.069%, 01/12/27(A)(B)		825,000		739,469
Massachusetts Higher Education Assistance
2.673%, 07/01/31		500,000		406,980
Mastercard
1.900%, 03/15/31		2,500,000		2,130,865
Mitsubishi UFJ Financial Group
1.538%, H15T1Y + 0.750%, 07/20/27(A)		2,105,000		1,872,839
Morgan Stanley
4.431%, ICE LIBOR USD 3 MONTH + 1.628%, 01/23/30(A)		475,000		458,927
3.950%, 04/23/27		2,205,000		2,118,855
3.875%, 04/29/24		1,630,000		1,607,159


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
3.217%, U.S. SOFR + 1.485%, 04/22/42(A)	$	940,000	$	727,958
3.125%, 07/27/26		250,000		237,687
0.864%, U.S. SOFR + 0.745%, 10/21/25(A)		3,000,000		2,789,359
National Bank of Canada MTN
0.550%, H15T1Y + 0.400%, 11/15/24(A)		2,500,000		2,433,463
NatWest Group
6.000%, 12/19/23		2,275,000		2,258,707
5.125%, 05/28/24		100,000		98,952
4.269%, ICE LIBOR USD 3 MONTH + 1.762%, 03/22/25(A)		1,930,000		1,901,012
2.359%, H15T1Y + 2.150%, 05/22/24(A)		2,500,000		2,494,350
1.642%, H15T1Y + 0.900%, 06/14/27(A)		1,750,000		1,556,204
Nederlandse Waterschapsbank
1.000%, 05/28/30(B)		2,500,000		2,070,270
OMERS Finance Trust
4.000%, 04/19/52(B)		2,500,000		2,112,795
OPEC Fund for International Development
4.500%, 01/26/26(B)		900,000		900,085
Owl Rock Capital
3.400%, 07/15/26		1,140,000		1,021,066
2.875%, 06/11/28		1,190,000		975,644
OWS Cre Funding I
9.748%, ICE LIBOR USD 1 MONTH + 4.900%, 09/01/23(A)(B)		3,500,000		3,461,068
PayPal Holdings
3.250%, 06/01/50		2,940,000		2,123,545
Prudential Financial MTN
1.500%, 03/10/26		2,500,000		2,299,500
Santander Holdings USA
3.244%, 10/05/26		3,020,000		2,782,517
Shell International Finance BV
3.750%, 09/12/46		945,000		796,079
Truist Bank
2.636%, H15T5Y + 1.150%, 09/17/29(A)		2,735,000		2,563,199
UBS Group
5.959%, H15T1Y + 2.200%, 01/12/34(A)(B)		2,050,000		2,095,098
1.494%, H15T5Y + 0.850%, 08/10/27(A)(B)		495,000		429,970
UniCredit MTN
7.296%, USD ICE Swap 11:00 NY 5 Yr + 4.914%, 04/02/34(A)(B)		2,000,000		1,913,560

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
5.459%, H15T5Y + 4.750%, 06/30/35(A)(B)	$	925,000	$	788,132
Unum Group
6.750%, 12/15/28		465,000		501,485
USAA Capital
2.125%, 05/01/30(B)		2,500,000		2,100,697
1.500%, 05/01/23(B)		1,750,000		1,750,000
Wells Fargo MTN
5.013%, U.S. SOFR + 4.502%, 04/04/51(A)		2,075,000		1,963,554
4.897%, U.S. SOFR + 2.100%, 07/25/33(A)		600,000		587,172
4.300%, 07/22/27		1,225,000		1,198,566
4.100%, 06/03/26		425,000		414,199
3.350%, U.S. SOFR + 1.500%, 03/02/33(A)		525,000		458,251
3.068%, U.S. SOFR + 2.530%, 04/30/41(A)		680,000		510,087
2.572%, U.S. SOFR + 1.262%, 02/11/31(A)		50,000		42,702
2.188%, U.S. SOFR + 2.000%, 04/30/26(A)		670,000		631,164
2.164%, ICE LIBOR USD 3 MONTH + 0.750%, 02/11/26(A)		1,010,000		953,463
WLB Asset II D Pte
6.500%, 12/21/26(B)		2,500,000		2,515,931

				266,334,409

HEALTH CARE — 0.8%
Cigna Group
7.875%, 05/15/27		651,000		731,230
4.125%, 11/15/25		250,000		246,807
3.750%, 07/15/23		498,000		496,172
CVS Health
5.050%, 03/25/48		3,725,000		3,477,382
4.780%, 03/25/38		650,000		620,684
4.125%, 04/01/40		225,000		192,546
3.750%, 04/01/30		175,000		163,912
1.875%, 02/28/31		5,530,000		4,503,978
Elanco Animal Health
6.650%, 08/28/28		1,110,000		1,080,729
GE HealthCare Technologies
5.905%, 11/22/32(B)		1,000,000		1,070,397
5.857%, 03/15/30(B)		500,000		526,162
Royalty Pharma
1.750%, 09/02/27		1,135,000		995,068
Zoetis
4.500%, 11/13/25		600,000		596,935

				14,702,002


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
INDUSTRIALS — 1.1%
AerCap Ireland Capital DAC
3.300%, 01/30/32	$	1,655,000	$	1,355,565
3.000%, 10/29/28		225,000		195,889
BNSF Railway 2007-1 Pass Through Trust
5.996%, 04/01/24		5,576		5,585
Burlington Northern and Santa Fe Railway Pass Through Trust, Ser 2006-1
5.720%, 01/15/24		5,271		5,366
Burlington Northern Santa Fe
4.375%, 09/01/42		25,000		23,259
3.750%, 04/01/24		1,025,000		1,013,544
Cemex
9.125%, H15T5Y + 4.907%(A)(B)(D)		2,500,000		2,496,250
7.375%, 06/05/27(B)		1,000,000		1,037,305
5.200%, 09/17/30(B)		1,925,000		1,791,947
CRH America
3.875%, 05/18/25(B)		700,000		681,563
Family Forest Impact Foundation
5.500%, 07/01/32		1,250,000		1,309,450
FedEx
5.250%, 05/15/50		800,000		781,198
Mileage Plus Holdings
6.500%, 06/20/27(B)		4,670,750		4,663,279
Nature Conservancy
3.957%, 03/01/52		2,485,000		2,106,752
Norfolk Southern
2.300%, 05/15/31(D)		2,500,000		2,114,669
Union Pacific
3.500%, 02/14/53		1,010,000		801,396
Union Pacific Railroad 2005 Pass Through Trust
5.082%, 01/02/29		43,821		44,297
Union Pacific Railroad 2007-3 Pass Through Trust
6.176%, 01/02/31		17,994		18,868

				20,446,182

INFORMATION TECHNOLOGY — 1.2%
Apple
3.000%, 06/20/27		2,500,000		2,413,157
Arrow Electronics
3.875%, 01/12/28		1,977,000		1,861,676
3.250%, 09/08/24		1,875,000		1,822,988
Broadcom
4.150%, 11/15/30		435,000		404,589
4.110%, 09/15/28		525,000		505,164
3.875%, 01/15/27		2,030,000		1,972,379

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
INFORMATION TECHNOLOGY — continued
Dell International
8.350%, 07/15/46	$	362,000	$	445,942
6.020%, 06/15/26		275,000		283,017
3.375%, 12/15/41(B)		3,540,000		2,512,908
Intel
4.150%, 08/05/32(C)		2,500,000		2,411,037
International Business Machines
2.950%, 05/15/50		810,000		547,944
Microchip Technology
0.983%, 09/01/24		975,000		917,640
NXP BV
4.875%, 03/01/24		280,000		278,659
3.875%, 06/18/26		250,000		241,970
Oracle
3.950%, 03/25/51		650,000		490,756
3.900%, 05/15/35		2,445,000		2,144,993
3.600%, 04/01/40		545,000		423,207
VMware
4.650%, 05/15/27		1,920,000		1,904,302
1.400%, 08/15/26		525,000		468,797
0.600%, 08/15/23		400,000		394,483

				22,445,608

MATERIALS — 0.4%
Air Products and Chemicals
4.800%, 03/03/33		2,500,000		2,601,837
Dow Chemical
9.400%, 05/15/39		166,000		224,721
7.375%, 11/01/29		430,000		492,338
5.550%, 11/30/48		35,000		34,715
FMG Resources August 2006 Pty
6.125%, 04/15/32(B)		2,500,000		2,418,612
Glencore Funding
1.625%, 09/01/25(B)		230,000		212,387
LG Chemical
4.375%, 07/14/25(B)		1,150,000		1,130,641
LYB International Finance III
3.375%, 10/01/40		1,255,000		928,059
2.250%, 10/01/30		100,000		82,711

				8,126,021

REAL ESTATE — 0.7%
Boston Properties
3.250%, 01/30/31		1,450,000		1,187,530
3.125%, 09/01/23		910,000		897,091
Corporate Office Properties
2.750%, 04/15/31		1,040,000		790,166
Equinix
2.500%, 05/15/31		4,293,000		3,546,351
ERP Operating
4.150%, 12/01/28		3,672,000		3,559,811


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
REAL ESTATE — continued
Host Hotels & Resorts
2.900%, 12/15/31	$	1,581,000	$	1,249,881
Spirit Realty
3.400%, 01/15/30		1,570,000		1,359,076

				12,589,906

UTILITIES — 3.5%
Alabama Power
3.700%, 12/01/47		1,845,000		1,472,067
Avangrid
3.800%, 06/01/29		2,500,000		2,350,578
3.150%, 12/01/24		2,545,000		2,458,628
Berkshire Hathaway Energy
6.125%, 04/01/36		74,000		82,930
CenterPoint Energy Houston Electric
5.300%, 04/01/53		2,600,000		2,719,417
3.350%, 04/01/51		1,100,000		845,772
CenterPoint Energy Resources
1.750%, 10/01/30		1,320,000		1,085,832
Commonwealth Edison
4.000%, 03/01/48		570,000		488,781
Consolidated Edison of New York
4.450%, 03/15/44		965,000		875,633
Continental Wind
6.000%, 02/28/33(B)		1,376,819		1,448,393
Dominion Energy
5.750%, ICE LIBOR USD 3 MONTH + 3.057%, 10/01/54(A)		1,450,000		1,373,875
Duke Energy Florida
3.850%, 11/15/42		520,000		441,992
Electricite de France
3.625%, 10/13/25(B)		1,000,000		978,448
Enel Finance International
6.000%, 10/07/39(B)		850,000		850,134
Georgia Power
5.125%, 05/15/52		2,500,000		2,472,503
3.250%, 03/15/51		368,000		264,577
MidAmerican Energy
5.800%, 10/15/36		420,000		462,578
3.950%, 08/01/47		2,500,000		2,150,360
2.700%, 08/01/52		2,588,000		1,761,993
National Rural Utilities Cooperative Finance
4.150%, 12/15/32		2,500,000		2,390,208
NextEra Energy Capital Holdings
6.051%, 03/01/25		975,000		991,211
4.625%, 07/15/27		100,000		100,090
4.255%, 09/01/24		500,000		495,217

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
UTILITIES — continued
Niagara Mohawk Power
1.960%, 06/27/30(B)	$	2,500,000	$	2,049,696
NRG Energy
7.000%, 03/15/33(B)		1,455,000		1,509,592
NSTAR Electric
3.100%, 06/01/51		175,000		125,625
Pacific Gas and Electric
6.700%, 04/01/53		2,925,000		2,979,814
4.950%, 07/01/50		1,390,000		1,130,969
PacifiCorp
6.350%, 07/15/38		720,000		812,889
2.900%, 06/15/52		3,564,000		2,482,199
PECO Energy
4.150%, 10/01/44		1,015,000		892,595
3.000%, 09/15/49		1,005,000		727,214
Public Service Electric and Gas MTN
5.125%, 03/15/53		1,250,000		1,291,774
3.100%, 03/15/32		2,500,000		2,248,791
San Diego Gas & Electric
2.950%, 08/15/51		2,500,000		1,761,521
Solar Star Funding
3.950%, 06/30/35(B)		977,025		909,672
Southern
5.113%, 08/01/27		1,025,000		1,033,167
4.475%, 08/01/24		700,000		692,185
4.000%, H15T5Y + 3.733%, 01/15/51(A)		1,550,000		1,456,380
3.750%, H15T5Y + 2.915%, 09/15/51(A)		1,450,000		1,233,916
Southern California Edison
3.650%, 06/01/51		3,000,000		2,327,385
3.450%, 02/01/52		2,530,000		1,886,355
2.750%, 02/01/32		2,500,000		2,153,978
Southern Power
0.900%, 01/15/26		1,160,000		1,053,107
Union Electric
3.900%, 04/01/52		2,195,000		1,847,584
Virginia Electric and Power
4.650%, 08/15/43		775,000		706,872

				61,874,497

Total Corporate Obligations
(Cost $594,613,035)				566,746,292

U.S. TREASURY OBLIGATIONS — 25.3%

	Face Amount		Value
U.S. Treasury Bonds
4.000%, 11/15/52	$	2,065,000	$	2,191,629
3.375%, 08/15/42		8,500,000		8,004,609
3.250%, 05/15/42		80,000		74,078
3.000%, 08/15/48		1,295,000		1,132,164


U.S. TREASURY OBLIGATIONS — continued

	Face Amount		Value
3.000%, 02/15/49	$	985,000	$	863,299
3.000%, 08/15/52		51,087,000		44,876,737
2.875%, 05/15/52		34,430,000		29,461,858
2.500%, 02/15/45		15,310,000		12,272,520
2.500%, 02/15/46		1,775,000		1,414,384
2.500%, 05/15/46		1,735,000		1,381,426
2.375%, 02/15/42		870,000		702,151
2.375%, 11/15/49		395,000		305,523
2.250%, 08/15/46		1,805,000		1,365,807
2.250%, 02/15/52		6,970,000		5,201,090
2.000%, 11/15/41		1,305,000		988,792
2.000%, 02/15/50		4,745,000		3,367,097
2.000%, 08/15/51		6,755,000		4,754,623
1.875%, 02/15/41		935,000		702,382
1.875%, 02/15/51		325,000		222,409
1.875%, 11/15/51		3,200,000		2,180,250
1.625%, 11/15/50		4,615,000		2,966,039
1.375%, 11/15/40		2,815,000		1,948,398
1.250%, 05/15/50		625,000		364,331
1.125%, 05/15/40		605,000		405,397
1.125%, 08/15/40		3,655,000		2,429,147
U.S. Treasury Notes
5.331%, US Treasury 3 Month Bill Money Market Yield + 0.200%, 01/31/25(A)		115,250,000		115,474,117
5.168%, US Treasury 3 Month Bill Money Market Yield + 0.037%, 07/31/24(A)		28,980,000		28,982,636
4.125%, 11/15/32		32,730,000		34,545,492
4.000%, 02/29/28		1,835,000		1,875,427
4.000%, 10/31/29		1,827,000		1,878,741
4.000%, 02/28/30		1,520,000		1,566,788
3.875%, 12/31/27		2,950,000		2,992,522
3.625%, 03/31/28		7,545,000		7,585,672
3.625%, 03/31/30		8,300,000		8,375,953
3.500%, 01/31/28		13,100,000		13,085,160
3.500%, 01/31/30		9,735,000		9,739,944
3.500%, 02/15/33		9,125,000		9,173,695
2.875%, 05/15/32		12,395,000		11,863,371
2.750%, 05/31/29		3,860,000		3,697,609
2.750%, 02/15/24		7,580,000		7,451,199
2.750%, 08/15/32		1,621,000		1,534,125
2.375%, 03/31/29		5,640,000		5,294,109
2.375%, 05/15/29		918,000		861,270
1.875%, 02/15/32		1,730,000		1,528,955
1.750%, 11/15/29		420,000		379,395
1.625%, 05/15/31		1,110,000		972,984
1.500%, 02/15/30		265,000		233,842
1.375%, 12/31/28		6,335,000		5,645,821
1.375%, 11/15/31		13,805,000		11,737,486
1.250%, 08/15/31		10,810,000		9,141,206
1.125%, 02/29/28		4,795,000		4,286,281
1.125%, 08/31/28		505,000		446,235

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


U.S. TREASURY OBLIGATIONS — continued

	Face Amount		Value
1.125%, 02/15/31	$	4,625,000	$	3,928,540
0.875%, 11/15/30		16,360,000		13,655,488
0.750%, 01/31/28		1,450,000		1,274,754
0.625%, 11/30/27		3,350,000		2,939,102
0.625%, 12/31/27		7,560,000		6,620,020
0.625%, 05/15/30		595,000		490,805
0.625%, 08/15/30		295,000		242,107

Total U.S. Treasury Obligations
(Cost $476,801,681)				459,076,991

ASSET-BACKED SECURITIES — 5.8%

	Face Amount		Value
Automotive — 2.5%
American Credit Acceptance Receivables Trust, Ser 2022-2, Cl D
4.850%, 06/13/28(B)	$	2,555,000	$	2,457,268
CAL Receivables 2022-1, Ser 2022-1, Cl B
9.100%, SOFR30A + 4.350%, 10/15/26 (A)(B)		2,520,000		2,444,191
Carmax Auto Owner Trust 2019-2, Ser 2019-2, Cl D
3.410%, 10/15/25		2,010,000		2,006,594
Carvana Auto Receivables Trust 2019-2, Ser 2019-2A, Cl D
3.280%, 01/15/25(B)		836,762		834,485
Credit Acceptance Auto Loan Trust 2020-3, Ser 2020-3A, Cl C
2.280%, 02/15/30(B)		1,200,000		1,148,827
Drive Auto Receivables Trust 2019-3, Ser 2019-3, Cl D
3.180%, 10/15/26		73,538		72,941
Drive Auto Receivables Trust 2020-2, Ser 2020-2, Cl D
3.050%, 05/15/28		2,200,000		2,151,259
Exeter Automobile Receivables Trust, Ser 2021-3A, Cl D
1.550%, 06/15/27		5,200,000		4,796,043
Exeter Automobile Receivables Trust, Ser 2022-2A, Cl D
4.560%, 07/17/28		3,200,000		3,073,820
Exeter Automobile Receivables Trust, Ser 2022-3A, Cl D
6.760%, 09/15/28		3,000,000		3,026,468
Exeter Automobile Receivables Trust, Ser 2022-5A, Cl D
7.400%, 02/15/29		3,945,000		4,026,870
Flagship Credit Auto Trust, Ser 2022-2, Cl D
5.800%, 04/17/28(B)		2,110,000		2,060,361


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Ford Credit Auto Owner Trust 2021-REV1, Ser 2021-1, Cl D
2.310%, 10/17/33(B)	$	1,750,000	$	1,548,527
GLS Auto Receivables Issuer Trust 2021-4, Ser 2021-4A, Cl D
2.480%, 10/15/27(B)		3,500,000		3,228,169
GLS Auto Receivables Issuer Trust 2023-1, Ser 2023-1A, Cl D
7.010%, 01/16/29(B)		1,415,000		1,446,888
GLS Auto Receivables Issuer Trust, Ser 2022-2A, Cl D
6.150%, 04/17/28(B)		2,500,000		2,482,334
Octane Receivables Trust 2023-1, Ser 2023-1A, Cl C
6.370%, 09/20/29(B)		895,000		898,609
Santander Drive Auto Receivables Trust, Ser 2022-7, Cl C
6.690%, 03/17/31		3,340,000		3,471,203
Tesla Auto Lease Trust, Ser 2021-A, Cl B
1.020%, 03/20/25(B)		1,000,000		972,586
Westlake Automobile Receivables Trust 2022-1, Ser 2022-1A, Cl D
3.490%, 03/15/27(B)		345,000		327,439
Westlake Automobile Receivables Trust 2023-1, Ser 2023-1A, Cl D
6.790%, 11/15/28(B)		1,400,000		1,414,531
Westlake Automobile Receivables Trust 2023-2, Ser 2023-2A, Cl D
7.010%, 11/15/28 (B)		2,340,000		2,376,290

				46,265,703

Other Asset-Backed Securities — 3.3%
AEP Texas Central Transition Funding III, Ser 2012-1, Cl A3
2.845%, 03/01/26		59,182		57,892
BANK 2023-BNK45, Ser BNK45, Cl C
6.489%, 02/15/56 (A)		550,000		489,927
Barclays Commercial Mortgage Trust 2019-C4, Ser C4, Cl C
3.469%, 08/15/52		1,300,000		944,671
BBCMS Mortgage Trust 2023-C19, Ser C19, Cl C
6.385%, 04/15/56 (A)		730,000		674,604
Benchmark 2019-B10 Mortgage Trust, Ser B10, Cl C
3.750%, 03/15/62		1,200,000		916,179

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Benchmark 2022-B35 Mortgage Trust, Ser B35, Cl C
4.593%, 05/15/55 (A)	$	595,140	$	447,280
BMO 2023-C4 Mortgage Trust, Ser C4, Cl C
6.059%, 02/15/56 (A)		960,000		858,262
CSAIL 2019-C16 Commercial Mortgage Trust, Ser C16, Cl C
4.237%, 06/15/52 (A)		1,365,000		1,092,118
DRIVEN BRANDS FUNDING, Ser 2019-1A, Cl A2
4.641%, 04/20/49 (B)		3,504,450		3,303,768
Finance of America 2022-S4
3.000%, 01/25/57		3,008,658		2,728,816
GoodLeap Sustainable Home Solutions Trust 2021-5, Ser 2021-5CS, Cl B
2.560%, 10/20/48 (B)		2,384,661		1,699,720
GoodLeap Sustainable Home Solutions Trust 2023-1, Ser 2023-1GS, Cl A
5.520%, 02/22/55 (B)		1,778,235		1,732,516
GoodLeap Sustainable Home Solutions Trust, Ser 2022-3CS, Cl B
5.500%, 07/20/49 (B)		1,250,000		1,101,832
GoodLeap Sustainable Home Solutions Trust, Ser 2022-4CS, Cl B
5.550%, 11/20/54 (B)		1,118,000		981,753
Hertz Vehicle Financing III, Ser 2023-2A, Cl A
5.570%, 09/25/29 (B)		2,000,000		2,042,859
KKR CLO 41, Ser 2022-41A, Cl C
7.236%, TSFR3M + 2.250%, 04/15/35 (A)(B)		3,500,000		3,287,918
Morgan Stanley Capital I Trust 2019-H7, Ser H7, Cl C
4.128%, 07/15/52		1,809,000		1,452,924
Mosaic Solar Loan Trust, Ser 2022-1A, Cl B
3.160%, 01/20/53 (B)		1,303,074		1,089,195
Navient Student Loan Trust 2016-1, Ser 2016-1A, Cl A
5.720%, ICE LIBOR USD 1 Month + 0.700%, 02/25/70 (A)(B)		392,850		383,184
Navient Student Loan Trust 2016-5, Ser 2016-5A, Cl A
6.270%, ICE LIBOR USD 1 MONTH + 1.250%, 06/25/65 (A)(B)		503,877		496,009


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Navient Student Loan Trust 2016-6, Ser 2016-6A, Cl A3
6.320%, ICE LIBOR USD 1 Month + 1.300%, 03/25/66 (A)(B)	$	113,398	$	112,276
Navient Student Loan Trust 2018-2, Ser 2018-2A, Cl A3
5.770%, ICE LIBOR USD 1 MONTH + 0.750%, 03/25/67 (A)(B)		5,394,135		5,232,621
Navient Student Loan Trust 2021-1, Ser 2021-1A, Cl A1B
5.620%, ICE LIBOR USD 1 MONTH + 0.600%, 12/26/69 (A)(B)		5,122,924		4,993,011
Neuberger Berman Loan Advisers CLO, Ser 2022-47A, Cl C
7.040%, TSFR3M + 2.050%, 04/14/35 (A)(B)		6,000,000		5,570,562
SBAP 2004-20K 1
4.880%, 11/01/24		1,544		1,523
SBAP 2006-20B 1
5.350%, 02/01/26		1,314		1,297
SBAP 2006-20C 1
5.570%, 03/01/26		1,182		1,169
SBAP 2007-20C 1
5.230%, 03/01/27		1,194		1,188
SLM Student Loan Trust 2004-3, Ser 2014-3A, Cl A6B
5.805%, ICE LIBOR USD 3 MONTH + 0.550%, 10/25/64 (A)(B)		2,991,363		2,915,322
SLM Student Loan Trust 2009-3, Ser 2009-3, Cl A
5.770%, ICE LIBOR USD 1 MONTH + 0.750%, 01/25/45 (A)(B)		1,914,771		1,837,142
SMB Private Education Loan Trust 2017-B, Ser 2017-B, Cl A2A
2.820%, 10/15/35 (B)		89,269		85,320
SMB Private Education Loan Trust 2018-A, Ser 2018-A, Cl A2A
3.500%, 02/15/36 (B)		921,064		878,083
SOUND POINT CLO XXII, Ser 2021-1A, Cl CR
7.500%, ICE LIBOR USD 3 MONTH + 2.250%, 01/20/32 (A)(B)		3,480,000		3,329,469
United States Small Business Administration
5.090%, 10/01/25		5,973		5,840

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
United States Small Business Administration, Ser 2003-20J, Cl 1
4.920%, 10/01/23	$	303	$	301
United States Small Business Administration, Ser 2003-20K, Cl 1
4.980%, 11/01/23		3,176		3,160
United States Small Business Administration, Ser 2004-20L, Cl 1
4.870%, 12/01/24		1,459		1,448
United States Small Business Administration, Ser 2005-20A, Cl 1
4.860%, 01/01/25		550		543
United States Small Business Administration, Ser 2005-20E, Cl 1
4.840%,��05/01/25		494		487
United States Small Business Administration, Ser 2005-20G, Cl 1
4.750%, 07/01/25		2,443		2,409
United States Small Business Administration, Ser 2005-20H, Cl 1
5.110%, 08/01/25		4,670		4,623
United States Small Business Administration, Ser 2006-20F, Cl 1
5.820%, 06/01/26		733		722
United States Small Business Administration, Ser 2006-20G, Cl 1
6.070%, 07/01/26		2,140		2,123
United States Small Business Administration, Ser 2006-20H, Cl 1
5.700%, 08/01/26		1,359		1,355
United States Small Business Administration, Ser 2007-20D, Cl 1
5.320%, 04/01/27		4,076		4,025
United States Small Business Administration, Ser 2007-20E, Cl 1
5.310%, 05/01/27		1,661		1,645
United States Small Business Administration, Ser 2007-20F, Cl 1
5.710%, 06/01/27		3,512		3,473
Vivint Solar Financing V, Ser 2018-1A, Cl B
7.370%, 04/30/48 (B)		633,043		583,979


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Vivint Solar Financing VII, Ser 2020-1A, Cl A
2.210%, 07/31/51 (B)	$	1,337,886	$	1,054,804
Wellfleet CLO X, Ser 2021-XA, Cl BR
7.450%, ICE LIBOR USD 3 MONTH + 2.200%, 07/20/32 (A)(B)		2,000,000		1,906,300
Wells Fargo Commercial Mortgage Trust 2018-C47, Ser C47, Cl C
5.095%, 09/15/61 (A)		610,000		524,910
Wells Fargo Commercial Mortgage Trust 2019-C50, Ser C50, Cl C
4.345%, 05/15/52		2,000,000		1,618,349
Wells Fargo Commercial Mortgage Trust 2019-C52, Ser C52, Cl C
3.561%, 08/15/52		1,100,000		850,910
Wells Fargo Commercial Mortgage Trust 2022-C62, Ser C62, Cl C
4.496%, 04/15/55 (A)		1,765,000		1,324,502

				58,636,318

Total Asset-Backed Securities
(Cost $106,979,930)				104,902,021

MUNICIPAL BONDS — 2.4%

	Face Amount		Value
Alaska — 0.2%
City of Port Lions Alaska
7.500%, 10/01/52	$	3,025,000	$	3,194,506


California — 1.0%
California Health Facilities Financing Authority
3.034%, 06/01/34		1,865,000		1,599,184
2.984%, 06/01/33		3,090,000		2,676,522
City & County of San Francisco California Community Facilities District No. 2014-1
6.332%, 09/01/51		1,250,000		1,339,166
3.482%, 09/01/50		2,500,000		1,895,164
City of Los Angeles California, Ser A
5.000%, 09/01/42		2,500,000		2,484,360
City of Los Angeles Department of Airports Customer Facility Charge Revenue, RB
3.258%, 05/15/30		2,250,000		2,057,154
3.158%, 05/15/29		1,000,000	��	920,602

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


MUNICIPAL BONDS — continued

	Face Amount		Value
City of San Francisco California Public Utilities Commission Water Revenue, Ser E
2.825%, 11/01/41	$	1,000,000	$	777,517
Los Angeles Unified School District, Ser RY
6.758%, 07/01/34		100,000		116,415
Regents of the University of California Medical Center Pooled Revenue
4.563%, 05/15/53		600,000		578,842
State of California
7.625%, 03/01/40		40,000		52,150
7.550%, 04/01/39		100,000		131,248
7.500%, 04/01/34		675,000		844,517
7.300%, 10/01/39		625,000		783,426
Tuolumne Wind Project Authority
6.918%, 01/01/34		1,100,000		1,230,213

				17,486,480

Connecticut — 0.1%
Connecticut Green Bank
2.900%, 11/15/35		2,500,000		2,110,123
Hartford County Metropolitan District Clean Water Project Revenue, Ser S
2.952%, 11/01/42		270,000		206,437

				2,316,560

District of Columbia — 0.1%
District of Columbia
2.932%, 04/01/33		1,590,000		1,377,392


Florida — 0.1%
Florida Development Finance, RB
7.250%, 07/01/57 (A)(B)		2,500,000		2,531,630


Hawaii — 0.1%
State of Hawaii Department of Business Economic Development & Tourism, Ser A-2, RB
3.242%, 01/01/31		1,072,517		1,032,034


Illinois — 0.1%
State of Illinois
5.100%, 06/01/33		1,850,000		1,857,659


Massachusetts — 0.0%
Massachusetts Housing Finance Agency, Ser 226-SOCIAL
5.562%, 12/01/52		500,000		509,719


MUNICIPAL BONDS — continued

	Face Amount		Value

Montana — 0.0%
County of Gallatin Montana, RB
11.500%, 09/01/27 (B)	$	500,000	$	525,084


New Jersey — 0.2%
New Jersey Economic Development Authority
4.934%, 03/01/25		750,000		748,696
New Jersey Housing & Mortgage Finance Agency, Ser C
3.100%, 11/01/40		3,100,000		2,438,740
New Jersey Turnpike Authority
7.414%, 01/01/40		275,000		352,880
7.102%, 01/01/41		925,000		1,156,516

				4,696,832

New York — 0.3%
Metropolitan Transportation Authority, Ser C2
5.175%, 11/15/49		1,250,000		1,182,415
New York State Energy Research & Development Authority, Ser A
4.871%, 04/01/37		2,820,000		2,616,038

				3,798,453

Pennsylvania — 0.1%
Redevelopment Authority of the City of Philadelphia, Ser A
3.172%, 09/01/41		2,000,000		1,539,620


South Dakota — 0.0%
South Dakota Housing Development Authority, Ser E, RB
5.460%, 05/01/53		300,000		306,231


Wisconsin — 0.1%
County of Fond Du Lac Wisconsin
5.569%, 11/01/51 (B)		2,350,000		2,278,611

Total Municipal Bonds
(Cost $43,168,948)				43,450,811

PREFERRED STOCK — 0.2%

	Shares		Value

PREFERRED STOCK — 0.2%
Citigroup Capital XIII, 11.643%, ICE LIBOR USD 3 MONTH + 6.370%, 10/30/40(A)		108,715	$	3,171,217

Total Preferred Stock
(Cost $2,861,568)				3,171,217

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)


U.S. GOVERNMENT AGENCY OBLIGATION — 0.0%

	Face Amount		Value
United States International Development Finance
1.790%, 10/15/29	$	374,735	$	342,898

Total U.S. Government Agency Obligations
(Cost $351,219)				342,898

SHORT-TERM INVESTMENT — 0.1%

	Shares		Value
State Street Institutional US
Government Money Market Fund, Premier Class, 4.760% (F)		1,423,470	$	1,423,470

Total Short-Term Investments
(Cost $1,423,470)				1,423,470

Total Investments in Securities — 97.9%
(Cost $1,864,933,635)			$	1,776,904,840

Percentages are based on Net Assets of $1,815,814,200.

