# EDGAR Filing Document

**Accession Number:** 0001872555
**File Stem:** 0001398344-25-012816
**Filing Date:** 2025-7
**Character Count:** 917624
**Document Hash:** 1c9d0ad8b138812482f0a48a2f4ec1c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-012816.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001398344-25-012816

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Catholic Responsible Investments Funds
- **CENTRAL INDEX KEY:** 0001872555

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23718
- **FILM NUMBER:** 251108863

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** 610-676-1000

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND (Series ID: S000073781)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230946 | Investor Shares      | CRBVX           |
| C000230947 | Institutional Shares | CRBSX           |

### CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND (Series ID: S000073782)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230948 | Investor Shares      | CROVX           |
| C000230949 | Institutional Shares | CROSX           |

### CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND (Series ID: S000073783)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230950 | Institutional Shares | CRDSX           |

### CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND (Series ID: S000073784)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230951 | Institutional Shares | CRSSX           |

### CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND (Series ID: S000073785)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230952 | Institutional Shares | CRHSX           |

### CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND (Series ID: S000073786)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230953 | Institutional Shares | CRQSX           |

### CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND (Series ID: S000073787)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230954 | Institutional Shares | CRLSX           |
| C000230955 | Investor Shares      | CRLVX           |

### CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND (Series ID: S000073788)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230956 | Institutional Shares | CRNSX           |

### CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 45/55 FUND (Series ID: S000073789)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230957 | Investor Shares      | CMNVX           |
| C000230958 | Institutional Shares | CMNSX           |

### CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 60/40 ALPHA PLUS FUND (Series ID: S000073790)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230959 | Institutional Shares | CMPSX           |
| C000230960 | Investor Shares      | CMPVX           |

### CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 60/40 BETA PLUS FUND (Series ID: S000073791)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230961 | Institutional Shares | CMMSX           |
| C000230962 | Investor Shares      | CMMVX           |

### CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 75/25 FUND (Series ID: S000073792)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230963 | Institutional Shares | CMUSX           |
| C000230964 | Investor Shares      | CMUVX           |

### CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND (Series ID: S000073793)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230965 | Investor Shares      | CRTVX           |
| C000230966 | Institutional Shares | CRTSX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act File Number 811-23718**

**Catholic Responsible Investments Funds**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

Michael Beattie

c/o SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

**Date of fiscal year end: October 31, 2025**

**Date of reporting period: April 30, 2025**

Item 1. Reports to Stockholders.

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

**# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Ultra Short Bond Fund

## Institutional Class Shares - CRHSX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Ultra Short Bond Fund, Institutional Class Shares | $18 | 0.35% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $105286807 | 204 | $60761 | 34% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](iae42efd7479d644a46e6a5c2.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Mortgage-Backed Security | 0.1% |
| U.S. Government Agency Obligation | 3.3% |
| Commercial Paper | 4.3% |
| Repurchase Agreements | 11.1% |
| Corporate Obligations | 23.2% |
| U.S. Treasury Obligations | 28.1% |
| Asset-Backed Securities | 31.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CRHSX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Short Duration Bond Fund

## Institutional Class Shares - CRDSX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Short Duration Bond Fund, Institutional Class Shares | $18 | 0.35% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $508021837 | 424 | $695790 | 26% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i55bb5fc4bc7f828477056a87.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Short-Term Investment | 0.0% |
| Futures Contracts | 0.1% |
| U.S. Government Agency Obligations | 0.3% |
| Sovereign Debt | 0.3% |
| Bank Loan Obligations | 0.4% |
| Municipal Bonds | 4.0% |
| Repurchase Agreements | 4.1% |
| Mortgage-Backed Securities | 11.3% |
| Asset-Backed Securities | 19.2% |
| U.S. Treasury Obligations | 26.1% |
| Corporate Obligations | 35.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CRDSX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Bond Fund

## Institutional Class Shares - CRBSX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Bond Fund, Institutional Class Shares | $18 | 0.35% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $2376755458 | 1315 | $3440297 | 42% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ib51c21247a4a9da7f256e6fc.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| U.S. Government Agency Obligation | 0.0% |
| Futures Contracts | 0.1% |
| Bank Loan Obligations | 0.1% |
| Sovereign Debt | 1.3% |
| Municipal Bonds | 2.9% |
| Asset-Backed Securities | 8.1% |
| Mortgage-Backed Securities | 27.9% |
| Corporate Obligations | 28.1% |
| U.S. Treasury Obligations | 29.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

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

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CRBSX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Bond Fund

## Investor Class Shares - CRBVX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Bond Fund, Investor Class Shares | $25 | 0.50% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $2376755458 | 1315 | $3440297 | 42% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ib8cc0374306cfad6240ef12d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| U.S. Government Agency Obligation | 0.0% |
| Futures Contracts | 0.1% |
| Bank Loan Obligations | 0.1% |
| Sovereign Debt | 1.3% |
| Municipal Bonds | 2.9% |
| Asset-Backed Securities | 8.1% |
| Mortgage-Backed Securities | 27.9% |
| Corporate Obligations | 28.1% |
| U.S. Treasury Obligations | 29.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

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

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CRBVX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Opportunistic Bond Fund

## Institutional Class Shares - CROSX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Opportunistic Bond Fund, Institutional Class Shares | $21 | 0.41% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $701741233 | 348 | $1193446 | 83% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i8e9987e99562751ff9f67608.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Short-Term Investment | 0.0% |
| U.S. Government Agency Obligation | 0.0% |
| Futures Contracts | 0.0% |
| Bank Loan Obligations | 0.4% |
| Sovereign Debt | 1.2% |
| Municipal Bonds | 1.9% |
| Asset-Backed Securities | 19.2% |
| U.S. Treasury Obligations | 23.8% |
| Mortgage-Backed Securities | 25.3% |
| Corporate Obligations | 25.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CROSX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Opportunistic Bond Fund

## Investor Class Shares - CROVX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Opportunistic Bond Fund, Investor Class Shares | $28 | 0.56% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $701741233 | 348 | $1193446 | 83% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i7c27214ba9943ec408b22230.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Short-Term Investment | 0.0% |
| U.S. Government Agency Obligation | 0.0% |
| Futures Contracts | 0.0% |
| Bank Loan Obligations | 0.4% |
| Sovereign Debt | 1.2% |
| Municipal Bonds | 1.9% |
| Asset-Backed Securities | 19.2% |
| U.S. Treasury Obligations | 23.8% |
| Mortgage-Backed Securities | 25.3% |
| Corporate Obligations | 25.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CROVX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Equity Index Fund

## Institutional Class Shares - CRQSX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Equity Index Fund, Institutional Class Shares | $4 | 0.09% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3763653651 | 439 | $894440 | 12% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i9866d6e1e924b0407cf0c045.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Rights | 0.0% |
| Short-Term Investment | 0.0% |
| Futures Contracts | 0.0% |
| Materials | 2.2% |
| Utilities | 2.5% |
| Real Estate | 2.8% |
| Energy | 3.3% |
| Consumer Staples | 6.7% |
| Health Care | 7.9% |
| Industrials | 8.1% |
| Communication Services | 9.9% |
| Consumer Discretionary | 10.3% |
| Financials | 14.9% |
| Information Technology | 30.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Apple | 6.9% |
| Microsoft | 6.4% |
| NVIDIA | 5.7% |
| Amazon.com | 3.7% |
| Meta Platforms, Cl A | 2.6% |
| Berkshire Hathaway, Cl B | 2.4% |
| Alphabet, Cl A | 2.0% |
| Broadcom | 1.9% |
| Tesla | 1.7% |
| Alphabet, Cl C | 1.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CRQSX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Small-Cap Fund

## Institutional Class Shares - CRSSX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

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

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $489010513 | 577 | $544602 | 14% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i0365d206d8e8e8aa133aed11.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Rights | 0.0% |
| Futures Contracts | 0.0% |
| Short-Term Investment | 1.6% |
| Utilities | 2.4% |
| Communication Services | 3.1% |
| Consumer Staples | 3.4% |
| Energy | 3.8% |
| Materials | 5.0% |
| Real Estate | 8.1% |
| Health Care | 11.3% |
| Information Technology | 12.0% |
| Consumer Discretionary | 12.5% |
| Industrials | 18.4% |
| Financials | 19.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Mr Cooper Group | 0.6% |
| Qorvo | 0.5% |
| Armstrong World Industries | 0.5% |
| TG Therapeutics | 0.5% |
| Stride | 0.5% |
| SPX Technologies | 0.5% |
| Badger Meter | 0.5% |
| Teleflex | 0.5% |
| Brinker International | 0.5% |
| Essential Properties Realty Trust | 0.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CRSSX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Multi-Style US Equity Fund

## Institutional Class Shares - CRTSX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

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

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $739600291 | 308 | $2463405 | 23% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](iaba1b327c4af064e221df9c0.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Real Estate | 1.1% |
| Utilities | 2.6% |
| Energy | 3.5% |
| Materials | 4.5% |
| Consumer Staples | 5.7% |
| Communication Services | 6.9% |
| Consumer Discretionary | 7.6% |
| Health Care | 8.1% |
| Industrials | 11.8% |
| Financials | 16.5% |
| Information Technology | 30.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

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

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CRTSX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Multi-Style US Equity Fund

## Investor Class Shares - CRTVX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

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

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $739600291 | 308 | $2463405 | 23% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i979422bf3bd9854a5376e1ed.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Real Estate | 1.1% |
| Utilities | 2.6% |
| Energy | 3.5% |
| Materials | 4.5% |
| Consumer Staples | 5.7% |
| Communication Services | 6.9% |
| Consumer Discretionary | 7.6% |
| Health Care | 8.1% |
| Industrials | 11.8% |
| Financials | 16.5% |
| Information Technology | 30.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

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

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CRTVX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments International Equity Fund

## Institutional Class Shares - CRLSX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments International Equity Fund, Institutional Class Shares | $41 | 0.80% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $1852667622 | 311 | $5992646 | 21% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i4adcca44cdfefe4ff28823d0.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 20.9% |
| Short-Term Investment | 0.8% |
| United States | 2.2% |
| Ireland | 2.2% |
| Italy | 3.2% |
| India | 3.7% |
| Canada | 4.2% |
| Taiwan | 4.8% |
| Netherlands | 6.6% |
| China | 7.7% |
| Japan | 8.9% |
| France | 9.3% |
| Germany | 9.7% |
| United Kingdom | 13.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Tencent Holdings | 2.6% |
| Taiwan Semiconductor Manufacturing | 2.4% |
| Nintendo | 2.1% |
| SAP | 2.0% |
| 3i Group | 1.8% |
| Siemens Energy | 1.8% |
| Deutsche Telekom | 1.7% |
| Spotify Technology | 1.6% |
| Sea ADR | 1.6% |
| Taiwan Semiconductor Manufacturing ADR | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CRLSX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments International Equity Fund

## Investor Class Shares - CRLVX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments International Equity Fund, Investor Class Shares | $48 | 0.95% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $1852667622 | 311 | $5992646 | 21% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i7a4448540ca27106a7b1ee2e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 20.9% |
| Short-Term Investment | 0.8% |
| United States | 2.2% |
| Ireland | 2.2% |
| Italy | 3.2% |
| India | 3.7% |
| Canada | 4.2% |
| Taiwan | 4.8% |
| Netherlands | 6.6% |
| China | 7.7% |
| Japan | 8.9% |
| France | 9.3% |
| Germany | 9.7% |
| United Kingdom | 13.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Tencent Holdings | 2.6% |
| Taiwan Semiconductor Manufacturing | 2.4% |
| Nintendo | 2.1% |
| SAP | 2.0% |
| 3i Group | 1.8% |
| Siemens Energy | 1.8% |
| Deutsche Telekom | 1.7% |
| Spotify Technology | 1.6% |
| Sea ADR | 1.6% |
| Taiwan Semiconductor Manufacturing ADR | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CRLVX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments International Small-Cap Fund