A list of the open futures contracts held by the Fund at April 30, 2023, is as follows:



Type of Contract	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
U.S. 5-Year Treasury Note		1,510		Jun-2023	$	166,895,004	$	165,710,703	$	(1,184,301	)
Ultra 10-Year U.S. Treasury Note		289		Jun-2023		35,085,039		35,099,953		14,914

					$	201,980,043	$	200,810,656	$	(1,169,387	)

(A)

(B)

(C)

This security or a partial position of this security is on loan at April 30, 2023. The total market value of securities on loan at April 30, 2023 was $1,388,595.

(D)

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(E)

Zero coupon security.

(F)

This security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2023, was $1,423,470.

Cl — Class

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

H15T1Y— US Treas Yield Curve Rate T Note Const Mat 1 Yr

H15T5Y— US Treas Yield Curve Rate T Note Const Mat 5 Yr

LIBOR— London Interbank Offered Rate

MTN — Medium Term Note

REMIC — Real Estate Mortgage Investment Conduit

RB — Revenue Bond

Ser — Series

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

SOFRINDX — Secured Overnight Financing Rate Index

TSFR1M — Term Structured Financing Rate 1 Month Average

TSFR3M — Term Structured Financing Rate 3 Month Average

USD — United States Dollar

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

APRIL 30, 2023 (Unaudited)

The following is a summary of the inputs used as of April 30, 2023, in valuing the Fund’s investments and other financial instruments carried at market value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Mortgage-Backed Securities	$	—	$	597,791,140	$	—	$	597,791,140
Corporate Obligations		—		566,746,292		—		566,746,292
U.S. Treasury Obligations		100,940,835		358,136,156		—		459,076,991
Asset-Backed Securities		—		104,902,021		—		104,902,021
Municipal Bonds		—		43,450,811		—		43,450,811
Preferred Stock		3,171,217		—		—		3,171,217
Short-Term Investment		1,423,470		—		—		1,423,470
U.S. Government Agency Obligation		—		342,898		—		342,898

Total Investments in Securities	$	105,535,522	$	1,671,369,318	$	—	$	1,776,904,840


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	14,914	$	—	$	—	$	14,914
Unrealized Depreciation		(1,184,301)		—		—		(1,184,301	)

Total Other Financial Instruments	$	(1,169,387)	$	—	$	—	$	(1,169,387	)

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, 2023 (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
CORPORATE OBLIGATIONS — 28.2%

	Face Amount		Value
COMMUNICATION SERVICES — 0.7%
T-Mobile USA
5.650%, 01/15/53	$	1,197,000	$	1,234,676
2.250%, 02/15/26		2,500,000		2,326,507

				3,561,183

CONSUMER DISCRETIONARY — 1.7%
General Motors
5.400%, 10/15/29		1,175,000		1,158,972
5.200%, 04/01/45		970,000		820,794
General Motors Financial
4.300%, 07/13/25		1,577,000		1,536,755
Lennar
5.250%, 06/01/26		1,500,000		1,502,134
Lowe’s
5.625%, 04/15/53		2,272,000		2,285,253
Marriott International
4.650%, 12/01/28		1,500,000		1,480,690
ZF North America Capital
6.875%, 04/14/28(A)		225,000		231,755

				9,016,353

CONSUMER STAPLES — 0.4%
CVS Pass-Through Trust
6.036%, 12/10/28		1,517,087		1,528,790
Delta Air Lines
4.750%, 10/20/28(A)		500,000		484,967

				2,013,757

ENERGY — 2.3%
Continental Resources
3.800%, 06/01/24		980,000		960,832
Devon Energy
7.875%, 09/30/31		340,000		397,053
Diamondback Energy
6.250%, 03/15/33		1,690,000		1,802,736


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
ENERGY — continued
Equities
5.700%, 04/01/28	$	500,000	$	501,889
5.678%, 10/01/25		1,205,000		1,200,065
Hess
7.875%, 10/01/29		120,000		136,198
7.300%, 08/15/31		210,000		236,219
Hydro-Quebec
8.050%, 07/07/24		500,000		517,430
MidAmerican Energy
3.100%, 05/01/27		1,292,000		1,233,802
MPLX
1.750%, 03/01/26		2,575,000		2,365,969
Phillips 66
4.950%, 12/01/27		445,000		448,359
Terraform Power Operating
7.430%, 05/21/29		2,493,719		2,487,484

				12,288,036

FINANCIALS — 18.2%
ABN AMRO Bank
2.470%, H15T1Y + 1.100%, 12/13/29(A)(B)		1,000,000		851,889
Aflac
1.125%, 03/15/26		1,500,000		1,369,991
Bank of America MTN
4.827%, U.S. SOFR + 1.750%, 07/22/26(B)		945,000		933,982
3.559%, ICE LIBOR USD 3 Month + 1.060%, 04/23/27(B)		1,750,000		1,667,040
1.530%, U.S. SOFR + 0.650%, 12/06/25(B)		1,000,000		937,598
Barclays
1.007%, H15T1Y + 0.800%, 12/10/24(B)		1,370,000		1,322,401
BB Blue Financing DAC
4.395%, 09/20/29		2,500,000		2,506,469
Blackstone Private Credit Fund
2.625%, 12/15/26		2,625,000		2,233,400
2.350%, 11/22/24		3,000,000		2,796,311
BPCE
2.045%, U.S. SOFR + 1.087%, 10/19/27(A)(B)		1,000,000		882,599
Caisse d’Amortissement de la Dette Sociale
3.000%, 05/17/25(A)		1,000,000		973,838
0.375%, 05/27/24(A)		1,000,000		956,098
Cantor Fitzgerald
4.875%, 05/01/24(A)		1,140,000		1,117,324
Capital One Financial
4.166%, U.S. SOFR + 1.370%, 05/09/25(B)		2,805,000		2,731,704

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2023 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
CDP Financial MTN
1.000%, 05/26/26(A)	$	1,000,000	$	909,422
Central American Bank for Economic Integration
5.000%, 02/09/26(A)		500,000		503,902
Citigroup
5.532%, U.S. SOFR + 0.694%, 01/25/26(B)		1,000,000		985,182
2.014%, U.S. SOFR + 0.694%, 01/25/26(B)		1,284,000		1,211,402
1.281%, U.S. SOFR + 0.528%, 11/03/25(B)		1,000,000		938,197
0.776%, U.S. SOFR + 0.686%, 10/30/24(B)		1,000,000		975,261
Conservation Fund A Nonprofit
3.474%, 12/15/29		1,000,000		864,552
Council of Europe Development Bank
3.000%, 06/16/25		1,000,000		975,527
Deutsche Bank NY
1.686%, 03/19/26		1,000,000		894,003
European Investment Bank
3.250%, 11/15/27		700,000		688,588
2.875%, 06/13/25(A)		2,000,000		1,950,815
2.375%, 05/24/27		1,253,000		1,190,688
2.125%, 04/13/26		500,000		476,034
0.625%, 10/21/27		2,000,000		1,750,832
Goldman Sachs Group
5.700%, 11/01/24		2,940,000		2,966,139
4.387%, U.S. SOFR + 1.510%, 06/15/27(B)		1,000,000		981,408
0.855%, U.S. SOFR + 0.609%, 02/12/26(B)		1,100,000		1,008,899
Golub Capital BDC
2.500%, 08/24/26		1,610,000		1,392,105
HSBC Holdings
4.292%, ICE LIBOR USD 3 Month + 1.348%, 09/12/26(B)		1,750,000		1,696,601
ING Groep
1.400%, H15T1Y + 1.100%, 07/01/26(A)(B)		1,000,000		915,168
Inter-American Development Bank
5.117%, SOFRINDX + 0.280%, 04/12/27(B)		1,000,000		1,000,082
Inter-American Investment
4.125%, 02/15/28		2,500,000		2,520,223
International Bank for Reconstruction & Development
5.195%, SOFRINDX + 0.390%, 06/17/24(B)		1,000,000		1,002,960
1.875%, 06/19/23		1,000,000		995,790


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
0.000%, 03/31/28(C)	$	1,000,000	$	1,007,595
0.000%, 03/31/27(C)		2,500,000		2,298,800
International Finance MTN
4.930%, U.S. SOFR + 0.090%, 04/03/24(B)		2,000,000		1,999,714
Jackson National Life Global Funding
5.991%, U.S. SOFR + 1.150%, 06/28/24(A)(B)		3,390,000		3,377,830
John Hancock Life Insurance
7.375%, 02/15/24(A)		1,500,000		1,518,966
JPMorgan Chase
0.768%, U.S. SOFR + 0.490%, 08/09/25(B)		1,000,000		939,795
0.563%, U.S. SOFR + 0.420%, 02/16/25(B)		1,168,000		1,121,386
Kreditanstalt fuer Wiederaufbau
1.750%, 09/14/29		1,000,000		896,717
Liberty Mutual Insurance
7.875%, 10/15/26(A)		1,250,000		1,318,730
Liberty Utilities Finance GP 1
2.050%, 09/15/30(A)		1,000,000		797,913
Macquarie Group MTN
6.207%, 11/22/24(A)		3,630,000		3,674,238
Mitsubishi UFJ Financial Group
5.719%, H15T1Y + 1.080%, 02/20/26(B)		300,000		301,386
Morgan Stanley MTN
1.512%, U.S. SOFR + 0.858%, 07/20/27(B)		2,750,000		2,440,300
0.864%, U.S. SOFR + 0.745%, 10/21/25(B)		1,000,000		929,786
National Bank of Canada MTN
0.550%, H15T1Y + 0.400%, 11/15/24(B)		2,000,000		1,946,771
NatWest Group
2.359%, H15T1Y + 2.150%, 05/22/24(B)		1,000,000		997,740
Nederlandse Waterschapsbank
1.000%, 05/28/30(A)		1,000,000		828,108
OPEC Fund for International Development
4.500%, 01/26/26(A)		450,000		450,043
Owl Rock Capital
3.750%, 07/22/25		2,075,000		1,915,379
OWS Cre Funding I
9.934%, ICE LIBOR USD 1 MONTH + 4.900%, 09/01/23(A)(B)		1,300,000		1,285,540
Prudential Financial MTN
5.700%, ICE LIBOR USD 3 Month + 2.665%, 09/15/48(B)		2,115,000		2,054,194

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2023 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
1.500%, 03/10/26	$	1,000,000	$	919,800
Prudential Insurance of America
8.300%, 07/01/25(A)		800,000		841,408
Santander UK Group Holdings
1.532%, H15T1Y + 1.250%, 08/21/26(B)		2,580,000		2,316,837
Societe Generale
5.000%, 01/17/24(A)		1,500,000		1,477,291
Synchrony Financial
4.875%, 06/13/25		1,200,000		1,133,080
Toronto-Dominion Bank MTN
5.291%, U.S. SOFR + 0.450%, 09/28/23(B)		2,000,000		1,999,315
Truist Bank
2.636%, H15T5Y + 1.150%, 09/17/29(B)		2,000,000		1,872,437
USAA Capital
1.500%, 05/01/23(A)		1,000,000		1,000,000
WLB Asset II D Pte
6.500%, 12/21/26(A)		1,000,000		1,006,372

				94,741,895

INDUSTRIALS — 1.8%
AerCap Ireland Capital DAC
1.650%, 10/29/24		2,500,000		2,335,807
Delta Air Lines
4.500%, 10/20/25(A)		1,250,000		1,224,954
Mileage Plus Holdings
6.500%, 06/20/27(A)		2,864,500		2,860,029
Nature Conservancy
1.304%, 07/01/28		200,000		165,096
0.467%, 07/01/23		425,000		421,213
Spirit Airlines Pass Through Trust
3.650%, 02/15/30		943,008		788,032
Weir Group
2.200%, 05/13/26(A)		1,000,000		901,280
Westinghouse Air Brake Technologies
3.200%, 06/15/25		1,075,000		1,023,923

				9,720,334

INFORMATION TECHNOLOGY — 0.8%
Apple
3.000%, 06/20/27		1,665,000		1,607,163
Dell International
3.375%, 12/15/41(A)		1,370,000		972,510
Intel
4.875%, 02/10/28		890,000		903,985
4.150%, 08/05/32		1,000,000		964,415

				4,448,073


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
MATERIALS — 0.4%
Air Products and Chemicals
4.800%, 03/03/33	$	500,000	$	520,367
Celanese US Holdings
5.900%, 07/05/24		295,000		295,205
LG Chemical
4.375%, 07/14/25(A)		570,000		560,405
3.250%, 10/15/24(A)		700,000		680,806

				2,056,783

REAL ESTATE — 0.2%
ERP Operating
4.150%, 12/01/28		1,000,000		969,447


UTILITIES — 1.7%
Avangrid
3.800%, 06/01/29		2,000,000		1,880,462
3.150%, 12/01/24		1,000,000		966,062
Electricite de France
3.625%, 10/13/25(A)		500,000		489,224
Enel Finance International
6.800%, 10/14/25(A)		2,200,000		2,277,550
Solar Star Funding
3.950%, 06/30/35(A)		706,465		657,763
Southern California Edison
5.300%, 03/01/28		1,000,000		1,024,981
Southern Power
4.150%, 12/01/25		1,000,000		980,762
0.900%, 01/15/26		1,000,000		907,851

				9,184,655

Total Corporate Obligations
(Cost $151,128,377)				148,000,516

U.S. TREASURY OBLIGATIONS — 28.0%

	Face Amount		Value
U.S. Treasury Bonds
3.000%, 08/15/52	$	10,800,000	$	9,487,125
2.875%, 05/15/52		2,420,000		2,070,802
U.S. Treasury Notes
5.331%, US Treasury 3 Month Bill Money Market Yield + 0.200%, 01/31/25(B)		31,750,000		31,811,742
5.224%, US Treasury 3 Month Bill Money Market Yield + 0.037%, 07/31/24(B)		20,100,000		20,101,828
5.112%, US Treasury 3 Month Bill Money Market Yield + -0.075%, 04/30/24(B)		32,065,000		32,041,049
4.125%, 11/15/32		8,770,000		9,256,461

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2023 (Unaudited)


U.S. TREASURY OBLIGATIONS — continued

	Face Amount		Value
4.000%, 02/29/28	$	3,170,000	$	3,233,400
3.875%, 03/31/25		6,159,000		6,129,889
3.875%, 11/30/27		2,575,000		2,607,590
3.750%, 04/15/26		148,000		147,873
3.625%, 03/31/28		1,770,000		1,776,084
3.500%, 01/31/28		4,385,000		4,371,982
3.500%, 02/15/33		425,000		426,727
3.125%, 08/31/27		5,975,000		5,859,701
2.750%, 07/31/27		7,585,000		7,325,154
2.625%, 05/31/27		10,884,000		10,466,496

Total U.S. Treasury Obligations
(Cost $147,100,111)				147,113,903

MORTGAGE-BACKED SECURITIES — 23.9%

	Face Amount		Value
Agency Mortgage-Backed Obligation — 11.1%
FHLMC
5.500%, 11/01/52	$	8,430,562	$	8,500,484
4.500%, 10/01/52		1,964,898		1,920,920
4.500%, 09/01/52		2,801,248		2,738,623
4.000%, 07/01/52		4,206,969		4,022,951
FNMA
5.500%, 12/01/52		435,316		438,926
5.000%, 11/01/52		9,194,254		9,143,353
4.500%, 09/01/52		4,004,864		3,915,227
4.000%, 10/01/52		487,173		465,713
4.000%, 07/01/52		948,064		906,594
4.000%, 06/01/52		11,476,021		10,970,508
FREMF Mortgage Trust, Ser 2015-K48, Cl C
3.771%, 08/25/48 (A)(B)		1,500,000		1,435,570
FREMF Mortgage Trust, Ser 2016-K58, Cl C
3.866%, 09/25/49 (A)(B)		1,080,000		1,021,402
FREMF Mortgage Trust, Ser 2017-K65, Cl C
4.218%, 07/25/50 (A)(B)		1,600,000		1,511,433
FREMF Mortgage Trust, Ser 2017-K729, Cl B
3.799%, 11/25/49 (A)(B)		1,111,948		1,075,219
FREMF Mortgage Trust, Ser 2018-K75, Cl C
4.113%, 04/25/51 (A)(B)		200,000		186,227
FREMF Mortgage Trust, Ser 2018-K80, Cl C
4.376%, 08/25/50 (A)(B)		270,000		253,600
FREMF Mortgage Trust, Ser 2019-K91, Cl C
4.402%, 04/25/51 (A)(B)		770,000		714,525
FREMF Mortgage Trust, Ser 2019-K93, Cl C
4.260%, 05/25/52 (A)(B)		505,000		465,333


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
GNMA
5.000%, 03/20/53	$	4,350,185	$	4,333,878
5.000%, 02/20/53		4,029,373		4,011,669

				58,032,155

Non-Agency Mortgage-Backed Obligation — 12.8%
BBCMS Mortgage Trust, Ser 2018-TALL, Cl A
5.820%, ICE LIBOR USD 1 Month + 0.872%, 03/15/37 (A)(B)		2,000,000		1,785,972
BBCMS Mortgage Trust, Ser 2018-TALL, Cl C
6.219%, ICE LIBOR USD 1 Month + 1.271%, 03/15/37 (A)(B)		1,900,000		1,475,455
BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl C
6.048%, ICE LIBOR USD 1 Month + 1.100%, 09/15/36 (A)(B)		1,250,000		1,187,409
BX Commercial Mortgage Trust, Ser 2022-AHP, Cl AS
6.380%, TSFR1M + 1.490%, 01/17/39 (A)(B)		2,500,000		2,433,409
BX Trust, Ser 2022-CLS, Cl B
6.300%, 10/13/27 (A)		2,200,000		2,156,706
Century Plaza Towers, Ser 2019-CPT, Cl A
2.865%, 11/13/39 (A)		530,000		430,189
Century Plaza Towers, Ser 2019-CPT, Cl B
3.097%, 11/13/39 (A)(B)		1,000,000		711,542
CFCRE Commercial Mortgage Trust, Ser 2016-C6, Cl AM
3.502%, 11/10/49 (B)		3,005,000		2,748,071
CFCRE Commercial Mortgage Trust, Ser 2016-C7, Cl A3
3.839%, 12/10/54		1,750,000		1,653,971
CHNGE Mortgage Trust, Ser 2022-NQM1, Cl A3
5.820%, 06/25/67 (A)		1,074,119		1,049,366
Citigroup Commercial Mortgage Trust, Ser 2014-GC21, Cl AS
4.026%, 05/10/47		2,365,000		2,294,441
Citigroup Commercial Mortgage Trust, Ser 2014-GC21, Cl C
4.780%, 05/10/47 (B)		3,400,000		2,999,116
Citigroup Commercial Mortgage Trust, Ser 2014-GC25, Cl A4
3.635%, 10/10/47		750,000		725,050
Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl AS
4.032%, 12/10/49 (B)		1,400,000		1,308,882

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2023 (Unaudited)


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
COMM Mortgage Trust, Ser 2013-CR12, Cl AM
4.300%, 10/10/46	$	1,500,000	$	1,354,498
COMM Mortgage Trust, Ser 2015-CR24, Cl B
4.490%, 08/10/48 (B)		2,500,000		2,359,224
COMM Mortgage Trust, Ser 2020-CBM, Cl A2
2.896%, 02/10/37 (A)		600,000		562,467
COMM Mortgage Trust, Ser 2020-CBM, Cl D
3.754%, 02/10/37 (A)(B)		275,000		249,580
COMM Mortgage Trust, Ser 2022-HC, Cl A
2.819%, 01/10/39 (A)		386,000		330,532
COMM Mortgage Trust, Ser 2022-HC, Cl C
3.376%, 01/10/39 (A)		500,000		412,382
CSMC OA, Ser 2014-USA, Cl A2
3.953%, 09/15/37 (A)		1,000,000		899,713
Extended Stay America Trust, Ser 2021-ESH, Cl B
6.328%, ICE LIBOR USD 1 Month + 1.380%, 07/15/38 (A)(B)		439,287		426,084
FIVE Mortgage Trust, Ser 2023-V1, Cl C
6.619%, 02/10/56 (B)		1,440,000		1,333,628
GAM RE-REMIC TRUST, Ser 2021-FRR2, Cl BK44
1.730%, 09/27/51 (A)(B)		1,570,000		1,405,443
GS Mortgage Securities Corporation Trust, Ser 2021-IP, Cl A
5.898%, ICE LIBOR USD 1 Month + 0.950%, 10/15/36 (A)(B)		2,000,000		1,872,646
GS Mortgage Securities II, Ser 2012-BWTR, Cl A
2.954%, 11/05/34 (A)		1,750,000		929,688
GS Mortgage Securities II, Ser 2018-GS10, Cl WLSA
5.067%, 03/10/33 (A)(B)		148,000		139,186
GS Mortgage Securities II, Ser 2018-GS10, Cl WLSB
5.067%, 03/10/33 (A)(B)		294,000		257,938
GS Mortgage Securities Trust, Ser 2014-GC22, Cl B
4.391%, 06/10/47 (B)		2,300,000		2,122,840
Hudson Yards Mortgage Trust, Ser 2016-10HY, Cl A
2.835%, 08/10/38 (A)		1,500,000		1,346,657
Hudson Yards Mortgage Trust, Ser 2019-55HY, Cl D
3.041%, 12/10/41 (A)(B)		1,500,000		1,121,510


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2014-C20, Cl AS
4.043%, 07/15/47	$	1,170,000	$	1,127,689
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C19, Cl D
4.801%, 04/15/47 (A)(B)		850,000		766,351
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C28, Cl B
3.986%, 10/15/48		2,925,000		2,743,948
JPMDB Commercial Mortgage Securities Trust, Ser 2017-C5, Cl AS
3.858%, 03/15/50 (B)		2,500,000		2,311,845
Life Mortgage Trust, Ser 2021-BMR, Cl C
6.105%, TSFR1M + 1.214%, 03/15/38 (A)(B)		737,228		705,765
LUXE Trust, Ser 2021-TRIP, Cl E
7.698%, ICE LIBOR USD 1 Month + 2.750%, 10/15/38 (A)(B)		1,500,000		1,420,686
MHC Commercial Mortgage Trust, Ser 2021-MHC, Cl A
5.805%, TSFR1M + 0.915%, 04/15/38 (A)(B)		2,500,000		2,440,597
One Bryant Park Trust, Ser 2019-OBP, Cl A
2.516%, 09/15/54 (A)		1,000,000		827,871
One Market Plaza Trust, Ser 2017-1MKT, Cl A
3.614%, 02/10/32 (A)		2,372,000		2,194,666
One Market Plaza Trust, Ser 2017-1MKT, Cl B
3.845%, 02/10/32 (A)		250,000		227,463
One Market Plaza Trust, Ser 2017-1MKT, Cl C
4.016%, 02/10/32 (A)		500,000		450,199
One Market Plaza Trust, Ser 2017-1MKT, Cl D
4.146%, 02/10/32 (A)		1,000,000		874,587
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1
3.872%, 01/05/43 (A)(B)		530,000		379,026
SPGN Mortgage Trust, Ser 2022-TFLM, Cl D
8.390%, TSFR1M + 3.500%, 02/15/39 (A)(B)		530,000		492,800
STWD Mortgage Trust, Ser 2021-LIH, Cl AS
6.205%, ICE LIBOR USD 1 Month + 1.257%, 11/15/36 (A)(B)		715,000		694,414

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2023 (Unaudited)


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
STWD Mortgage Trust, Ser 2021-LIH, Cl D
7.253%, ICE LIBOR USD 1 Month + 2.305%, 11/15/36 (A)(B)	$	450,000	$	418,043
SUMIT Mortgage Trust, Ser 2022-BVUE, Cl A
2.789%, 02/12/41 (A)		660,000		535,604
Wells Fargo Commercial Mortgage Trust, Ser 2017-RB1, Cl D
3.401%, 03/15/50 (A)		1,500,000		643,406
Wells Fargo Commercial Mortgage Trust, Ser 2022-C62, Cl D
2.500%, 04/15/55 (A)		2,000,000		930,132
WFRBS Commercial Mortgage Trust, Ser 2013-C15, Cl B
4.607%, 08/15/46 (B)		1,000,000		901,089
WFRBS Commercial Mortgage Trust, Ser 2014-C19, Cl B
4.723%, 03/15/47 (B)		2,093,258		2,027,861
WFRBS Commercial Mortgage Trust, Ser 2014-C21, Cl B
4.213%, 08/15/47 (B)		2,500,000		2,335,856
WFRBS Commercial Mortgage Trust, Ser 2014-LC14, Cl D
4.586%, 03/15/47 (A)(B)		2,000,000		1,766,224

				67,299,717

Total Mortgage-Backed Securities
(Cost $130,057,550)				125,331,872

ASSET-BACKED SECURITIES — 15.5%

	Face Amount		Value
Automotive — 12.4%
American Credit Acceptance Receivables Trust, Ser 2021-3, Cl D
1.340%, 11/15/27 (A)	$	2,200,000	$	2,056,082
American Credit Acceptance Receivables Trust, Ser 2021-4, Cl D
1.820%, 02/14/28 (A)		500,000		471,685
American Credit Acceptance Receivables Trust, Ser 2022-2, Cl D
4.850%, 06/13/28 (A)		3,400,000		3,267,551
American Credit Acceptance Receivables Trust, Ser 2022-3, Cl D
5.830%, 10/13/28 (A)		2,895,000		2,838,746


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
American Credit Acceptance Receivables Trust, Ser 2023-1, Cl D
6.350%, 04/12/29 (A)	$	2,345,000	$	2,353,671
Carvana Auto Receivables Trust, Ser 2021-N2, Cl C
1.070%, 03/10/28		377,529		348,387
CPS Auto Receivables Trust, Ser 2021-D, Cl D
2.310%, 12/15/27 (A)		1,000,000		928,687
CPS Auto Receivables Trust, Ser 2022-C, Cl D
6.450%, 04/15/30 (A)		500,000		503,971
CPS Auto Receivables Trust, Ser 2023-A, Cl D
6.440%, 04/16/29 (A)		1,800,000		1,797,759
CPS Auto Receivables Trust, Ser 2023-B, Cl D
6.340%, 07/16/29 (A)		1,955,000		1,957,334
Drive Auto Receivables Trust, Ser 2021-1, Cl D
1.450%, 01/16/29		1,520,000		1,433,292
Drive Auto Receivables Trust, Ser 2021-2, Cl D
1.390%, 03/15/29		2,845,000		2,660,701
Exeter Automobile Receivables Trust, Ser 2019-2A, Cl E
4.680%, 05/15/26 (A)		2,000,000		1,972,000
Exeter Automobile Receivables Trust, Ser 2020-1A, Cl E
3.740%, 01/15/27 (A)		575,000		556,492
Exeter Automobile Receivables Trust, Ser 2020-3A, Cl E
3.440%, 08/17/26 (A)		2,120,000		2,040,075
Exeter Automobile Receivables Trust, Ser 2021-2A, Cl D
1.400%, 04/15/27		1,350,000		1,254,375
Exeter Automobile Receivables Trust, Ser 2021-3A, Cl D
1.550%, 06/15/27		3,360,000		3,097,115
Exeter Automobile Receivables Trust, Ser 2022-2A, Cl D
4.560%, 07/17/28		500,000		479,856
Exeter Automobile Receivables Trust, Ser 2022-3A, Cl D
6.760%, 09/15/28		2,070,000		2,086,268
Exeter Automobile Receivables Trust, Ser 2022-4A, Cl D
5.980%, 12/15/28		505,000		499,539
Exeter Automobile Receivables Trust, Ser 2022-5A, Cl D
7.400%, 02/15/29		2,830,000		2,885,603
Exeter Automobile Receivables Trust, Ser 2022-6A, Cl D
8.030%, 04/06/29		3,950,000		4,145,014

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2023 (Unaudited)


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Exeter Automobile Receivables Trust, Ser 2023-1A, Cl D
6.690%, 06/15/29	$	1,680,000	$	1,702,264
Flagship Credit Auto Trust, Ser 2022-1, Cl D
3.640%, 03/15/28 (A)		1,000,000		931,957
Flagship Credit Auto Trust, Ser 2022-2, Cl D
5.800%, 04/17/28 (A)		740,000		721,727
GLS Auto Receivables Issuer Trust, Ser 2020-2A, Cl D
7.480%, 04/15/27 (A)		2,000,000		2,020,641
GLS Auto Receivables Issuer Trust, Ser 2021-1A, Cl D
1.680%, 01/15/27 (A)		1,340,000		1,268,766
GLS Auto Receivables Issuer Trust, Ser 2021-1A, Cl E
3.140%, 01/18/28 (A)		2,000,000		1,837,128
GLS Auto Receivables Issuer Trust, Ser 2021-2A, Cl D
1.420%, 04/15/27 (A)		1,700,000		1,575,468
GLS Auto Receivables Issuer Trust, Ser 2022-1A, Cl D
3.970%, 01/18/28 (A)		3,300,000		3,137,666
GLS Auto Receivables Issuer Trust, Ser 2022-2A, Cl D
6.150%, 04/17/28 (A)		1,000,000		991,968
GLS Auto Receivables Issuer Trust, Ser 2022-3A, Cl D
6.420%, 06/15/28 (A)		500,000		502,123
Hertz Vehicle Financing III, Ser 2022-1A, Cl A
1.990%, 06/25/26 (A)		1,000,000		936,411
Hertz Vehicle Financing, Ser 2021-1A, Cl B
1.560%, 12/26/25 (A)		1,500,000		1,400,915
Santander Drive Auto Receivables Trust, Ser 2020-4, Cl D
1.480%, 01/15/27		2,000,000		1,928,611
Santander Drive Auto Receivables Trust, Ser 2021-1, Cl D
1.130%, 11/16/26		800,000		762,962
Santander Drive Auto Receivables Trust, Ser 2022-4, Cl C
5.000%, 11/15/29		2,500,000		2,479,723
Santander Drive Auto Receivables Trust, Ser 2022-7, Cl C
6.690%, 03/17/31		930,000		965,346
Tesla Auto Lease Trust, Ser 2021-A, Cl A3
0.560%, 03/20/25 (A)		491,482		484,108


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Tesla Auto Lease Trust, Ser 2021-A, Cl B
1.020%, 03/20/25 (A)	$	750,000	$	729,440
Westlake Automobile Receivables Trust, Ser 2022-2A, Cl D
5.480%, 09/15/27 (A)		1,255,000		1,231,979

				65,243,406

Other Asset-Backed Securities — 3.1%
Cajun Global, Ser 2021-1, Cl A2
3.931%, 11/20/51 (A)		1,471,875		1,269,179
CLI Funding VI, Ser 2020-1A, Cl A
2.080%, 09/18/45 (A)		1,466,500		1,298,528
Commonbond Student Loan Trust, Ser 2021-AGS, Cl B
1.400%, 03/25/52 (A)		578,625		449,125
GoodLeap Sustainable Home Solutions Trust, Ser 2022-3CS, Cl B
5.500%, 07/20/49 (A)		500,000		440,733
GoodLeap Sustainable Home Solutions Trust, Ser 2022-4CS, Cl B
5.550%, 11/20/54 (A)		500,000		439,067
Guggenheim MM CLO, Ser 2021-3A, Cl A
6.811%, ICE LIBOR USD 3 Month + 1.550%, 01/21/34 (A)(B)		2,000,000		1,938,508
Hardee’s Funding, Ser 2021-1A, Cl A2
2.865%, 06/20/51 (A)		1,350,938		1,093,677
Home Equity Loan Trust, Ser 2006-HSA2, Cl AI3
4.707%, 03/25/36 (B)		40,889		1,740
Jersey Mike’s Funding, Ser 2019-1A, Cl A2
4.433%, 02/15/50 (A)		1,637,625		1,530,598
ME Funding, Ser 2019-1, Cl A2
6.448%, 07/30/49 (A)		1,475,438		1,439,750
Mosaic Solar Loan Trust, Ser 2022-1A, Cl B
3.160%, 01/20/53 (A)		1,303,074		1,089,195
Mosaic Solar Loan Trust, Ser 2023-2A, Cl C
8.180%, 09/22/53 (A)		1,000,000		907,966
Octane Receivables Trust, Ser 2021-2A, Cl A
1.210%, 09/20/28 (A)		440,149		422,496
Oportun Issuance Trust, Ser 2022-3, Cl A
7.451%, 01/08/30 (A)		1,267,018		1,270,662

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2023 (Unaudited)


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
ServiceMaster Funding, Ser 2020-1, Cl A2I
2.841%, 01/30/51 (A)	$	980,000	$	823,343
SERVPRO Master Issuer, Ser 2019-1A, Cl A2
3.882%, 10/25/49 (A)		1,737,000		1,598,884
Vivint Solar Financing V, Ser 2018-1A, Cl B
7.370%, 04/30/48 (A)		316,522		291,990

				16,305,441

Total Asset-Backed Securities
(Cost $83,136,227)				81,548,847

MUNICIPAL BONDS — 1.5%

	Face Amount		Value
Alaska — 0.1%
City of Port Lions Alaska, RB
7.000%, 10/01/32	$	500,000	$	521,097


California — 0.4%
California Community Choice Financing Authority, RB
5.950%, 08/01/29		825,000		843,840
City of Los Angeles Department of Airports Customer Facility Charge Revenue, RB
3.258%, 05/15/30		1,000,000		914,291

				1,758,131

Florida — 0.2%
Florida Development Finance, RB
7.250%, 07/01/57 (A)(B)		1,000,000		1,012,652


Hawaii — 0.2%
State of Hawaii Department of Business Economic Development & Tourism, Ser A-2, RB
3.242%, 01/01/31		1,072,517		1,032,034


Illinois — 0.1%
Chicago Housing Authority, Ser B, RB
3.822%, 01/01/26		500,000		487,908


Indiana — 0.2%
City of Fort Wayne Indiana, RB
10.750%, 12/01/29		1,000,000		999,316


Montana — 0.0%
County of Gallatin Montana, RB
11.500%, 09/01/27 (A)		250,000		262,542


MUNICIPAL BONDS — continued

	Face Amount		Value

New York — 0.3%
New York State Energy Research & Development Authority, Ser A, RB
4.621%, 04/01/27	$	820,000	$	811,696
4.480%, 04/01/25		500,000		494,969

				1,306,665

South Dakota — 0.0%
South Dakota Housing Development Authority, Ser E, RB
5.460%, 05/01/53		250,000		255,193

Total Municipal Bonds
(Cost $7,619,896)				7,635,538

U.S. GOVERNMENT AGENCY OBLIGATION — 0.1%

	Face Amount		Value
United States International Development Finance
1.790%, 10/15/29	$	299,788	$	274,319

Total U.S. Government Agency Obligations
(Cost $280,975)				274,319

Total Investments in Securities — 97.2%
(Cost $519,323,136)			$	509,904,995

Percentages are based on Net Assets of $524,609,431.

A list of the open futures contracts held by the Fund at April 30, 2023, is as follows:


Type of Contract	Number of Contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Long Contracts
U.S. 5-Year Treasury Note	409	Jun-2023	$43,696,468	$44,884,555	$1,188,086

(A)

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

APRIL 30, 2023 (Unaudited)

(B)

(C)

Zero coupon security.

Cl — Class

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

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

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

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

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 summary of the inputs used as of April 30, 2023, in valuing the Fund’s investments and other financial instruments carried at market value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	148,000,516	$	—	$	148,000,516
U.S. Treasury Obligations		16,812,279		130,301,624		—		147,113,903
Mortgage-Backed Securities		—		125,331,872		—		125,331,872
Asset-Backed Securities		—		81,548,847		—		81,548,847
Municipal Bonds		—		7,635,538		—		7,635,538
U.S. Government Agency Obligation		—		274,319		—		274,319

Total Investments in Securities	$	16,812,279	$	493,092,716	$	—	$	509,904,995


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	1,188,086	$	—	$	—	$	1,188,086

Total Other Financial Instruments	$	1,188,086	$	—	$	—	$	1,188,086

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 EQUITY INDEX FUND

APRIL 30, 2023 (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 — 99.3%
	Shares		Value

COMMUNICATION SERVICES — 8.5%
Activision Blizzard		62,415	$	4,850,270
Alphabet, Cl A *		523,447		56,186,801
Alphabet, Cl C *		455,825		49,329,381
AT&T		644,221		11,383,385
Charter Communications, Cl A *		9,224		3,400,889
Comcast, Cl A		368,405		15,240,915
DISH Network, Cl A *		22,036		165,490
Electronic Arts		22,814		2,903,766
Fox		12,042		367,763
Fox		25,986		864,294
Interpublic Group of		33,979		1,214,070
Match Group *		24,504		904,198
Meta Platforms, Cl A *		194,915		46,841,973
Netflix *		39,000		12,867,270
News		10,337		183,482
News		33,532		590,499
Omnicom Group		17,790		1,611,240
Paramount Global, Cl B		44,180		1,030,719
Take-Two Interactive Software *		13,885		1,725,767
T-Mobile US *		72,615		10,449,298
Verizon Communications		561,395		21,798,968
Walt Disney *		159,995		16,399,487
Warner Bros Discovery *		193,527		2,633,902

				262,943,827


CONSUMER DISCRETIONARY — 9.6%
Advance Auto Parts		5,189		651,375
Amazon.com *		780,701		82,324,920
Aptiv *		23,728		2,440,662
AutoZone *		1,643		4,375,818
Bath & Body Works		20,027		702,948
Best Buy		17,295		1,288,823



COMMON STOCK — continued
	Shares		Value

CONSUMER DISCRETIONARY — continued
Booking Holdings *		3,397	$	9,125,395
BorgWarner		20,542		988,686
CarMax *		13,861		970,686
Carnival *		87,722		807,920
Chipotle Mexican Grill, Cl A *		2,419		5,001,573
Darden Restaurants		10,658		1,619,270
Domino’s Pizza		3,100		984,157
DR Horton		27,316		2,999,843
eBay		47,475		2,204,264
Etsy *		11,007		1,112,037
Expedia Group *		12,940		1,215,842
Ford Motor		342,917		4,073,854
Garmin		13,381		1,313,613
General Motors		122,116		4,034,713
Genuine Parts		12,344		2,077,619
Hasbro		11,385		674,220
Hilton Worldwide Holdings		23,334		3,360,563
Home Depot		89,252		26,823,796
Lennar, Cl A		22,203		2,504,720
LKQ		22,220		1,282,761
Lowe’s		52,955		11,005,638
Marriott International, Cl A		23,562		3,989,989
McDonald’s		64,140		18,969,405
Mohawk Industries *		4,602		487,352
NIKE, Cl B		109,085		13,823,251
Norwegian Cruise Line Holdings *		36,871		492,228
NVR *		265		1,547,600
O’Reilly Automotive *		5,460		5,008,513
Pool		3,420		1,201,514
PulteGroup		19,761		1,326,951
Ralph Lauren, Cl A		3,599		413,129
Ross Stores		30,157		3,218,657
Starbucks		100,675		11,506,146
Tapestry		20,710		845,175
Tesla *		235,524		38,698,948
TJX		101,198		7,976,426
Tractor Supply		9,673		2,306,043
Ulta Beauty *		4,456		2,457,172
VF		28,970		681,085
Whirlpool		4,773		666,263
Yum! Brands		24,520		3,447,022

				295,028,585


CONSUMER STAPLES — 8.3%
Archer-Daniels-Midland		47,949		3,743,858
Brown-Forman, Cl B		15,973		1,039,683
Bunge		13,100		1,226,160
Campbell Soup		17,587		954,974
Clorox		10,817		1,791,512
Coca-Cola		495,028		31,756,046
Colgate-Palmolive		73,160		5,838,168
Conagra Brands		41,710		1,583,312

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued
	Shares		Value

CONSUMER STAPLES — continued
Constellation Brands, Cl A		14,218	$	3,262,605
Costco Wholesale		46,282		23,290,028
Dollar General		19,579		4,335,965
Dollar Tree *		18,207		2,798,598
Estee Lauder, Cl A		20,289		5,005,702
General Mills		70,360		6,236,007
Hershey		12,870		3,514,282
Hormel Foods		25,317		1,023,820
J M Smucker		9,339		1,442,035
Kellogg		22,394		1,562,429
Keurig Dr Pepper		80,900		2,645,430
Kimberly-Clark		29,556		4,282,369
Kraft Heinz		81,556		3,202,704
Kroger		57,042		2,773,952
Lamb Weston Holdings		12,552		1,403,439
McCormick		21,961		1,929,274
Molson Coors Beverage, Cl B		16,428		977,137
Mondelez International, Cl A		149,128		11,441,100
Monster Beverage *		66,708		3,735,648
PepsiCo		182,380		34,814,518
Procter & Gamble		259,655		40,604,849
Sysco		44,418		3,408,637
Target		40,310		6,358,903
Tyson Foods, Cl A		24,977		1,560,813
Walgreens Boots Alliance		62,737		2,211,479
Walmart		220,093		33,227,440

				254,982,876


ENERGY — 4.9%
APA		28,152		1,037,401
Baker Hughes, Cl A		88,131		2,576,951
Chevron		157,568		26,562,813
ConocoPhillips		107,142		11,023,840
Coterra Energy		69,039		1,767,399
Devon Energy		57,280		3,060,470
Diamondback Energy		16,094		2,288,567
EOG Resources		51,439		6,145,417
Equities		32,100		1,118,364
Exxon Mobil		413,686		48,955,601
Halliburton		79,213		2,594,226
Hess		24,299		3,524,813
Kinder Morgan		173,214		2,970,620
Marathon Oil		55,641		1,344,287
Marathon Petroleum		39,758		4,850,476
Occidental Petroleum		63,687		3,918,661
ONEOK		39,096		2,557,269
Phillips 66		40,846		4,043,754
Pioneer Natural Resources		20,807		4,526,563
Schlumberger		124,342		6,136,278
Targa Resources		19,800		1,495,494
Valero Energy		33,761		3,871,374
Williams		106,647		3,227,138

				149,597,776



COMMON STOCK — continued
	Shares		Value

FINANCIALS — 13.3%
Aflac		49,044	$	3,425,723
Allstate		23,031		2,666,069
American Express		52,136		8,411,622
American International Group		94,626		5,018,963
Ameriprise Financial		9,221		2,813,512
Aon, Cl A		17,987		5,849,013
Arch Capital Group *		32,400		2,432,268
Arthur J Gallagher		18,573		3,864,298
Assurant		4,627		569,722
Bank of America		611,169		17,895,028
Bank of New York Mellon		64,395		2,742,583
Berkshire Hathaway, Cl B *		167,181		54,927,318
BlackRock, Cl A		13,114		8,802,117
Brown & Brown		20,600		1,326,434
Capital One Financial		33,410		3,250,793
Cboe Global Markets		9,290		1,297,813
Charles Schwab		133,549		6,976,600
Chubb		36,347		7,326,101
Cincinnati Financial		13,765		1,465,147
Citigroup		169,581		7,982,178
Citizens Financial Group		43,149		1,335,030
CME Group, Cl A		31,502		5,852,127
Comerica		11,457		496,890
Discover Financial Services		23,344		2,415,404
Everest Re Group		3,430		1,296,540
Eversource Energy		42,569		3,303,780
FactSet Research Systems		3,350		1,379,161
Fidelity National Information Services		51,927		3,049,153
Fifth Third Bancorp		59,826		1,567,441
First Republic Bank (A)		16,264		—
Fiserv *		55,611		6,791,215
FleetCor Technologies *		6,459		1,381,709
Franklin Resources		24,960		670,925
Global Payments		22,997		2,591,992
Globe Life		7,922		859,695
Goldman Sachs Group		29,655		10,184,713
Hartford Financial Services Group		27,549		1,955,703
Huntington Bancshares		126,351		1,415,131
Intercontinental Exchange		48,944		5,331,470
Invesco		39,786		681,534
Jack Henry & Associates		6,392		1,044,069
JPMorgan Chase		256,867		35,509,294
KeyCorp		81,767		920,696
Lincoln National		13,453		292,334
Loews		17,043		981,166
M&T Bank		14,825		1,864,985
MarketAxess Holdings		3,296		1,049,348
Marsh & McLennan		43,348		7,810,876
Mastercard, Cl A		73,886		28,078,897
MetLife		57,729		3,540,520

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued
	Shares		Value

FINANCIALS — continued
Moody’s		13,797	$	4,320,117
Morgan Stanley		114,415		10,293,917
MSCI, Cl A		7,002		3,378,115
Nasdaq		29,717		1,645,430
Northern Trust		18,236		1,425,326
PayPal Holdings *		99,099		7,531,524
PNC Financial Services Group		35,116		4,573,859
Principal Financial Group		19,939		1,489,244
Progressive		51,221		6,986,544
Prudential Financial		32,182		2,799,834
Raymond James Financial		16,994		1,538,467
Regions Financial		81,780		1,493,303
S&P Global		28,829		10,452,819
State Street		30,576		2,209,422
Synchrony Financial		38,261		1,129,082
T Rowe Price Group		19,642		2,206,386
Travelers		20,238		3,665,911
Truist Financial		116,234		3,786,904
US Bancorp		122,038		4,183,463
Visa, Cl A		147,004		34,212,241
W R Berkley		17,845		1,051,427
Wells Fargo		333,735		13,265,966
Willis Towers Watson		9,349		2,165,228
Zions Bancorp		13,109		365,217

				408,864,846


HEALTH CARE — 12.3%
Align Technology *		6,535		2,125,835
AmerisourceBergen, Cl A		49,306		8,226,706
Baxter International		66,500		3,170,720
Boston Scientific *		303,545		15,820,765
Cardinal Health		45,879		3,766,666
Cigna Group		67,455		17,085,677
CVS Health		239,499		17,557,672
DaVita *		22,848		2,064,545
DENTSPLY SIRONA		18,840		789,961
Dexcom *		33,839		4,106,024
Edwards Lifesciences *		104,234		9,170,507
Elevance Health		42,392		19,867,011
GE HealthCare Technologies		31,800		2,586,612
Gilead Sciences		397,400		32,670,254
Henry Schein *		40,150		3,244,522
Hologic *		90,751		7,805,494
Humana		26,077		13,833,588
IDEXX Laboratories *		10,883		5,356,177
Incyte *		189,758		14,119,893
Insulet *		15,456		4,915,626
Intuitive Surgical *		40,449		12,184,048
IQVIA Holdings *		91,437		17,211,187
Laboratory Corp of America Holdings		28,104		6,371,458
McKesson		40,399		14,714,932
Medtronic		248,490		22,600,166



COMMON STOCK — continued
	Shares		Value

HEALTH CARE — continued
Mettler-Toledo International *		11,312	$	16,871,848
Molina Healthcare *		16,274		4,847,862
Quest Diagnostics		33,035		4,585,588
ResMed		25,792		6,214,840
STERIS		17,879		3,371,085
Stryker		67,462		20,214,988
Teleflex		11,769		3,207,288
Waters *		40,031		12,023,711
West Pharmaceutical Services		30,845		11,142,448
Zimmer Biomet Holdings		57,316		7,934,827
Zoetis, Cl A		147,156		25,867,082

				377,647,613


INDUSTRIALS — 7.8%
3M		97,988		10,408,285
A O Smith		11,156		761,843
Alaska Air Group *		11,123		483,406
Allegion		7,693		849,923
American Airlines Group *		56,976		777,153
AMETEK		31,553		4,352,105
Automatic Data Processing		36,286		7,982,920
Broadridge Financial Solutions		10,307		1,498,741
Carrier Global		107,386		4,490,882
Caterpillar		55,748		12,197,662
Ceridian HCM Holding *		13,470		855,076
CH Robinson Worldwide		10,272		1,036,137
Cintas		7,564		3,447,444
Copart *		37,496		2,964,059
CoStar Group *		35,600		2,739,420
CSX		184,082		5,640,272
Cummins		21,551		5,065,347
Deere		39,257		14,839,931
Delta Air Lines *		56,194		1,928,016
Dover		12,235		1,788,268
Eaton		59,237		9,899,688
Emerson Electric		80,483		6,701,015
Equifax		10,728		2,235,501
Expeditors International of Washington		13,936		1,586,474
Fastenal		62,529		3,366,561
FedEx		20,335		4,631,906
Fortive		34,050		2,148,214
Generac Holdings *		5,548		567,117
General Electric		100,500		9,946,485
Howmet Aerospace		32,209		1,426,537
IDEX		6,605		1,362,744
Illinois Tool Works		41,997		10,160,754
Ingersoll Rand		35,443		2,020,960
JB Hunt Transport Services		7,268		1,274,008
Johnson Controls International		68,124		4,076,540

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued
	Shares		Value

INDUSTRIALS — continued
Masco		19,691	$	1,053,665
Nordson		4,707		1,018,171
Norfolk Southern		19,947		4,049,839
Old Dominion Freight Line		7,934		2,541,974
Otis Worldwide		53,200		4,537,960
PACCAR		87,000		6,498,030
Parker-Hannifin		16,124		5,238,365
Paychex		28,094		3,086,407
Paycom Software *		4,223		1,226,232
Pentair		14,388		835,655
Quanta Services		12,514		2,122,875
Republic Services, Cl A		17,987		2,601,280
Robert Half International		9,419		687,587
Rockwell Automation		10,052		2,848,837
Rollins		20,270		856,407
Snap-on		4,651		1,206,516
Southwest Airlines		52,071		1,577,231
Stanley Black & Decker		12,947		1,117,844
Trane Technologies		27,855		5,175,738
TransDigm Group		7,296		5,581,440
Union Pacific		53,583		10,486,193
United Airlines Holdings *		28,638		1,254,344
United Parcel Service, Cl B		63,912		11,492,017
United Rentals		6,074		2,193,382
Verisk Analytics, Cl A		13,695		2,658,336
Waste Management		39,355		6,534,898
Westinghouse Air Brake Technologies		15,971		1,559,888
WW Grainger		3,959		2,753,762
Xylem		15,828		1,643,580

				239,949,847


INFORMATION TECHNOLOGY — 26.6%
Accenture, Cl A		55,148		15,457,433
Adobe *		40,090		15,136,380
Advanced Micro Devices *		141,192		12,618,329
Akamai Technologies *		13,792		1,130,530
Amphenol, Cl A		52,064		3,929,270
Analog Devices		46,212		8,312,615
ANSYS *		7,629		2,394,896
Apple		1,339,331		227,257,684
Applied Materials		73,830		8,345,005
Arista Networks *		21,675		3,471,468
Autodesk *		18,895		3,680,557
Broadcom		43,418		27,201,377
Cadence Design Systems *		24,022		5,031,408
CDW		11,856		2,010,659
Cisco Systems		359,750		16,998,187
Cognizant Technology Solutions, Cl A		44,601		2,663,126
DXC Technology *		19,928		475,283
Enphase Energy *		11,903		1,954,473
EPAM Systems *		5,037		1,422,650



COMMON STOCK — continued
	Shares		Value

INFORMATION TECHNOLOGY — continued
F5 *		5,265	$	707,405
Fair Isaac *		2,203		1,603,674
First Solar *		8,682		1,585,160
Fortinet *		56,815		3,582,186
Gartner *		6,920		2,093,023
Gen Digital		49,848		880,814
Hewlett Packard Enterprise		112,219		1,606,976
HP		75,723		2,249,730
Intel		435,166		13,516,256
International Business Machines		79,176		10,008,638
Intuit		24,601		10,921,614
Juniper Networks		28,399		856,230
Keysight Technologies *		15,618		2,258,987
KLA		12,127		4,687,571
Lam Research		11,817		6,193,053
Microchip Technology		47,928		3,498,265
Micron Technology		95,546		6,149,341
Microsoft		713,908		219,355,372
Monolithic Power Systems		3,919		1,810,460
Motorola Solutions		14,642		4,266,679
NetApp		18,915		1,189,564
NVIDIA		215,427		59,778,838
NXP Semiconductors		22,693		3,715,752
ON Semiconductor *		37,800		2,720,088
Oracle		134,626		12,751,775
PTC *		9,321		1,172,489
Qorvo *		8,748		805,516
QUALCOMM		97,643		11,404,702
Roper Technologies		9,287		4,223,542
Salesforce *		87,572		17,371,658
Seagate Technology Holdings		16,813		988,100
ServiceNow *		17,777		8,167,109
Skyworks Solutions		13,922		1,474,340
SolarEdge Technologies *		4,895		1,398,159
Synopsys *		13,347		4,956,008
TE Connectivity		27,713		3,391,240
Teledyne Technologies *		4,105		1,701,112
Teradyne		13,640		1,246,423
Texas Instruments		108,061		18,067,799
Trimble *		21,600		1,017,360
Tyler Technologies *		3,646		1,381,943
VeriSign *		8,023		1,779,501
Western Digital *		27,947		962,495
Zebra Technologies, Cl A *		4,521		1,302,184

				820,290,461


MATERIALS — 2.9%
Air Products and Chemicals		21,369		6,290,179
Albemarle		10,259		1,902,634
Amcor		130,135		1,427,581
Avery Dennison		7,091		1,237,238

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued
	Shares		Value

MATERIALS — continued
Ball		27,468	$	1,460,748
Celanese, Cl A		8,736		928,113
CF Industries Holdings		17,204		1,231,462
Corteva		74,839		4,574,160
Dow		92,028		5,006,323
DuPont de Nemours		40,165		2,800,304
Eastman Chemical		10,437		879,526
Ecolab		25,828		4,334,972
FMC		11,031		1,363,211
Freeport-McMoRan		125,151		4,744,474
International Flavors & Fragrances		22,344		2,166,474
International Paper		31,130		1,030,714
Linde		55,887		20,647,452
LyondellBasell Industries, Cl A		47,462		4,490,380
Martin Marietta Materials		5,437		1,974,718
Mosaic		29,866		1,279,758
Newmont		69,515		3,295,011
Nucor		22,156		3,283,076
Packaging Corp of America		8,103		1,096,012
PPG Industries		20,582		2,886,831
Sealed Air		12,678		608,417
Sherwin-Williams		20,651		4,905,439
Steel Dynamics		14,606		1,518,294
Vulcan Materials		11,639		2,038,222
Westrock		22,341		668,666

				90,070,389


REAL ESTATE — 2.3%
Alexandria Real Estate Equities ‡		13,793		1,712,815
American Tower ‡		40,774		8,333,798
AvalonBay Communities ‡		12,251		2,209,713
Boston Properties ‡		12,472		665,506
Camden Property Trust ‡		9,645		1,061,432
CBRE Group, Cl A *		27,668		2,121,029
Crown Castle International ‡		37,919		4,667,450
Digital Realty Trust ‡		25,179		2,496,498
Equinix ‡		8,104		5,867,944
Equity Residential ‡		29,782		1,883,712
Essex Property Trust ‡		5,658		1,243,232
Extra Space Storage ‡		11,728		1,783,125
Federal Realty Investment Trust ‡		6,378		630,720
Host Hotels & Resorts ‡		62,591		1,012,097
Invitation Homes ‡		50,900		1,698,533
Iron Mountain ‡		25,460		1,406,410
Kimco Realty ‡		54,155		1,039,234
Mid-America Apartment Communities ‡		10,113		1,555,379
Prologis ‡		80,836		10,124,709
Public Storage ‡		13,843		4,081,332



COMMON STOCK — continued
	Shares		Value

REAL ESTATE — continued
Realty Income ‡		54,930	$	3,451,801
Regency Centers ‡		13,487		828,506
SBA Communications, Cl A ‡		9,455		2,466,715
Simon Property Group ‡		28,631		3,244,465
UDR ‡		27,083		1,119,340
Welltower ‡		41,412		3,280,659
Weyerhaeuser ‡		64,169		1,919,295

				71,905,449


UTILITIES — 2.8%
Alliant Energy		22,000		1,213,080
American Water Works		16,899		2,505,277
Atmos Energy		12,537		1,430,973
CenterPoint Energy		55,086		1,678,470
CMS Energy		25,537		1,589,934
Consolidated Edison		54,785		5,394,679
Constellation Energy		28,604		2,213,975
Dominion Energy		98,527		5,629,833
Edison International		33,487		2,464,643
Entergy		17,819		1,916,968
Exelon		165,813		7,037,104
FirstEnergy		47,557		1,892,769
NextEra Energy		271,328		20,791,865
NRG Energy		20,178		689,482
PG&E *		141,000		2,412,510
Pinnacle West Capital		9,904		777,068
Public Service Enterprise Group		72,946		4,610,187
Sempra Energy		48,207		7,495,706
Southern		199,043		14,639,613

				86,384,136


Total Common Stock (Cost $1,961,782,754)				3,057,665,805


RIGHTS — 0.0%

	Number Of Rights
Abiomed (B)(C)		5,594	$	—

Total Rights (Cost $–)				—

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

APRIL 30, 2023 (Unaudited)



SHORT-TERM INVESTMENT — 0.0%
	Shares		Value
State Street Institutional US Government Money Market Fund, Premier Class, 4.760% (D)		101,752	$	101,752

Total Short-Term Investments (Cost $101,752)				101,752

Total Investments in Securities — 99.3% (Cost $1,961,884,506)			$	3,057,767,557

Percentages based on Net Assets of $3,079,893,836.

A list of the open futures contracts held by the Fund at April 30, 2023, is as follows:


Type of Contract	Number of Contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P 500 Index E-MINI	106	Jun-2023	$21,238,948	$22,199,050	$ 960,103

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)

This security or a partial position of this security is on loan at April 30, 2023. The total market value of securities on loan at April 30, 2023 was $99,659.

(B)

Level 3 security in accordance with fair value hierarchy.

(C)

Expiration date not available.

(D)

This security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2023, was $101,752.

CL — Class

The following is a list of the inputs used as of April 30, 2023, 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	$	3,057,665,805	$	—	$	—		$	3,057,665,805
Short-Term Investment		101,752		—		—			101,752
Rights		—		—		—	#		—

Total Investments in Securities	$	3,057,767,557	$	—	$	—		$	3,057,767,557


Other Financial Instruments	Level 1		Level 2		Level 3			Total
Futures Contracts*
Unrealized Appreciation	$	960,103	$	—	$	—		$	960,103

Total Other Financial Instruments	$	960,103	$	—	$	—		$	960,103

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

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

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

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

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

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2023 (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 — 97.6%

	Shares		Value

COMMUNICATION SERVICES — 2.3%
AMC Networks, Cl A *		14,198	$	251,163
ATN International		5,885		212,860
Cars.com *		32,195		630,056
Cinemark Holdings *		55,195		931,691
Cogent Communications Holdings		22,042		1,521,780
Consolidated Communications Holdings *		40,615		157,180
EW Scripps, Cl A *		28,997		244,445
Gannett *		78,098		148,386
Gogo *		33,802		453,285
Lumen Technologies		466,381		1,105,323
Marcus		12,205		213,832
QuinStreet *		26,685		296,470
Scholastic		14,925		574,165
Shenandoah Telecommunications		26,222		545,680
Shutterstock		12,276		822,492
TechTarget *		13,630		464,647
Telephone and Data Systems		51,243		512,430
Thryv Holdings *		15,610		350,601
Yelp, Cl A *		35,394		1,058,988

				10,495,474


CONSUMER DISCRETIONARY — 13.9%
Aaron’s		15,399		205,577
Abercrombie & Fitch, Cl A *		24,837		584,663
Academy Sports & Outdoors		39,289		2,495,637
Adtalem Global Education *		23,612		957,939
American Axle & Manufacturing Holdings *		58,317		416,967
American Eagle Outfitters		87,683		1,174,075
America’s Car-Mart *		2,899		233,051
Asbury Automotive Group *		11,105		2,148,373



COMMON STOCK — continued

	Shares		Value

CONSUMER DISCRETIONARY — continued
Big Lots		14,488	$	130,247
BJ’s Restaurants *		12,893		419,538
Bloomin’ Brands		46,147		1,143,061
Boot Barn Holdings *		15,004		1,087,340
Brinker International *		23,092		921,833
Buckle		14,845		497,753
Caleres		17,818		406,250
Cavco Industries *		4,293		1,288,844
Century Communities		14,732		992,053
Cheesecake Factory		25,371		854,749
Chico’s FAS *		63,599		320,539
Children’s Place *		6,279		186,110
Chuy’s Holdings *		10,198		355,706
Cracker Barrel Old Country Store		11,582		1,229,545
Dave & Buster’s Entertainment *		22,087		783,205
Designer Brands, Cl A		25,169		206,134
Dine Brands Global		8,485		550,931
Dorman Products *		14,227		1,225,798
El Pollo Loco Holdings		12,515		116,640
Ethan Allen Interiors		13,210		368,955
Frontdoor *		42,590		1,165,262
Genesco *		5,993		207,717
Gentherm *		16,769		1,000,271
G-III Apparel Group *		22,981		360,802
Green Brick Partners *		15,007		559,311
Group 1 Automotive		7,316		1,642,296
Guess?		15,292		288,254
Hanesbrands		183,910		963,688
Haverty Furniture		6,618		199,467
Hibbett		6,402		347,821
Installed Building Products		12,567		1,561,701
iRobot *		14,649		576,145
Jack in the Box		10,813		1,002,257
Kontoor Brands		26,697		1,205,904
La-Z-Boy, Cl Z		23,339		670,530
LCI Industries		12,759		1,441,257
Leslie’s *		74,697		810,462
LGI Homes *		10,743		1,276,268
M *		14,367		971,784
MarineMax *		10,933		318,369
MDC Holdings		29,958		1,227,379
Meritage Homes		18,897		2,419,761
Mister Car Wash *		44,226		390,073
Monro		15,735		769,127
Movado Group		8,864		227,096
National Vision Holdings *		39,767		836,698
ODP *		20,235		874,354
Oxford Industries		8,334		859,985
Patrick Industries		10,815		742,233
Perdoceo Education *		35,682		463,152
PetMed Express		10,548		162,123

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

CONSUMER DISCRETIONARY — continued
Ruth’s Hospitality Group		17,201	$	277,968
Sabre *		171,323		685,292
Sally Beauty Holdings *		53,985		768,206
Shake Shack, Cl A *		19,366		1,061,450
Shoe Carnival		8,426		195,905
Signet Jewelers		22,809		1,678,286
Six Flags Entertainment *		38,452		933,230
Sleep Number *		11,212		252,831
Sonic Automotive, Cl A		8,414		374,591
Sonos *		66,678		1,409,573
Standard Motor Products		9,388		338,062
Steven Madden		39,057		1,368,557
Strategic Education		11,606		1,021,328
Stride *		21,434		920,805
Tri Pointe Homes *		52,114		1,494,630
Upbound Group, Cl A		25,544		681,003
Urban Outfitters *		30,084		814,073
Winnebago Industries		15,333		891,461
Wolverine World Wide		41,814		699,966
XPEL *		9,999		730,527
Zumiez *		7,801		136,401

				63,577,205


CONSUMER STAPLES — 5.4%
Andersons		16,153		722,039
B&G Foods (A)		37,797		606,264
Calavo Growers		10,170		325,033
Cal-Maine Foods		19,927		946,533
Central Garden & Pet *		5,171		190,500
Central Garden & Pet, Cl A *		21,125		746,346
Chefs’ Warehouse *		18,634		619,767
Edgewell Personal Care		26,469		1,155,901
elf Beauty *		26,454		2,453,873
Fresh Del Monte Produce		16,416		471,303
Hain Celestial Group *		46,720		837,690
Hostess Brands, Cl A *		69,948		1,801,861
Inter Parfums		9,446		1,433,808
J & J Snack Foods		7,931		1,215,029
John B Sanfilippo & Son		5,093		529,417
Medifast		5,665		519,197
MGP Ingredients		8,434		832,267
National Beverage *		13,244		658,227
Nu Skin Enterprises, Cl A		25,433		1,003,586
PriceSmart		13,254		976,555
Seneca Foods, Cl A *		2,984		142,038
Simply Good Foods *		44,084		1,603,335
SpartanNash		18,583		455,655
Tootsie Roll Industries		10,514		429,812
TreeHouse Foods *		26,604		1,416,663
United Natural Foods *		30,646		835,717
USANA Health Sciences *		5,932		393,707
WD-40		7,014		1,335,466

				24,657,589



COMMON STOCK — continued

	Shares		Value

ENERGY — 4.5%
Archrock		73,677	$	758,136
Bristow Group *		12,695		283,987
Callon Petroleum *		26,126		865,816
Civitas Resources		26,622		1,838,249
Comstock Resources		48,051		552,587
Core Laboratories		24,788		557,978
CVR Energy		16,141		425,154
DMC Global *		10,207		193,321
Dorian LPG		17,772		394,894
Dril-Quip *		17,911		488,612
Green Plains *		31,340		1,070,888
Helix Energy Solutions Group *		75,808		549,608
Helmerich & Payne		53,535		1,775,221
Nabors Industries *		4,756		474,363
NexTier Oilfield Solutions *		83,765		676,821
Northern Oil and Gas		38,748		1,285,271
Oceaneering International *		52,749		935,240
Oil States International *		35,170		247,597
Par Pacific Holdings *		30,942		724,971
Patterson-UTI Energy		111,285		1,245,279
ProPetro Holding *		51,142		354,925
Ranger Oil, Cl A		10,281		423,577
REX American Resources *		8,760		247,820
RPC		45,081		333,149
SM Energy		62,477		1,754,354
Talos Energy *		34,265		467,032
US Silica Holdings *		39,796		519,338
Vital Energy *		8,730		406,207
World Fuel Services		32,225		761,799