## Institutional Class Shares - CRNSX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

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

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $107728912 | 413 | $435095 | 26% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](iafc02beb9b39d646a26aa9cc.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Futures Contracts | 0.1% |
| Other Countries | 22.5% |
| Short-Term Investment | 0.9% |
| Exchange-Traded Fund | 1.7% |
| Switzerland | 2.2% |
| South Korea | 2.4% |
| France | 2.9% |
| Taiwan | 3.2% |
| India | 3.6% |
| Germany | 3.7% |
| Sweden | 4.0% |
| Australia | 4.2% |
| Italy | 5.1% |
| Canada | 5.6% |
| United Kingdom | 9.7% |
| Japan | 24.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CRNSX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Magnus 45/55 Fund

## Institutional Class Shares - CMNSX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Magnus 45/55 Fund, Institutional Class Shares | $0 | 0.00%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The expense ratios do not include expenses of the underlying affiliated investment companies. |

---

## Key Fund Statistics as of April 30, 2025

---

| | | |
|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $127422835<sub>8</sub> | $- | 3% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i09ca59f5e99afefe3fe95719.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Open-End Mutual Funds | 99.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Catholic Responsible Investments Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 27.2% |
| Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 22.9% |
| Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 13.6% |
| Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 13.6% |
| Catholic Responsible Investments International Equity Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 9.1% |
| Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 6.9% |
| Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 4.0% |
| Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CMNSX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Magnus 45/55 Fund

## Investor Class Shares - CMNVX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Magnus 45/55 Fund, Investor Class Shares | $7 | 0.15%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The expense ratios do not include expenses of the underlying affiliated investment companies. |

---

## Key Fund Statistics as of April 30, 2025

---

| | | |
|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $127422835<sub>8</sub> | $- | 3% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i1fbec7ff97cc676a148a6aa8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Open-End Mutual Funds | 99.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Catholic Responsible Investments Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 27.2% |
| Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 22.9% |
| Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 13.6% |
| Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 13.6% |
| Catholic Responsible Investments International Equity Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 9.1% |
| Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 6.9% |
| Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 4.0% |
| Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CMNVX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund

## Institutional Class Shares - CMPSX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Institutional Class Shares | $0 | 0.00%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The expense ratios do not include expenses of the underlying affiliated investment companies. |

---

## Key Fund Statistics as of April 30, 2025

---

| | | |
|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $1362714548<sub>8</sub> | $- | 5% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i04e8d61cb29c96b2b94d344a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Open-End Mutual Funds | 99.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 24.3% |
| Catholic Responsible Investments Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 19.4% |
| Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 15.1% |
| Catholic Responsible Investments International Equity Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 12.6% |
| Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 9.7% |
| Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 9.6% |
| Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 6.1% |
| Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CMPSX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund

## Investor Class Shares - CMPVX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Investor Class Shares | $7 | 0.15%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The expense ratios do not include expenses of the underlying affiliated investment companies. |

---

## Key Fund Statistics as of April 30, 2025

---

| | | |
|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $1362714548<sub>8</sub> | $- | 5% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i9de3d898c3dd1fc57dee7c11.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Open-End Mutual Funds | 99.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 24.3% |
| Catholic Responsible Investments Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 19.4% |
| Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 15.1% |
| Catholic Responsible Investments International Equity Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 12.6% |
| Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 9.7% |
| Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 9.6% |
| Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 6.1% |
| Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CMPVX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Magnus 60/40 Beta Plus Fund

## Institutional Class Shares - CMMSX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Institutional Class Shares | $0 | 0.00%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The expense ratios do not include expenses of the underlying affiliated investment companies. |

---

## Key Fund Statistics as of April 30, 2025

---

| | | |
|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $548299702<sub>7</sub> | $- | 5% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i1e8b5fba2fd2f08cbbfa5307.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Open-End Mutual Funds | 99.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 39.4% |
| Catholic Responsible Investments Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 19.4% |
| Catholic Responsible Investments International Equity Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 12.6% |
| Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 9.7% |
| Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 9.6% |
| Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 6.1% |
| Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CMMSX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Magnus 60/40 Beta Plus Fund

## Investor Class Shares - CMMVX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Investor Class Shares | $7 | 0.15%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The expense ratios do not include expenses of the underlying affiliated investment companies. |

---

## Key Fund Statistics as of April 30, 2025

---

| | | |
|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $548299702<sub>7</sub> | $- | 5% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ibd8aa8beae73090bdd8d3708.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Open-End Mutual Funds | 99.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 39.4% |
| Catholic Responsible Investments Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 19.4% |
| Catholic Responsible Investments International Equity Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 12.6% |
| Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 9.7% |
| Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 9.6% |
| Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 6.1% |
| Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 3.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CMMVX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Magnus 75/25 Fund

## Institutional Class Shares - CMUSX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Magnus 75/25 Fund, Institutional Class Shares | $0 | 0.00%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The expense ratios do not include expenses of the underlying affiliated investment companies. |

---

## Key Fund Statistics as of April 30, 2025

---

| | | |
|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $207920999<sub>8</sub> | $- | 9% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i322349aec3efafbc7ab0d516.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Open-End Mutual Funds | 99.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 33.8% |
| Catholic Responsible Investments International Equity Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 15.6% |
| Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 15.1% |
| Catholic Responsible Investments Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 12.0% |
| Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 7.5% |
| Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 6.0% |
| Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 6.0% |
| Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CMUSX-SAR-2025

# Catholic Responsible Investments Funds
![Image](i96347fea3a6fcf680a1182aa.jpg)

## Catholic Responsible Investments Magnus 75/25 Fund

## Investor Class Shares - CMUVX

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

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Catholic Responsible Investments Magnus 75/25 Fund, Investor Class Shares | $7 | 0.15%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The expense ratios do not include expenses of the underlying affiliated investment companies. |

---

## Key Fund Statistics as of April 30, 2025

---

| | | |
|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $207920999<sub>8</sub> | $- | 9% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ie134f62a6e875109ba4ee914.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Open-End Mutual Funds | 99.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 33.8% |
| Catholic Responsible Investments International Equity Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 15.6% |
| Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 15.1% |
| Catholic Responsible Investments Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 12.0% |
| Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 7.5% |
| Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 6.0% |
| Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 6.0% |
| Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares<sup>Footnote Reference\*\*</sup> | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 866-348-6466 

* https://cbisonline.com/us/legal-financial/ 

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

![Image](i96347fea3a6fcf680a1182aa.jpg)

#### CMUVX-SAR-2025**

(b) Not applicable

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

**Item 3. Audit Committee Financial Expert.**

Not appliable for semi-annual report.

**Item 4. Principal Accountant Fees and Services.**

Not applicable for semi-annual report.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments.**

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

(b) Not applicable.

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

Financial statements and financial highlights are filed herein.

![](image_001.jpg)

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025** 

**Table of Contents**

---

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

---

**CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ASSET-BACKED SECURITIES — 31.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ASSET-BACKED SECURITIES — 31.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ASSET-BACKED SECURITIES — 31.8%** |
|  | **Face Amount** | **Value** |
| **Automotive — 23.0%** | **Automotive — 23.0%** | **Automotive — 23.0%** |
| &nbsp;&nbsp; Ally Auto Receivables Trust, Ser 2023-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.460%, 05/15/28  | $362642 | $365512 |
| &nbsp;&nbsp; American Credit Acceptance Receivables Trust, Ser 2024-2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 02/12/27 (A) | 57341 | 57414 |
| &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, Ser 2022-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, 04/18/28  | 115455 | 115365 |
| &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, Ser 2024-1, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, SOFR30A + 0.600%, 02/18/28 (B) | 444505 | 444199 |
| &nbsp;&nbsp; ARI Fleet Lease Trust, Ser 2023-B, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 07/15/32 (A) | 258294 | 260321 |
| &nbsp;&nbsp; ARI Fleet Lease Trust, Ser 2024-A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 11/15/32 (A) | 333168 | 334854 |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Ser 2024-2, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.290%, 01/25/27  | 341863 | 341346 |
| &nbsp;&nbsp; Capital One Prime Auto Receivables Trust, Ser 2022-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.170%, 04/15/27  | 53769 | 53462 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Ser 2022-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490%, 02/16/27  | 112418 | 112033 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Ser 2022-4, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.340%, 08/16/27  | 181939 | 182533 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Ser 2023-3, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.720%, 11/16/26  | 45227 | 45263 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Ser 2023-3, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.945%, SOFR30A + 0.600%, 11/16/26 (B) | 196735 | 196774 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Ser 2023-4, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.145%, SOFR30A + 0.800%, 12/15/26 (B) | 105597 | 105653 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Ser 2024-1, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.965%, SOFR30A + 0.620%, 03/15/27 (B) | 30680 | 30686 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Ser 2025-2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.468%, 05/15/26  | $110000 | $110054 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Ser 2025-N1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.636%, 03/10/26 (A) | 154963 | 154965 |
| &nbsp;&nbsp; Chesapeake Funding II, Ser 2023-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.595%, SOFR30A + 1.250%, 05/15/35 (A)(B) | 77440 | 77760 |
| &nbsp;&nbsp; Chesapeake Funding II, Ser 2023-2A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.160%, 10/15/35 (A) | 73761 | 74800 |
| &nbsp;&nbsp; Citizens Auto Receivables Trust, Ser 2023-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840%, 01/18/28 (A) | 330969 | 333356 |
| &nbsp;&nbsp; Citizens Auto Receivables Trust, Ser 2024-1, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.945%, SOFR30A + 0.600%, 10/15/26 (A)(B) | 146133 | 146168 |
| &nbsp;&nbsp; Citizens Auto Receivables Trust, Ser 2024-2, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.540%, 11/16/26 (A) | 148030 | 148285 |
| &nbsp;&nbsp; Citizens Auto Receivables Trust, Ser 2024-2, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.885%, SOFR30A + 0.540%, 11/16/26 (A)(B) | 666134 | 666189 |
| &nbsp;&nbsp; CPS Auto Receivables Trust, Ser 2024-C, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.880%, 02/15/28 (A) | 362102 | 363740 |
| &nbsp;&nbsp; DT Auto Owner Trust, Ser 2021-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/16/27 (A) | 338276 | 336081 |
| &nbsp;&nbsp; DT Auto Owner Trust, Ser 2023-3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.290%, 08/16/27 (A) | 9768 | 9783 |
| &nbsp;&nbsp; Enterprise Fleet Financing, Ser 2023-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.510%, 01/22/29 (A) | 450348 | 451693 |
| &nbsp;&nbsp; Enterprise Fleet Financing, Ser 2024-3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.310%, 04/20/27 (A) | 70428 | 70661 |
| &nbsp;&nbsp; Enterprise Fleet Financing, Ser 2024-4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.724%, 10/21/25 (A) | 99755 | 99766 |
| &nbsp;&nbsp; Enterprise Fleet Financing, Ser 2025-2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.555%, 05/20/26 (A) | 245000 | 245048 |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Ser 2024-A, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.845%, SOFR30A + 0.500%, 07/15/26 (B) | 9663 | 9663 |

---

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

*1*

**CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Ser 2024-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.060%, 05/15/27  | $375000 | $375890 |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Ser 2024-B, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.180%, 02/15/27  | 68625 | 68749 |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Ser 2024-B, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.745%, SOFR30A + 0.400%, 02/15/27 (B) | 187817 | 187760 |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Ser 2025-A, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.755%, SOFR30A + 0.410%, 08/15/27 (B) | 435000 | 434628 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2022-B, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.930%, 08/15/27  | 600000 | 597867 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2022-C, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, 12/15/26  | 41938 | 41911 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2023-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 02/15/28  | 278477 | 278668 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2023-B, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.570%, 06/15/26  | 16042 | 16049 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2023-C, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.680%, 09/15/26  | 80505 | 80610 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2024-B, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.745%, SOFR30A + 0.400%, 04/15/27 (B) | 299078 | 298997 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2024-C, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.922%, 10/15/25  | 12209 | 12211 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2024-D, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.604%, 12/15/25  | 96188 | 96187 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2025-A, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.755%, SOFR30A + 0.410%, 12/15/27 (B) | 600000 | 599386 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, Ser 2025-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.408%, 02/20/26  | 154859 | 154831 |
| &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Ser 2021-3, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.730%, 08/16/27  | 149118 | 147797 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Ser 2022-4, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.820%, 08/16/27  | $904562 | $905052 |
| &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Ser 2023-4, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.877%, SOFR30A + 0.530%, 11/16/26 (B) | 86001 | 86015 |
| &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Ser 2024-2, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.737%, SOFR30A + 0.390%, 03/16/27 (B) | 182539 | 182448 |
| &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Ser 2024-3, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 06/16/27  | 85906 | 86123 |
| &nbsp;&nbsp; GMF Floorplan Owner Revolving Trust Series, Ser 2025-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.945%, SOFR30A + 0.600%, 03/15/29 (A)(B) | 1195000 | 1192403 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, Ser 2023-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410%, 04/15/26  | 6939 | 6941 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, Ser 2023-3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710%, 03/18/26  | 53 | 53 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, Ser 2025-2, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; –%, SOFR30A + 0.480%, 01/18/28 (B) | 160000 | 160000 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Ser 2023-B, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%, 04/15/27 (A) | 271000 | 271421 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Ser 2023-C, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.945%, SOFR30A + 0.600%, 03/16/26 (A)(B) | 122557 | 122563 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Ser 2023-C, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840%, 09/15/27 (A) | 200000 | 202127 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Ser 2024-A, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.845%, SOFR30A + 0.500%, 06/15/26 (A)(B) | 219371 | 219344 |

---

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

*2*

**CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Ser 2024-B, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.795%, SOFR30A + 0.450%, 10/15/26 (A)(B) | $604316 | $604063 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Ser 2023-C, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.975%, SOFR30A + 0.630%, 01/15/27 (B) | 42907 | 42921 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Ser 2024-B, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 06/15/27  | 160359 | 160798 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Ser 2024-C, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/25  | 795 | 796 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Ser 2024-C, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.745%, SOFR30A + 0.400%, 09/15/27 (B) | 297000 | 296900 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Ser 2025-A, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.685%, SOFR30A + 0.340%, 12/15/27 (B) | 1105000 | 1103438 |
| &nbsp;&nbsp; M&T Bank Auto Receivables Trust, Ser 2025-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.514%, 02/17/26 (A) | 235984 | 235913 |
| &nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Ser 2024-A, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.765%, SOFR30A + 0.420%, 02/16/27 (B) | 70057 | 70018 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, Ser 2023-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.920%, 11/16/26  | 53447 | 53518 |
| &nbsp;&nbsp; Nissan Auto Lease Trust, Ser 2024-A, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 10/15/26  | 171944 | 172123 |
| &nbsp;&nbsp; Nissan Auto Lease Trust, Ser 2024-B, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 06/15/27  | 211367 | 212107 |
| &nbsp;&nbsp; Nissan Auto Lease Trust, Ser 2024-B, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.755%, SOFR30A + 0.410%, 06/15/27 (B) | 845468 | 844942 |
| &nbsp;&nbsp; Nissan Auto Receivables Owner Trust, Ser 2022-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.860%, 08/17/26  | 63327 | 62987 |
| &nbsp;&nbsp; Nissan Auto Receivables Owner Trust, Ser 2023-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910%, 11/15/27  | 313001 | 313554 |
| &nbsp;&nbsp; Nissan Auto Receivables Owner Trust, Ser 2023-B, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.905%, SOFR30A + 0.560%, 05/15/26 (B) | 92648 | 92670 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Nissan Auto Receivables Owner Trust, Ser 2024-B, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.703%, 10/15/25  | $77722 | $77728 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2022-2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.440%, 09/15/27  | 53568 | 53462 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2023-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.210%, 07/15/27  | 54723 | 54737 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2023-5, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.310%, 07/15/27  | 12904 | 12912 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2023-6, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.080%, 05/17/27  | 12486 | 12496 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2025-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.760%, 08/16/27  | 511376 | 511390 |
| &nbsp;&nbsp; SBNA Auto Lease Trust, Ser 2023-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.510%, 04/20/27 (A) | 350000 | 351970 |
| &nbsp;&nbsp; SBNA Auto Lease Trust, Ser 2024-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.390%, 11/20/26 (A) | 500000 | 501095 |
| &nbsp;&nbsp; SBNA Auto Lease Trust, Ser 2025-A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.489%, 02/20/26 (A) | 192580 | 192555 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, Ser 2023-1A, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.890%, 03/22/27 (A) | 2665 | 2667 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, Ser 2023-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.470%, 10/20/28 (A) | 600000 | 604465 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, Ser 2024-3A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.710%, 05/22/28 (A) | 228864 | 228819 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, Ser 2025-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.492%, 02/20/26 (A) | 82238 | 82233 |
| &nbsp;&nbsp; Toyota Auto Receivables Owner Trust, Ser 2023-D, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 11/16/26  | 74301 | 74446 |

---

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

*3*

**CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp; Toyota Auto Receivables Owner Trust, Ser 2024-C, Cl A2B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.715%, SOFR30A + 0.370%, 05/17/27 (B) | $| 922043 | $| 921931 |
| &nbsp;&nbsp; Volkswagen Auto Lease Trust, Ser 2023-A, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810%, 10/20/26  |  | 252450 |  | 253525 |
| &nbsp;&nbsp; Volkswagen Auto Lease Trust, Ser 2024-A, Cl A2B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.820%, SOFR30A + 0.470%, 12/21/26 (B) |  | 325799 |  | 325333 |
| &nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, Ser 2024-1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.622%, 11/20/25  |  | 31962 |  | 31963 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, Ser 2025-1A, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.565%, 01/15/26 (A) |  | 372066 |  | 372044 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, Ser 2021-D, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.720%, 06/15/28  |  | 325000 |  | 319658 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, Ser 2022-A, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.660%, 05/17/27  |  | 165093 |  | 163805 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, Ser 2023-B, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.660%, 05/15/28  |  | 325685 |  | 325958 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, Ser 2023-D, Cl A2A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.910%, 02/16/27  |  | 39625 |  | 39707 |
| &nbsp;&nbsp; World Omni Automobile Lease Securitization Trust, Ser 2024-A, Cl A2B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.775%, SOFR30A + 0.430%, 02/16/27 (B) |  | 439217 |  | 439278 |
| &nbsp;&nbsp; World Omni Automobile Lease Securitization Trust, Ser 2025-A, Cl A2B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.735%, SOFR30A + 0.390%, 12/15/27 (B) |  | 1000000 |  | 998538 |
| &nbsp;&nbsp; World Omni Select Auto Trust, Ser 2024-A, Cl A2A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.370%, 02/15/28  |  | 233611 |  | 234187 |
|  |  |  |  | 24223108 |
| **Credit Card — 2.0%** | **Credit Card — 2.0%** | **Credit Card — 2.0%** | **Credit Card — 2.0%** | **Credit Card — 2.0%** |
| &nbsp;&nbsp; Barclays Dryrock Issuance Trust, Ser 2023-2, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.245%, SOFR30A + 0.900%, 08/15/28 (B) |  | 500000 |  | 500804 |
| &nbsp;&nbsp; CARDS II Trust, Ser 2024-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.037%, SOFRRATE + 0.680%, 07/15/29 (A)(B) |  | 280000 |  | 280264 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp; Citibank Credit Card Issuance Trust, Ser 2023-A2, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.028%, SOFRRATE + 0.630%, 12/08/27 (B) | $| 1172000 | $| 1173196 |
| &nbsp;&nbsp; Evergreen Credit Card Trust, Ser 2024-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%, SOFRRATE + 0.680%, 07/17/28 (A)(B) |  | 170000 |  | 170159 |
|  |  |  |  | 2124423 |
| **Other Asset-Backed Securities — 6.8%** | **Other Asset-Backed Securities — 6.8%** | **Other Asset-Backed Securities — 6.8%** | **Other Asset-Backed Securities — 6.8%** | **Other Asset-Backed Securities — 6.8%** |
| &nbsp;&nbsp; 522 Funding CLO, Ser 2021-3A, Cl AR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.571%, TSFR3M + 1.302%, 10/20/31 (A)(B) |  | 121274 |  | 121232 |
| &nbsp;&nbsp; Amur Equipment Finance Receivables XII, Ser 2023-1A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.090%, 12/20/29 (A) |  | 473776 |  | 479191 |
| &nbsp;&nbsp; Apidos CLO XXX, Ser 2024-XXXA, Cl A1AR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, TSFR3M + 1.080%, 10/18/31 (A)(B) |  | 275191 |  | 274652 |
| &nbsp;&nbsp; Auxilior Term Funding, Ser 2023-1A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.180%, 12/15/28 (A) |  | 303835 |  | 306407 |
| &nbsp;&nbsp; Bain Capital Credit CLO, Ser 2024-2A, Cl A1R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, TSFR3M + 1.080%, 07/19/31 (A)(B) |  | 843314 |  | 842493 |
| &nbsp;&nbsp; Cbam, Ser 2018-7A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.631%, TSFR3M + 1.362%, 07/20/31 (A)(B) |  | 160691 |  | 160632 |
| &nbsp;&nbsp; CCG Receivables Trust, Ser 2025-1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.497%, 03/16/26 (A) |  | 275033 |  | 274971 |
| &nbsp;&nbsp; CNH Equipment Trust, Ser 2022-C, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 04/17/28  |  | 328176 |  | 329971 |
| &nbsp;&nbsp; CNH Equipment Trust, Ser 2024-A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.190%, 07/15/27  |  | 182301 |  | 182433 |
| &nbsp;&nbsp; CNH Equipment Trust, Ser 2024-B, Cl A2B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.745%, SOFR30A + 0.400%, 10/15/27 (B) |  | 442894 |  | 442892 |
| &nbsp;&nbsp; Daimler Trucks Retail Trust, Ser 2022-1, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%, 02/17/26  |  | 144611 |  | 144679 |
| &nbsp;&nbsp; Dell Equipment Finance Trust, Ser 2023-3, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 04/23/29 (A) |  | 21438 |  | 21461 |
| &nbsp;&nbsp; DLLAA, Ser 2025-1A, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.466%, 01/20/26 (A) |  | 126620 |  | 126600 |