				20,612,194


FINANCIALS — 16.2%
Ambac Financial Group *		22,564		359,896
American Equity Investment Life Holding		34,830		1,342,348
Ameris Bancorp		32,708		1,095,718
AMERISAFE		10,151		564,903
Apollo Commercial Real Estate Finance ‡		65,343		661,271
ARMOUR Residential REIT ‡,(A)		83,149		424,060
Assured Guaranty		30,143		1,623,804
Atlantic Union Bankshares		37,485		1,072,821
Avantax *		21,151		536,601
Axos Financial *		26,798		1,089,875
B Riley Financial (A)		8,635		272,003
Banc of California		27,460		311,671
BancFirst		8,754		699,357
Bancorp *		27,942		891,629
BankUnited		37,993		856,742
Banner		17,162		856,727
Berkshire Hills Bancorp		22,315		474,640

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

FINANCIALS — continued
Bread Financial Holdings		25,040	$	691,104
Brightsphere Investment Group		16,661		376,205
Brookline Bancorp		43,913		418,930
Capitol Federal Financial		63,342		392,720
Central Pacific Financial		13,520		214,698
City Holding		7,454		679,730
Community Bank System		26,962		1,347,022
Customers Bancorp *		15,224		332,492
CVB Financial		65,942		987,152
Dime Community Bancshares		16,210		333,926
Donnelley Financial Solutions *		13,251		573,106
Eagle Bancorp		15,772		395,877
Ellington Financial ‡		32,233		411,615
Employers Holdings		13,997		554,141
Encore Capital Group *		11,759		604,177
Enova International *		15,719		690,379
EVERTEC		33,259		1,153,755
EZCORP, Cl A *		26,435		227,605
FB Financial		17,635		518,998
First Bancorp		20,455		629,605
First BanCorp		91,671		1,077,134
First Commonwealth Financial		51,698		645,191
First Financial Bancorp		47,585		985,010
First Hawaiian		63,902		1,221,167
Franklin BSP Realty Trust ‡		41,918		529,424
Genworth Financial, Cl A *		248,557		1,444,116
Green Dot, Cl A *		23,742		408,125
Hanmi Financial		15,251		246,456
HCI Group		3,830		194,028
Heritage Financial		17,563		309,284
Hilltop Holdings		23,078		715,880
HomeStreet		8,902		86,884
Hope Bancorp		60,084		546,764
Horace Mann Educators		21,038		658,069
Independent Bank		22,900		1,282,400
Independent Bank Group		17,788		647,127
Invesco Mortgage Capital ‡		17,760		188,434
James River Group Holdings		19,382		377,368
KKR Real Estate Finance Trust ‡		29,036		311,847
Lakeland Financial		12,730		645,029
LendingTree *		5,863		139,715
Mercury General		14,006		425,922
Mr Cooper Group *		34,770		1,609,851
National Bank Holdings, Cl A		18,906		601,211
NBT Bancorp		21,522		693,869
New York Mortgage Trust ‡		47,099		484,178
NMI Holdings, Cl A *		41,949		981,607
Northfield Bancorp		20,886		217,632
Northwest Bancshares		63,803		745,857
OFG Bancorp		23,926		611,788



COMMON STOCK — continued

	Shares		Value

FINANCIALS — continued
Pacific Premier Bancorp		47,676	$	1,060,314
PacWest Bancorp (A)		59,064		599,500
Palomar Holdings *		13,045		655,642
Park National		7,267		787,161
Pathward Financial		13,861		617,230
Payoneer Global *		105,135		574,037
PennyMac Mortgage Investment Trust ‡		45,424		564,620
Piper Sandler		7,082		959,186
PRA Group *		19,596		710,747
Preferred Bank		6,608		317,713
ProAssurance		27,574		495,229
PROG Holdings *		25,827		780,750
Provident Financial Services		37,817		661,041
Radian Group		78,800		1,912,476
Ready Capital ‡,(A)		49,206		527,980
Redwood Trust ‡		58,643		368,278
Renasant		28,090		789,891
S&T Bancorp		19,607		539,781
Safety Insurance Group		7,546		551,537
Seacoast Banking Corp of Florida		41,973		931,381
ServisFirst Bancshares		24,532		1,238,866
Simmons First National, Cl A		63,743		1,065,146
SiriusPoint *		44,465		386,401
Southside Bancshares		14,993		475,728
Stellar Bancorp		22,645		519,475
Stewart Information Services		13,649		568,481
StoneX Group *		8,986		881,257
Tompkins Financial		6,279		368,075
Triumph Financial *		11,365		590,525
Trupanion *		18,212		639,423
TrustCo Bank NY		9,517		283,987
Trustmark		30,629		731,727
Two Harbors Investment ‡		48,518		675,849
United Community Banks		57,670		1,435,983
United Fire Group		11,178		300,688
Universal Insurance Holdings		15,267		235,417
Veritex Holdings		27,030		465,186
Virtus Investment Partners		3,465		631,358
Walker & Dunlop		15,497		1,043,103
Washington Federal		32,827		920,469
Westamerica BanCorp		13,533		548,222
WisdomTree		58,139		362,787
World Acceptance *		1,802		181,822
WSFS Financial		30,913		1,087,210

				73,740,349


HEALTH CARE — 11.0%
AdaptHealth, Cl A *		39,870		473,656
Addus HomeCare *		8,563		699,940
Agiliti *		18,279		305,625
AMN Healthcare Services *		22,203		1,917,229

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

HEALTH CARE — continued
AngioDynamics *		21,433	$	178,323
Anika Therapeutics *		10,131		259,961
Apollo Medical Holdings *		20,351		722,257
Arcus Biosciences *		28,259		504,423
Artivion *		22,102		306,555
Avanos Medical *		24,212		715,222
Avid Bioservices *		34,339		619,819
Cara Therapeutics *		30,036		126,151
Catalyst Pharmaceuticals *		53,187		846,737
Certara *		54,135		1,308,443
Coherus Biosciences *		38,738		280,076
Collegium Pharmaceutical *		20,837		484,877
Computer Programs and Systems *		8,038		208,023
CONMED		15,808		1,985,011
CorVel *		4,874		984,694
Cross Country Healthcare *		18,795		413,114
Cutera *		9,846		224,489
Cytek Biosciences *		45,400		521,192
Cytokinetics *		49,198		1,840,005
Dynavax Technologies *		64,796		674,526
Eagle Pharmaceuticals *		7,206		202,344
Embecta		29,663		823,148
Emergent BioSolutions *		25,854		228,291
Enanta Pharmaceuticals *		10,798		383,869
Enhabit *		26,414		323,571
Ensign Group		28,667		2,783,279
Fulgent Genetics *		10,163		300,520
Glaukos *		24,592		1,168,366
Harmony Biosciences Holdings *		16,869		543,857
HealthStream		13,682		337,124
Heska *		5,319		623,174
Innoviva *		38,199		448,074
Inogen *		12,805		170,435
Integer Holdings *		17,224		1,418,396
Ironwood Pharmaceuticals, Cl A *		78,874		821,078
LeMaitre Vascular		10,642		574,668
Ligand Pharmaceuticals *		9,191		701,733
Merit Medical Systems *		29,416		2,391,227
Mesa Laboratories		2,684		446,913
ModivCare *		6,774		430,826
Myriad Genetics *		43,147		918,600
NeoGenomics *		65,191		953,092
NextGen Healthcare *		29,146		487,904
NuVasive *		27,146		1,168,364
OmniAB *(B)		3,296		—
OmniAB *(B)		3,296		—
OraSure Technologies *		39,624		269,443
Orthofix Medical *		18,410		346,660
Owens & Minor *		39,438		612,867
Pacira BioSciences *		25,182		1,140,996



COMMON STOCK — continued

	Shares		Value

HEALTH CARE — continued
Pediatrix Medical Group *		42,951	$	615,488
Phibro Animal Health, Cl A		14,643		227,845
Prestige Consumer Healthcare *		27,027		1,662,971
RadNet *		26,341		728,592
Select Medical Holdings		54,244		1,654,442
Simulations Plus		8,686		362,641
Supernus Pharmaceuticals *		30,871		1,137,905
Tandem Diabetes Care *		32,948		1,304,082
US Physical Therapy		6,937		738,513
Vanda Pharmaceuticals *		34,954		214,618
Varex Imaging *		21,531		381,960
Veradigm *		56,297		703,150
Vericel *		26,343		830,068
Vir Biotechnology *		40,215		1,011,407
Xencor *		32,919		870,378
Zynex *		14,833		169,690

				50,232,917


INDUSTRIALS — 17.0%
AAON		22,858		2,240,084
AAR *		18,495		976,166
ABM Industries		34,037		1,449,295
Alamo Group		5,888		1,040,586
Albany International, Cl A		17,219		1,570,545
Allegiant Travel *		7,986		829,825
American Woodmark *		10,052		507,827
Apogee Enterprises		13,309		566,431
Applied Industrial Technologies		21,336		2,894,442
ArcBest		12,353		1,166,123
Arcosa		25,830		1,744,558
Astec Industries		12,730		525,494
AZZ		14,916		562,781
Barnes Group		27,576		1,159,019
Boise Cascade		21,175		1,446,464
Brady, Cl A		24,120		1,230,844
CIRCOR International *		12,629		351,591
Comfort Systems USA		19,155		2,863,481
CoreCivic *		58,229		511,833
CSG Systems International		15,801		832,397
Deluxe		21,871		331,346
DXP Enterprises *		10,418		262,534
Dycom Industries *		15,868		1,469,694
Encore Wire		9,791		1,530,627
Enerpac Tool Group, Cl A		32,419		770,275
EnPro Industries		11,424		1,076,940
ESCO Technologies		14,335		1,341,326
Federal Signal		34,310		1,762,848
Forrester Research *		6,214		192,261
Forward Air		13,605		1,435,464
Franklin Electric		21,246		1,900,880
GEO Group *		63,626		479,104

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

INDUSTRIALS — continued
Gibraltar Industries *		17,404	$	870,896
GMS *		23,515		1,365,281
Granite Construction		24,531		935,367
Greenbrier		17,754		469,593
Griffon		25,761		732,900
Harsco *		42,175		289,742
Hawaiian Holdings *		26,791		223,169
Healthcare Services Group		38,651		603,342
Heartland Express		23,381		338,557
Heidrick & Struggles International		10,073		252,933
Hillenbrand		37,964		1,731,918
HNI		21,257		552,257
Hub Group, Cl A *		16,481		1,242,667
Insteel Industries		11,984		329,920
Interface, Cl A		30,951		242,656
John Bean Technologies		17,250		1,875,248
KAR Auction Services *		55,572		752,445
Kelly Services, Cl A		18,020		295,708
Kennametal		44,115		1,145,225
Korn Ferry		26,910		1,292,218
Lindsay		6,150		742,551
Liquidity Services *		13,343		174,393
Marten Transport		29,951		604,711
Masterbrand *		69,214		558,557
Matson		18,956		1,289,577
Matthews International, Cl A		16,461		623,378
MillerKnoll		38,651		657,454
Mueller Industries		30,673		2,203,855
MYR Group *		9,344		1,195,939
NOW *		63,188		674,216
NV5 Global *		6,476		613,471
PGT Innovations *		33,614		862,535
Pitney Bowes		89,541		314,289
Powell Industries		5,941		237,996
Proto Labs *		15,058		433,219
Quanex Building Products		20,880		398,808
Resideo Technologies *		76,909		1,368,980
Resources Connection		16,032		233,907
RXO *		59,423		1,074,962
SkyWest *		25,449		720,207
SPX Technologies *		24,833		1,581,365
Standex International		6,976		856,723
Sun Country Airlines Holdings *		17,167		338,705
Tennant		10,860		829,921
Titan International *		29,191		284,904
Trinity Industries		44,012		1,054,087
Triumph Group *		36,244		391,797
TrueBlue *		16,591		251,354
TTEC Holdings		10,079		343,392
UniFirst		7,799		1,276,540
Veritiv		7,138		819,942



COMMON STOCK — continued

	Shares		Value

INDUSTRIALS — continued
Verra Mobility, Cl A *		73,938	$	1,253,249
Viad *		11,321		215,439
Wabash National		28,053		720,121

				77,765,671


INFORMATION TECHNOLOGY — 12.3%
8x8 *		62,200		178,514
A10 Networks		34,810		492,213
Adeia		55,781		426,167
ADTRAN Holdings		35,547		324,189
Advanced Energy Industries		18,756		1,622,394
Alarm.com Holdings *		26,043		1,241,991
Alpha & Omega Semiconductor *		11,310		270,083
Arlo Technologies *		46,247		297,831
Avid Technology *		16,840		496,948
Axcelis Technologies *		16,716		1,977,503
Badger Meter		14,792		1,957,425
Benchmark Electronics		17,598		375,717
Cerence *		21,094		538,952
CEVA *		12,091		303,847
Clearfield *		6,537		285,536
Cohu *		24,277		821,534
Comtech Telecommunications		14,139		146,339
Consensus Cloud Solutions *		9,417		351,537
Corsair Gaming *		20,830		362,859
CTS		16,124		632,222
Digi International *		18,180		548,309
Digital Turbine *		46,879		549,891
Diodes *		23,026		1,835,172
DoubleVerify Holdings, Cl Rights *		45,484		1,338,139
Ebix		12,347		200,762
ePlus *		13,522		588,748
Extreme Networks *		65,944		1,172,484
Fabrinet *		18,394		1,746,510
FARO Technologies *		9,395		219,373
FormFactor *		39,098		1,067,766
Harmonic *		56,094		790,364
Ichor Holdings *		14,560		405,496
Insight Enterprises *		15,218		1,840,617
InterDigital		14,072		953,237
Itron *		22,834		1,219,336
Knowles *		46,361		782,574
Kulicke & Soffa Industries		28,666		1,366,222
LivePerson *		39,521		182,982
LiveRamp Holdings *		33,738		812,748
MaxLinear, Cl A *		36,796		887,887
Methode Electronics		18,125		742,944
N-able *		37,582		479,170
NETGEAR *		14,622		206,609
NetScout Systems *		33,832		920,569
OneSpan *		19,614		289,110

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

INFORMATION TECHNOLOGY — continued
Onto Innovation *		25,058	$	2,029,197
OSI Systems *		7,870		888,995
PC Connection		5,655		227,727
PDF Solutions *		15,552		560,650
Perficient *		17,940		1,164,665
Photronics *		31,375		453,682
Plexus *		13,899		1,215,745
Progress Software		23,120		1,268,826
Rambus *		54,768		2,428,413
Rogers *		9,478		1,525,484
Sanmina *		29,280		1,530,173
ScanSource *		12,682		346,853
Semtech *		32,377		631,028
SMART Global Holdings *		25,213		388,784
SPS Commerce *		18,524		2,728,585
TTM Technologies *		51,358		606,538
Ultra Clean Holdings *		23,107		659,474
Veeco Instruments *		25,871		476,544
Viasat *		38,429		1,346,168
Viavi Solutions *		112,778		1,010,491
Xperi *		22,976		218,042

				55,956,884


MATERIALS — 5.7%
AdvanSix		13,869		522,584
American Vanguard		14,229		273,908
Arconic *		51,675		1,278,956
ATI *		65,771		2,540,076
Balchem		16,242		2,134,199
Carpenter Technology		24,679		1,301,570
Century Aluminum *		26,804		230,246
Clearwater Paper *		8,373		302,265
Compass Minerals International		17,560		574,739
FutureFuel		13,254		99,405
Hawkins		9,658		389,604
Haynes International		6,455		303,450
HB Fuller		27,099		1,793,141
Innospec		12,512		1,271,595
Kaiser Aluminum		8,166		536,669
Koppers Holdings		10,637		349,000
Livent *		90,597		1,979,544
Materion		10,457		1,132,598
Mativ Holdings		27,745		537,421
Mercer International		20,192		196,468
Minerals Technologies		16,284		964,990
Myers Industries		18,703		354,422
O-I Glass, Cl I *		77,861		1,749,537
Olympic Steel		4,938		229,963
Quaker Chemical		6,948		1,296,705
Rayonier Advanced Materials *		33,473		182,093
Stepan		10,626		979,717



COMMON STOCK — continued

	Shares		Value

MATERIALS — continued
SunCoke Energy		41,757	$	324,869
Sylvamo		16,308		747,233
TimkenSteel *		20,019		335,118
Tredegar		12,587		118,066
Trinseo		17,806		322,645
Warrior Met Coal		25,922		896,123

				26,248,919


REAL ESTATE — 7.1%
Acadia Realty Trust ‡		47,585		642,873
Alexander & Baldwin ‡		36,376		699,510
American Assets Trust ‡		26,123		475,439
Anywhere Real Estate *		56,379		359,134
Armada Hoffler Properties ‡		33,982		398,269
Brandywine Realty Trust ‡		85,832		337,320
CareTrust REIT ‡		59,757		1,164,664
Centerspace ‡		7,653		431,476
Chatham Lodging Trust ‡		24,489		250,767
Cushman & Wakefield *		81,554		803,307
DiamondRock Hospitality ‡		105,050		851,955
Douglas Elliman		38,475		122,735
Easterly Government Properties, Cl A ‡		45,598		641,564
Elme Communities ‡		43,910		756,569
Essential Properties Realty Trust ‡		71,435		1,768,016
Four Corners Property Trust ‡		42,089		1,073,690
Getty Realty ‡		26,215		873,746
Global Net Lease ‡		52,839		594,967
Hudson Pacific Properties ‡		64,219		357,058
Innovative Industrial Properties, Cl A ‡		14,018		960,934
JBG SMITH Properties ‡		49,725		709,576
Kennedy-Wilson Holdings		58,764		986,060
LTC Properties ‡		20,323		679,804
LXP Industrial Trust ‡		138,339		1,300,387
Marcus & Millichap		12,443		391,581
NexPoint Residential Trust ‡		12,395		532,117
Office Properties Income Trust ‡		24,296		158,410
Orion Office REIT ‡		28,333		173,965
Outfront Media ‡		74,842		1,246,868
Pebblebrook Hotel Trust ‡		66,046		939,835
RE, Cl A		9,128		176,262
Retail Opportunity Investments ‡		62,487		814,206
RPT Realty ‡		42,772		397,780
Safehold ‡		19,379		537,178
Saul Centers ‡		6,632		238,951
Service Properties Trust ‡		88,597		776,996
SITE Centers ‡		92,039		1,135,761
SL Green Realty ‡,(A)		32,335		765,369
St. Joe		19,896		817,726

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

REAL ESTATE — continued
Summit Hotel Properties ‡		53,633	$	345,397
Sunstone Hotel Investors ‡		105,564		1,006,025
Tanger Factory Outlet Centers ‡		70,217		1,376,955
Uniti Group ‡		126,094		431,241
Urban Edge Properties ‡		60,128		882,078
Urstadt Biddle Properties, Cl A ‡		14,535		250,293
Veris Residential *‡		42,578		696,150
Whitestone REIT, Cl B ‡		23,292		208,463
Xenia Hotels & Resorts ‡		57,121		723,152

				32,262,579


UTILITIES — 2.2%
American States Water		20,223		1,794,791
Avista		40,240		1,773,377
California Water Service Group		29,704		1,665,800
Chesapeake Utilities		10,044		1,240,434
Middlesex Water		9,886		721,480
Northwest Natural Holding		19,997		939,059
SJW Group		15,195		1,153,605
Unitil		9,742		541,558

				9,830,104


Total Common Stock (Cost $411,239,939)				445,379,885


RIGHTS — 0.0%

	Number Of Rights
Progenics Pharmaceuticals(B)(C)		61,398	$	—
Toriba Therapeutics(B)(C)		2,044		—

Total Rights (Cost $122)				—


SHORT-TERM INVESTMENT — 0.7%

	Shares		Value
State Street Institutional US Government Money Market Fund, Premier Class, 4.760% (D)		3,170,823	$	3,170,823


Total Short-Term Investments (Cost $3,170,823)				3,170,823

Total Investments in Securities — 98.3%
(Cost $414,410,884)			$	448,550,708

Percentages are based on Net Assets of $456,178,797.

A list of the open futures contracts held by the Fund at April 30, 2023, is as follows:


Type of Contract	Number of Contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ (Depreciation)
Long Contracts
Russell 2000 Index E-MINI	128	Jun-2023	$11,406,515	$11,358,720	$ (47,795)

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)

This security or a partial position of this security is on loan at April 30, 2023. The total market value of securities on loan at April 30, 2023 was $3,087,396.

(B)

Level 3 security in accordance with fair value hierarchy.

(C)

Expiration date not available.

(D)

This security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2023, was $3,170,823.

Cl — Class

The following is a list of the inputs used as of April 30, 2023, 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	$	445,379,885	$	—	$	—	#	$	445,379,885
Short-Term Investment		3,170,823		—		—			3,170,823
Rights		—		—		—	#		—

Total Investments in Securities	$	448,550,708	$	—	$	—		$	448,550,708


Other Financial Instruments	Level 1		Level 2		Level 3			Total
Futures Contracts*
Unrealized Depreciation		$ (47,795)	$	—	$	—		$	(47,795)

Total Other Financial Instruments		$ (47,795)	$	—	$	—		$	(47,795)

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

APRIL 30, 2023 (Unaudited)

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

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

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

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

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

CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND

APRIL 30, 2023 (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 — 97.5%

	Shares		Value

COMMUNICATION SERVICES — 9.3%
Alphabet, Cl A *		25,000	$	2,683,500
Alphabet, Cl C *		255,668		27,668,391
Charter Communications, Cl A *		13,500		4,977,450
Comcast, Cl A		160,000		6,619,200
DISH Network, Cl A *		74,500		559,495
Electronic Arts		12,664		1,611,874
Fox		55,033		1,680,708
Fox		63,000		2,095,380
Meta Platforms, Cl A *		19,700		4,734,304
News		29,775		524,338
T-Mobile US *		25,000		3,597,500
Walt Disney *		60,437		6,194,792
ZoomInfo Technologies, Cl A *		128,780		2,821,570

				65,768,502


CONSUMER DISCRETIONARY — 9.8%
Airbnb, Cl A *		28,027		3,353,991
Amazon.com *		242,008		25,519,743
Booking Holdings *		1,400		3,760,834
Chipotle Mexican Grill, Cl A *		1,488		3,076,618
Etsy *		29,290		2,959,169
Gap		88,000		844,800
Hilton Worldwide Holdings		27,735		3,994,395
Honda Motor ADR		96,000		2,551,680
Lululemon Athletica *		11,599		4,406,808
NIKE, Cl B		76,187		9,654,417
Starbucks		32,804		3,749,169
TJX		51,834		4,085,556
Wingstop		4,608		922,107

				68,879,287


CONSUMER STAPLES — 2.9%
Anheuser-Busch InBev ADR (A)		55,000		3,573,350



COMMON STOCK — continued

	Shares		Value

CONSUMER STAPLES — continued
Constellation Brands, Cl A		12,840	$	2,946,395
Freshpet *		22,288		1,537,203
Haleon ADR (A)		268,400		2,380,708
Molson Coors Beverage, Cl B		60,000		3,568,800
PepsiCo		34,654		6,615,102

				20,621,558


ENERGY — 3.1%
Cheniere Energy		6,970		1,066,410
ConocoPhillips		40,000		4,115,600
Occidental Petroleum		142,000		8,737,260
Schlumberger		74,300		3,666,705
Williams		134,300		4,063,918

				21,649,893


FINANCIALS — 18.1%
Aegon		240,169		1,087,966
American Express		16,333		2,635,166
Ares Management, Cl A		11,531		1,010,000
Bank of America		73,000		2,137,440
Bank of New York Mellon		105,000		4,471,950
Berkshire Hathaway, Cl B *		27,754		9,118,577
Block, Cl A *		21,788		1,324,493
Brighthouse Financial *		18,208		804,794
Capital One Financial		65,000		6,324,500
Charles Schwab		179,766		9,390,976
Fidelity National Information Services		47,500		2,789,200
Fiserv *		67,300		8,218,676
FleetCor Technologies *		16,662		3,564,335
Global Payments		19,310		2,176,430
Goldman Sachs Group		14,000		4,808,160
Hamilton Lane, Cl A		17,042		1,255,655
Lincoln National		9,000		195,570
Markel *		7,989		10,933,186
Mastercard, Cl A		20,347		7,732,470
MetLife		102,500		6,286,325
Moody’s		28,395		8,891,042
MSCI, Cl A		6,329		3,053,426
S&P Global		6,468		2,345,306
State Street		44,000		3,179,440
Truist Financial		36,000		1,172,880
UBS Group		87,500		1,771,875
Visa, Cl A		53,625		12,480,146
Wells Fargo		217,000		8,625,750

				127,785,734


HEALTH CARE — 10.1%
Align Technology *		3,683		1,198,080
Alnylam Pharmaceuticals *		18,000		3,585,600
BioMarin Pharmaceutical *		37,000		3,553,480
Boston Scientific *		53,567		2,791,912
Cigna Group		32,000		8,105,280
CVS Health		45,000		3,298,950
Elanco Animal Health *		145,000		1,373,150
Elevance Health		12,905		6,047,928
Exact Sciences *		13,231		847,710

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

CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

HEALTH CARE — continued
Gilead Sciences		65,000	$	5,343,650
ICON *		22,588		4,352,482
IDEXX Laboratories *		2,827		1,391,336
Incyte *		41,000		3,050,810
Medtronic		94,539		8,598,322
Mettler-Toledo International *		5,517		8,228,606
Omnicell *		15,448		938,775
Seagen *		3,947		789,400
Veeva Systems, Cl A *		4,628		828,782
Zimmer Biomet Holdings		15,000		2,076,600
Zoetis, Cl A		28,455		5,001,820

				71,402,673


INDUSTRIALS — 10.2%
AMETEK		43,154		5,952,231
Builders FirstSource *		6,000		568,620
Carrier Global		70,500		2,948,310
Ceridian HCM Holding *		17,456		1,108,107
Copart *		37,270		2,946,194
Equifax		12,313		2,565,783
FedEx		34,000		7,744,520
Fortive		87,450		5,517,220
GXO Logistics *		191,869		10,194,000
Hexcel		10,320		743,866
Johnson Controls International		124,000		7,420,160
Mercury Systems *		28,909		1,378,092
Otis Worldwide		20,000		1,706,000
TransDigm Group		16,275		12,450,375
TransUnion		74,214		5,106,665
Uber Technologies *		101,037		3,137,199

				71,487,342


INFORMATION TECHNOLOGY — 28.5%
Adobe *		25,435		9,603,239
Advanced Micro Devices *		32,570		2,910,781
Amphenol, Cl A		80,201		6,052,770
Apple		199,465		33,845,221
ASML Holding, Cl G		6,190		3,942,163
Atlassian, Cl A *		13,058		1,928,144
Cadence Design Systems *		4,683		980,854
CDW		8,769		1,487,135
Cisco Systems		88,000		4,158,000
Cognizant Technology Solutions, Cl A		47,000		2,806,370
Coherent *		29,500		1,007,130
Dell Technologies, Cl C		48,000		2,087,520
Gartner *		4,946		1,495,967
Hewlett Packard Enterprise		155,000		2,219,600
HP		115,000		3,416,650
Intuit		11,243		4,991,330
Juniper Networks		84,000		2,532,600



COMMON STOCK — continued

	Shares		Value

INFORMATION TECHNOLOGY — continued
KLA		2,846	$	1,100,093
Microchip Technology		200,594		14,641,356
Microsoft		140,470		43,160,812
MongoDB, Cl A *		14,540		3,489,019
NVIDIA		31,374		8,705,971
ON Semiconductor *		13,924		1,001,971
Oracle		42,299		4,006,561
Palo Alto Networks *		3,809		694,990
Roper Technologies		12,173		5,536,037
Salesforce *		40,065		7,947,694
SAP ADR (A)		57,568		7,787,224
ServiceNow *		9,061		4,162,805
TE Connectivity		25,000		3,059,250
VeriSign *		17,083		3,789,009
VMware, Cl A *		48,501		6,064,059

				200,612,325


MATERIALS — 3.0%
Air Products and Chemicals		31,797		9,359,765
Celanese, Cl A		16,500		1,752,960
Linde		19,475		7,195,039
LyondellBasell Industries, Cl A		33,000		3,122,130

				21,429,894


REAL ESTATE — 2.3%
American Tower ‡		63,826		13,045,396
Equinix ‡		3,798		2,750,056

				15,795,452


UTILITIES — 0.2%
Dominion Energy		26,000		1,485,640


Total Common Stock (Cost $662,762,152)				686,918,300



WARRANTS — 0.0%

	Number Of Warrants		Value
Occidental Petroleum, Expires 8/6/2027		7,000	$	281,400

Total Warrants (Cost $90,720)				281,400



SHORT-TERM INVESTMENT — 1.9%
	Shares		Value
State Street Institutional US Government Money Market Fund, Premier Class, 4.760% (B)		13,431,892	$	13,431,892

Total Short-Term Investments (Cost $13,431,892)				13,431,892

Total Investments in Securities — 99.4%
(Cost $676,284,764)			$	700,631,592

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

CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND

APRIL 30, 2023 (Unaudited)

Percentages based on Net Assets of $704,747,995.

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)

This security or a partial position of this security is on loan at April 30, 2023. The total market value of securities on loan at April 30, 2023, was $13,129,015.

(B)

This security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2023, was $13,431,892.

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2023, 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.