---

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

*4*

**CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; DLLAA, Ser 2025-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 10/20/27 (A) | $150000 | $150316 |
| &nbsp;&nbsp; Dryden 30 Senior Loan Fund, Ser 2017-30A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.405%, TSFR3M + 1.082%, 11/15/28 (A)(B) | 52493 | 52475 |
| &nbsp;&nbsp; GreatAmerica Leasing Receivables Funding, Ser 2025-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.462%, 03/16/26 (A) | 182294 | 182241 |
| &nbsp;&nbsp; HPEFS Equipment Trust, Ser 2022-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.940%, 03/20/30 (A) | 350000 | 349955 |
| &nbsp;&nbsp; HPEFS Equipment Trust, Ser 2023-2A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040%, 01/21/31 (A) | 86756 | 86910 |
| &nbsp;&nbsp; John Deere Owner Trust, Ser 2022-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.320%, 09/15/26  | 113961 | 113434 |
| &nbsp;&nbsp; John Deere Owner Trust, Ser 2023-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.010%, 11/15/27  | 310577 | 311380 |
| &nbsp;&nbsp; John Deere Owner Trust, Ser 2023-C, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.760%, 08/17/26  | 8606 | 8611 |
| &nbsp;&nbsp; Kubota Credit Owner Trust, Ser 2025-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.481%, 02/16/26 (A) | 525198 | 525125 |
| &nbsp;&nbsp; MMAF Equipment Finance, Ser 2017-B, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.720%, 06/15/40 (A) | 145271 | 144717 |
| &nbsp;&nbsp; Octagon Investment Partners XVI, Ser 2018-1A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.561%, TSFR3M + 1.282%, 07/17/30 (A)(B) | 192649 | 192582 |
| &nbsp;&nbsp; PFS Financing, Ser 2024-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.195%, SOFR30A + 0.850%, 01/15/28 (A)(B) | 350000 | 350494 |
| &nbsp;&nbsp; PFS Financing, Ser 2025-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.995%, SOFR30A + 0.650%, 01/15/29 (A)(B) | 285000 | 284055 |
| &nbsp;&nbsp; SCF Equipment Trust, Ser 2025-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.522%, 02/20/26 (A) | 153200 | 153180 |
| &nbsp;&nbsp; Tesla Sustainable Energy Trust, Ser 2024-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.830%, 12/03/25 (A) | 13724 | 13724 |
| &nbsp;&nbsp; Volvo Financial Equipment Series, Ser 2024-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.073%, 09/15/25 (A) | 22010 | 22015 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Volvo Financial Equipment Series, Ser 2025-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.491%, 03/16/26 (A) | $452172 | $452076 |
|  |  | 7100904 |
| &nbsp;&nbsp; Total Asset-Backed Securities  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $33,456,794)  |  | 33448435 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS — 28.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS — 28.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS — 28.1%** |
| &nbsp;&nbsp; U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271%, 05/22/25(C) | $5225000 | $5212068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.264%, 05/27/25(C) | 3800000 | 3788400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.264%, 06/10/25(C) | 2300000 | 2289218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/03/25(C) | 1500000 | 1494200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.249%, 05/13/25(C) | 2925000 | 2920890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.248%, 06/20/25(C) | 6100000 | 6064260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.240%, 05/01/25(C) | 1525000 | 1525000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.229%, 06/26/25(C) | 2425000 | 2409014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 06/24/25(D) | 2125000 | 2111533 |
| &nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.415%, USBMMY3M + 0.170%, 10/31/25(B) | 1725000 | 1725600 |
| &nbsp;&nbsp; Total U.S. Treasury Obligations  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $29,541,154)  |  | 29540183 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CORPORATE OBLIGATIONS — 23.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CORPORATE OBLIGATIONS — 23.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CORPORATE OBLIGATIONS — 23.2%** |
|  **CONSUMER DISCRETIONARY — 1.2%** | **CONSUMER DISCRETIONARY — 1.2%** | **CONSUMER DISCRETIONARY — 1.2%** |
| &nbsp;&nbsp; American Honda Finance MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.118%, SOFRINDX + 0.720%, 10/05/26(B) | $472000 | $472138 |
| &nbsp;&nbsp; Toyota Motor Credit  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.133%, SOFRRATE + 0.770%, 08/07/26(B) | 550000 | 550994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.851%, SOFRINDX + 0.450%, 04/10/26(B) | 200000 | 199784 |
|  |  | 1222916 |
|  **FINANCIALS — 18.7%** | **FINANCIALS — 18.7%** | **FINANCIALS — 18.7%** |
| &nbsp;&nbsp; American Express  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.764%, SOFRINDX + 1.350%, 10/30/26(B) | 550000 | 552123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.124%, SOFRRATE + 0.760%, 02/13/26(B) | 550000 | 551128 |
| &nbsp;&nbsp; Athene Global Funding MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.402%, SOFRINDX + 1.030%, 08/27/26(A)(B) | 350000 | 350583 |
| &nbsp;&nbsp; Australia & New Zealand Banking Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.214%, SOFRRATE + 0.810%, 01/18/27(A)(B) | 900000 | 903321 |

---

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

*5*

**CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; Australia & New Zealand Banking Group NY  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/03/25 | $550000 | $550708 |
| &nbsp;&nbsp; Bank of America MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/01/25 | 550000 | 549040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/19/26 | 525000 | 520691 |
| &nbsp;&nbsp; Bank of Nova Scotia  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 06/11/25 | 275000 | 273955 |
| &nbsp;&nbsp; Banque Federative du Credit Mutuel  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.935%, 01/26/26(A) | 450000 | 451333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.524%, 07/13/25(A) | 550000 | 549291 |
| &nbsp;&nbsp; Charles Schwab  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 05/21/25 | 200000 | 199845 |
| &nbsp;&nbsp; Citibank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.438%, 04/30/26 | 550000 | 555542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.202%, SOFRRATE + 0.805%, 09/29/25(B) | 315000 | 315357 |
| &nbsp;&nbsp; Commonwealth Bank of Australia NY  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.640%, SOFRRATE + 0.250%, 03/26/26(B) | 575000 | 575000 |
| &nbsp;&nbsp; Cooperatieve Rabobank UA MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%, SOFRINDX + 0.700%, 07/18/25(B) | 550000 | 550499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 01/09/26 | 525000 | 526586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680%, SOFRRATE + 0.320%, 02/04/26(B) | 425000 | 424924 |
| &nbsp;&nbsp; Corebridge Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 09/22/25(A) | 575000 | 566711 |
| &nbsp;&nbsp; Deutsche Bank NY  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.162%, 05/13/25 | 350000 | 349923 |
| &nbsp;&nbsp; Intercontinental Exchange  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 05/23/25 | 550000 | 549697 |
| &nbsp;&nbsp; JPMorgan Chase  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 04/01/26 | 625000 | 619238 |
| &nbsp;&nbsp; JPMorgan Chase Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.379%, SOFRRATE + 1.000%, 12/08/26(B) | 525000 | 527754 |
| &nbsp;&nbsp; Lloyds Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/14/25 | 350000 | 349907 |
| &nbsp;&nbsp; Met Tower Global Funding MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 06/13/25(A) | 300000 | 299578 |
| &nbsp;&nbsp; Metropolitan Life Global Funding I MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 08/25/25(A) | 550000 | 549131 |
| &nbsp;&nbsp; National Australia Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.966%, 01/12/26 | 550000 | 552298 |
| &nbsp;&nbsp; Nationwide Building Society MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 07/21/25(A) | 350000 | 349359 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 08/28/25(A) | $| 300000 | $| 296197 |
| &nbsp;&nbsp; New York Life Global Funding MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 08/05/25(A) |  | 600000 |  | 598287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 06/24/25(A) |  | 600000 |  | 596513 |
| &nbsp;&nbsp; Nordea Bank Abp  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/22/25(A) |  | 550000 |  | 550440 |
| &nbsp;&nbsp; Pacific Life Global Funding II MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 04/14/26(A) |  | 400000 |  | 389117 |
| &nbsp;&nbsp; Royal Bank of Canada MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 04/27/26 |  | 550000 |  | 533555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 06/10/25 |  | 350000 |  | 348632 |
| &nbsp;&nbsp; Skandinaviska Enskilda Banken  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.339%, SOFRRATE + 0.960%, 06/09/25(A)(B) |  | 550000 |  | 550368 |
| &nbsp;&nbsp; Svenska Handelsbanken NY  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.570%, SOFRRATE + 0.180%, 08/11/25(B) |  | 725000 |  | 725066 |
| &nbsp;&nbsp; Truist Financial MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 06/05/25 |  | 550000 |  | 549398 |
| &nbsp;&nbsp; US Bancorp  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 05/12/25 |  | 1218000 |  | 1216755 |
| &nbsp;&nbsp; Wells Fargo  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/22/26 |  | 250000 |  | 246700 |
|  |  |  |  | 19714550 |
|  **HEALTH CARE — 0.5%** | **HEALTH CARE — 0.5%** | **HEALTH CARE — 0.5%** | **HEALTH CARE — 0.5%** | **HEALTH CARE — 0.5%** |
| &nbsp;&nbsp; Boston Scientific  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 06/01/25 |  | 550000 |  | 548553 |
|  **INDUSTRIALS — 1.2%** | **INDUSTRIALS — 1.2%** | **INDUSTRIALS — 1.2%** | **INDUSTRIALS — 1.2%** | **INDUSTRIALS — 1.2%** |
| &nbsp;&nbsp; Air Lease MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 01/15/26 |  | 350000 |  | 345052 |
| &nbsp;&nbsp; Caterpillar Financial Services  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/07/27 |  | 225000 |  | 226845 |
| &nbsp;&nbsp; John Deere Capital  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/08/27 |  | 225000 |  | 226917 |
| &nbsp;&nbsp; Protective Life Global Funding  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.618%, 04/15/26(A) |  | 482000 |  | 469532 |
|  |  |  |  | 1268346 |
|  **INFORMATION TECHNOLOGY — 0.9%** | **INFORMATION TECHNOLOGY — 0.9%** | **INFORMATION TECHNOLOGY — 0.9%** | **INFORMATION TECHNOLOGY — 0.9%** | **INFORMATION TECHNOLOGY — 0.9%** |
| &nbsp;&nbsp; International Business Machines  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/27/25 |  | 550000 |  | 549100 |
| &nbsp;&nbsp; QUALCOMM  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 05/20/25 |  | 350000 |  | 349776 |
|  |  |  |  | 898876 |

---

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

*6*

**CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **MATERIALS — 0.2%** | **MATERIALS — 0.2%** | **MATERIALS — 0.2%** |
| &nbsp;&nbsp; Glencore Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.147%, SOFRINDX + 0.750%, 10/01/26(A)(B) | $250000 | $249742 |
|  **UTILITIES — 0.5%** | **UTILITIES — 0.5%** | **UTILITIES — 0.5%** |
| &nbsp;&nbsp; Georgia Power  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.666%, SOFRINDX + 0.280%, 09/15/26(B) | 550000 | 547645 |
| &nbsp;&nbsp; Total Corporate Obligations  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $24,469,616)  |  | 24450628 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS — 11.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS — 11.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS — 11.1%** |
| &nbsp;&nbsp; Citi Treasury |  |  |
| &nbsp;&nbsp;&nbsp; 4.360%, dated 04/30/25, to be repurchased on 05/01/25, repurchase price $3,800,460, (collateralized by various U.S. Treasury Obligations, par values $100 - $4,038,600, 3.625% - 4.750%, 11/15/2052 - 02/15/2054; with total market value $3,876,304). | $3800000 | $3800000 |
| &nbsp;&nbsp; Gold Triparty Mortgage |  |  |
| &nbsp;&nbsp;&nbsp; 4.380%, dated 04/30/25, to be repurchased on 05/01/25, repurchase price $4,100,499, (collateralized by various U.S. Treasury Obligations, par values $570,306 - $2,740,864, 3.000% - 6.000%, 3/20/2048 - 04/20/2055; with total market value $4,182,000). | 4100000 | 4100000 |
| &nbsp;&nbsp; Socgen Triparty Treasury |  |  |
| &nbsp;&nbsp;&nbsp; 4.360%, dated 04/30/25, to be repurchased on 05/01/25, repurchase price $3,800,460, (collateralized by a U.S. Treasury Obligation, par value $3,798,200, 4.750%, 02/15/2045; with total market value $3,876,025). | 3800000 | 3800000 |
| &nbsp;&nbsp; Total Repurchase Agreements  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $11,700,000)  |  | 11700000 |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL PAPER — 4.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL PAPER — 4.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL PAPER — 4.3%** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; ANZ Group Holdings Ltd |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 08/27/25(D) | $550000 | $549863 |
| &nbsp;&nbsp; BOFA Securities Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/19/25(D) | 925000 | 924999 |
| &nbsp;&nbsp; Gotham Funding Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.418%, 05/20/25(C) | 1000000 | 997571 |
| &nbsp;&nbsp; SHTTRM Advances Micro Devices |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.371%, 05/22/25(C) | 1200000 | 1196813 |
| &nbsp;&nbsp; Swedbank AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 08/04/25(D) | 400000 | 400037 |
| &nbsp;&nbsp; Toyota Motor Credit Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.446%, 07/28/25(C) | 475000 | 469914 |
| &nbsp;&nbsp; Total Commercial Paper  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,539,614)  |  | 4539197 |
| **U.S. GOVERNMENT AGENCY OBLIGATION — 3.3%** | **U.S. GOVERNMENT AGENCY OBLIGATION — 3.3%** | **U.S. GOVERNMENT AGENCY OBLIGATION — 3.3%** |
| &nbsp;&nbsp; FHLB DN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 08/28/17(C) | $3575000 | $3526201 |
| &nbsp;&nbsp; Total U.S. Government Agency Obligation  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,515,182)  |  | 3526201 |
| **MORTGAGE-BACKED SECURITY — 0.1%** | **MORTGAGE-BACKED SECURITY — 0.1%** | **MORTGAGE-BACKED SECURITY — 0.1%** |
| &nbsp;&nbsp; FNMA, Ser 2014-53, Cl VB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/25/35  | $115635 | $114840 |
| &nbsp;&nbsp; Total Mortgage-Backed Security  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $113,597)  |  | 114840 |
| &nbsp;&nbsp; Total Investments in Securities— 101.9% | &nbsp;&nbsp; Total Investments in Securities— 101.9% |  |
| &nbsp;&nbsp;&nbsp; (Cost $107,335,957) |  | $107319484 |

---

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

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

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

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

*7*

**CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

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

(D) Zero
 coupon security.

---

| |
|:---|
| Cl — Class |
| FNMA — Federal National Mortgage Association |
| MTN — Medium Term Note |
| Ser — Series |
| SOFR30A — Secured Overnight Financing Rate 30-day Average |
| SOFRINDX — Secured Overnight Financing Rate Index |
| SOFRRATE — Secured Overnight Financing Rate |
| TSFR3M — Term Secured Overnight Financing Rate 3 Month <br> USBMMY3M — U.S. Treasury Bill Money Market Yield 3 Month |

---

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

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.*

*8*

**CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CORPORATE OBLIGATIONS — 35.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CORPORATE OBLIGATIONS — 35.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CORPORATE OBLIGATIONS — 35.7%** |
|  | **Face Amount** | **Value** |
|  **COMMUNICATION SERVICES — 1.3%** | **COMMUNICATION SERVICES — 1.3%** | **COMMUNICATION SERVICES — 1.3%** |
| &nbsp;&nbsp; AT&T  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 06/01/31 | $975000 | $873035 |
| &nbsp;&nbsp; Charter Communications Operating  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 11/10/26 | 1875000 | 1910683 |
| &nbsp;&nbsp; Comcast  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 06/01/29 | 1150000 | 1184117 |
| &nbsp;&nbsp; Take-Two Interactive Software  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/28/26 | 725000 | 726943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 03/28/28 | 600000 | 609940 |
| &nbsp;&nbsp; T-Mobile USA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/15/27 | 600000 | 593252 |
| &nbsp;&nbsp; Verizon Communications  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 12/01/30 | 775000 | 890386 |
|  |  | 6788356 |
|  **CONSUMER DISCRETIONARY — 2.3%** | **CONSUMER DISCRETIONARY — 2.3%** | **CONSUMER DISCRETIONARY — 2.3%** |
| &nbsp;&nbsp; AutoZone  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/15/30 | 965000 | 985471 |
| &nbsp;&nbsp; Daimler Truck Finance North America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 08/08/25(A) | 500000 | 500639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 09/25/27(A) | 1155000 | 1167467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/27(A) | 325000 | 327070 |
| &nbsp;&nbsp; DR Horton  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 10/15/25 | 2575000 | 2550609 |
| &nbsp;&nbsp; General Motors Financial  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 05/08/27 | 1000000 | 1009722 |
| &nbsp;&nbsp; Hyatt Hotels  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 01/30/27 | 750000 | 762518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/30/29 | 1150000 | 1152294 |
| &nbsp;&nbsp; Hyundai Capital America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 09/21/26(A) | 750000 | 761402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275%, 06/24/27(A) | 400000 | 403142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/08/27(A) | 750000 | 754881 |
| &nbsp;&nbsp; O'Reilly Automotive  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/20/26 | 850000 | 866029 |
| &nbsp;&nbsp; Toyota Motor Credit MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 04/01/30 | 185000 | 175953 |
|  |  | 11417197 |
|  **CONSUMER STAPLES — 1.1%** | **CONSUMER STAPLES — 1.1%** | **CONSUMER STAPLES — 1.1%** |
| &nbsp;&nbsp; Coca-Cola Consolidated  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/29 | 290000 | 297769 |
| &nbsp;&nbsp; CVS Pass-Through Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036%, 12/10/28 | 1589361 | 1608415 |
| &nbsp;&nbsp; Element Fleet Management  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.643%, 03/13/27(A) | 980000 | 996180 |
| &nbsp;&nbsp; Keurig Dr Pepper  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 03/15/27 | 480000 | 485742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 05/15/30 | 1200000 | 1198021 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
|  **CONSUMER STAPLES — continued** | **CONSUMER STAPLES — continued** | **CONSUMER STAPLES — continued** | **CONSUMER STAPLES — continued** | **CONSUMER STAPLES — continued** |
| &nbsp;&nbsp; Mars  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 03/01/28(A) | $| 1200000 | $| 1212256 |
|  |  |  |  | 5798383 |
|  **ENERGY — 1.8%** | **ENERGY — 1.8%** | **ENERGY — 1.8%** | **ENERGY — 1.8%** | **ENERGY — 1.8%** |
| &nbsp;&nbsp; Columbia Pipelines Holding  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.055%, 08/15/26(A) |  | 290000 |  | 294036 |
| &nbsp;&nbsp; Enbridge  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 11/15/26 |  | 720000 |  | 733566 |
| &nbsp;&nbsp; Energy Transfer  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 12/01/26 |  | 925000 |  | 943142 |
| &nbsp;&nbsp; Hess  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 04/01/27 |  | 1750000 |  | 1745423 |
| &nbsp;&nbsp; MidAmerican Energy  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 04/15/29 |  | 2000000 |  | 1957327 |
| &nbsp;&nbsp; ONEOK  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 11/01/26 |  | 1325000 |  | 1342340 |
| &nbsp;&nbsp; Plains All American Pipeline  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 10/15/25 |  | 2250000 |  | 2246312 |
| &nbsp;&nbsp; Williams  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 03/02/26 |  | 300000 |  | 301630 |
|  |  |  |  | 9563776 |
|  **FINANCIALS — 21.2%** | **FINANCIALS — 21.2%** | **FINANCIALS — 21.2%** | **FINANCIALS — 21.2%** | **FINANCIALS — 21.2%** |
| &nbsp;&nbsp; ABN AMRO Bank  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.339%, H15T1Y + 1.650%, 09/18/27(A)(B) |  | 1200000 |  | 1226168 |
| &nbsp;&nbsp; African Development Bank  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/25/27 |  | 1000000 |  | 1006479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/18/29 |  | 500000 |  | 493621 |
| &nbsp;&nbsp; AIB Group  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.583%, SOFRRATE + 3.456%, 10/14/26(A)(B) |  | 750000 |  | 759207 |
| &nbsp;&nbsp; American Express  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.645%, SOFRINDX + 0.750%, 04/23/27(B) |  | 700000 |  | 707136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%, SOFRRATE + 0.970%, 07/28/27(B) |  | 550000 |  | 555583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.098%, SOFRRATE + 1.000%, 02/16/28(B) |  | 650000 |  | 658010 |
| &nbsp;&nbsp; Arab Energy Fund  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.483%, 10/06/26 |  | 930000 |  | 891814 |
| &nbsp;&nbsp; Arab Petroleum Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.428%, 05/02/29(A) |  | 1500000 |  | 1544946 |
| &nbsp;&nbsp; Ares Capital  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/15/27 |  | 900000 |  | 924480 |
| &nbsp;&nbsp; Asian Infrastructure Investment Bank MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.987%, SOFRINDX + 0.620%, 08/16/27(B) |  | 2000000 |  | 2013644 |
| &nbsp;&nbsp; Athene Global Funding  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.583%, 01/09/29(A) |  | 875000 |  | 894401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.339%, 01/15/27(A) |  | 1000000 |  | 1011762 |