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, 2023 (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 — 96.5%

	Shares		Value

ARGENTINA — 0.0%
YPF ADR *		35,306	$	392,603


AUSTRALIA — 0.4%
Rio Tinto		81,450		5,178,578


BELGIUM — 0.3%
Anheuser-Busch InBev		60,743		3,956,991


BRAZIL — 0.9%
Arezzo Industria e Comercio		45,800		613,370
Banco BTG Pactual		280,700		1,311,806
Banco do Brasil		313,100		2,675,480
Gerdau ADR		255,790		1,276,392
Localiza Rent a Car		176,897		2,049,422
Marfrig Global Foods		250,500		325,465
MercadoLibre *		847		1,082,034
Minerva		240,400		409,889
Petro Rio *		36,300		250,472
SLC Agricola		42,260		366,608
Suzano		59,300		469,981
Vamos Locacao de Caminhoes Maquinas e Equipamentos		307,500		746,799

				11,577,718


CANADA — 5.7%
Alimentation Couche-Tard		241,503		12,040,428
Canadian National Railway		109,435		13,030,858
Canadian Pacific Kansas City		73,500		5,787,658
Canadian Pacific Kansas City		240,183		18,936,028
Dollarama		32,700		2,023,287
Franco-Nevada		29,400		4,456,279
Gildan Activewear		99,900		3,249,715
Northland Power		66,200		1,623,396



COMMON STOCK — continued

	Shares		Value

CANADA — continued
Nutrien		32,000	$	2,217,562
Thomson Reuters		72,995		9,588,431

				72,953,642


CHINA — 5.8%
Agricultural Bank of China, Cl H		1,080,000		417,550
Alibaba Group Holding ADR *		31,394		2,658,758
Anhui Conch Cement, Cl H		288,641		911,361
Autohome ADR		7,010		207,847
Bank of China, Cl H		2,598,000		1,037,500
Beijing New Building Materials, Cl A		174,400		668,022
Bosideng International Holdings		2,436,000		1,201,343
BYD, Cl H		32,500		985,572
China CITIC Bank, Cl H		1,014,000		548,521
China Construction Bank, Cl H		6,114,921		4,087,856
China Everbright Environment Group		562,000		238,575
China Galaxy Securities, Cl H		1,613,500		876,345
China Petroleum & Chemical, Cl H		3,982,000		2,609,782
China Railway Group, Cl H		1,786,000		1,373,103
China State Construction Engineering, Cl A		675,186		641,338
CITIC		833,000		1,045,624
COSCO SHIPPING Holdings, Cl H		1,036,200		1,203,528
Daqo New Energy ADR *		20,422		937,778
Dongfeng Motor Group, Cl H		754,000		360,740
FinVolution Group ADR		88,120		350,718
Greentown China Holdings		213,500		256,586
Guangzhou Automobile Group, Cl H		436,000		272,106
Haier Smart Home, Cl H		650,400		2,119,965
Hangzhou Binjiang Real Estate Group, Cl A		346,200		460,914
Hello Group ADR		44,171		369,270
Hengdian Group DMEGC Magnetics, Cl A		94,800		260,448
Industrial & Commercial Bank of China, Cl H		963,000		518,082
iQIYI ADR *		109,545		668,224
JD.com, Cl A		129,500		2,311,222
Jiangxi Copper, Cl H		419,000		745,354
JinkoSolar Holding ADR *		10,915		541,493
Kweichow Moutai, Cl A		5,300		1,349,176
Lenovo Group		896,000		916,647
Li Ning		1,188,175		8,497,103

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

CHINA — continued
Meituan, Cl B *		13,160	$	224,907
NARI Technology, Cl A		257,659		973,953
PDD Holdings ADR *		57,816		3,940,160
PetroChina, Cl H		4,504,000		3,128,535
PICC Property & Casualty, Cl H		1,248,000		1,509,356
Ping An Insurance Group of China, Cl H		199,500		1,455,410
Pop Mart International Group		148,600		360,464
Qifu Technology ADR		69,459		1,225,257
Sichuan Road and Bridge Group, Cl A		239,881		549,523
Sinopharm Group, Cl H		422,800		1,497,628
Tencent Holdings		253,894		11,276,626
Tencent Music Entertainment Group ADR *		199,414		1,477,658
Vipshop Holdings ADR *		95,005		1,491,579
Want Want China Holdings		1,029,000		656,229
Yum China Holdings		46,170		2,824,681
Zhejiang Expressway, Cl H		298,000		247,291
Zhejiang Jingsheng Mechanical & Electrical, Cl A		78,100		773,633

				75,261,341


DENMARK — 1.5%
Coloplast, Cl B		14,168		2,045,330
DSV		60,459		11,400,774
GN Store Nord		24,425		653,322
Pandora		15,848		1,469,788
Tryg		66,062		1,564,294
Vestas Wind Systems		62,843		1,742,303

				18,875,811


FINLAND — 0.1%
Nordea Bank Abp		136,525		1,516,368


FRANCE — 11.4%
Air Liquide		54,354		9,796,267
Alstom		389,507		9,808,718
AXA		300,687		9,833,148
BNP Paribas		49,341		3,194,155
Capgemini		13,421		2,452,074
Carrefour		246,188		5,130,602
Danone		260,446		17,270,065
Dassault Systemes		55,627		2,262,510
Hermes International		3,047		6,627,855
Ipsen		14,690		1,784,775
Kering		4,706		3,019,301
L’Oreal		16,549		7,924,099
LVMH Moet Hennessy Louis Vuitton		29,208		28,148,083
Pernod Ricard		46,990		10,872,950
Publicis Groupe		22,321		1,828,372



COMMON STOCK — continued

	Shares		Value

FRANCE — continued
Remy Cointreau		7,976	$	1,382,698
Rexel		59,919		1,390,581
Sodexo		47,899		5,143,007
TotalEnergies		66,582		4,262,681
Valeo		143,176		2,801,069
Vinci		95,099		11,785,288

				146,718,298


GERMANY — 5.1%
Allianz		25,955		6,529,879
Bayerische Motoren Werke		28,766		3,230,355
Carl Zeiss Meditec		18,408		2,480,630
CompuGroup Medical & KgaA		19,138		1,054,267
Deutsche Boerse		15,975		3,052,367
Deutsche Telekom		548,654		13,254,186
Hannover Rueck		1,406		300,976
Infineon Technologies		93,175		3,399,589
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		9,799		3,689,741
Nemetschek		18,299		1,433,033
RWE		168,512		7,915,930
SAP		108,639		14,728,586
Siemens		12,206		2,015,770
Siemens Healthineers		46,628		2,911,649

				65,996,958


GREECE — 0.0%
FF Group *(B)		8,921		4,727


HONG KONG — 2.1%
AIA Group		910,309		9,910,288
China Lumena New Materials *(B)		15,350		—
Prudential		1,017,628		15,572,591
Skyworth Group		700,000		348,970
WH Group		998,034		555,627

				26,387,476


INDIA — 3.1%
APL Apollo Tubes		102,688		1,504,458
Axis Bank		86,373		911,746
Bank of Baroda		607,200		1,400,494
Britannia Industries		14,663		817,578
GAIL India		655,864		862,095
HCL Technologies		92,184		1,205,218
HDFC Bank ADR		24,782		1,729,784
Hindalco Industries		176,422		946,582
Hindustan Unilever		24,092		725,162
ICICI Bank ADR		733,769		16,693,245
Info Edge India		12,792		593,536
Mahindra & Mahindra		63,829		960,349

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

INDIA — continued
MakeMyTrip *		50,412	$	1,181,657
Oil & Natural Gas		1,057,204		2,061,813
REC		615,254		996,929
Shriram Finance		52,107		851,594
State Bank of India		127,076		902,422
UPL		112,388		1,020,003
Varun Beverages		148,215		2,626,928
Vedanta		217,696		746,785
WNS Holdings ADR *		15,405		1,389,069

				40,127,447


INDONESIA — 0.9%
Astra International		2,875,900		1,326,563
Bank Central Asia		3,382,900		2,093,513
Bank Mandiri Persero		870,900		307,863
Bank Negara Indonesia Persero		3,152,600		2,031,690
Bank Rakyat Indonesia Persero		12,320,800		4,293,543
Indofood Sukses Makmur		1,014,200		446,423
Perusahaan Gas Negara		6,125,300		599,198

				11,098,793


IRELAND — 1.3%
Bank of Ireland Group		156,444		1,621,166
CRH		62,925		3,042,158
Ryanair Holdings ADR *		128,010		12,236,476

				16,899,800


ISRAEL — 0.2%
Nice ADR *		12,385		2,526,664


ITALY — 4.3%
Amplifon		47,150		1,734,164
Enel		2,491,824		17,056,819
Ferrari		75,917		21,194,386
UniCredit		748,869		14,867,431

				54,852,800


JAPAN — 7.6%
Bridgestone		38,300		1,538,969
Daifuku		67,500		1,244,404
FANUC		352,400		11,907,968
GMO Payment Gateway		10,800		845,184
Harmonic Drive Systems		22,900		700,560
Hoya		42,100		4,416,991
Keyence		37,275		16,819,272
Lasertec		35,351		4,812,189
M3		39,500		970,136
MatsukiyoCocokara		32,000		1,714,602
Mitsubishi Electric		178,200		2,210,779
MS&AD Insurance Group Holdings		46,300		1,520,566



COMMON STOCK — continued

	Shares		Value

JAPAN — continued
Murata Manufacturing		179,200	$	10,173,096
Nexon		65,800		1,487,319
Nintendo		124,700		5,275,088
Nippon Telegraph & Telephone		122,300		3,734,052
Nomura Research Institute		61,800		1,555,773
Obic		9,600		1,479,991
Renesas Electronics *		186,500		2,431,980
Shimadzu		74,900		2,344,007
Shimano		12,300		1,903,343
Shin-Etsu Chemical		113,000		3,226,442
Socionext		20,500		1,699,889
Sumitomo Mitsui Financial Group		128,500		5,255,348
Sundrug		36,000		992,838
TIS		61,300		1,684,270
Tokyo Electron		29,700		3,402,812
TOPPAN INC		99,700		2,120,743

				97,468,611


MEXICO — 0.8%
Alfa, Cl A		441,900		281,225
Arca Continental		62,400		594,113
Fibra Uno Administracion ‡		248,500		341,775
Grupo Aeroportuario del Pacifico, Cl B		41,700		739,014
Grupo Bimbo, Ser A		94,800		507,134
Grupo Financiero Banorte, Cl O		313,900		2,711,453
Kimberly-Clark de Mexico, Cl A		119,000		268,095
Wal-Mart de Mexico		1,143,066		4,592,161

				10,034,970


NETHERLANDS — 6.9%
Adyen *		10,840		17,451,413
Akzo Nobel		139,115		11,562,691
ASM International		36,642		13,328,166
ASML Holding, Cl G		18,736		11,932,209
ASML Holding		18,303		11,637,415
BE Semiconductor Industries		18,372		1,656,878
ING Groep		734,366		9,125,144
Koninklijke Philips		478,566		10,122,714
Shell		52,494		1,613,234

				88,429,864


NEW ZEALAND — 0.1%
Fisher & Paykel Healthcare		78,823		1,350,404


NORWAY — 0.0%
Nordic Semiconductor *		50,551		545,622


POLAND — 0.2%
Dino Polska *		18,997		1,943,259
Jastrzebska Spolka Weglowa *		17,060		177,099

				2,120,358

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

QATAR — 0.0%
Ooredoo QPSC		177,388	$	482,724


RUSSIA — 0.0%
Gazprom PJSC (B)		597,226		—
LUKOIL PJSC ADR *(B)		20,777		—
Sberbank of Russia PJSC ADR *(B)		55,964		—

				—


SAUDI ARABIA — 0.1%
Bawan		30,224		235,155
Elm		2,644		313,557
Etihad Etisalat		35,524		438,134
SABIC Agri-Nutrients		10,579		380,369
Saudi Electricity		81,330		527,251

				1,894,466


SINGAPORE — 0.5%
DBS Group Holdings		119,700		2,958,226
United Overseas Bank		166,600		3,538,774

				6,497,000


SOUTH AFRICA — 0.2%
Sasol		30,966		403,435
Sibanye Stillwater		527,428		1,166,614
Truworths International		150,154		447,433

				2,017,482


SOUTH KOREA — 2.3%
DB Insurance		5,010		314,937
DL E&C		7,849		207,390
E-MART		2,891		211,440
GS Holdings		17,023		505,780
Hana Financial Group		43,185		1,357,030
Hyundai Electric & Energy System		14,755		559,682
Hyundai Marine & Fire Insurance		12,211		343,055
JYP Entertainment		7,877		532,863
KB Financial Group ADR		26,332		981,920
Kia		66,790		4,230,033
Korea Gas		8,914		178,842
LS		16,614		1,115,937
LX INTERNATIONAL CORP		27,400		600,836
LX Semicon		4,251		336,093
Neowiz *		12,513		413,445
OCI		10,931		983,280
POSCO Holdings ADR		9,127		649,112
Posco International		25,649		515,671
Samsung Electronics		152,550		7,506,085
Samsung Electronics GDR		2,990		3,704,995
Samsung Engineering *		15,039		328,258



COMMON STOCK — continued

	Shares		Value

SOUTH KOREA — continued
Samsung Securities		7,164	$	181,856
SD Biosensor		18,396		286,889
Seegene		11,153		203,250
SK Hynix		26,029		1,751,322
Woori Financial Group		94,384		830,131
Youngone		18,251		604,043

				29,434,175


SPAIN — 2.7%
Aena SME *		50,969		8,600,372
Amadeus IT Group *		149,519		10,528,941
Iberdrola		709,196		9,207,318
Industria de Diseno Textil (A)		195,566		6,735,716

				35,072,347


SWEDEN — 1.5%
Atlas Copco, Cl A		868,465		12,558,893
Boliden		32,250		1,152,268
Nibe Industrier, Cl B		229,839		2,572,927
Swedbank		194,152		3,372,946

				19,657,034


SWITZERLAND — 2.3%
Alcon		58,644		4,288,473
Sika		48,630		13,490,075
Straumann Holding		12,550		1,896,217
Swatch Group		4,320		1,488,358
UBS Group		136,489		2,789,761
Zurich Insurance Group		10,861		5,289,554

				29,242,438


TAIWAN — 2.9%
Asia Vital Components		57,088		293,736
Bora Pharmaceuticals		15,000		356,253
Chung-Hsin Electric & Machinery Manufacturing		111,000		368,007
Evergreen Marine Taiwan		185,400		979,194
Fitipower Integrated Technology		86,000		445,070
Fulgent Sun International Holding		115,000		461,630
Gigabyte Technology		194,000		830,722
Himax Technologies ADR (A)		45,236		300,367
Hon Hai Precision Industry		697,000		2,375,062
International Games System		29,000		506,469
Inventec		240,000		258,875
Lite-On Technology		235,000		562,947
Makalot Industrial		30,000		217,883
MediaTek		69,000		1,500,326
Micro-Star International		143,000		679,680
Novatek Microelectronics		180,000		2,460,801
Radiant Opto-Electronics		68,000		250,561

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

TAIWAN — continued
Simplo Technology		24,000	$	240,926
Sitronix Technology		65,000		484,029
Taiwan Semiconductor Manufacturing ADR		240,317		20,258,723
Taiwan Semiconductor Manufacturing		41,000		671,399
United Microelectronics ADR (A)		182,274		1,463,660
Wistron		326,000		494,125
Yang Ming Marine Transport		406,000		837,572
Zhen Ding Technology Holding		120,000		437,159

				37,735,176


THAILAND — 0.2%
AP Thailand		1,520,500		562,083
Kiatnakin Phatra Bank		171,500		302,119
Krung Thai Bank		1,588,300		839,682
Thai Union Group, Cl F		800,700		324,021

				2,027,905


TURKEY — 0.1%
KOC Holding		177,721		692,015
Turk Hava Yollari AO *		140,662		925,206

				1,617,221


UNITED ARAB EMIRATES — 0.1%
Abu Dhabi Ports PJSC *		135,934		254,022
Emirates NBD Bank PJSC		105,696		406,571
Multiply Group PJSC *		449,980		412,873

				1,073,466


UNITED KINGDOM — 9.7%
3i Group		250,380		5,571,366
Ashtead Group		44,391		2,559,714
Barclays		5,428,685		10,936,889
Berkeley Group Holdings		49,988		2,797,766
BP		929,367		6,235,849
British American Tobacco		138,250		5,108,354
Burberry Group		71,384		2,330,388
CNH Industrial		138,782		1,956,634
Compass Group		531,646		14,026,975
Dechra Pharmaceuticals		35,893		1,685,053
Diageo		218,302		9,959,254
Halma		47,506		1,381,797
Howden Joinery Group		125,092		1,078,467
JD Sports Fashion		1,562,940		3,172,463
Lloyds Banking Group		2,840,118		1,725,636
London Stock Exchange Group		22,714		2,385,096
RELX		149,052		4,966,800
RELX		152,073		5,068,909



COMMON STOCK — continued

	Shares		Value

UNITED KINGDOM — continued
SSE		71,399	$	1,647,594
SSP Group *		3,401,298		11,020,969
Tate & Lyle		805,140		8,256,750
Taylor Wimpey		1,397,662		2,255,906
Unilever		242,943		13,529,169
WH Smith		265,019		5,257,555

				124,915,353


UNITED STATES — 15.2%
Accenture, Cl A		33,326		9,340,944
Aon, Cl A		51,090		16,613,446
Arch Capital Group *		132,535		9,949,403
Atlassian, Cl A *		76,880		11,352,101
CSL		63,615		12,683,602
EPAM Systems *		26,895		7,596,224
Experian		274,521		9,720,523
Ferguson		62,855		8,882,328
ICON *		73,797		14,219,944
JBS		336,400		1,196,902
Linde		24,975		9,227,014
Mettler-Toledo International *		6,502		9,697,733
Nestle		193,221		24,894,071
ResMed		35,386		8,526,611
Schneider Electric		126,576		22,115,826
STERIS		54,759		10,324,809
Tenaris		97,471		1,397,002
Waste Connections		57,035		7,936,420

				195,674,903


Total Common Stock (Cost $1,055,115,810)				1,241,617,534



WARRANTS — 0.0%

	Number Of Warrants		Value
Kiatnakin Phartra Bank, Expires 12/31/2026*		14,291	$	—
Kiatnakin Phartra Bank, Expires 12/31/2024*		14,291		—


Total Warrants (Cost $–)				—



RIGHTS — 0.0%

	Number Of Rights
Localiza Rent a Car, Expires 5/18/2023 (B)		791	$	2,666


Total Rights (Cost $–)				2,666

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2023 (Unaudited)



SHORT-TERM INVESTMENT — 0.6%

	Shares		Value
State Street Institutional US Government Money Market Fund, Premier Class, 4.760% (C)		8,162,171	$	8,162,171


Total Short-Term Investments (Cost $8,162,171)				8,162,171

Total Investments in Securities — 97.1%
(Cost $1,063,277,981)			$	1,249,782,371

Percentages based on Net Assets of $1,287,536,121.

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)

This security or a partial position of this security is on loan at April 30, 2023. The total market value of securities on loan at April 30, 2023, was $7,801,691.

(B)

Level 3 security in accordance with fair value hierarchy.

(C)

This security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2023, was $8,162,171.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint-Stock Company

QPSC — Qatari Joint-Stock Company

The following is a summary of the inputs used as of April 30, 2023, in valuing the Fund’s investments carried at market value:


Investments in Securities	Level 1		Level 2		Level 3^{^}		Total
Common Stock
Argentina	$	392,603	$	—	$	—	$	392,603
Australia		—		5,178,578		—		5,178,578
Belgium		—		3,956,991		—		3,956,991
Brazil		11,577,718		—		—		11,577,718
Canada		72,953,642		—		—		72,953,642
China		16,693,423		58,567,918		—		75,261,341
Denmark		—		18,875,811		—		18,875,811
Finland		—		1,516,368		—		1,516,368
France		—		146,718,298		—		146,718,298
Germany		—		65,996,958		—		65,996,958
Greece		—		—		4,727		4,727
Hong Kong		—		26,387,476		—#		26,387,476
India		20,993,755		19,133,692		—		40,127,447
Indonesia		—		11,098,793		—		11,098,793
Ireland		12,236,476		4,663,324		—		16,899,800
Israel		2,526,664		—		—		2,526,664
Italy		—		54,852,800		—		54,852,800
Japan		—		97,468,611		—		97,468,611
Mexico		10,034,970		—		—		10,034,970
Netherlands		11,932,209		76,497,655		—		88,429,864
New Zealand		—		1,350,404		—		1,350,404
Norway		—		545,622		—		545,622
Poland		—		2,120,358		—		2,120,358
Qatar		—		482,724		—		482,724
Russia		—		—		—#		—
Saudi Arabia		—		1,894,466		—		1,894,466
Singapore		—		6,497,000		—		6,497,000
South Africa		—		2,017,482		—		2,017,482
South Korea		1,631,032		27,803,143		—		29,434,175
Spain		—		35,072,347		—		35,072,347
Sweden		—		19,657,034		—		19,657,034
Switzerland		—		29,242,438		—		29,242,438
Taiwan		22,022,750		15,712,426		—		37,735,176
Thailand		—		2,027,905		—		2,027,905
Turkey		—		1,617,221		—		1,617,221
United Arab Emirates		—		1,073,466		—		1,073,466
United Kingdom		—		124,915,353		—		124,915,353
United States		115,981,551		79,693,352		—		195,674,903

Total Common Stock		298,976,793		942,636,014		4,727		1,241,617,534
Short-Term Investment		8,162,171		—		—		8,162,171
Warrants		—		—		—		—
Rights		2,666		—		—		2,666

Total Investments in Securities	$	307,141,630	$	942,636,014	$	4,727	$	1,249,782,371

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

APRIL 30, 2023 (Unaudited)

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

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

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

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2023 (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 — 96.2%

	Shares		Value

AUSTRALIA — 6.7%
Accent Group		131,751	$	222,673
Aeris Resources *		176,726		55,736
Allkem *		43,576		357,409
ALS		114,080		994,383
Alumina		568,007		575,754
Centuria Industrial REIT ‡		23,723		49,271
Charter Hall Group ‡		21,327		158,466
Emeco Holdings		85,896		39,045
FleetPartners Group *		50,421		70,185
Grange Resources		418,499		171,548
JB Hi-Fi		9,435		278,878
Lovisa Holdings		8,125		143,962
Myer Holdings		172,156		100,074
Neuren Pharmaceuticals *		7,682		72,368
Orora		362,046		826,409
Perenti		262,413		200,834
Perseus Mining		31,529		46,537
Pilbara Minerals		74,509		211,796
Ridley		160,752		230,196
Technology One		26,634		268,175
Ventia Services Group Pty		101,328		176,253

				5,249,952


AUSTRIA — 2.6%
ANDRITZ		4,641		301,987
AT&S Austria Technologie & Systemtechnik		3,828		117,282
Palfinger		18,840		620,630
Schoeller-Bleckmann Oilfield Equipment		11,230		706,665
Strabag		2,116		92,451
Telekom Austria, Cl A		25,805		201,700

				2,040,715



COMMON STOCK — continued

	Shares		Value

BELGIUM — 0.6%
Bekaert		5,235	$	244,174
Melexis		1,493		142,591
Telenet Group Holding		4,126		95,892

				482,657


BRAZIL — 0.9%
Aliansce Sonae Shopping Centers sa		43,900		162,952
Cia de Saneamento do Parana		51,500		194,559
Jalles Machado		68,000		106,020
Mills Estruturas e Servicos de Engenharia		96,300		177,091
Petroreconcavo		13,100		51,139

				691,761


CANADA — 2.8%
AGF Management, Cl B		27,169		150,638
Aritzia *		1,358		43,114
Bombardier, Cl B		4,135		178,412
Bonterra Energy *		17,084		84,016
Chemtrade Logistics Income Fund (A)		36,676		207,676
Doman Building Materials Group		31,668		143,362
Enerplus		5,088		76,003
goeasy		619		42,348
H&R Real Estate Investment Trust ‡		10,275		89,015
iA Financial		4,645		311,345
International Petroleum *		30,714		299,599
Parex Resources		19,493		395,379
Pet Valu Holdings		2,494		66,713
Stella-Jones		1,016		39,717
Torex Gold Resources *		3,847		63,053

				2,190,390


CHINA — 2.8%
Agile Group Holdings		216,000		43,946
Beijing Enterprises Holdings		90,500		375,562
Central China Management		304,000		19,031
Chaoju Eye Care Holdings		87,500		61,706
China SCE Group Holdings		358,000		29,344
China World Trade Center, Cl A		77,100		206,593
E-Commodities Holdings, Cl New Shares		242,000		40,184
Excellence Commercial Property & Facilities Management Group		188,000		63,173
Fufeng Group		442,000		267,894
Gemdale Properties & Investment		1,986,000		131,894
ISDN Holdings		200,300		70,961
Jinan Acetate Chemical		11,000		168,997
Jiutian Chemical Group		2,233,700		115,925

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

CHINA — continued
Kerry Logistics Network		173,023	$	245,145
Morimatsu International Holdings *		27,000		29,291
NetDragon Websoft Holdings		33,500		65,598
Seazen Group		414,000		88,991
Theme International Holdings *		500,000		58,099
Yuexiu Services Group		296,000		142,962

				2,225,296


DENMARK — 2.0%
ALK-Abello *		9,379		118,962
Bavarian Nordic *		1,273		35,077
D		6,510		409,867
Dfds		20,117		811,966
Per Aarsleff Holding		1,565		67,537
Solar A/S, Cl B		1,707		139,923

				1,583,332


EGYPT — 0.1%
Centamin		33,387		43,337


FINLAND — 0.2%
Incap		5,222		64,580
Kemira		1,300		22,848
Uponor		3,742		100,049

				187,477


FRANCE — 7.4%
Biosynex		5,311		43,253
Elis		2,228		44,341
Genfit *		11,679		47,768
IPSOS		15,166		823,874
LISI (A)		23,333		662,595
Mersen		1,933		78,126
Rothschild		25,714		1,329,986
SCOR		8,434		218,570
Societe BIC		3,748		231,752
Sopra Steria Group		8,160		1,769,703
Technip Energies		1,896		42,144
Television Francaise 1		6,011		48,533
Verallia		9,601		390,449
Virbac		418		143,051

				5,874,145


GEORGIA — 0.1%
TBC Bank Group		3,282		97,101


GERMANY — 2.2%
Atoss Software		953		191,530
Aurubis		5,430		510,397
Cliq Digital		5,536		155,899



COMMON STOCK — continued

	Shares		Value

GERMANY — continued
Eckert & Ziegler Strahlen- und Medizintechnik		1,113	$	57,672
HUGO BOSS		853		64,431
Immatics *		14,947		106,871
Krones		1,784		234,855
METRO *		9,439		80,431
Nemetschek		1,154		90,372
PVA TePla *		3,019		64,772
Sirius Real Estate		50,678		51,389
SUESS MicroTec		2,382		62,253
Synlab		6,140		64,965

				1,735,837


GREECE — 0.1%
Piraeus Financial Holdings *		24,442		57,931


HONG KONG — 1.0%
Cowell e Holdings		26,000		50,288
Skyworth Group		94,000		46,861
Tam Jai International		172,000		46,177
United Laboratories International Holdings		172,000		139,261
Vitasoy International Holdings		294,000		520,021

				802,608


INDIA — 0.5%
Azure Power Global *		19,649		42,442
MakeMyTrip *		15,490		363,085

				405,527


INDONESIA — 0.7%
Ciputra Development		426,400		28,921
Dharma Satya Nusantara		4,250,600		179,783
Energi Mega Persada *		8,616,900		130,601
First Pacific		322,000		107,823
Industri Jamu Dan Farmasi Sido Muncul		1,385,900		74,632
Surya Esa Perkasa		390,600		18,663

				540,423


IRELAND — 0.3%
Glenveagh Properties *		177,231		185,323
hVIVO *		259,204		52,371

				237,694


ISRAEL — 0.7%
Africa Israel Residences		3,736		136,678
AudioCodes		15,310		153,659
Aura Investments		106,365		153,964
Israel Land Development		3,169		23,435
Isras Investment		721		125,233

				592,969

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

ITALY — 3.0%
Banca Popolare di Sondrio SPA		22,430	$	102,088
Banco BPM		64,878		264,301
BPER Banca		47,605		133,963
Buzzi Unicem		5,312		132,339
Carel Industries		1,276		33,530
De’ Longhi		31,906		742,776
doValue		68,796		483,959
El.En.		16,071		207,949
Iveco Group *		7,920		71,398
Orsero		4,508		63,304
OVS		29,541		88,977
Zignago Vetro		2,273		42,301

				2,366,885


JAPAN — 24.4%
77 Bank		3,900		63,443
Advance Residence Investment ‡		171		443,938
Aichi Financial Group		5,723		89,924
Ain Holdings		12,529		521,310
Aisan Industry		5,600		40,105
AOKI Holdings		21,400		149,146
Aoyama Trading		21,100		144,267
Ariake Japan		13,678		555,059
Asics		50,300		1,406,778
ASKA Pharmaceutical Holdings		3,500		32,832
Bell System24 Holdings		7,600		78,178
Charm Care		40,100		319,685
CMIC Holdings		7,200		103,128
Concordia Financial Group		78,666		298,662
Credit Saison		1,800		24,954
Daiken		8,400		144,463
Daiseki		8,820		252,492
Daishinku		11,100		55,879
DMG Mori		56,200		902,128
Doutor Nichires Holdings		4,400		69,426
Eiken Chemical		8,500		98,886
FIDEA Holdings		3,100		30,907
FreakOut Holdings inc *		12,800		149,599
Fuji Seal International		28,700		326,392
Goldcrest		9,700		130,102
Greens		4,100		44,381
H.U. Group Holdings		11,200		226,555
Hisamitsu Pharmaceutical		1,100		30,443
Horiba		12,300		678,039
HS Holdings		11,700		87,009
IDOM		30,500		188,701
Internet Initiative Japan		47,500		983,554
Inui Global Logistics (A)		21,000		267,081
I’rom Group		1,500		19,982
ISB		4,900		43,326
Ishihara Sangyo Kaisha		19,200		166,006
Itfor		7,500		47,964



COMMON STOCK — continued

	Shares		Value

JAPAN — continued
Iwatani		18,300	$	866,882
Jaccs		2,100		70,435
Juroku Financial Group		3,100		68,666
Kawasaki Kisen Kaisha		7,000		166,910
Kobe Steel		21,900		163,269
Komori		28,000		217,097
Konoike Transport		2,900		34,150
Kureha		3,400		211,209
Kurita Water Industries		12,083		506,682
Leopalace21 *		23,900		63,101
Look Holdings		7,700		129,116
Mabuchi Motor		19,800		559,128
Macnica Holdings		3,900		107,236
Maruzen Showa Unyu		1,900		47,580
Matsuda Sangyo		5,600		93,123
Mazda Motor		29,600		268,022
Megmilk Snow Brand		7,000		100,528
Meiji Shipping		8,700		41,245
Menicon		39,062		830,138
Miroku Jyoho Service		8,900		111,235
Mitachi		5,100		51,777
Mitsubishi Motors		7,700		29,613
Mitsubishi Shokuhin		5,600		144,754
Morinaga		2,700		80,063
MTG		9,300		95,389
Namura Shipbuilding (A)		97,400		293,845
Nihon Chouzai		2,900		26,349
Nihon Dempa Kogyo		2,600		22,680
Nippon Sheet Glass *		40,900		198,068
Nippon Shokubai		2,200		88,253
Nippon Thompson		30,000		130,026
Nishi-Nippon Financial Holdings		15,000		125,037
Nissui		20,400		89,251
Oita Bank		2,100		31,950
Okamoto Machine Tool Works		2,200		79,582
Onamba		25,500		151,448
Pressance		4,800		69,360
Qol Holdings		11,100		101,820
Riken		1,400		28,185
Sakai Chemical Industry		4,700		63,212
Sakata Seed		11,300		330,777
Sanko Gosei		7,200		27,993
Sanyo Shokai		5,100		59,999
SCREEN Holdings		700		56,971
Seikagaku		12,400		76,164
Seiren		30,328		504,557
Seven Bank		382,400		783,228
SK-Electronics		5,700		74,847
Starts		1,300		24,582
SUMCO		5,300		73,033
Sun Frontier Fudousan		27,800		270,035
Takara Leben Real Estate Investment ‡		219		147,366

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

JAPAN — continued
Take And Give Needs		10,900	$	110,098
THK		12,100		271,622
Tokyo Kiraboshi Financial Group		1,100		22,420
Tokyo Rope Manufacturing		2,300		19,645
Tokyu REIT ‡		242		323,486
Tomen Devices		1,400		57,989
Toyo Engineering *		7,200		30,784
Traders Holdings		12,300		43,596
WingArc1st		2,200		35,932
Yamaichi Electronics		2,000		26,568
Yamazaki Baking		5,000		67,035

				19,209,865


LUXEMBOURG — 1.3%
L’Occitane International		406,892		1,035,132


MALAYSIA — 0.5%
Bumi Armada *		1,179,300		178,080
Heineken Malaysia		32,500		205,129

				383,209


MAURITIUS — 0.1%
Capital		76,542		96,218


MEXICO — 0.2%
FIBRA Macquarie Mexico ‡		61,400		100,512
Nemak *		202,600		47,284

				147,796


NETHERLANDS — 0.8%
ASR Nederland		3,143		138,501
Eurocommercial Properties ‡		3,301		79,323
Heijmans		1,966		24,507
Ordina		27,139		168,037
Pharming Group *		26,725		30,203
Van Lanschot Kempen		7,592		231,205

				671,776


NEW ZEALAND — 0.2%
Air New Zealand *		321,144		151,125


NIGERIA — 0.1%
Airtel Africa		42,551		64,239


NORWAY — 2.2%
Belships		57,686		108,724
Hexagon Composites *		134,938		407,925
Hoegh Autoliners		3,821		24,747
Norske Skog		14,603		64,712
PhotoCure *		27,900		139,834
Rana Gruber, Cl A		17,997		96,820
Salmar		17,510		775,470



COMMON STOCK — continued

	Shares		Value

NORWAY — continued
Stolt-Nielsen		3,442	$	98,932

				1,717,164


PHILIPPINES — 0.1%
Robinsons Land		450,800		117,615


SINGAPORE — 0.3%
Golden Energy & Resources *		64,500		46,317
Hour Glass		26,000		40,647
Samudera Shipping Line		156,300		156,549

				243,513


SOUTH AFRICA — 0.4%
Astral Foods		7,706		70,815
Fortress Real Estate Investments, Cl B *		253,876		69,704
Motus Holdings		3,981		20,686
Resilient REIT ‡		8,813		21,893
Vukile Property Fund ‡		211,963		146,303

				329,401


SOUTH KOREA — 2.2%
ABLBio *		3,742		59,159
AfreecaTV		937		54,622
Ahnlab		1,050		48,030
Daewon Pharmaceutical		3,360		37,167
DB HiTek		3,713		169,053
DB Insurance		2,479		155,834
Hanwha General Insurance *		37,962		129,126
HFR *		2,462		49,816
Humasis *		12,016		26,467
Hwa Shin		5,604		57,988
Hyundai Marine & Fire Insurance		1,961		55,092
INTOPS		2,794		73,654
JB Financial Group		18,754		117,344
JVM		6,407		97,322
KIWOOM Securities		614		43,150
LF		6,394		83,718
Lutronic		3,729		72,517
Meritz Financial Group		1,981		68,189
Samchully		965		110,424
Sangsin Energy Display Precision		11,205		192,951