---

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

*9*

**CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; Bank of America MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.933%, SOFRRATE + 1.340%, 09/15/27(B) | $1500000 | $1528204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.819%, SOFRRATE + 1.570%, 09/15/29(B) | 1450000 | 1509348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162%, SOFRRATE + 1.000%, 01/24/31(B) | 775000 | 788311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.705%, TSFR3M + 1.774%, 04/24/28(B) | 1000000 | 985476 |
| &nbsp;&nbsp; Bank of New York Mellon  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.947%, SOFRRATE + 1.026%, 04/26/27(B) | 470000 | 472484 |
| &nbsp;&nbsp; Barclays  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.496%, SOFRRATE + 1.880%, 09/13/27(B) | 500000 | 511119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.829%, SOFRRATE + 2.210%, 05/09/27(B) | 550000 | 555593 |
| &nbsp;&nbsp; BB Blue Financing DAC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.395%, 09/20/29 | 2500000 | 2520521 |
| &nbsp;&nbsp; BNP Paribas  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.591%, SOFRRATE + 1.228%, 01/20/28(A)(B) | 625000 | 603517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.675%, SOFRRATE + 0.912%, 06/30/27(A)(B) | 1000000 | 966394 |
| &nbsp;&nbsp; BPCE  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.612%, SOFRRATE + 1.980%, 10/19/27(A)(B) | 1125000 | 1155222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.203%, 01/18/27(A) | 1150000 | 1165939 |
| &nbsp;&nbsp; CaixaBank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.684%, SOFRRATE + 2.080%, 09/13/27(A)(B) | 750000 | 769169 |
| &nbsp;&nbsp; Canadian Imperial Bank of Commerce  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.237%, 06/28/27 | 845000 | 859491 |
| &nbsp;&nbsp; CDP Financial MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 05/26/26(A) | 1000000 | 969302 |
| &nbsp;&nbsp; Central American Bank for Economic Integration  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/09/26(A) | 500000 | 502484 |
| &nbsp;&nbsp; Citibank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.876%, SOFRRATE + 0.712%, 11/19/27(B) | 1500000 | 1509766 |
| &nbsp;&nbsp; Citizens Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.575%, SOFRRATE + 2.000%, 08/09/28(B) | 600000 | 599367 |
| &nbsp;&nbsp; ContourGlobal Power Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/28/30(A) | 250000 | 252978 |
| &nbsp;&nbsp; Cooperatieve Rabobank UA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.106%, H15T1Y + 0.550%, 02/24/27(A)(B) | 250000 | 242825 |
| &nbsp;&nbsp; Corebridge Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 01/12/29(A) | 380000 | 387148 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 12/03/29(A) | $925000 | $930231 |
| &nbsp;&nbsp; Credit Agricole MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.907%, SOFRRATE + 1.676%, 06/16/26(A)(B) | 2525000 | 2515564 |
| &nbsp;&nbsp; Danske Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.427%, H15T1Y + 0.950%, 03/01/28(A)(B) | 1350000 | 1371544 |
| &nbsp;&nbsp; European Investment Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/24/27 | 2500000 | 2433903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 04/13/26 | 447000 | 439540 |
| &nbsp;&nbsp; Fiserv  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/01/28 | 415000 | 410994 |
| &nbsp;&nbsp; Goldman Sachs Bank USA NY  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%, SOFRRATE + 0.750%, 05/21/27(B) | 1150000 | 1160507 |
| &nbsp;&nbsp; Goldman Sachs Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223%, TSFR3M + 1.563%, 05/01/29(B) | 1000000 | 989461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 01/26/27 | 1175000 | 1164680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640%, SOFRRATE + 1.114%, 02/24/28(B) | 625000 | 604112 |
| &nbsp;&nbsp; Hanwha Futureproof  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/30/28(A) | 500000 | 505032 |
| &nbsp;&nbsp; HAT Holdings I  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 06/15/27(A) | 500000 | 512765 |
| &nbsp;&nbsp; HSBC Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.336%, SOFRRATE + 3.030%, 11/03/26(B) | 1000000 | 1012695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.887%, SOFRRATE + 1.570%, 08/14/27(B) | 1410000 | 1431749 |
| &nbsp;&nbsp; ING Groep  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.083%, SOFRRATE + 1.560%, 09/11/27(B) | 735000 | 749592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, H15T1Y + 1.100%, 07/01/26(A)(B) | 1250000 | 1242640 |
| &nbsp;&nbsp; Inter-American Investment  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/15/28 | 500000 | 504678 |
| &nbsp;&nbsp; International Bank for Reconstruction & Development MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.381%, 03/31/27(C) | 2500000 | 2360653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.510%, 03/31/28(B) | 1000000 | 978934 |
| &nbsp;&nbsp; International Development Association  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/27/29(A) | 425000 | 433936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 04/28/26(A) | 1000000 | 970001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 09/23/25 | 1500000 | 1476451 |
| &nbsp;&nbsp; International Finance Facility for Immunisation MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 04/21/26 | 1000000 | 970649 |

---

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

*10*

**CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; Jackson National Life Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 07/02/27(A) | $595000 | $607208 |
| &nbsp;&nbsp; JPMorgan Chase  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.087%, SOFRRATE + 1.570%, 10/23/29(B) | 1000000 | 1050135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.070%, SOFRRATE + 1.330%, 10/22/27(B) | 2500000 | 2561951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.571%, SOFRRATE + 0.930%, 04/22/28(B) | 1150000 | 1174568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.979%, SOFRRATE + 0.930%, 07/22/28(B) | 980000 | 990932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.702%, TSFR3M + 1.422%, 05/06/30(B) | 825000 | 797302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.045%, SOFRRATE + 0.800%, 11/19/26(B) | 1500000 | 1470524 |
| &nbsp;&nbsp; JPMorgan Chase Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 12/08/26 | 1150000 | 1166851 |
| &nbsp;&nbsp; KBC Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.796%, H15T1Y + 2.100%, 01/19/29(A)(B) | 295000 | 304726 |
| &nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/01/26 | 250000 | 240503 |
| &nbsp;&nbsp; Lloyds Banking Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.985%, H15T1Y + 1.480%, 08/07/27(B) | 750000 | 761525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.087%, H15T1Y + 0.850%, 11/26/28(B) | 1200000 | 1213907 |
| &nbsp;&nbsp; Lseg US Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/28/27(A) | 1000000 | 1009883 |
| &nbsp;&nbsp; M&T Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.413%, SOFRRATE + 2.800%, 10/30/29(B) | 1400000 | 1504432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.833%, SOFRRATE + 0.930%, 01/16/29(B) | 1000000 | 1001355 |
| &nbsp;&nbsp; Manufacturers & Traders Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 01/27/26 | 1650000 | 1648763 |
| &nbsp;&nbsp; Marsh & McLennan  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 03/15/30 | 1175000 | 1183245 |
| &nbsp;&nbsp; Morgan Stanley MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.652%, SOFRRATE + 1.010%, 04/13/28(B) | 1150000 | 1173581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%, SOFRRATE + 1.630%, 07/20/29(B) | 205000 | 210252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/24/25 | 3425000 | 3432439 |
| &nbsp;&nbsp; Morgan Stanley Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.952%, SOFRRATE + 1.080%, 01/14/28(B) | 1150000 | 1158857 |
| &nbsp;&nbsp; Nationwide Building Society  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.557%, SOFRRATE + 1.910%, 10/18/27(A)(B) | 1125000 | 1155696 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; NatWest Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.847%, H15T1Y + 1.350%, 03/02/27(B) | $435000 | $438984 |
| &nbsp;&nbsp; Nederlandse Waterschapsbank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/16/30(A) | 250000 | 256474 |
| &nbsp;&nbsp; Nordea Bank Abp  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 09/22/27(A) | 600000 | 613118 |
| &nbsp;&nbsp; NTT Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.104%, 07/02/27(A) | 1150000 | 1171251 |
| &nbsp;&nbsp; OPEC Fund for International Development  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/26/26(A) | 1200000 | 1201484 |
| &nbsp;&nbsp; Pacific Life Global Funding II  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 05/01/28(A) | 1200000 | 1205889 |
| &nbsp;&nbsp; PNC Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 07/26/28 | 1375000 | 1353012 |
| &nbsp;&nbsp; PNC Financial Services Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.615%, SOFRINDX + 1.730%, 10/20/27(B) | 750000 | 772193 |
| &nbsp;&nbsp; Principal Life Global Funding II  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 11/27/29(A) | 1175000 | 1189632 |
| &nbsp;&nbsp; RGA Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.448%, 05/24/29(A) | 590000 | 607357 |
| &nbsp;&nbsp; Rocket Mortgage  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/15/26(A) | 1330000 | 1283348 |
| &nbsp;&nbsp; Santander Holdings USA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.807%, SOFRRATE + 2.328%, 09/09/26(B) | 1000000 | 1002976 |
| &nbsp;&nbsp; SBA Tower Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.831%, 10/15/29<sup>‡</sup>(A) | 1955000 | 1927226 |
| &nbsp;&nbsp; Skandinaviska Enskilda Banken  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 03/05/27(A) | 950000 | 964761 |
| &nbsp;&nbsp; Standard Chartered  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.170%, H15T1Y + 2.050%, 01/09/27(A)(B) | 700000 | 706110 |
| &nbsp;&nbsp; UBS  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.864%, SOFRRATE + 0.720%, 01/10/28(B) | 1175000 | 1182573 |
| &nbsp;&nbsp; Wells Fargo MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.303%, SOFRRATE + 1.790%, 10/23/29(B) | 1450000 | 1528723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.707%, SOFRRATE + 1.070%, 04/22/28(B) | 1150000 | 1175228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%, SOFRRATE + 1.110%, 01/24/31(B) | 775000 | 789939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, SOFRRATE + 1.560%, 08/15/26(B) | 2950000 | 2947559 |
| &nbsp;&nbsp; Westpac New Zealand  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.132%, 02/26/27(A) | 1000000 | 1014009 |
| &nbsp;&nbsp; WLB Asset II D Pte  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/21/26(A) | 1000000 | 953354 |

---

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

*11*

**CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; WLB Asset VI Pte  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 12/21/27(A) | $| 1000000 | $| 1036735 |
|  |  |  |  | 107852790 |
|  **HEALTH CARE — 1.1%** | **HEALTH CARE — 1.1%** | **HEALTH CARE — 1.1%** | **HEALTH CARE — 1.1%** | **HEALTH CARE — 1.1%** |
| &nbsp;&nbsp; CommonSpirit Health  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.547%, 10/01/25 |  | 1000000 |  | 986538 |
| &nbsp;&nbsp; Elevance Health  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 06/15/29 |  | 220000 |  | 225226 |
| &nbsp;&nbsp; Icon Investments Six DAC  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.809%, 05/08/27 |  | 265000 |  | 270163 |
| &nbsp;&nbsp; Royalty Pharma  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 09/02/27 |  | 1275000 |  | 1195479 |
| &nbsp;&nbsp; Smith & Nephew  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 03/20/27 |  | 515000 |  | 520952 |
| &nbsp;&nbsp; Solventum  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 02/25/27 |  | 1150000 |  | 1166483 |
| &nbsp;&nbsp; Stryker  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 02/10/28 |  | 1200000 |  | 1213234 |
|  |  |  |  | 5578075 |
|  **INDUSTRIALS — 1.1%** | **INDUSTRIALS — 1.1%** | **INDUSTRIALS — 1.1%** | **INDUSTRIALS — 1.1%** | **INDUSTRIALS — 1.1%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 01/15/27 |  | 1000000 |  | 1020810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 04/01/28 |  | 925000 |  | 929701 |
| &nbsp;&nbsp; HEICO  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 08/01/28 |  | 270000 |  | 275566 |
| &nbsp;&nbsp; Mileage Plus Holdings  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/20/27(A) |  | 607500 |  | 609406 |
| &nbsp;&nbsp; Norfolk Southern  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 05/15/31 |  | 1000000 |  | 877532 |
| &nbsp;&nbsp; Penske Truck Leasing Lp  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 01/12/27(A) |  | 485000 |  | 490249 |
| &nbsp;&nbsp; Waste Management  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 07/03/27 |  | 1150000 |  | 1170929 |
|  |  |  |  | 5374193 |
|  **INFORMATION TECHNOLOGY — 1.3%** | **INFORMATION TECHNOLOGY — 1.3%** | **INFORMATION TECHNOLOGY — 1.3%** | **INFORMATION TECHNOLOGY — 1.3%** | **INFORMATION TECHNOLOGY — 1.3%** |
| &nbsp;&nbsp; Broadcom  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 04/15/30 |  | 1175000 |  | 1194613 |
| &nbsp;&nbsp; Cadence Design Systems  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 09/10/29 |  | 760000 |  | 757598 |
| &nbsp;&nbsp; Flex  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/28 |  | 550000 |  | 561949 |
| &nbsp;&nbsp; Foundry JV Holdco  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/25/31(A) |  | 1175000 |  | 1188206 |
| &nbsp;&nbsp; Open Text  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 12/01/27(A) |  | 1295000 |  | 1324771 |
| &nbsp;&nbsp; Oracle  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 03/25/28 |  | 650000 |  | 614303 |
| &nbsp;&nbsp; Sprint Capital  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/15/28 |  | 550000 |  | 587721 |
|  |  |  |  | 6229161 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **MATERIALS — 0.2%** | **MATERIALS — 0.2%** | **MATERIALS — 0.2%** |
| &nbsp;&nbsp; Celanese US Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.415%, 07/15/27 | $748000 | $755116 |
|  **REAL ESTATE — 0.3%** | **REAL ESTATE — 0.3%** | **REAL ESTATE — 0.3%** |
| &nbsp;&nbsp; COPT Defense Properties  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 03/15/26<sup>‡</sup> | 550000 | 536545 |
| &nbsp;&nbsp; Welltower OP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 01/15/29<sup>‡</sup> | 1200000 | 1099576 |
|  |  | 1636121 |
|  **UTILITIES — 4.0%** | **UTILITIES — 4.0%** | **UTILITIES — 4.0%** |
| &nbsp;&nbsp; AEP Texas  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 06/01/28 | 1200000 | 1177546 |
| &nbsp;&nbsp; Alliant Energy Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 06/06/27(A) | 910000 | 921745 |
| &nbsp;&nbsp; Consumers 2023 Securitization Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 03/01/28 | 1057702 | 1073001 |
| &nbsp;&nbsp; Continental Wind  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/28/33(A) | 888416 | 919689 |
| &nbsp;&nbsp; Electricite de France  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/13/25(A) | 500000 | 497239 |
| &nbsp;&nbsp; Emera US Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 06/15/26 | 1025000 | 1009050 |
| &nbsp;&nbsp; FirstEnergy Pennsylvania Electric  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 03/30/26(A) | 500000 | 501293 |
| &nbsp;&nbsp; Georgia Power  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 03/15/31 | 1200000 | 1217429 |
| &nbsp;&nbsp; Korea Electric Power  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/31/27(A)(D) | 250000 | 252216 |
| &nbsp;&nbsp; New York State Electric & Gas  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 10/01/31(A) | 500000 | 423114 |
| &nbsp;&nbsp; NextEra Energy Operating Partners  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 01/15/29(A) | 1016000 | 1005793 |
| &nbsp;&nbsp; Oncor Electric Delivery  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 10/01/25 | 2649000 | 2604951 |
| &nbsp;&nbsp; PG&E Recovery Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.838%, 06/01/33 | 3920000 | 3915440 |
| &nbsp;&nbsp; San Diego Gas & Electric  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 08/15/28 | 1000000 | 1018518 |
| &nbsp;&nbsp; Southern Power  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12/01/25 | 1000000 | 996740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 01/15/26 | 1000000 | 973995 |

---

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

*12*

**CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **UTILITIES — continued** | **UTILITIES — continued** | **UTILITIES — continued** |
| &nbsp;&nbsp; Texas Electric Market Stabilization Funding N  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.265%, 08/01/34(A) | $2040480 | $2030196 |
|  |  | 20537955 |
| &nbsp;&nbsp; Total Corporate Obligations  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $180,126,582)  |  | 181531123 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS — 26.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS — 26.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS — 26.1%** |
| &nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/30/29 | $7650000 | $7911176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/25 | 6050000 | 6052422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 01/15/28 | 13880000 | 14102297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/25 | 8975000 | 8971962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/15/26 | 7225000 | 7222686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/30/27 | 1113000 | 1115739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/15/28 | 1752000 | 1758570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/27 | 28700000 | 28381609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 06/30/26 | 33310000 | 32564429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 07/31/26 | 7200000 | 7030687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 06/30/28 | 2085000 | 1937584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 12/31/27 | 9300000 | 8596687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 06/30/27 | 7200000 | 6735375 |
| &nbsp;&nbsp; Total U.S. Treasury Obligations  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $131,571,176)  |  | 132381223 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ASSET-BACKED SECURITIES — 19.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ASSET-BACKED SECURITIES — 19.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ASSET-BACKED SECURITIES — 19.2%** |
| **Automotive — 12.1%** | **Automotive — 12.1%** | **Automotive — 12.1%** |
| &nbsp;&nbsp; Americredit Automobile Receivables Trust, Ser 2022-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/18/26  | $2321 | $2319 |
| &nbsp;&nbsp; Americredit Automobile Receivables Trust, Ser 2023-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.620%, 11/18/27  | 904919 | 908678 |
| &nbsp;&nbsp; ARI Fleet Lease Trust, Ser 2023-B, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 07/15/32 (A) | 206636 | 208250 |
| &nbsp;&nbsp; Bank of America Auto Trust, Ser 2023-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.530%, 02/15/28 (A) | 704886 | 710128 |
| &nbsp;&nbsp; Bank of America Auto Trust, Ser 2023-2A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.740%, 06/15/28 (A) | 1015000 | 1027130 |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Ser 2023-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.990%, 09/25/26  | 607732 | 610616 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; BMW Vehicle Owner Trust, Ser 2023-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.470%, 02/25/28  | $404081 | $406791 |
| &nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust, Ser 2024-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.530%, 01/18/28  | 305949 | 306421 |
| &nbsp;&nbsp; Carmax Auto Owner Trust, Ser 2022-3, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.690%, 02/15/28  | 800000 | 800807 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Ser 2023-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/27  | 325946 | 326033 |
| &nbsp;&nbsp; Carmax Auto Owner Trust, Ser 2023-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.280%, 05/15/28  | 735000 | 740259 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Ser 2024-4, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.670%, 12/15/27  | 1053503 | 1053531 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Ser 2021-N3, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.660%, 06/12/28  | 79323 | 76204 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Ser 2024-P1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 04/10/29 (A) | 1912000 | 1923572 |
| &nbsp;&nbsp; Chesapeake Funding II, Ser 2023-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 05/15/35 (A) | 501081 | 503953 |
| &nbsp;&nbsp; Citizens Auto Receivables Trust, Ser 2023-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.830%, 02/15/28 (A) | 1055000 | 1064140 |
| &nbsp;&nbsp; Citizens Auto Receivables Trust, Ser 2024-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 04/17/28 (A) | 500000 | 502803 |
| &nbsp;&nbsp; DT Auto Owner Trust, Ser 2023-3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.290%, 08/16/27 (A) | 86052 | 86182 |
| &nbsp;&nbsp; Enterprise Fleet Financing, Ser 2022-3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, 07/20/29 (A) | 76992 | 76872 |
| &nbsp;&nbsp; Enterprise Fleet Financing, Ser 2023-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.510%, 01/22/29 (A) | 204533 | 205140 |
| &nbsp;&nbsp; Enterprise Fleet Financing, Ser 2023-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.560%, 04/22/30 (A) | 1044255 | 1050694 |
| &nbsp;&nbsp; Enterprise Fleet Financing, Ser 2023-3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 03/20/30 (A) | 1876448 | 1907027 |
| &nbsp;&nbsp; Enterprise Fleet Financing, Ser 2024-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.160%, 09/20/30 (A) | 355000 | 361377 |

---

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

*13*

**CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Enterprise Fleet Financing, Ser 2025-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.410%, 06/20/29 (A) | $375000 | $375049 |
| &nbsp;&nbsp; Flagship Credit Auto Trust, Ser 2023-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.760%, 04/15/27 (A) | 17690 | 17697 |
| &nbsp;&nbsp; Flagship Credit Auto Trust, Ser 2023-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.220%, 12/15/27 (A) | 599000 | 599446 |
| &nbsp;&nbsp; Flagship Credit Auto Trust, Ser 2023-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.440%, 04/17/28 (A) | 761000 | 763510 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2021-REV1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.370%, 10/17/33 (A) | 245000 | 237873 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2024-C, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.070%, 07/15/29  | 550000 | 549111 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2024-D, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.610%, 08/15/29  | 565000 | 570301 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust A, Ser 2024-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.290%, 04/15/29 (A) | 1200000 | 1222121 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust, Ser 2023-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%, 05/15/28 (A) | 730000 | 733157 |
| &nbsp;&nbsp; Foursight Capital Automobile Receivables Trust, Ser 2023-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.390%, 12/15/27 (A) | 382868 | 383205 |
| &nbsp;&nbsp; Foursight Capital Automobile Receivables Trust, Ser 2023-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.990%, 05/15/28 (A) | 193086 | 194131 |
| &nbsp;&nbsp; GLS Auto Select Receivables Trust, Ser 2023-2A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.370%, 06/15/28 (A) | 372775 | 376148 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, Ser 2023-1, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.160%, 01/20/27  | 1000000 | 1000462 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, Ser 2023-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 07/20/26  | 260646 | 260782 |
| &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Ser 2023-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.470%, 02/16/28  | 395421 | 395318 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Ser 2023-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 06/16/28  | $1850000 | $1862053 |
| &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Ser 2023-4, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710%, 02/16/29  | 500000 | 513795 |
| &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Ser 2024-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 12/18/28  | 525000 | 528013 |
| &nbsp;&nbsp; GMF Floorplan Owner Revolving Trust, Ser 2024-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%, 03/15/29 (A) | 2275000 | 2308250 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, Ser 2023-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.930%, 11/15/27  | 1250000 | 1254152 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, Ser 2023-4, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670%, 06/21/28  | 1950000 | 1976461 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, Ser 2024-1, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%, 05/15/30  | 880000 | 895223 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, Ser 2025-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/15/29  | 460000 | 460252 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Ser 2023-A, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.940%, 11/16/26 (A) | 237419 | 237442 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Ser 2023-B, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%, 04/15/27 (A) | 875000 | 876352 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Ser 2023-C, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 12/15/26 (A) | 1405000 | 1411084 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Ser 2023-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.580%, 04/15/27  | 232754 | 232581 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Ser 2023-B, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.480%, 04/17/28  | 1842964 | 1855319 |
| &nbsp;&nbsp; Lendbuzz Securitization Trust, Ser 2023-3A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 12/15/28 (A) | 558418 | 572409 |
| &nbsp;&nbsp; M&T Bank Auto Receivables Trust, Ser 2024-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.220%, 02/17/32 (A) | 1110000 | 1124383 |
| &nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Ser 2023-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.740%, 01/15/27  | 1638710 | 1638759 |

---

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

*14*

**CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Ser 2024-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.320%, 01/18/28  | $2000000 | $2022265 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, Ser 2023-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, 11/15/27  | 523522 | 523379 |
| &nbsp;&nbsp; Porsche Financial Auto Securitization Trust, Ser 2023-2A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.790%, 01/22/29 (A) | 329980 | 331798 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2022-2, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.760%, 07/16/29  | 980000 | 972250 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2023-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610%, 10/15/27  | 172583 | 172855 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2024-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/17/28  | 255000 | 255400 |
| &nbsp;&nbsp; SBNA Auto Lease Trust, Ser 2024-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.390%, 11/20/26 (A) | 880000 | 881919 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, Ser 2023-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.470%, 10/20/28 (A) | 1070000 | 1077913 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, Ser 2024-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 05/21/29 (A) | 340000 | 341992 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Ser 2023-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.890%, 06/22/26 (A) | 942918 | 944659 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Ser 2023-A, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.940%, 07/20/27 (A) | 2500000 | 2506117 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Ser 2023-B, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.130%, 09/21/26 (A) | 278695 | 279694 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Ser 2024-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 06/21/27 (A) | 1170000 | 1175679 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Ser 2024-B, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.790%, 01/20/27 (A) | 437630 | 437803 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Ser 2024-B, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.820%, 10/20/27 (A) | 500000 | 502596 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp; Tesla Electric Vehicle Trust, Ser 2023-1, Cl A2A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.540%, 12/21/26 (A) | $| 425475 | $| 426317 |
| &nbsp;&nbsp; Tesla Electric Vehicle Trust, Ser 2023-1, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.380%, 06/20/28 (A) |  | 310000 |  | 313054 |
| &nbsp;&nbsp; Toyota Lease Owner Trust, Ser 2023-A, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.930%, 04/20/26 (A) |  | 134770 |  | 134815 |
| &nbsp;&nbsp; Toyota Lease Owner Trust, Ser 2023-A, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 08/20/27 (A) |  | 1925000 |  | 1926675 |
| &nbsp;&nbsp; Toyota Lease Owner Trust, Ser 2024-B, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 01/22/29 (A) |  | 1500000 |  | 1499703 |
| &nbsp;&nbsp; USAA Auto Owner Trust, Ser 2023-A, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580%, 05/15/28 (A) |  | 904994 |  | 910610 |
| &nbsp;&nbsp; Volkswagen Auto Lease Trust, Ser 2024-A, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.210%, 06/21/27  |  | 320000 |  | 323005 |
| &nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, Ser 2024-1, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.630%, 07/20/29  |  | 710000 |  | 715390 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, Ser 2023-P1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.890%, 02/16/27 (A) |  | 113492 |  | 113853 |
| &nbsp;&nbsp; Wheels Fleet Lease Funding 1, Ser 2023-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 04/18/38 (A) |  | 889028 |  | 895305 |
| &nbsp;&nbsp; Wheels Fleet Lease Funding 1, Ser 2023-2A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.460%, 08/18/38 (A) |  | 850540 |  | 863674 |
| &nbsp;&nbsp; World Omni Select Auto Trust, Ser 2023-A, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 07/17/28  |  | 678690 |  | 680791 |
|  |  |  |  | 61513277 |
| **Other Asset-Backed Securities — 7.1%** | **Other Asset-Backed Securities — 7.1%** | **Other Asset-Backed Securities — 7.1%** | **Other Asset-Backed Securities — 7.1%** | **Other Asset-Backed Securities — 7.1%** |
| &nbsp;&nbsp; Affirm Asset Securitization Trust, Ser 2024-A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610%, 02/15/29 (A) |  | 550000 |  | 552258 |
| &nbsp;&nbsp; Amur Equipment Finance Receivables XI, Ser 2022-2A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 06/21/28 (A) |  | 126334 |  | 126509 |
| &nbsp;&nbsp; Amur Equipment Finance Receivables XIII, Ser 2024-1A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.380%, 01/21/31 (A) |  | 244584 |  | 246841 |