				1,701,623


SPAIN — 2.9%
Banco de Sabadell		57,992		60,554
Energia Innovacion y Desarrollo Fotovoltaico *		8,224		270,139
Fluidra		15,974		274,156
Gestamp Automocion		18,584		80,608

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

SPAIN — continued
Laboratorios Farmaceuticos Rovi		4,967	$	220,150
Melia Hotels International		205,948		1,332,287
Viscofan		469		32,210

				2,270,104


SWEDEN — 4.3%
B3 Consulting Group		3,688		56,347
BioGaia, Cl B		58,254		578,371
Castellum		11,933		145,028
Fortnox		25,944		178,792
Hemnet Group		12,124		198,743
HMS Networks		1,456		67,719
Hoist Finance *		17,046		42,834
Inwido		3,241		34,050
Loomis, Cl B		36,944		1,182,279
New Wave Group, Cl B		6,264		126,481
Nyfosa		18,871		129,293
Sectra, Cl B		2,860		45,151
SkiStar		6,524		83,979
SSAB, Cl B		41,718		281,915
Transtema Group *		8,782		28,426
Trelleborg, Cl B		6,765		169,955
Truecaller, Cl B *		4,923		14,716

				3,364,079


SWITZERLAND — 3.5%
Basilea Pharmaceutica *		1,038		50,519
Bucher Industries		1,177		532,320
Comet Holding		633		153,660
Implenia		1,642		74,415
Inficon Holding		192		209,929
IWG *		336,216		718,147
Landis+Gyr Group		7,746		644,481
Leonteq		3,457		188,364
Swissquote Group Holding		874		187,898

				2,759,733


TAIWAN — 3.3%
Advanced International Multitech		39,000		115,033
Allied Supreme		8,000		73,550
Ardentec		39,000		68,803
ASPEED Technology		1,000		85,631
Chicony Power Technology		76,000		211,841
China Man-Made Fiber		309,000		84,299
Depo Auto Parts Industries		94,000		299,285
FIT Hon Teng		293,000		58,092
Fitipower Integrated Technology		38,000		196,659
Genius Electronic Optical		4,000		48,540
Global Unichip		6,000		195,748



COMMON STOCK — continued

	Shares		Value

TAIWAN — continued
Grape King Bio		8,000	$	47,695
L&K Engineering		88,000		130,182
Liton Technology		58,000		74,465
Lotes		3,000		86,023
M31 Technology		3,000		54,747
Sinon		28,000		33,826
Sitronix Technology		29,000		215,951
Standard Chemical & Pharmaceutical		68,000		168,875
TaiDoc Technology		17,000		101,952
United Integrated Services		22,000		155,472
Wiwynn		3,000		114,170

				2,620,839


THAILAND — 0.8%
AP Thailand NVDR		883,700		326,677
Ichitan Group		496,700		185,345
Sappe		50,500		92,378

				604,400


TURKEY — 0.6%
Haci Omer Sabanci Holding		107,642		211,630
Migros Ticaret *		15,963		143,247
Sok Marketler Ticaret		80,322		137,343

				492,220


UNITED KINGDOM — 9.7%
4imprint Group		4,611		261,379
Big Yellow Group ‡		8,268		127,284
Bloomsbury Publishing		5,338		30,091
CentralNic Group *		32,778		48,926
Coats Group		780,542		768,724
Craneware		15,600		264,703
CVS Group		42,036		1,120,417
Drax Group		14,495		114,873
Future		5,921		84,028
Global Ship Lease, Cl A		3,014		57,688
Greggs		1,313		46,638
Harbour Energy		13,397		41,680
Howden Joinery Group		15,706		135,408
IMI		12,482		250,466
Investec		47,679		265,820
J D Wetherspoon *		2,651		23,757
Johnson Service Group		86,833		132,714
Man Group		86,572		247,622
Marks & Spencer Group		21,974		45,472
Mitie Group		55,659		64,446
Morgan Advanced Materials		28,785		111,293
Next 15 Group		24,899		263,508
OSB Group		120,369		753,760
Pagegroup		5,531		31,569
Pets at Home Group		11,083		53,774

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2023 (Unaudited)



COMMON STOCK — continued

	Shares		Value

UNITED KINGDOM — continued
Rightmove		9,412	$	68,133
RS GROUP		5,329		61,835
Safestore Holdings ‡		49,512		617,256
Savills		89,304		1,081,237
Serco Group		130,666		249,799
Spirent Communications		17,727		40,309
SThree		20,451		108,527
Virgin Money UK		23,278		45,756
Yu Group		3,075		23,958

				7,642,850


UNITED STATES — 3.6%
BRP		3,326		248,218
Inmode *		769		28,653
Ormat Technologies		12,772		1,106,118
Reliance Worldwide		215,100		585,853
Samsonite International		285,705		905,326

				2,874,168

Total Common Stock (Cost $73,336,239)				75,903,106



PREFERRED STOCK — 0.6%

	Shares		Value

GERMANY — 0.3%
Schaeffle (B)		36,579	$	266,233


BRAZIL — 0.3%
Cia de Ferro Ligas da Bahia FERBA (B)		3,000		31,086
Gol Linhas Aereas Inteligentes *(B)		57,800		76,484
Unipar Carbocloro (B)		7,330		95,880

				203,450

Total Preferred Stock (Cost $516,989)				469,683



SHORT-TERM INVESTMENT — 1.6%

	Shares		Value
State Street Institutional US Government Money Market Fund, Premier Class, 4.760% (C)		1,250,870	$	1,250,870

Total Short-Term Investments (Cost $1,250,870)				1,250,870

Total Investments in Securities — 98.4%
(Cost $75,104,098)			$	77,623,659

Percentages based on Net Assets of $78,850,484.

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)

This security or a partial position of this security is on loan at April 30, 2023. The total market value of securities on loan at April 30, 2023, was $1,171,979.

(B)

There is currently no rate available.

(C)

This security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2023, was $1,250,870.

Cl — Class

NVDR — Non-Voting Depositary Receipt

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

APRIL 30, 2023 (Unaudited)

The following is a summary of the inputs used as of April 30, 2023, in valuing the Fund’s investments carried at market value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	—	$	5,249,952	$	—	$	5,249,952
Austria		201,700		1,839,015		—		2,040,715
Belgium		—		482,657		—		482,657
Brazil		691,761		—		—		691,761
Canada		2,190,390		—		—		2,190,390
China		—		2,225,296		—		2,225,296
Denmark		—		1,583,332		—		1,583,332
Egypt		—		43,337		—		43,337
Finland		—		187,477		—		187,477
France		1,329,986		4,544,159		—		5,874,145
Georgia		—		97,101		—		97,101
Germany		106,871		1,628,966		—		1,735,837
Greece		—		57,931		—		57,931
Hong Kong		—		802,608		—		802,608
India		405,527		—		—		405,527
Indonesia		103,553		436,870		—		540,423
Ireland		52,371		185,323		—		237,694
Israel		—		592,969		—		592,969
Italy		—		2,366,885		—		2,366,885
Japan		—		19,209,865		—		19,209,865
Luxembourg		—		1,035,132		—		1,035,132
Malaysia		—		383,209		—		383,209
Mauritius		—		96,218		—		96,218
Mexico		147,796		—		—		147,796
Netherlands		—		671,776		—		671,776
New Zealand		—		151,125		—		151,125
Nigeria		—		64,239		—		64,239
Norway		—		1,717,164		—		1,717,164
Philippines		—		117,615		—		117,615
Singapore		—		243,513		—		243,513
South Africa		308,715		20,686		—		329,401
South Korea		—		1,701,623		—		1,701,623
Spain		—		2,270,104		—		2,270,104
Sweden		—		3,364,079		—		3,364,079
Switzerland		—		2,759,733		—		2,759,733
Taiwan		—		2,620,839		—		2,620,839
Thailand		—		604,400		—		604,400
Turkey		—		492,220		—		492,220
United Kingdom		1,283,639		6,359,211		—		7,642,850
United States		276,871		2,597,297		—		2,874,168

Total Common Stock		7,099,180		68,803,926		—		75,903,106
Short-Term Investment		1,250,870		—		—		1,250,870
Preferred Stock
Brazil		203,450		—		—		203,450
Germany		—		266,233		—		266,233

Total Preferred Stock		203,450		266,233		—		469,683

Total Investments in Securities	$	8,553,500	$	69,070,159	$	—	$	77,623,659

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, 2023 (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 OPEN-END MUTUAL FUNDS — 99.8%

	Shares		Value
Catholic Responsible Investments Bond Fund†		3,349,398	$	28,938,794
Catholic Responsible Investments Equity Index Fund†		2,639,844		23,996,183
Catholic Responsible Investments International Equity Fund†		1,030,831		9,339,332
Catholic Responsible Investments International Small-Cap Fund†		253,981		2,283,293
Catholic Responsible Investments Multi-Style US Equity Fund†		811,289		7,017,649
Catholic Responsible Investments Opportunistic Bond Fund†		1,642,981		15,181,147
Catholic Responsible Investments Short Duration Bond Fund†		1,616,405		15,452,834
Catholic Responsible Investments Small-Cap Fund†		533,562		4,401,884

				106,611,116

Total Open-End Mutual Funds (Cost $101,266,605)				106,611,116

Total Investments in Securities — 99.8%
(Cost $101,266,605)			$	106,611,116

Percentages are based on Net Assets of $106,849,976.

†	Investment in Affiliated Security. The Fund is invested in the Institutional Class of each underlying fund.

As of April 30, 2023, 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, 2023 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended April 30, 2023:



Security Description	Value 10/31/2022		Purchases at Cost		Proceeds from Sales			Realized Loss			Change in Unrealized Appreciation/ (Depreciation)			Value 4/30/2023		Income		Capital Gains
Catholic Responsible Investments Bond Fund	$	19,561,268	$	10,021,027	$	(1,736,512	)	$	(274,699	)	$	1,367,710		$	28,938,794	$	522,225	$	—

Catholic Responsible Investments Equity Index Fund		15,587,465		7,871,047		(1,404,996	)		74,129			1,868,538			23,996,183		185,652		—

Catholic Responsible Investments International Equity Fund		5,235,036		3,152,380		(568,313	)		(668	)		1,520,897			9,339,332		43,680		—

Catholic Responsible Investments International Small- Cap Fund		1,334,556		793,329		(142,078	)		5,190			292,296			2,283,293		16,155		—

Catholic Responsible Investments Multi- Style US Equity Fund		4,495,211		2,437,400		(442,021	)		(20,578	)		547,637			7,017,649		19,523		—

Catholic Responsible Investments Opportunistic Bond Fund		10,736,189		5,055,568		(868,256	)		(76,273	)		333,919			15,181,147		306,166		—

Catholic Responsible Investments Short Duration Bond Fund		11,148,864		4,968,874		(868,256	)		(50,368	)		253,720			15,452,834		219,471		—

Catholic Responsible Investments Small- Cap Fund		3,234,709		1,750,144		(284,157	)		(13,483	)		(285,329	)		4,401,884		34,042		161,752
Totals	$	71,333,298	$	36,049,769	$	(6,314,589	)	$	(356,750	)	$	5,899,388		$	106,611,116	$	1,346,914	$	161,752

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, 2023 (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 OPEN-END MUTUAL FUNDS — 99.9%

	Shares		Value
Catholic Responsible Investments Bond Fund†		23,955,835	$	206,978,418
Catholic Responsible Investments Equity Index Fund†		19,258,114		175,056,256
Catholic Responsible Investments International Equity Fund†		13,712,986		124,239,649
Catholic Responsible Investments International Small-Cap Fund†		3,501,874		31,481,845
Catholic Responsible Investments Multi-Style US Equity Fund†		29,376,885		254,110,057
Catholic Responsible Investments Opportunistic Bond Fund†		11,799,776		109,029,932
Catholic Responsible Investments Short Duration Bond Fund†		11,562,128		110,533,940
Catholic Responsible Investments Small-Cap Fund†		7,123,988		58,772,897

				1,070,202,994

Total Open-End Mutual Funds (Cost $1,007,672,268)				1,070,202,994

Total Investments in Securities — 99.9%
(Cost $1,007,672,268)			$	1,070,202,994

Percentages are based on Net Assets of $1,070,788,321.

†	Investment in Affiliated Security. The Fund is invested in the Institutional Class of each underlying fund.

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 ALPHA PLUS FUND

APRIL 30, 2023 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended April 30, 2023:



Security Description	Value 10/31/2022		Purchases at Cost		Proceeds from Sales			Realized Loss			Change in Unrealized Appreciation/ (Depreciation)			Value 4/30/2023		Income		Capital Gains
Catholic Responsible Investments Bond Fund	$	195,347,648	$	4,739,435	$	(2,872,063	)	$	(402,985	)	$	10,166,383		$	206,978,418	$	3,875,916	$	—

Catholic Responsible Investments Equity Index Fund		161,916,277		1,970,226		(2,154,047	)		(363,532	)		13,687,332			175,056,256		1,322,586		—

Catholic Responsible Investments International Equity Fund		102,020,700		1,085,082		(1,723,238	)		(365,633	)		23,222,738			124,239,649		566,971		—

Catholic Responsible Investments International Small-Cap Fund		26,578,242		346,786		(430,809	)		(75,668	)		5,063,294			31,481,845		217,258		—

Catholic Responsible Investments Multi-Style US Equity Fund		237,507,961		1,725,524		(3,446,475	)		(682,775	)		19,005,822			254,110,057		689,300		—

Catholic Responsible Investments Opportunistic Bond Fund		105,424,072		2,699,635		(1,436,031	)		(102,834	)		2,445,090			109,029,932		2,267,874		—

Catholic Responsible Investments Short Duration Bond Fund		108,187,317		2,054,363		(1,436,031	)		(80,649	)		1,808,940			110,533,940		1,622,602		—

Catholic Responsible Investments Small-Cap Fund		61,436,749		2,812,112		(861,618	)		(131,198	)		(4,483,148	)		58,772,897		443,420		2,109,638
Totals	$	998,418,966	$	17,433,163	$	(14,360,312	)	$	(2,205,274	)	$	70,916,451		$	1,070,202,994	$	11,005,927	$	2,109,638

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, 2023 (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 OPEN-END MUTUAL FUNDS — 99.9%

	Shares		Value
Catholic Responsible Investments Bond Fund†		9,497,174	$	82,055,582
Catholic Responsible Investments Equity Index Fund†		17,990,421		163,532,927
Catholic Responsible Investments International Equity Fund†		5,422,321		49,126,232
Catholic Responsible Investments International Small-Cap Fund†		1,330,295		11,959,350
Catholic Responsible Investments Opportunistic Bond Fund†		4,663,982		43,095,198
Catholic Responsible Investments Short Duration Bond Fund†		4,596,252		43,940,171
Catholic Responsible Investments Small-Cap Fund†		2,775,969		22,901,746

				416,611,206

Total Open-End Mutual Funds (Cost $378,378,128)				416,611,206

Total Investments in Securities — 99.9%
(Cost $378,378,128)			$	416,611,206

Percentages are based on Net Assets of $416,922,700.

†	Investment in Affiliated Security. The Fund is invested in the Institutional Class of each underlying fund.

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, 2023 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended April 30, 2023:



Security Description	Value 10/31/2022		Purchases at Cost		Proceeds from Sales			Realized Loss			Change in Unrealized Appreciation/ (Depreciation)			Value 4/30/2023		Income		Capital Gains
Catholic Responsible Investments Bond Fund	$	77,381,202	$	4,105,123	$	(3,283,960	)	$	(498,119	)	$	4,351,336		$	82,055,582	$	1,513,801	$	—

Catholic Responsible Investments Equity Index Fund		151,269,825		6,262,709		(6,403,723	)		(536,581	)		12,940,697			163,532,927		1,209,627		—

Catholic Responsible Investments International Equity Fund		40,357,185		1,774,132		(1,970,376	)		(368,896	)		9,334,187			49,126,232		219,338		—

Catholic Responsible Investments International Small- Cap Fund		10,100,702		469,429		(492,594	)		(77,283	)		1,959,096			11,959,350		80,731		—

Catholic Responsible Investments Opportunistic Bond Fund		41,639,070		2,179,222		(1,641,980	)		(136,252	)		1,055,138			43,095,198		883,560		—

Catholic Responsible Investments Short Duration Bond Fund		42,973,197		1,931,796		(1,641,980	)		(91,640	)		768,798			43,940,171		636,132		—

Catholic Responsible Investments Small- Cap Fund		23,878,020		1,749,407		(985,188	)		(109,003	)		(1,631,490	)		22,901,746		168,775		803,234

Totals	$	387,599,201	$	18,471,818	$	(16,419,801	)	$	(1,817,774	)	$	28,777,762		$	416,611,206	$	4,711,964	$	803,234

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, 2023 (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 OPEN-END MUTUAL FUNDS — 99.9%

	Shares		Value
Catholic Responsible Investments Bond Fund†		3,807,554	$	32,897,267
Catholic Responsible Investments Equity Index Fund†		10,030,608		91,178,225
Catholic Responsible Investments International Equity Fund†		4,268,665		38,674,105
Catholic Responsible Investments International Small-Cap Fund†		1,056,494		9,497,883
Catholic Responsible Investments Multi-Style US Equity Fund†		4,248,705		36,751,299
Catholic Responsible Investments Opportunistic Bond Fund†		1,870,939		17,287,480
Catholic Responsible Investments Short Duration Bond Fund†		1,842,970		17,618,789
Catholic Responsible Investments Small-Cap Fund†		2,230,243		18,399,501

				262,304,549

Total Open-End Mutual Funds (Cost $236,278,714)				262,304,549

Total Investments in Securities — 99.9%
(Cost $236,278,714)			$	262,304,549

Percentages are based on Net Assets of $262,595,068.

†	Investment in Affiliated Security. The Fund is invested in the Institutional Class of each underlying fund.

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, 2023 (Unaudited)

The following is a summary of the transactions with affiliates for the period ended April 30, 2023:



Security Description	Value 10/31/2022		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value 4/30/2023		Income		Capital Gains
Catholic Responsible Investments Bond Fund	$	28,221,528	$	3,971,972	$	(728,464	)	$	(94,923	)	$	1,527,154		$	32,897,267	$	584,691	$	—

Catholic Responsible Investments Equity Index Fund		76,616,648		9,804,280		(1,966,853	)		(141,877	)		6,866,027			91,178,225		658,620		—

Catholic Responsible Investments International Equity Fund		28,654,565		4,233,096		(874,157	)		(150,768	)		6,811,369			38,674,105		168,358		—

Catholic Responsible Investments International Small- Cap Fund		7,244,380		1,078,877		(218,539	)		(26,603	)		1,419,768			9,497,883		62,693		—

Catholic Responsible Investments Multi- Style US Equity Fund		30,912,545		4,159,094		(874,157	)		(67,640	)		2,621,457			36,751,299		94,356		—

Catholic Responsible Investments Opportunistic Bond Fund		15,276,824		2,035,751		(364,232	)		(27,128	)		366,265			17,287,480		342,111		—

Catholic Responsible Investments Short Duration Bond Fund		15,789,944		1,940,203		(364,232	)		(21,814	)		274,688			17,618,789		246,562		—

Catholic Responsible Investments Small- Cap Fund		17,402,612		2,766,185		(437,079	)		(35,233	)		(1,296,984	)		18,399,501		131,952		601,864

Totals	$	220,119,046	$	29,989,458	$	(5,827,713	)	$	(565,986	)	$	18,589,744		$	262,304,549	$	2,289,343	$	601,864

Amounts designated as “–” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2023 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES


	Catholic Responsible Investments Ultra Short Bond Fund		Catholic Responsible Investments Short Duration Bond Fund			Catholic Responsible Investments Bond Fund			Catholic Responsible Investments Opportunistic Bond Fund
Assets:
Investments, at Value (Cost $61,065,914, $462,799,796, $1,864,933,635 and $519,323,136)	$	61,072,481	$	454,660,104		$	1,776,904,840	*	$	509,904,995
Repurchase Agreements, at Value (Cost $11,500,000, $10,100,000, $– and $–)		11,500,000		10,100,000			–			–
Foreign Currency, at Value (Cost $–, $51, $52 and $–)		–		53			53			–
Cash and Cash Equivalents		1,732,663		5,603,758			43,454,198			14,689,542
Dividend and Interest Receivable		96,402		3,215,530			11,315,498			2,704,202
Receivable for Capital Shares Sold		200		764			1,559			764
Receivable for Investment Securities Sold		–		–			3,604,983			–
Variation Margin Receivable		–		32,195			–			–
Prepaid Expenses		13,550		17,706			80,459			27,715

Total Assets		74,415,296		473,630,110			1,835,361,590			527,327,218

Liabilities:
Payable for Investment Securities Purchased		354,999		6,091,853			17,268,626			2,487,484
Payable Due to Adviser		7,590		105,231			444,731			141,925
Audit Fees Payable		7,340		7,340			9,174			8,715
Transfer Agent Fee Payable		2,079		917			5,041			3,300
Chief Compliance Officer Fees Payable		1,959		1,003			3,722			3,760
Payable Due to Administrator		1,209		7,356			29,636			9,015
Trustees Fees Payable		916		–			–			–
Payable Upon Return of Securities Loaned		–		–			1,423,470			–
Payable for Capital Shares Redeemed		–		31,204			281,072			31,204
Shareholder Servicing		–		–			5,485			3,555
Payable for Variation Margin		–		2,125			–			–
Other Payables		–		–			27,988			310
Other Accrued Expenses		12,638		12,855			48,445			28,519

Total Liabilities		388,730		6,259,884			19,547,390			2,717,787

Net Assets	$	74,026,566	$	467,370,226		$	1,815,814,200		$	524,609,431

Net Assets Consist of:
Paid-in Capital	$	74,014,041	$	491,504,928		$	2,016,415,895		$	561,030,798
Total Distributable Earnings (Accumulated Loss)		12,525		(24,134,702	)		(200,601,695	)		(36,421,367	)

Net Assets	$	74,026,566	$	467,370,226		$	1,815,814,200		$	524,609,431


Institutional Shares:
Net Assets	$	74,026,566	$	467,370,226		$	1,761,970,211		$	497,570,315
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		7,395,143		48,873,384			204,025,800			53,820,685
Net Asset Value, Offering and Redemption Price Per Share	$	10.01	$	9.56		$	8.64		$	9.24

Investor Shares:
Net Assets	$	N/A	$	N/A		$	53,843,989		$	27,039,116
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		N/A		N/A			6,235,688			2,924,239
Net Asset Value, Offering and Redemption Price Per Share	$	N/A	$	N/A		$	8.63		$	9.25


* Includes Market Value of Securities on Loan	$	—	$	—		$	1,388,595		$	—

Amounts designated as “—” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2023 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES


	Catholic Responsible Investments Equity Index Fund			Catholic Responsible Investments Small-Cap Fund			Catholic Responsible Investments Multi-Style US Equity Fund			Catholic Responsible Investments International Equity Fund			Catholic Responsible Investments International Small-Cap Fund
Assets:
Investments, at Value (Cost $1,961,884,506, $414,410,884, $676,284,764, $1,063,277,981 and $75,104,098)	$	3,057,767,557	*	$	448,550,708	*	$	700,631,592	*	$	1,249,782,371	*	$	77,623,659	*
Foreign Currency, at Value (Cost $–, $–, $–, $2,166,853 and $243,942)		–			–			–			2,187,225			241,875
Cash and Cash Equivalents		19,043,736			9,565,791			17,316,454			38,065,883			1,813,600
Dividend and Interest Receivable		2,110,146			239,964			315,187			2,771,404			373,796
Cash Pledged as Collateral for Futures Contracts		1,905,037			1,190,807			–			–			–
Reclaim Receivable		28,519			–			40,963			1,780,602			113,899
Receivable for Capital Shares Sold		7,482			4,482			1,834			234,849			337
Receivable for Investment Securities Sold		–			447,600			2,844,888			6,566,994			42,288
Unrealized Appreciation on Spot Currency Contracts		–			–			–			3,173			14
Due from Chief Compliance Officer		4,646			–			–			–			–
Prepaid Expenses		141,859			35,834			27,629			53,455			12,911

Total Assets		3,081,008,982			460,035,186			721,178,547			1,301,445,956			80,222,379

Liabilities:
Payable for Capital Shares Redeemed		693,878			19,478			7,841			973,999			9,739
Payable Upon Return of Securities Loaned		101,752			3,170,823			13,431,892			8,162,171			1,250,870
Payable Due to Adviser		94,709			75,859			345,109			777,095			57,411
Payable Due to Administrator		48,983			7,426			11,878			21,177			1,262
Audit Fees Payable		6,422			6,422			7,340			8,715			8,257
Transfer Agent Fee Payable		4,075			984			3,147			4,217			89
Trustees Fees Payable		839			839			2,517			2,517			1,678
Payable for Investment Securities Purchased		–			510,714			2,591,901			3,882,586			–
Shareholder Servicing		–			–			5,872			6,530			–
Chief Compliance Officer Fees Payable		–			1,039			6,230			5,142			4,792
Payable for Variation Margin		–			8,305			–			–			–
Other Payables		65			–			–			–			–
Other Accrued Expenses		164,423			54,500			16,825			65,686			37,797

Total Liabilities		1,115,146			3,856,389			16,430,552			13,909,835			1,371,895

Net Assets	$	3,079,893,836		$	456,178,797		$	704,747,995		$	1,287,536,121		$	78,850,484

Net Assets Consist of:
Paid-in Capital	$	2,031,141,338		$	438,816,732		$	725,623,175		$	1,125,135,233		$	81,742,557
Total Distributable Earnings (Accumulated Loss)		1,048,752,498			17,362,065			(20,875,180	)		162,400,888			(2,892,073	)

Net Assets	$	3,079,893,836		$	456,178,797		$	704,747,995		$	1,287,536,121		$	78,850,484


Institutional Shares:
Net Assets	$	3,079,893,836		$	456,178,797		$	661,696,361		$	1,237,226,680		$	78,850,484
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		338,862,965			55,316,821			76,461,665			136,565,539			8,773,358
Net Asset Value, Offering and Redemption Price Per Share	$	9.09		$	8.25		$	8.65		$	9.06		$	8.99

Investor Shares:
Net Assets	$	N/A		$	N/A		$	43,051,634		$	50,309,441		$	N/A
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		N/A			N/A			4,974,225			5,552,191			N/A
Net Asset Value, Offering and Redemption Price Per Share	$	N/A		$	N/A		$	8.65		$	9.06		$	N/A


* Includes Market Value of Securities on Loan	$	99,659		$	3,087,396		$	13,129,015		$	7,801,691		$	1,171,979

Amounts designated as “—” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS

APRIL 30, 2023 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES


	Catholic Responsible Investments Magnus 45/55 Fund		Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		Catholic Responsible Investments Magnus 75/25 Fund

Assets:
Affiliated Investments, at Value (Cost $101,266,605, $1,007,672,268, $378,378,128 and $236,278,714)	$	106,611,116	$	1,070,202,994	$	416,611,206	$	262,304,549
Cash and Cash Equivalents		210,592		580,904		283,776		243,234
Due from Adviser		11,396		16,816		13,975		12,140
Receivable for Investment Securities Sold		10,171		10,753		268,348		30,322
Dividend and Interest Receivable		919		3,502		1,584		1,036
Receivable for Capital Shares Sold		–		4,042		42,000		5,760
Due from Chief Compliance Officer		–		307		–		–
Prepaid Expenses		23,494		35,337		35,010		24,899

Total Assets		106,867,688		1,070,854,655		417,255,899		262,621,940

Liabilities:
Audit Fees Payable		6,422		6,422		6,422		6,422
Shareholder Servicing		4,036		44,201		16,755		4,981
Transfer Agent Fee Payable		2,408		3,658		2,769		2,589
Chief Compliance Officer Fees Payable		1,918		–		1,181		1,576
Trustees Fees Payable		839		839		839		839
Payable for Investment Securities Purchased		–		4,042		–		5,760
Payable for Capital Shares Redeemed		–		–		300,000		–	��
Other Accrued Expenses		2,089		7,172		5,233		4,705

Total Liabilities		17,712		66,334		333,199		26,872

Net Assets	$	106,849,976	$	1,070,788,321	$	416,922,700	$	262,595,068

Net Assets Consist of:
Paid-in Capital	$	102,695,665	$	1,005,846,897	$	378,747,303	$	235,460,805
Total Distributable Earnings		4,154,311		64,941,424		38,175,397		27,134,263

Net Assets	$	106,849,976	$	1,070,788,321	$	416,922,700	$	262,595,068


Institutional Shares:
Net Assets	$	79,884,054	$	754,557,733	$	286,917,711	$	224,602,436
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		8,785,403		84,159,627		31,555,910		25,161,733
Net Asset Value, Offering and Redemption Price Per Share	$	9.09	$	8.97	$	9.09	$	8.93

Investor Shares:
Net Assets	$	26,965,922	$	316,230,588	$	130,004,989	$	37,992,632
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		2,965,817		35,280,423		14,301,051		4,258,636
Net Asset Value, Offering and Redemption Price Per Share	$	9.09	$	8.96	$	9.09	$	8.92

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, 2023 (Unaudited)

STATEMENTS OF OPERATIONS



	Catholic Responsible Investments Ultra Short Bond Fund			Catholic Responsible Investments Short Duration Bond Fund			Catholic Responsible Investments Bond Fund			Catholic Responsible Investments Opportunistic Bond Fund

Investment Income:
Dividend Income	$	–		$	–		$	148,319		$	9,068
Interest Income		1,521,645			7,187,515			36,734,980			11,750,289
Income from Securities Lending		–			–			2,573			–

Total Investment Income		1,521,645			7,187,515			36,885,872			11,759,357


Expenses:
Investment Advisory Fees		86,986			675,503			2,610,777			887,428
Trustees’ Fees		9,014			11,866			29,895			20,881
Administration Fees		6,833			44,223			174,626			53,514
Chief Compliance Officer Fees		1,780			2,090			5,961			3,596
Shareholder Servicing Fees		–			–			39,197			20,337
Transfer Agent Fees		14,815			10,696			23,046			18,562
Pricing Fees		14,617			32,820			97,069			35,645
Registration Fees		8,843			21,889			93,283			30,512
Audit Fees		7,340			7,339			9,174			8,715
Offering Costs		5,961			5,961			7,621			7,565
Legal Fees		5,202			6,901			17,306			12,103
Custodian Fees		4,292			5,432			27,872			17,049
Printing Fees		940			1,750			6,349			2,015
Other Expenses		5,371			6,994			12,420			7,461


Total Expenses		171,994			833,464			3,154,596			1,125,383

Less:
Waiver of Investment Advisory Fees		(48,609	)		(38,575	)		–			(65,470	)

Net Expenses		123,385			794,889			3,154,596			1,059,913


Net Investment Income		1,398,260			6,392,626			33,731,276			10,699,444

Net Realized Gain (Loss) on Investments		1,646			(3,139,282	)		(34,197,675	)		(5,533,322	)
Net Realized Loss on Futures Contracts		–			(813,439	)		(170,439	)		–
Net Realized Gain on Forward Foreign Currency Contracts and Foreign Currency Transactions		–			1			1			–


Net Realized Gain (Loss)		1,646			(3,952,720	)		(34,368,113	)		(5,533,322	)

Net Change in Unrealized Appreciation/(Depreciation) on Investments		91,276			11,112,104			118,645,186			15,673,849
Net Change in Unrealized Appreciation/(Depreciation) on Futures Contracts		–			616,852			(1,169,387	)		1,188,086
Net Change in Unrealized Appreciation/(Depreciation) on Translation of Other Assets and Liabilities Denominated in Foreign Currencies		–			2			1			(37	)


Net Change in Unrealized Appreciation (Depreciation)		91,276			11,728,958			117,475,800			16,861,898


Net Realized and Unrealized Gain		92,922			7,776,238			83,107,687			11,328,576


Net Increase in Net Assets Resulting from Operations	$	1,491,182		$	14,168,864		$	116,838,963		$	22,028,020

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, 2023 (Unaudited)

STATEMENTS OF OPERATIONS


	Catholic Responsible Investments Equity Index Fund			Catholic Responsible Investments Small-Cap Fund			Catholic Responsible Investments Multi-Style US Equity Fund			Catholic Responsible Investments International Equity Fund			Catholic Responsible Investments International Small-Cap Fund

Investment Income:
Dividend Income	$	24,365,433		$	3,987,789		$	3,848,667		$	14,206,660		$	1,096,065
Interest Income		379,652			138,347			429,155			651,356			21,925
Income from Securities Lending		3,408			17,355			18,117			88,953			9,565
Less: Foreign Taxes Withheld		(6,341	)		(3,549	)		(14,091	)		(1,451,224	)		(120,787)


Total Investment Income		24,742,152			4,139,942			4,281,848			13,495,745			1,006,768


Expenses:
Investment Advisory Fees		877,172			466,043			2,045,075			4,449,193			358,827
Administration Fees		287,111			45,762			70,656			121,789			7,340
Trustees’ Fees		9,014			9,014			27,044			27,044			18,029
Chief Compliance Officer Fees		3,778			2,064			5,200			5,502			3,280
Shareholder Servicing Fees		–			–			32,354			37,966			–
Rating Fees		198,375			63,164			–			–			–
Registration Fees		183,685			32,610			38,911			72,189			9,306
Pricing Fees		45,459			9,741			10,960			21,423			7,119
Transfer Agent Fees		18,551			11,189			17,930			21,163			8,611
Custodian Fees		13,301			12,013			7,735			110,139			39,796
Printing Fees		10,400			1,666			2,428			4,313			270
Audit Fees		6,422			6,422			7,340			8,715			8,257
Offering Costs		5,961			5,961			7,565			7,621			5,961
Legal Fees		5,202			5,202			15,606			15,606			10,404
Other Expenses		16,940			6,872			7,545			11,878			6,601


Total Expenses		1,681,371			677,723			2,296,349			4,914,541			483,801

Less:
Waiver of Investment Advisory Fees		(334,784	)		–			–			–			(53,942)

Net Expenses		1,346,587			677,723			2,296,349			4,914,541			429,859


Net Investment Income		23,395,565			3,462,219			1,985,499			8,581,204			576,909

Net Realized Loss on Investments		(16,075,304	)		(12,525,433	)		(21,170,068	)		(7,375,166	)		(2,535,492	)
Net Realized Gain on Futures Contracts		500,142			151,987			–			–			–
Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions		(65	)		–			–			111,818			56,213


Net Realized Gain (Loss)		(15,575,227	)		(12,373,446	)		(21,170,068	)		(7,263,348	)		(2,479,279	)

Net Change in Unrealized Appreciation/(Depreciation) on Investments		250,201,262			(7,495,159	)		72,260,144			242,211,336			14,684,265
Net Change in Unrealized Appreciation/(Depreciation) on Futures Contracts		874,885			(208,575	)		–			–			–
Net Change in Unrealized Appreciation/(Depreciation) on Translation of Other Assets and Liabilities Denominated in Foreign Currencies		–			–			–			40,029			(33,567	)


Net Change in Unrealized Appreciation (Depreciation)		251,076,147			(7,703,734	)		72,260,144			242,251,365			14,650,698


Net Realized and Unrealized Gain (Loss)		235,500,920			(20,077,180	)		51,090,076			234,988,017			12,171,419


Net Increase (Decrease) in Net Assets Resulting from Operations	$	258,896,485		$	(16,614,961)		$	53,075,575		$	243,569,221		$	12,748,328

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, 2023 (Unaudited)

STATEMENTS OF OPERATIONS



	Catholic Responsible Investments Magnus 45/55 Fund			Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund			Catholic Responsible Investments Magnus 60/40 Beta Plus Fund			Catholic Responsible Investments Magnus 75/25 Fund

Investment Income:
Affiliated Dividend Income	$	1,346,914		$	11,005,927		$	4,711,964		$	2,289,343
Interest Income		3,771			11,831			5,428			4,323

Total Investment Income		1,350,685			11,017,758			4,717,392			2,293,666


Expenses:
Shareholder Servicing Fees		22,714			229,459			86,672			26,749
Trustees’ Fees		9,014			9,014			9,014			9,015
Chief Compliance Officer Fees		1,796			2,471			2,023			1,899
Transfer Agent Fees		16,155			18,808			17,365			16,555
Registration Fees		15,192			61,671			29,978			21,513
Offering Costs		7,640			7,621			7,621			7,621
Audit Fees		6,422			6,422			6,422			6,422
Legal Fees		5,202			5,202			5,202			5,202
Custodian Fees		1,168			2,571			2,231			780
Printing Fees		354			3,651			1,376			837
Pricing Fees		69			782			305			155
Other Expenses		5,145			9,232			6,466			6,172


Total Expenses		90,871			356,904			174,675			102,920

Less:
Waiver of Investment Advisory Fees		(68,157	)		(127,444	)		(88,003	)		(76,171	)

Net Expenses		22,714			229,460			86,672			26,749


Net Investment Income		1,327,971			10,788,298			4,630,720			2,266,917


Net Realized Loss on Affiliated Investments		(356,750	)		(2,205,274	)		(1,817,774	)		(565,986	)
Capital Gain Distributions Received from Affiliated Funds		161,752			2,109,638			803,234			601,864


Net Realized Gain (Loss)		(194,998	)		(95,636	)		(1,014,540	)		35,878

Net Change in Unrealized Appreciation/(Depreciation) on Affiliated Investments		5,899,388			70,916,451			28,777,762			18,589,744


Net Change in Unrealized Appreciation (Depreciation)		5,899,388			70,916,451			28,777,762			18,589,744


Net Realized and Unrealized Gain		5,704,390			70,820,815			27,763,222			18,625,622


Net Increase in Net Assets Resulting from Operations	$	7,032,361		$	81,609,113		$	32,393,942		$	20,892,539

Amounts designated as “—” are $0

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

CATHOLIC RESPONSIBLE INVESTMENTS


STATEMENTS OF CHANGES IN NET ASSETS

	Catholic Responsible Investments Ultra Short Bond Fund						Catholic Responsible Investments Short Duration Bond Fund
	Six Months Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022*			Six Months Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022*
Operations:
Net Investment Income	$	1,398,260		$	421,579		$	6,392,626		$	7,161,051
Net Realized Gain (Loss)		1,646			(8,617	)		(3,952,720	)		(11,665,193	)
Net Change in Unrealized Appreciation/(Depreciation)		91,276			(60,055	)		11,728,958			(19,483,423	)

Net Increase (Decrease) in Net Assets Resulting from Operations		1,491,182			352,907			14,168,864			(23,987,565	)

Distributions:
Institutional Shares		(1,384,160	)		(422,750	)		(6,722,791	)		(7,441,449	)

Total Distributions		(1,384,160	)		(422,750	)		(6,722,791	)		(7,441,449	)


Capital Share Transactions:
Institutional:
Issued†		37,500,390			114,783,905			28,453,144			606,843,164

Reinvestment of Dividends and Distributions		1,380,709			421,283			6,466,105			7,357,793
Redeemed		(18,120,765	)		(61,976,135	)		(48,657,916	)		(109,109,123	)

Net Institutional Share Transactions		20,760,334			53,229,053			(13,738,667	)		505,091,834

Net Increase (Decrease) in Net Assets from Share Transactions		20,760,334			53,229,053			(13,738,667	)		505,091,834

Total Increase (Decrease) in Net Assets		20,867,356			53,159,210			(6,292,594	)		473,662,820

Net Assets:
Beginning of Period		53,159,210			—			473,662,820			—

End of Period	$	74,026,566		$	53,159,210		$	467,370,226		$	473,662,820


Shares Transactions:
Institutional:
Issued		3,744,916			11,477,134			2,982,291			60,965,313
Reinvestment of Dividends and Distributions		138,073			42,168			680,515			763,838
Redeemed		(1,808,817	)		(6,198,331	)		(5,136,384	)		(11,382,189	)

Net Institutional Shares Capital Share Transactions		2,074,172			5,320,971			(1,473,578	)		50,346,962

Net Increase/(Decrease) in Shares Outstanding from Share Transactions		2,074,172			5,320,971			(1,473,578	)		50,346,962

* The Fund commenced operations on December 6, 2021.

† For the period ended October 31, 2022, these amounts include a transfer of assets from the Predecessor Funds.

Amounts designated as “—” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS


STATEMENTS OF CHANGES IN NET ASSETS

	Catholic Responsible Investments Bond Fund						Catholic Responsible Investments Opportunistic Bond Fund
	Six Months Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022*			Six Months Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022*
Operations:
Net Investment Income	$	33,731,276		$	36,503,535		$	10,699,444		$	9,946,277
Net Realized Loss		(34,368,113	)		(76,482,126	)		(5,533,322	)		(22,647,984	)
Net Change in Unrealized Appreciation/(Depreciation)		117,475,800			(256,063,377	)		16,861,898			(27,070,280	)

Net Increase (Decrease) in Net Assets Resulting from Operations		116,838,963			(296,041,968	)		22,028,020			(39,771,987	)

Distributions:
Institutional Shares		(32,412,773	)		(36,269,579	)		(10,209,295	)		(9,390,670	)
Investor Shares		(966,328	)		(1,139,406	)		(555,226	)		(500,500	)

Total Distributions		(33,379,101	)		(37,408,985	)		(10,764,521	)		(9,891,170	)


Capital Share Transactions:
Institutional:
Issued†		77,884,913			2,032,118,645			40,733,196			538,938,452
Reinvestment of Dividends and Distributions		30,213,118			34,103,635			9,747,329			8,999,935
Redeemed		(52,095,058	)		(118,653,726	)		(25,823,297	)		(38,731,473	)

Net Institutional Share Transactions		56,002,973			1,947,568,554			24,657,228			509,206,914

Investor:
Issued†		2,478,271			64,468,613			1,059,551			31,385,189
Reinvestment of Dividends and Distributions		900,819			1,063,975			508,531			455,749
Redeemed		(2,840,595	)		(3,837,319	)		(2,566,334	)		(1,697,739	)

Net Investor Share Transactions		538,495			61,695,269			(998,252	)		30,143,199

Net Increase in Net Assets from Share Transactions		56,541,468			2,009,263,823			23,658,976			539,350,113

Total Increase in Net Assets		140,001,330			1,675,812,870			34,922,475			489,686,956

Net Assets:
Beginning of Period		1,675,812,870			—			489,686,956			—

End of Period	$	1,815,814,200		$	1,675,812,870		$	524,609,431		$	489,686,956


Shares Transactions:
Institutional:
Issued		9,085,832			206,586,063			4,443,807			54,218,033
Reinvestment of Dividends and Distributions		3,543,240			3,805,656			1,061,155			952,736
Redeemed		(6,100,351	)		(12,894,640	)		(2,807,868	)		(4,047,178	)

Net Institutional Shares Capital Share Transactions		6,528,721			197,497,079			2,697,094			51,123,591

Investor:
Issued		286,842			6,479,560			114,105			3,163,282
Reinvestment of Dividends and Distributions		105,694			118,712			55,355			48,317
Redeemed		(335,431	)		(419,689	)		(279,981	)		(176,839	)

Net Investor Shares Capital Share Transactions		57,105			6,178,583			(110,521	)		3,034,760

Net Increase in Shares Outstanding from Share Transactions		6,585,826			203,675,662			2,586,573			54,158,351

* The Fund commenced operations on December 6, 2021.

† For the period ended October 31, 2022, these amounts include a transfer of assets from the Predecessor Funds.

Amounts designated as “—” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS

STATEMENTS OF CHANGES IN NET ASSETS


	Catholic Responsible Investments Equity Index Fund						Catholic Responsible Investments Small-Cap Fund
	Six Months Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022*			Six Months Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022*
Operations:
Net Investment Income	$	23,395,565		$	37,028,993		$	3,462,219		$	4,664,414
Net Realized Gain (Loss)		(15,575,227	)		(34,882,054	)		(12,373,446	)		11,398,499
Net Change in Unrealized Appreciation/(Depreciation)		251,076,147			(503,813,313	)		(7,703,734	)		(66,566,529	)

Net Increase (Decrease) in Net Assets Resulting from Operations		258,896,485			(501,666,374	)		(16,614,961	)		(50,503,616	)

Distributions:
Institutional Shares		(23,354,233	)		(34,703,700	)		(19,205,938	)		(4,675,712	)

Total Distributions		(23,354,233	)		(34,703,700	)		(19,205,938	)		(4,675,712	)


Capital Share Transactions:
Institutional:
Issued†		116,843,232			3,565,302,235			26,352,164			547,307,376
Reinvestment of Dividends and Distributions		22,404,192			33,156,163			18,264,648			4,464,695
Redeemed		(132,099,017	)		(224,885,147	)		(15,607,524	)		(33,602,335	)

Net Institutional Share Transactions		7,148,407			3,373,573,251			29,009,288			518,169,736

Net Increase in Net Assets from Share Transactions		7,148,407			3,373,573,251			29,009,288			518,169,736


Total Increase (Decrease) in Net Assets		242,690,659			2,837,203,177			(6,811,611	)		462,990,408

Net Assets:
Beginning of Period		2,837,203,177			—			462,990,408			—


End of Period	$	3,079,893,836		$	2,837,203,177		$	456,178,797		$	462,990,408

Shares Transactions:
Institutional:
Issued		13,612,327			358,455,987			3,052,086			54,978,253
Reinvestment of Dividends and Distributions		2,641,616			3,803,238			2,177,468			502,810
Redeemed		(15,126,699	)		(24,523,504	)		(1,823,017	)		(3,570,779	)

Net Institutional Shares Capital Share Transactions		1,127,244			337,735,721			3,406,537			51,910,284

Net Increase in Shares Outstanding from Share Transactions		1,127,244			337,735,721			3,406,537			51,910,284

* The Fund commenced operations on December 6, 2021.

† For the period ended October 31, 2022, these amounts include a transfer of assets from the Predecessor Funds.

Amounts designated as “—” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS

STATEMENTS OF CHANGES IN NET ASSETS


	Catholic Responsible Investments Multi-Style US Equity Fund						Catholic Responsible Investments International Equity Fund
	Six Months Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022*			Six Months Ended April 30, 2023 (Unaudited)				Period Ended October 31, 2022*
Operations:
Net Investment Income	$	1,985,499		$	2,423,481		$	8,581,204			$	17,648,398
Net Realized Loss		(21,170,068	)		(24,163,608	)		(7,263,348	)			(20,947,314	)
Net Change in Unrealized Appreciation/(Depreciation)		72,260,144			(130,426,422	)		242,251,365				(333,025,964	)

Net Increase (Decrease) in Net Assets Resulting from Operations		53,075,575			(152,166,549	)		243,569,221		��		(336,324,880	)

Distributions:
Institutional Shares		(1,796,096	)		(2,308,450	)		(5,614,904	)			(15,648,586	)
Investor Shares		(87,456	)		(105,310	)		(202,624	)			(707,870	)

Total Distributions		(1,883,552	)		(2,413,760	)		(5,817,528	)			(16,356,456	)


Capital Share Transactions:
Institutional:
Issued†		12,059,616			791,195,487			45,105,673				1,406,729,935
Reinvestment of Dividends and Distributions		1,651,473			2,187,007			5,305,181				14,996,665
Redeemed		(18,900,746	)		(30,492,707	)		(49,142,185	)			(77,483,997	)

Net Institutional Share Transactions		(5,189,657	)		762,889,787			1,268,669				1,344,242,603

Investor:
Issued†		326,474			62,489,577			2,036,580				72,268,339
Reinvestment of Dividends and Distributions		78,670			95,160			196,584				689,963
Redeemed		(3,243,199	)		(9,310,531	)		(9,890,978	)			(8,345,996	)

Net Investor Share Transactions		(2,838,055	)		53,274,206			(7,657,814	)			64,612,306

Net Increase (Decrease) in Net Assets from Share Transactions		(8,027,712	)		816,163,993			(6,389,145	)			1,408,854,909


Total Increase in Net Assets		43,164,311			661,583,684			231,362,548				1,056,173,573

Net Assets:
Beginning of Period		661,583,684			—			1,056,173,573				—


End of Period	$	704,747,995		$	661,583,684		$	1,287,536,121			$	1,056,173,573

Shares Transactions:
Institutional:
Issued		1,466,791			80,122,394			5,367,348				143,220,457
Reinvestment of Dividends and Distributions		203,348			269,252			631,074				1,907,583
Redeemed		(2,292,858	)		(3,307,261	)		(5,759,337	)			(8,783,586	)

Net Institutional Shares Capital Share Transactions		(622,719	)		77,084,385			239,085				136,344,454

Investor:
Issued		39,467			6,264,641			241,734				7,313,722
Reinvestment of Dividends and Distributions		9,711			12,021			23,378				87,913
Redeemed		(380,312	)		(971,303	)		(1,184,313	)			(930,243	)

Net Investor Shares Capital Share Transactions		(331,134	)		5,305,359			(919,201	)			6,471,392

Net Increase/(Decrease) in Shares Outstanding from Share Transactions		(953,853	)		82,389,744			(680,116	)			142,815,846

* The Fund commenced operations on December 6, 2021.

† For the period ended October 31, 2022, these amounts include a transfer of assets from the Predecessor Funds.

Amounts designated as “—” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS

STATEMENTS OF CHANGES IN NET ASSETS


	Catholic Responsible Investments International Small-Cap Fund						Catholic Responsible Investments Magnus 45/55 Fund
	Six Months Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022*			Six Months Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022*
Operations:
Net Investment Income	$	576,909		$	1,427,210		$	1,327,971		$	1,294,937
Net Realized Loss		(2,479,279	)		(3,194,688	)		(194,998	)		(1,788,011	)
Net Change in Unrealized Appreciation/(Depreciation)		14,650,698			(16,963,778	)		5,899,388			(12,507,525	)

Net Increase (Decrease) in Net Assets Resulting from Operations		12,748,328			(18,731,256	)		7,032,361			(13,000,599	)

Distributions:
Institutional Shares		(538,914	)		(1,201,904	)		(1,283,981	)		(41,794	)
Investor Shares		—			—			(469,817	)		(34,507	)

Total Distributions		(538,914	)		(1,201,904	)		(1,753,798	)		(76,301	)


Capital Share Transactions:
Institutional:
Issued†		2,565,247			88,775,709			34,015,614			50,959,239
Reinvestment of Dividends and Distributions		506,448			1,132,107			1,283,980			41,794
Redeemed		(1,591,221	)		(4,814,060	)		(1,006,730	)		(2,084,687	)

Net Institutional Share Transactions		1,480,474			85,093,756			34,292,864			48,916,346

Investor:
Issued†		—			—			570,130			50,147,800
Reinvestment of Dividends and Distributions		—			—			411,833			31,130
Redeemed		—			—			(5,125,575	)		(14,596,215	)

Net Investor Share Transactions		—			—			(4,143,612	)		35,582,715

Net Increase in Net Assets from Share Transactions		1,480,474			85,093,756			30,149,252			84,499,061

Total Increase in Net Assets		13,689,888			65,160,596			35,427,815			71,422,161

Net Assets:
Beginning of Period		65,160,596			—			71,422,161			—

End of Period	$	78,850,484		$	65,160,596		$	106,849,976		$	71,422,161


Shares Transactions:
Institutional:
Issued		297,356			8,978,038			3,866,056			5,111,968
Reinvestment of Dividends and Distributions		58,481			135,569			148,609			4,106
Redeemed		(186,616	)		(509,470	)		(112,613	)		(232,723	)

Net Institutional Shares Capital Share Transactions		169,221			8,604,137			3,902,052			4,883,351

Investor:
Issued		—			—			64,048			5,043,408
Reinvestment of Dividends and Distributions		—			—			47,666			3,058
Redeemed		—			—			(567,571	)		(1,624,792	)

Net Investor Shares Capital Share Transactions		—			—			(455,857	)		3,421,674

Net Increase in Shares Outstanding from Share Transactions		169,221			8,604,137			3,446,195			8,305,025

* The Fund commenced operations on December 6, 2021.

† For the period ended October 31, 2022, these amounts include a transfer of assets from the Predecessor Funds.

Amounts designated as “—” are $0.

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

CATHOLIC RESPONSIBLE INVESTMENTS

STATEMENTS OF CHANGES IN NET ASSETS


	Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund						Catholic Responsible Investments Magnus 60/40 Beta Plus Fund
	Six Months Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022*			Six Months Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022*
Operations:
Net Investment Income	$	10,788,298		$	13,664,892		$	4,630,720		$	5,521,765
Net Realized Loss		(95,636	)		(3,974,638	)		(1,014,540	)		(1,762,303	)
Net Change in Unrealized Appreciation/(Depreciation)		70,916,451			(196,870,837	)		28,777,762			(58,263,989	)

Net Increase (Decrease) in Net Assets Resulting from Operations		81,609,113			(187,180,583	)		32,393,942			(54,504,527	)

Distributions:
Institutional Shares		(12,373,866	)		(568,966	)		(5,184,502	)		(170,102	)
Investor Shares		(4,679,527	)		(349,859	)		(1,943,386	)		(135,333	)

Total Distributions		(17,053,393	)		(918,825	)		(7,127,888	)		(305,435	)


Capital Share Transactions:
Institutional:
Issued†		1,776,043			841,029,062			1,423,069			315,593,702
Reinvestment of Dividends and Distributions		12,363,629			568,966			5,184,502			170,102
Redeemed		(7,002,733	)		(15,371,660	)		(12,235,268	)		(8,589,842	)

Net Institutional Share Transactions		7,136,939			826,226,368			(5,627,697	)		307,173,962

Investor:
Issued†		3,443,607			507,992,930			12,097,052			179,250,158
Reinvestment of Dividends and Distributions		4,666,662			348,987			1,903,622			133,181
Redeemed		(7,303,023	)		(148,180,461	)		(4,294,904	)		(44,168,766	)

Net Investor Share Transactions		807,246			360,161,456			9,705,770			135,214,573

Net Increase in Net Assets from Share Transactions		7,944,185			1,186,387,824			4,078,073			442,388,535

Total Increase in Net Assets		72,499,905			998,288,416			29,344,127			387,578,573

Net Assets:
Beginning of Period		998,288,416			—			387,578,573			—

End of Period	$	1,070,788,321		$	998,288,416		$	416,922,700		$	387,578,573


Shares Transactions:
Institutional:
Issued		205,033			84,948,241			158,985			33,094,640
Reinvestment of Dividends and Distributions		1,459,696			55,455			606,374			16,547
Redeemed		(794,107	)		(1,714,691	)		(1,375,445	)		(945,191	)

Net Institutional Shares Capital Share Transactions		870,622			83,289,005			(610,086	)		32,165,996

Investor:
Issued		395,931			50,905,980			1,356,058			17,995,975
Reinvestment of Dividends and Distributions		550,964			34,014			222,646			12,955
Redeemed		(842,377	)		(15,764,088	)		(484,777	)		(4,801,806	)

Net Investor Shares Capital Share Transactions		104,518			35,175,906			1,093,927			13,207,124

Net Increase in Shares Outstanding from Share Transactions		975,140			118,464,911			483,841			45,373,120

* The Fund commenced operations on December 6, 2021.

† For the period ended October 31, 2022, these amounts include a transfer of assets from the Predecessor Funds.

Amounts designated as “—” are $0.

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

100

CATHOLIC RESPONSIBLE INVESTMENTS

STATEMENTS OF CHANGES IN NET ASSETS


	Catholic Responsible Investments Magnus 75/25 Fund
	Six Months Ended April 30, 2023 (Unaudited)			Period Ended October 31, 2022*
Operations:
Net Investment Income	$	2,266,917		$	2,957,622
Net Realized Gain		35,878			1,810,381
Net Change in Unrealized Appreciation/(Depreciation)		18,589,744			(44,823,731	)

Net Increase (Decrease) in Net Assets Resulting from Operations		20,892,539			(40,055,728	)

Distributions:
Institutional Shares		(4,942,456	)		(176,258	)
Investor Shares		(812,425	)		(31,231	)

Total Distributions		(5,754,881	)		(207,489	)


Capital Share Transactions:
Institutional:
Issued†		23,572,359			275,902,150
Reinvestment of Dividends and Distributions		4,942,456			176,258
Redeemed		(5,103,455	)		(53,980,882	)

Net Institutional Share Transactions		23,411,360			222,097,526

Investor:
Issued†		3,688,381			51,254,998
Reinvestment of Dividends and Distributions		812,425			31,231
Redeemed		(678,978	)		(12,896,316	)

Net Investor Share Transactions		3,821,828			38,389,913

Net Increase in Net Assets from Share Transactions		27,233,188			260,487,439

Total Increase in Net Assets		42,370,846			220,224,222

Net Assets:
Beginning of Period		220,224,222			—

End of Period	$	262,595,068		$	220,224,222


Shares Transactions:
Institutional:
Issued		2,734,979			27,729,598
Reinvestment of Dividends and Distributions		589,467			17,030
Redeemed		(587,741	)		(5,320,955	)

Net Institutional Shares Capital Share Transactions		2,736,705			22,425,673

Investor:
Issued		431,614			5,158,036
Reinvestment of Dividends and Distributions		96,910			3,017
Redeemed		(78,022	)		(1,353,565	)

Net Investor Shares Capital Share Transactions		450,502			3,807,488

Net Increase in Shares Outstanding from Share Transactions		3,187,207			26,233,161

* The Fund commenced operations on December 6, 2021.

† For the period ended October 31, 2022, these amounts include a transfer of assets from the Predecessor Funds.

Amounts designated as “—” are $0.

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

101

CATHOLIC RESPONSIBLE INVESTMENTS

(Unaudited)

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding

Throughout each Period


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

2023	$	9.99	$	0.20	$	0.01		$	0.21		$	(0.19	)	$	–		$	(0.19	)	$	10.01		2.11	%	$	74,027			0.35	%		0.49	%		4.02	%		38	%

2022⁽¹⁾	$	10.00	$	0.07	$	–	^(a)	$	0.07		$	(0.08	)	$	–		$	(0.08	)	$	9.99		0.69	%	$	53,159			0.35	%		0.58	%		0.80	%		14	%
Catholic Responsible Investments Short Duration Bond Fund
Institutional Shares

2023	$	9.41	$	0.13	$	0.16		$	0.29		$	(0.14	)	$	–		$	(0.14	)	$	9.56		3.14	%	$	467,370			0.35	%		0.37	%		2.84	%		38	%

2022⁽¹⁾	$	10.00	$	0.13	$	(0.58	)	$	(0.45	)	$	(0.14	)	$	–		$	(0.14	)	$	9.41		(4.52	)%	$	473,663			0.35	%		0.37	%		1.54	%		95	%
Catholic Responsible Investments Bond Fund
Institutional Shares

2023	$	8.23	$	0.17	$	0.40		$	0.57		$	(0.16	)	$	–		$	(0.16	)	$	8.64		6.96	%	$	1,761,970			0.36	%		0.36	%		3.89	%		29	%

2022⁽¹⁾	$	10.00	$	0.20	$	(1.77	)	$	(1.57	)	$	(0.20	)	$	–		$	(0.20	)	$	8.23		(15.86	)%	$	1,624,983			0.36	%		0.36	%		2.39	%		86	%
Investor Shares

2023	$	8.23	$	0.16	$	0.40		$	0.56		$	(0.16	)	$	–		$	(0.16	)	$	8.63		6.88	%	$	53,844			0.51	%		0.51	%		3.74	%		29	%

2022⁽¹⁾	$	10.00	$	0.18	$	(1.76	)	$	(1.58	)	$	(0.19	)	$	–		$	(0.19	)	$	8.23		(15.97	)%	$	50,830			0.51	%		0.51	%		2.23	%		86	%
Catholic Responsible Investments Opportunistic Bond Fund
Institutional Shares

2023	$	9.04	$	0.19	$	0.20		$	0.39		$	(0.19	)	$	–		$	(0.19	)	$	9.24		4.40	%	$	497,570			0.41	%		0.44	%		4.23	%		37	%

2022⁽¹⁾	$	10.00	$	0.19	$	(0.96	)	$	(0.77	)	$	(0.19	)	$	–		$	(0.19	)	$	9.04		(7.75	)%	$	462,249			0.41	%		0.44	%		2.24	%		179	%
Investor Shares

2023	$	9.04	$	0.19	$	0.21		$	0.40		$	(0.19	)	$	–		$	(0.19	)	$	9.25		4.34	%	$	27,039			0.56	%		0.59	%		4.07	%		37	%

2022⁽¹⁾	$	10.00	$	0.18	$	(0.96	)	$	(0.78	)	$	(0.18	)	$	–		$	(0.18	)	$	9.04		(7.88	)%	$	27,438			0.56	%		0.60	%		2.10	%		179	%
Catholic Responsible Investments Equity Index Fund
Institutional Shares

2023	$	8.40	$	0.07	$	0.69		$	0.76		$	(0.07	)	$	–		$	(0.07	)	$	9.09		9.07	%	$	3,079,894			0.09	%		0.12	%		1.60	%		9	%

2022⁽¹⁾	$	10.00	$	0.11	$	(1.61	)	$	(1.50	)	$	(0.10	)	$	–		$	(0.10	)	$	8.40		(15.01	)%	$	2,837,203			0.09	%		0.11	%		1.34	%		21	%
Catholic Responsible Investments Small-Cap Fund
Institutional Shares

2023	$	8.92	$	0.06	$	(0.36	)	$	(0.30	)	$	(0.06	)	$	(0.31	)	$	(0.37	)	$	8.25		(3.44	)%	$	456,179	��		0.29	%		0.29	%		1.49	%		12	%

2022⁽¹⁾	$	10.00	$	0.09	$	(1.08	)	$	(0.99	)	$	(0.09	)	$	–		$	(0.09	)	$	8.92		(9.88	)%	$	462,990			0.29	%		0.29	%		1.09	%		25	%
Catholic Responsible Investments Multi-Style US Equity Fund
Institutional Shares

2023	$	8.03	$	0.02	$	0.62		$	0.64		$	(0.02	)	$	–		$	(0.02	)	$	8.65		8.08	%	$	661,696			0.66	%		0.66	%		0.59	%		15	%

2022⁽¹⁾	$	10.00	$	0.03	$	(1.97	)	$	(1.94	)	$	(0.03	)	$	–		$	(0.03	)	$	8.03		(19.39	)%	$	618,980			0.67	%		0.67	%		0.39	%		33	%
Investor Shares

2023	$	8.03	$	0.02	$	0.62		$	0.64		$	(0.02	)	$	–		$	(0.02	)	$	8.65		8.01	%	$	43,052			0.81	%		0.81	%		0.44	%		15	%

2022⁽¹⁾	$	10.00	$	0.02	$	(1.97	)	$	(1.95	)	$	(0.02	)	$	–		$	(0.02	)	$	8.03		(19.50	)%	$	42,604			0.82	%		0.82	%		0.23	%		33	%

*	Per share calculated using average shares.

**	Annualized.

†	Total return is for the period indicated and has not been annualized if less than one year. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

‡	Portfolio turnover is for the period indicated and has not been annualized if less than one year. Excludes effect of in-kind transfers.

(1)

Commenced operations on December 6, 2021.

(a)

Amount is less than $0.005 per share.

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

102

CATHOLIC RESPONSIBLE INVESTMENTS

(Unaudited)

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding

Throughout each Period


	Net Asset Value, Beginning of Period		Net Investment Income*		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Distributions from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value, End of Period		Total Return†			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets**			Ratio of Expenses to Average Net Assets (excluding waivers)**			Ratio of Net Investment Income to Average Net Assets**			Portfolio Turnover‡
Catholic Responsible Investments International Equity Fund
Institutional Shares

2023	$	7.40	$	0.06	$	1.64		$	1.70		$	(0.04	)	$	–		$	(0.04	)	$	9.06		23.11	%	$	1,237,227		0.81	%		0.81	%		1.43	%		22	%

2022⁽¹⁾	$	10.00	$	0.13	$	(2.61	)	$	(2.48	)	$	(0.12	)	$	–		$	(0.12	)	$	7.40		(24.88	)%	$	1,008,309		0.82	%		0.82	%		1.68	%		46	%
Investor Shares

2023	$	7.40	$	0.05	$	1.64		$	1.69		$	(0.03	)	$	–		$	(0.03	)	$	9.06		23.02	%	$	50,309		0.96	%		0.96	%		1.25	%		22	%

2022⁽¹⁾	$	10.00	$	0.12	$	(2.61	)	$	(2.49	)	$	(0.11	)	$	–		$	(0.11	)	$	7.40		(24.98	)%	$	47,864		0.97	%		0.97	%		1.52	%		46	%
Catholic Responsible Investments International Small-Cap Fund
Institutional Shares

2023	$	7.57	$	0.07	$	1.41		$	1.48		$	(0.06	)	$	–		$	(0.06	)	$	8.99		19.54	%	$	78,850		1.15	%		1.29	%		1.54	%		32	%

2022⁽¹⁾	$	10.00	$	0.18	$	(2.47	)	$	(2.29	)	$	(0.14	)	$	–		$	(0.14	)	$	7.57		(22.99	)%	$	65,161		1.15	%		1.40	%		2.17	%		69	%
Catholic Responsible Investments Magnus 45/55 Fund
Institutional Shares

2023	$	8.60	$	0.13	$	0.51		$	0.64		$	(0.15	)	$	–		$	(0.15	)	$	9.09		7.51	%	$	79,884		–	%⁽²⁾		0.15	%⁽²⁾		2.86	%		7	%

2022⁽¹⁾	$	10.00	$	0.15	$	(1.54	)	$	(1.39	)	$	(0.01	)	$	–		$	(0.01	)	$	8.60		(13.93	)%	$	42,017		–	%⁽²⁾		0.20	%⁽²⁾		1.75	%		9	%
Investor Shares

2023	$	8.59	$	0.11	$	0.53		$	0.64		$	(0.14	)	$	–		$	(0.14	)	$	9.09		7.43	%	$	26,966		0.15	%⁽²⁾		0.30	%⁽²⁾		2.51	%		7	%

2022⁽¹⁾	$	10.00	$	0.13	$	(1.53	)	$	(1.40	)	$	(0.01	)	$	–		$	(0.01	)	$	8.59		(14.03	)%	$	29,405		0.15	%⁽²⁾		0.35	%⁽²⁾		1.56	%		9	%
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund
Institutional Shares

2023	$	8.43	$	0.09	$	0.60		$	0.69		$	(0.15	)	$	–		$	(0.15	)	$	8.97		8.20	%	$	754,558		–	%⁽²⁾		0.02	%⁽²⁾		2.13	%		1	%

2022⁽¹⁾	$	10.00	$	0.12	$	(1.68	)	$	(1.56	)	$	(0.01	)	$	–		$	(0.01	)	$	8.43		(15.63	)%	$	702,135		–	%⁽²⁾		0.03	%⁽²⁾		1.49	%		3	%
Investor Shares

2023	$	8.42	$	0.09	$	0.58		$	0.67		$	(0.13	)	$	–		$	(0.13	)	$	8.96		8.12	%	$	316,230		0.15	%⁽²⁾		0.17	%⁽²⁾		1.98	%		1	%

2022⁽¹⁾	$	10.00	$	0.10	$	(1.67	)	$	(1.57	)	$	(0.01	)	$	–		$	(0.01	)	$	8.42		(15.74	)%	$	296,153		0.15	%⁽²⁾		0.18	%⁽²⁾		1.20	%		3	%
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund
Institutional Shares

2023	$	8.55	$	0.10	$	0.61		$	0.71		$	(0.17	)	$	–		$	(0.17	)	$	9.09		8.44	%	$	286,918		–	%⁽²⁾		0.04	%⁽²⁾		2.38	%		4	%

2022⁽¹⁾	$	10.00	$	0.15	$	(1.59	)	$	(1.44	)	$	(0.01	)	$	–		$	(0.01	)	$	8.55		(14.42	)%	$	274,863		–	%⁽²⁾		0.06	%⁽²⁾		1.82	%		5	%
Investor Shares

2023	$	8.53	$	0.10	$	0.61		$	0.71		$	(0.15	)	$	–		$	(0.15	)	$	9.09		8.36	%	$	130,005		0.15	%⁽²⁾		0.19	%⁽²⁾		2.26	%		4	%

2022⁽¹⁾	$	10.00	$	0.12	$	(1.58	)	$	(1.46	)	$	(0.01	)	$	–		$	(0.01	)	$	8.53		(14.63	)%	$	112,716		0.15	%⁽²⁾		0.21	%⁽²⁾		1.47	%		5	%
Catholic Responsible Investments Magnus 75/25 Fund
Institutional Shares

2023	$	8.40	$	0.08	$	0.67		$	0.75		$	(0.14	)	$	(0.08	)	$	(0.22	)	$	8.93		9.08	%	$	224,602		–	%⁽²⁾		0.06	%⁽²⁾		1.94	%		2	%

2022⁽¹⁾	$	10.00	$	0.12	$	(1.71	)	$	(1.59	)	$	(0.01	)	$	–		$	(0.01	)	$	8.40		(15.94	)%	$	188,299		–	%⁽²⁾		0.08	%⁽²⁾		1.40	%		5	%
Investor Shares

2023	$	8.38	$	0.08	$	0.67		$	0.75		$	(0.13	)	$	(0.08	)	$	(0.21	)	$	8.92		9.00	%	$	37,993		0.15	%⁽²⁾		0.21	%⁽²⁾		1.76	%		2	%

2022⁽¹⁾	$	10.00	$	0.10	$	(1.71	)	$	(1.61	)	$	(0.01	)	$	–		$	(0.01	)	$	8.38		(16.15	)%	$	31,925		0.15	%⁽²⁾		0.23	%⁽²⁾		1.23	%		5	%

*	Per share calculated using average shares.

**	Annualized.

†	Total return is for the period indicated and has not been annualized if less than one year. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

‡	Portfolio turnover is for the period indicated and has not been annualized if less than one year. Excludes effect of in-kind transfers.

(1)	Commenced operations on December 6, 2021.

(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.

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NOTES TO FINANCIAL STATEMENTS

1. Organization:

Catholic Responsible Investments Funds (the “Trust”) is an open-end management investment company that currently offers shares of thirteen active separate diversified portfolios: the Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Equity Index Fund, Catholic Responsible Investments Small-Cap Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund, Catholic Responsible Investments International Small-Cap Fund, Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, and Catholic Responsible Investments Magnus 75/25 Fund (each, a “Fund” and together, the “Funds”). The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated July 8, 2021 and amended and restated November 17, 2021 (the “Declaration of Trust”). The Declaration of Trust permits the Trust to offer separate series (“portfolios”) of units of beneficial interest (“shares”) and separate classes of shares of such portfolios. Each share of each portfolio represents an equal proportionate interest in that portfolio with each other share of that portfolio. The Funds are successors to the funds of the Catholic United Investment Trust (the “Predecessor Funds”). The Predecessor Funds were managed by Christian Brothers Investment Services, Inc. (“CBIS,” or, the “Adviser”) using investment objectives, strategies, policies and restrictions that were in all material respects equivalent to those used in managing the Funds. The Predecessor Funds dissolved and reorganized into the Investor Shares and Institutional Shares of each Fund on December 6, 2021. All of the assets of the Predecessor Funds were transferred to the Funds in connection with the reorganization.

The investment objective of the Catholic Responsible Investments Ultra Short Bond Fund seeks to provide current income consistent with the preservation of capital.

The investment objective of the Catholic Responsible Investments Short Duration Bond Fund seeks maximum current income consistent with the preservation of capital.

The investment objective of the Catholic Responsible Investments Bond Fund seeks current income and long-term capital appreciation.

The investment objective of the Catholic Responsible Investments Opportunistic Bond Fund seeks current income and to provide relatively low correlation to equity assets.

The investment objective of the Catholic Responsible Investments Equity Index Fund seeks to replicate as closely as possible, before expenses, the performance of the S&P500^® Index.

The investment objective of the Catholic Responsible Investments Small-Cap Fund seeks to replicate the performance of the S&P SmallCap 600^® Index, an index representing small capitalization companies.

The investment objective of the Catholic Responsible Investments Multi-Style US Equity Fund seeks to achieve long-term capital appreciation.

The investment objective of the Catholic Responsible Investments International Equity Fund seeks to achieve long-term capital appreciation.

The investment objective of the Catholic Responsible Investments International Small-Cap Fund seeks to achieve long-term capital appreciation.

The investment objective of each of the Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund (together, the “Magnus Funds”) seeks to achieve current income and long-term capital appreciation.

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Each Fund’s investment objective is not a fundamental policy and may be changed by the Funds’ Board of Trustees (the “Board”) without shareholder approval.

2. Significant Accounting Policies:

The 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 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 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

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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 December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund’s investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Board designated the Adviser as the Board’s valuation designee to perform fair-value determinations for the Funds through a Fair Value Committee established by the Adviser and approved new Adviser Fair Value Procedures for the Funds. Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust’s Fair Value Procedures established by the Board and were implemented through a Fair Value Committee designated by the Board.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below:

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

Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with the Adviser’s pricing procedures, etc.)

Level 3 — Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

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

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended April 30, 2023, there have been no significant changes to the Funds’ fair value methodologies.

Federal Income Taxes — It is each Fund’s intention 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

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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, 2023, 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.

Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date and interest income is recognized on the accrual basis. Costs used in determining realized gains and losses on the sales of investment securities are based on specific identification. Interest income is recognized on an accrual basis from settlement date. Discounts and premiums on securities purchased are accreted and amortized using the effective interest method. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

Futures Contracts — A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Funds may invest in exchange traded futures. These contracts are generally used to provide the return of a type of security without purchasing the securities of the underlying futures contract or to manage the Fund’s overall exposure to the market risk of the fixed income and equity markets. Upon entering into futures contracts, the Fund maintains an amount of cash or liquid securities, with a value equal to a percentage of the contract amount, with either a futures commission merchant or with its custodian in an account in the broker’s name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon the changes in the value of the contract (the variation margin).

A margin deposit held at one counterparty for the futures contracts is included in “Cash pledged as Collateral for Futures Contracts” on the 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, 2023, the quarterly average notional value of futures contracts held was as follows:


Catholic Responsible Investments Short Duration Bond Fund
Average Monthly Notional Value Long	$	53,879,938
Average Monthly Notional Value Short	$	(2,482,246	)
Catholic Responsible Investments Bond Fund
Average Monthly Notional Value Long	$	100,990,021
Catholic Responsible Investments Opportunistic Bond Fund
Average Monthly Notional Value Long	$	43,696,468
Catholic Responsible Investments Equity Index Fund
Average Monthly Notional Value Long	$	24,361,118
Catholic Responsible Investments Small-Cap Fund
Average Monthly Notional Value Long	$	7,702,825

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


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

Interest Risk Futures contracts	Unrealized appreciation/(depreciation) on futures contracts*	$	253,920	$	(20,456)


		$	253,920	$	(20,456)


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

Interest Risk Futures contracts	Unrealized appreciation/(depreciation) on futures contracts*	$	14,914	$	(1,184,301)


		$	14,914	$	(1,184,301)


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

Interest Risk Futures contracts	Unrealized appreciation/(depreciation) on futures contracts*	$	1,188,086	$	—


		$	1,188,086	$	—


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*	$	960,103	$	—


		$	960,103	$	—


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*	$	—	$	(47,795)


		$	—	$	(47,795)

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

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 2023, was as follows:


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

Interest Risk
Futures contracts	$	(813,439)	$	616,852


	$	(813,439)	$	616,852

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

Interest Risk
Futures contracts	$	(170,439)	$	(1,169,387)


	$	(170,439)	$	(1,169,387)


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

Interest Risk
Futures contracts	$	—	$	1,188,086


	$	—	$	1,188,086


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

Equity Risk
Futures contracts	$	500,142	$	874,885


	$	500,142	$	874,885


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

Equity Risk
Futures contracts	$	151,987	$	(208,575)


	$	151,987	$	(208,575)

* 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.

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

Dividends and Distributions to Shareholders — The Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund distribute their net investment income and make distributions of their net realized capital gains, if any, at least annually. The Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic

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Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund distribute their net investment income monthly and make distributions of their net realized capital gains, if any, at least annually. The Catholic Responsible Investments Equity Index Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund, Catholic Responsible Investments Small-Cap Fund and Catholic Responsible Investments International Small-Cap Fund distribute their net investment income quarterly and make distributions or their net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.

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.

Securities Lending — Each Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 33 ¹⁄₃% of the total asset value of the Fund (including the loan collateral). Each Fund will not lend portfolio securities to its Adviser or its affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. Government securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral of 102% and 105% of the market value of borrowed securities for domestic and foreign issuers, respectively. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Fund. The investment of cash collateral subjects a Fund to market risk. A Fund remains obligated to return all collateral to the borrower under the terms of its securities lending arrangements even if the value of the investments made with the collateral has declined. Accordingly, if the value of a security in which the cash collateral has been invested declines, the loss would be borne by the Fund, and the Fund may be required to liquidate other investments in order to return collateral to the borrower at the end of a loan. The following table discloses the securities on loan as of April 30, 2023:


Fund	Market Value Securities on Loan		Cash Collateral for Securities on Loan
Catholic Responsible Investments Bond Fund	$	1,388,595	$	1,423,470
Catholic Responsible Investments Equity Index Fund		99,659		101,752
Catholic Responsible Investments Small-Cap Fund		3,087,396		3,170,823
Catholic Responsible Investments Multi-Style US Equity Fund		13,129,015		13,431,892
Catholic Responsible Investments International Equity Fund		7,801,691		8,162,171
Catholic Responsible Investments International Small-Cap Fund		1,171,979		1,250,870

Repurchase Agreements — A repurchase agreement is an agreement in which one party sells securities to another party in return for cash with an agreement to repurchase equivalent securities at an agreed-upon price and on an agreed-upon future date. A Fund may enter into repurchase agreements with financial institutions and follow

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certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions deemed creditworthy by the Adviser. The repurchase agreements entered into by a Fund will provide that the underlying collateral shall have a value equal to at least 102% of the resale price stated in the agreement at all times. The Adviser monitors compliance with this requirement as well as the ongoing financial condition and creditworthiness of the counterparty. Under all repurchase agreements entered into by a Fund, the Fund’s custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, a Fund will seek to liquidate such collateral. However, the exercising of each Fund’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. At times, the investments of each of the Funds in repurchase agreements may be substantial when, in the view of the Adviser, liquidity or other considerations so warrant.

3. Transactions with Affiliates:

Certain officers of the Trust are also employees of SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.

A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

4. Administration, Distribution, Shareholder Servicing, Transfer Agent and Custody Agreements:

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds.

For the period ended April 30, 2023, the Funds were charged the following for these services:


	Administration Fees
Catholic Responsible Investments Ultra Short Bond Fund	$	6,833
Catholic Responsible Investments Short Duration Bond Fund		44,223
Catholic Responsible Investments Bond Fund		174,626
Catholic Responsible Investments Opportunistic Bond Fund		53,514
Catholic Responsible Investments Equity Index Fund		287,111
Catholic Responsible Investments Small-Cap Fund		45,762
Catholic Responsible Investments Multi-Style US Equity Fund		70,656
Catholic Responsible Investments International Equity Fund		121,789
Catholic Responsible Investments International Small-Cap Fund		7,340

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, 2023, these amounts can be found on the Statement of Operations under Shareholder Servicing Fees.

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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.

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 Bond Fund		0.30%
Catholic Responsible Investments Opportunistic Bond Fund		0.35%
Catholic Responsible Investments Equity Index Fund		0.06%
Catholic Responsible Investments Small-Cap Fund		0.20%
Catholic Responsible Investments Multi-Style US Equity Fund		0.60%
Catholic Responsible Investments International Equity Fund		0.74%
Catholic Responsible Investments International Small-Cap		0.96%
Catholic Responsible Investments Magnus 45/55 Fund		0.00%
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		0.00%
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		0.00%
Catholic Responsible Investments Magnus 75/25 Fund		0.00%

The Magnus Funds do not pay an advisory fee due to the fact their sole investments are in CRI underlying funds.

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

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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 February 28, 2024 (each, a “contractual expense limit”).


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 Bond Fund		0.37%
Catholic Responsible Investments Opportunistic Bond Fund		0.41%
Catholic Responsible Investments Equity Index Fund		0.09%
Catholic Responsible Investments Small-Cap Fund		0.31%
Catholic Responsible Investments Multi-Style US Equity Fund		0.69%
Catholic Responsible Investments International Equity Fund		0.84%
Catholic Responsible Investments International Small-Cap		1.15%
Catholic Responsible Investments Magnus 45/55 Fund		0.00%
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%

In addition, the Adviser may receive from a Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the Fund’s contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2024. As of April 30, 2023, the amounts below are open to recoupment:


Fund	Period		Subject to Repayment until October 31:		Amount
Catholic Responsible Investments Ultra Short Bond Fund		12/06/21 - 10/31/22		2025	$	120,451
		11/01/22 - 04/30/23		2026		48,609

					$	169,060

Catholic Responsible Investments Short Duration Fund		12/06/21 - 10/31/22		2025	$	99,614
		11/01/22 - 04/30/23		2026		38,575

					$	138,189

Catholic Responsible Investments Opportunistic Bond Fund		12/06/21 - 10/31/22		2025	$	142,603
		11/01/22 - 04/30/23		2026		65,470

					$	208,073

Catholic Responsible Investments Equity Index Fund		12/06/21 - 10/31/22		2025	$	599,749
		11/01/22 - 04/30/23		2026		334,784

					$	934,533

Catholic Responsible Investments International Small-Cap		12/06/21 -10/31/22		2025	$	159,201
		11/01/22 - 04/30/23		2026		53,942

					$	213,143

Catholic Responsible Investments Magnus 45/55 Fund		12/06/21 - 10/31/22		2025	$	153,067
		11/01/22 - 04/30/23		2026		68,157

					$	221,224

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Fund	Period		Subject to Repayment until October 31:		Amount
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		12/06/21 - 10/31/22		2025	$	280,525
		11/01/22 - 04/30/23		2026		127,444

					$	407,969

Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		12/06/21 - 10/31/22		2025	$	195,740
		11/01/22 - 04/30/23		2026		88,003

					$	283,743

Catholic Responsible Investments Magnus 75/25 Fund		12/06/21 - 10/31/22		2025	$	171,574
		11/01/22 - 04/30/23		2026		76,171

					$	247,745

During the period ended April 30, 2023, there has been no recoupment of previously waived and reimbursed fees.

6. Investment Transactions:

For the period ended April 30, 2023, the purchases and sales of investment securities other than short-term investments, were as follows:


	U.S. Government		Other		Total
Catholic Responsible Investments Ultra Short Bond Fund
Purchases	$	—	$	684,983	$	684,983
Sales		—		1,847,903		1,847,903
Catholic Responsible Investments Short Duration Bond Fund
Purchases		79,135,335		75,487,803		154,623,138
Sales		84,662,539		72,888,265		157,550,804
Catholic Responsible Investments Bond Fund
Purchases		332,659,086		136,618,544		469,277,630
Sales		338,889,633		184,521,185		523,410,818
Catholic Responsible Investments Opportunistic Bond Fund
Purchases		94,032,658		75,314,850		169,347,508
Sales		77,029,423		73,289,546		150,318,969
Catholic Responsible Investments Equity Index Fund
Purchases		—		261,449,112		261,449,112
Sales		—		265,442,649		265,442,649
Catholic Responsible Investments Small-Cap Fund
Purchases		—		68,691,618		68,691,618
Sales		—		57,583,922		57,583,922
Catholic Responsible Investments Multi-Style US Equity Fund
Purchases		—		98,946,891		98,946,891
Sales		—		101,549,729		101,549,729
Catholic Responsible Investments International Equity Fund
Purchases		—		261,364,357		261,364,357
Sales		—		278,723,047		278,723,047
Catholic Responsible Investments International Small-Cap Fund
Purchases		—		24,491,972		24,491,972
Sales		—		23,108,534		23,108,534
Catholic Responsible Investments Magnus 45/55 Fund
Purchases		—		36,049,769		36,049,769
Sales		—		6,314,589		6,314,589
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund
Purchases		—		17,433,163		17,433,163
Sales		—		14,360,312		14,360,312
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund
Purchases		—		18,471,818		18,471,818
Sales		—		16,419,801		16,419,801

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	U.S. Government		Other		Total
Catholic Responsible Investments Magnus 75/25 Fund
Purchases	$	—	$	29,989,458	$	29,989,458
Sales		—		5,827,713		5,827,713

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.

During the fiscal period ended October 31, 2022, there were no permanent differences credited or charged to Paid-in Capital and Distributable Earnings.

The tax character of dividends and distributions declared during the fiscal period ended October 31, 2022 were as follows:


	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
Catholic Responsible Investments Ultra Short Bond Fund
2022		$422,750		$—		$—		$422,750
Catholic Responsible Investments Short Duration Bond Fund
2022		7,441,449		—		—		7,441,449
Catholic Responsible Investments Bond Fund
2022		37,408,985		—		—		37,408,985
Catholic Responsible Investments Opportunistic Bond Fund
2022		9,891,170		—		—		9,891,170
Catholic Responsible Investments Equity Index Fund
2022		34,703,700		—		—		34,703,700
Catholic Responsible Investments Small-Cap Fund
2022		4,675,712		—		—		4,675,712
Catholic Responsible Investments Multi-Style US Equity Fund
2022		2,413,760		—		—		2,413,760
Catholic Responsible Investments International Equity Fund
2022		16,356,456		—		—		16,356,456
Catholic Responsible Investments International Small-Cap Fund
2022		1,201,904		—		—		1,201,904
Catholic Responsible Investments Magnus 45/55 Fund
2022		76,301		—		—		76,301
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund
2022		918,825		—		—		918,825
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund
2022		305,435		—		—		305,435
Catholic Responsible Investments Magnus 75/25 Fund
2022		207,489		—		—		207,489

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As of October 31, 2022, the components of distributable earnings (accumulated losses) on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Unrealized Appreciation (Depreciation)			Other Temporary Differences			Total Distributable Earnings (Accumulated Losses)
Catholic Responsible Investments Ultra Short Bond Fund	$	45,758	$	—	$	(15,684	)	$	(84,709	)	$	(39,862	)	$	(94,497	)
Catholic Responsible Investments Short Duration Bond Fund		172,162		—		(11,933,982	)		(19,779,092	)		(39,863	)		(31,580,775	)
Catholic Responsible Investments Bond Fund		508,310		—		(70,106,182	)		(214,404,442	)		(59,243	)		(284,061,557	)
Catholic Responsible Investments Opportunistic Bond Fund		167,646		—		(22,668,460	)		(25,124,882	)		(59,170	)		(47,684,866	)
Catholic Responsible Investments Equity Index Fund		2,590,289		—		(18,891,817	)		829,551,638			(39,864	)		813,210,246
Catholic Responsible Investments Small- Cap Fund		202,386		15,826,441		—			37,194,001			(39,864	)		53,182,964
Catholic Responsible Investments Multi-Style US Equity Fund		91,835		—		(17,018,866)			(55,080,870)			(59,302)			(72,067,203)
Catholic Responsible Investments International Equity Fund		1,438,932		—		(10,706,396	)		(66,014,867	)		(68,474	)		(75,350,805	)
Catholic Responsible Investments International Small- Cap Fund		160,718		—		(2,778,214	)		(12,444,108	)		(39,883	)		(15,101,487	)
Catholic Responsible Investments Magnus 45/55 Fund		1,277,973		—		(1,467,696	)		(875,192	)		(59,337	)		(1,124,252	)
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		12,805,313		—		(705,213	)		(11,655,150	)		(59,246	)		385,704
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		5,275,573		—		(83,980	)		7,776,994			(59,244	)		12,909,343
Catholic Responsible Investments Magnus 75/25 Fund		4,836,007		—		—			7,219,842			(59,244	)		11,996,605

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For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Losses carried forward are as follows:


	Short-Term Loss		Long-Term Loss		Total
Catholic Responsible Investments Ultra Short Bond Fund	$	13,136	$	2,548	$	15,684
Catholic Responsible Investments Short Duration Bond Fund		5,069,824		6,864,158		11,933,982
Catholic Responsible Investments Bond Fund		41,742,162		28,364,020		70,106,182
Catholic Responsible Investments Opportunistic Bond Fund		11,710,286		10,958,174		22,668,460
Catholic Responsible Investments Equity Index Fund		18,891,817		—		18,891,817
Catholic Responsible Investments Multi-Style US Equity Fund		8,722,283		8,296,583		17,018,866
Catholic Responsible Investments International Equity Fund		10,706,396		—		10,706,396
Catholic Responsible Investments International Small-Cap Fund		2,778,214		—		2,778,214
Catholic Responsible Investments Magnus 45/55 Fund		832,678		635,017		1,467,695
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		704,484		729		705,213
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		83,110		870		83,980

The differences between book and tax-basis unrealized appreciation and depreciation are attributable primarily to the tax deferral of losses on wash sales and passive foreign investment companies. The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2023, 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	$	72,565,914	$	40,802	$	(34,235	)	$	6,567
Catholic Responsible Investments Short Duration Bond Fund		472,899,796		1,185,280		(9,324,972	)		(8,139,692	)
Catholic Responsible Investments Bond Fund		1,864,933,635		13,142,709		(101,171,504	)		(88,028,795	)
Catholic Responsible Investments Opportunistic Bond Fund		519,323,136		2,548,289		(11,966,430	)		(9,418,141	)
Catholic Responsible Investments Equity Index Fund		1,961,884,506		1,174,040,259		(78,157,208	)		1,095,883,051
Catholic Responsible Investments Small-Cap Fund		414,410,884		93,601,701		(59,461,877	)		34,139,824
Catholic Responsible Investments Multi-Style US Equity Fund		676,284,764		71,435,491		(47,088,663	)		24,346,828
Catholic Responsible Investments International Equity Fund		1,063,277,981		243,859,021		(57,354,631	)		186,504,390
Catholic Responsible Investments International Small-Cap Fund		75,104,098		9,211,948		(6,692,387	)		2,519,561
Catholic Responsible Investments Magnus 45/55 Fund		101,266,605		7,635,873		(2,291,362	)		5,344,511
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		1,007,672,268		91,261,719		(28,730,993	)		62,530,726
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		378,378,128		46,793,626		(8,560,548	)		38,233,078
Catholic Responsible Investments Magnus 75/25 Fund		236,278,714		30,884,453		(4,858,618	)		26,025,835

8. Concentration of Shareholders:

At April 30, 2023, 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
Catholic Responsible Investments Ultra Short Bond Fund		3		40
Catholic Responsible Investments Short Duration Bond Fund		3		32
Catholic Responsible Investments Bond Fund		2		20
Catholic Responsible Investments Opportunistic Bond Fund		4		44
Catholic Responsible Investments Equity Index Fund		2		23
Catholic Responsible Investments Small-Cap Fund		3		25
Catholic Responsible Investments Multi-Style US Equity Fund		4		55
Catholic Responsible Investments International Equity Fund		4		40
Catholic Responsible Investments International Small-Cap Fund		4		73
Catholic Responsible Investments Magnus 45/55 Fund		5		74
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		4		42
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		8		59
Catholic Responsible Investments Magnus 75/25 Fund		6		47

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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.

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.

Foreign Currency Risk — 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

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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 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. In-Kind Transfers of Securities:

Due to the Funds’ reorganization on December 6, 2021, the Funds received contributions in-kind of investment securities. The securities were received in a tax-free transaction at their current fair value including unrealized appreciation/depreciation as noted in the table below on the date of the transactions. The Funds made an accounting policy election to carryforward the historical cost basis of the securities transferred given the tax-free nature of the transaction. As a result of this contribution, the following units of the Fund were issued for assets valued at:


	Units Issued		Securities At Value		Cash		Income Receivable		Other		Total Assets		Unrealized Appreciation/ (Depreciation)
Catholic Responsible Investments Ultra Short Bond Fund		6,167,174	$	50,062,171	$	11,592,443	$	47,908	$	—	$	61,702,522	$	(24,654	)
Catholic Responsible Investments Short Duration Bond Fund		53,069,668		508,549,766		19,311,957		2,597,565		—		530,459,288		(151,761	)
Catholic Responsible Investments Bond Fund		177,862,008		1,708,891,087		62,494,447		6,506,080		1,029,109		1,778,920,723		49,389,396
Catholic Responsible Investments Opportunistic Bond Fund		52,152,969		502,844,264		16,260,246		2,412,933		2,167		521,519,610		1,978,291
Catholic Responsible Investments Equity Index Fund		333,201,648		3,327,560,433		380,171		3,833,324		27,536		3,331,801,464		1,349,580,320
Catholic Responsible Investments Small-Cap Fund		51,612,440		515,226,417		485,709		417,745		—		516,129,871		108,362,292
Catholic Responsible Investments Multi-Style US Equity Fund		79,868,550		798,383,041		16,731		444,471		6,437		798,850,680		82,513,106

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	Units Issued		Securities At Value		Cash		Income Receivable		Other		Total Assets		Unrealized Appreciation/ (Depreciation)
Catholic Responsible Investments International Equity Fund		130,018,252	$	1,262,019,716	$	37,303,994	$	962,979	$	13,670	$	1,300,300,359	$	277,330,531
Catholic Responsible Investments International Small-Cap Fund		7,670,860		72,842,536		3,793,960		74,782		—		76,711,278		4,831,673
Catholic Responsible Investments Magnus 45/55 Fund		9,158,563		91,564,944		1,439		—		—		91,566,383		11,952,648
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		118,573,471		1,185,789,677		114,685		—		—		1,185,904,362		188,485,112
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		32,272,630		352,671,372		17,874		—		—		352,689,246		67,719,305
Catholic Responsible Investments Magnus 75/25 Fund		30,470,066		304,697,617		4,988		—		—		304,702,605		52,259,822

11. 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, 2023.

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DISCLOSURE OF FUND EXPENSES

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, 2022 to April 30, 2023.

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.

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	Beginning Account Value 11/01/22		Ending Account Value 4/30/23		Annualized Expense Ratios			Expenses Paid During Period^*
Catholic Responsible Investments Ultra Short Bond Fund
Actual Fund Return
Institutional	$	1,000.00	$	1,021.10		0.35	%		$1.75
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,023.06		0.35	%		$1.76
Catholic Responsible Investments Short Duration Bond Fund
Actual Fund Return
Institutional	$	1,000.00	$	1,031.40		0.35	%		$1.76
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,023.06		0.35	%		$1.76
Catholic Responsible Investments Bond Fund
Actual Fund Return
Institutional	$	1,000.00	$	1,069.60		0.36	%		$1.85
Investor		1,000.00		1,068.80		0.51	%		2.62
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,023.01		0.36	%		$1.81
Investor		1,000.00		1,022.27		0.51	%		2.56
Catholic Responsible Investments Opportunistic Bond Fund
Actual Fund Return
Institutional	$	1,000.00	$	1,044.00		0.41	%		$2.08
Investor		1,000.00		1,043.40		0.56	%		2.84
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,022.76		0.41	%		$2.06
Investor		1,000.00		1,022.02		0.56	%		2.81
Catholic Responsible Investments Equity Index Fund
Actual Fund Return
Institutional	$	1,000.00	$	1,090.70		0.09	%		$0.47
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,024.35		0.09	%		$0.45
Catholic Responsible Investments Small-Cap Fund
Actual Fund Return
Institutional	$	1,000.00	$	965.60		0.29	%		$1.41
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,023.36		0.29	%		$1.45
Catholic Responsible Investments Multi-Style US Equity Fund
Actual Fund Return
Institutional	$	1,000.00	$	1,080.80		0.66	%		$3.41
Investor		1,000.00		1,080.10		0.81	%		4.18
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,021.52		0.66	%		$3.31
Investor		1,000.00		1,020.78		0.81	%		4.06
Catholic Responsible Investments International Equity Fund
Actual Fund Return
Institutional	$	1,000.00	$	1,231.10		0.81	%		$4.48
Investor		1,000.00		1,230.20		0.96	%		5.31
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,020.78		0.81	%		$4.06
Investor		1,000.00		1,020.03		0.96	%		4.81

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	Beginning Account Value 11/01/22		Ending Account Value 4/30/23		Annualized Expense Ratios			Expenses Paid During Period^*
Catholic Responsible Investments International Small-Cap Fund
Actual Fund Return
Institutional	$	1,000.00	$	1,195.40		1.15	%		$6.26
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,019.09		1.15	%		$5.76
Catholic Responsible Investments Magnus 45/55 Fund
Actual Fund Return
Institutional	$	1,000.00	$	1,075.10		—	%		$ —
Investor		1,000.00		1,074.30		0.15	%		0.77
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,024.80		—	%		$ —
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	$	1,082.00		—	%		$ —
Investor		1,000.00		1,081.20		0.15	%		0.77
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,024.80		—	%		$ —
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	$	1,084.40		—	%		$ —
Investor		1,000.00		1,083.60		0.15	%		0.77
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,024.80		—	%		$ —
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	$	1,090.80		—	%		$ —
Investor		1,000.00		1,090.00		0.15	%		0.78
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,024.80		—	%		$ —
Investor		1,000.00		1,024.05		0.15	%		0.75

*	Expenses are equal to each 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.)

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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-001-0200

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 7, 2023

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 7, 2023

By:						/s/ Andrew Metzger
						Andrew Metzger, Treasurer and Chief Financial Officer

Date:						July 7, 2023

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