---

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

*15*

**CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Amur Equipment Finance Receivables XIII, Ser 2024-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.370%, 01/21/31 (A) | $190000 | $192834 |
| &nbsp;&nbsp; Apidos CLO XXII, Ser 2020-22A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.591%, TSFR3M + 1.060%, 04/20/31 (A)(B) | 212503 | 212495 |
| &nbsp;&nbsp; Auxilior Term Funding, Ser 2023-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.180%, 12/15/28 (A) | 260840 | 263037 |
| &nbsp;&nbsp; Blue Owl Asset Leasing Trust, Ser 2024-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/15/29 (A) | 277202 | 277682 |
| &nbsp;&nbsp; Buttermilk Park CLO, Ser 2024-1A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.336%, TSFR3M + 1.080%, 10/15/31 (A)(B) | 1297872 | 1296375 |
| &nbsp;&nbsp; CCG Receivables Trust, Ser 2023-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.820%, 09/16/30 (A) | 341524 | 343612 |
| &nbsp;&nbsp; Centersquare Issuer, Ser 2025-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/26/55 (A) | 1050000 | 1033688 |
| &nbsp;&nbsp; CIFC Funding, Ser 2024-5A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.690%, TSFR3M + 1.410%, 07/17/37 (A)(B) | 1275000 | 1274002 |
| &nbsp;&nbsp; Cloud Capital Holdco, Ser 2024-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.781%, 11/22/49 (A) | 1015000 | 1016150 |
| &nbsp;&nbsp; CNH Equipment Trust, Ser 2023-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, 08/15/28  | 935376 | 939925 |
| &nbsp;&nbsp; Dell Equipment Finance Trust, Ser 2023-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 01/22/29 (A) | 327635 | 328980 |
| &nbsp;&nbsp; Dell Equipment Finance Trust, Ser 2023-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930%, 04/23/29 (A) | 590000 | 594573 |
| &nbsp;&nbsp; Dext ABS, Ser 2023-2, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.560%, 05/15/34 (A) | 505534 | 510376 |
| &nbsp;&nbsp; DLLAA, Ser 2023-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640%, 02/22/28 (A) | 475000 | 480726 |
| &nbsp;&nbsp; DLLAD, Ser 2023-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.790%, 01/20/28 (A) | 672821 | 674412 |
| &nbsp;&nbsp; DLLMT, Ser 2023-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.340%, 03/22/27 (A) | 1378803 | 1384152 |
| &nbsp;&nbsp; DLLST, Ser 2024-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 08/20/27 (A) | 265000 | 266219 |
| &nbsp;&nbsp; Frontier Issuer, Ser 2023-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 08/20/53 (A) | 1000000 | 1015632 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Frontier Issuer, Ser 2023-1, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, 08/20/53 (A) | $1000000 | $1048462 |
| &nbsp;&nbsp; Frontier Issuer, Ser 2024-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.190%, 06/20/54 (A) | 300000 | 308497 |
| &nbsp;&nbsp; Golub Capital Partners CLO, Ser 2017-24A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.165%, TSFR3M + 1.862%, 11/05/29 (A)(B) | 294722 | 294621 |
| &nbsp;&nbsp; GreatAmerica Leasing Receivables, Ser 2023-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 02/16/26 (A) | 127781 | 127890 |
| &nbsp;&nbsp; GreatAmerica Leasing Receivables, Ser 2024-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980%, 01/18/28 (A) | 585000 | 589293 |
| &nbsp;&nbsp; HPEFS Equipment Trust, Ser 2023-2A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.990%, 01/21/31 (A) | 285000 | 286042 |
| &nbsp;&nbsp; John Deere Owner Trust, Ser 2023-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.010%, 11/15/27  | 694711 | 696485 |
| &nbsp;&nbsp; Kubota Credit Owner Trust, Ser 2023-2A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610%, 07/15/26 (A) | 429866 | 430480 |
| &nbsp;&nbsp; Kubota Credit Owner Trust, Ser 2024-2A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.260%, 11/15/28 (A) | 1950000 | 1982276 |
| &nbsp;&nbsp; MMAF Equipment Finance, Ser 2021-A, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.190%, 11/13/43 (A) | 620000 | 602498 |
| &nbsp;&nbsp; MMAF Equipment Finance, Ser 2023-A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.790%, 11/13/26 (A) | 400925 | 402003 |
| &nbsp;&nbsp; Mosaic Solar Loan Trust, Ser 2020-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 04/20/46 (A) | 124777 | 108814 |
| &nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 38, Ser 2025-38A, Cl AR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%, TSFR3M + 0.960%, 10/20/36 (A)(B) | 2000000 | 1983756 |
| &nbsp;&nbsp; Octagon Investment Partners 35, Ser 2018-1A, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.591%, TSFR3M + 1.060%, 01/20/31 (A)(B) | 414479 | 414471 |
| &nbsp;&nbsp; Octagon Investment Partners 36, Ser 2018-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.488%, TSFR3M + 0.970%, 04/15/31 (A)(B) | 195017 | 194950 |
| &nbsp;&nbsp; PFS Financing, Ser 2024-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 02/15/29 (A) | 2050000 | 2068832 |
| &nbsp;&nbsp; Progress Residential Trust, Ser 2024-SFR3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/17/41 (A) | 953989 | 889026 |

---

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

*16*

**CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Progress Residential Trust, Ser 2025-SFR1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 02/17/42 (A)(E) | $780000 | $731163 |
| &nbsp;&nbsp; Retained Vantage Data Centers Issuer, Ser 2024-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.992%, 09/15/49 (A) | 765000 | 756918 |
| &nbsp;&nbsp; SCF Equipment Leasing, Ser 2023-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.560%, 01/22/30 (A) | 70837 | 70912 |
| &nbsp;&nbsp; SCF Equipment Trust, Ser 2025-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.820%, 07/22/30 (A) | 125000 | 125186 |
| &nbsp;&nbsp; Sunnova Helios XI Issuer, Ser 2023-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 05/20/50 (A) | 891215 | 864344 |
| &nbsp;&nbsp; Sunnova Helios XII Issuer, Ser 2023-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 08/22/50 (A) | 873814 | 851692 |
| &nbsp;&nbsp; Sunnova Hestia I Issuer, Ser 2023-GRID1, Cl 1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 12/20/50 (A) | 1436744 | 1450119 |
| &nbsp;&nbsp; Switch ABS Issuer, Ser 2025-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.036%, 03/25/55 (A) | 1000000 | 971762 |
| &nbsp;&nbsp; TCI-Flatiron CLO, Ser 2021-1A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.545%, TSFR3M + 1.222%, 11/17/30 (A)(B) | 86044 | 86006 |
| &nbsp;&nbsp; Tesla Sustainable Energy Trust, Ser 2024-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.080%, 06/21/50 (A) | 1500000 | 1508397 |
| &nbsp;&nbsp; T-Mobile US Trust, Ser 2024-2A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/21/29 (A) | 1900000 | 1896928 |
| &nbsp;&nbsp; VFI ABS, Ser 2023-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.270%, 03/26/29 (A) | 166182 | 167180 |
| &nbsp;&nbsp; Vivint Solar Financing V, Ser 2018-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.730%, 04/30/48 (A) | 411678 | 388762 |
| &nbsp;&nbsp; Vivint Solar Financing V, Ser 2018-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.370%, 04/30/48 (A) | 157334 | 149467 |
| &nbsp;&nbsp; Vivint Solar Financing VII, Ser 2020-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.220%, 07/31/51 (A) | 850949 | 678131 |
|  |  | 36155841 |
| &nbsp;&nbsp; Total Asset-Backed Securities  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $96,947,301)  |  | 97669118 |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MORTGAGE-BACKED SECURITIES — 11.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MORTGAGE-BACKED SECURITIES — 11.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MORTGAGE-BACKED SECURITIES — 11.3%** |
|  | **Face Amount** | **Value** |
| **Agency Mortgage-Backed Obligations — 5.1%** | **Agency Mortgage-Backed Obligations — 5.1%** | **Agency Mortgage-Backed Obligations — 5.1%** |
| &nbsp;&nbsp; FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/35  | $87762 | $88628 |
| &nbsp;&nbsp; FHLMC Multifamily ML Certificates, Ser 2023-ML18, Cl XCA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.505%, 09/25/37 (B) | 16950728 | 1764178 |
| &nbsp;&nbsp; FHLMC, Ser 2003-2690, Cl TZ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/15/33  | 877939 | 881273 |
| &nbsp;&nbsp; FHLMC, Ser 2017-4750, Cl PA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/15/46  | 417405 | 407778 |
| &nbsp;&nbsp; FHLMC, Ser 2022-5243, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/25/48  | 2117470 | 2132361 |
| &nbsp;&nbsp; FHLMC, Ser 2023-5290, Cl DE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/25/44  | 2261286 | 2267837 |
| &nbsp;&nbsp; FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/34  | 67858 | 68714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/34  | 367514 | 364925 |
| &nbsp;&nbsp; FNMA, Ser 2009-62, Cl WA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.582%, 08/25/39 (B) | 14605 | 14715 |
| &nbsp;&nbsp; FNMA, Ser 2011-17, Cl ZM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/25/31  | 1117301 | 1101619 |
| &nbsp;&nbsp; FNMA, Ser 2013-104, Cl TY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/25/33  | 2078543 | 2006669 |
| &nbsp;&nbsp; FNMA, Ser 2013-43, Cl MB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/25/33  | 829813 | 812555 |
| &nbsp;&nbsp; FNMA, Ser 2017-12, Cl KE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/25/47  | 390959 | 374453 |
| &nbsp;&nbsp; FNMA, Ser 2017-19, Cl EA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/25/47  | 973834 | 937304 |
| &nbsp;&nbsp; FNMA, Ser 2017-87, Cl P |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/25/46  | 1023999 | 995277 |
| &nbsp;&nbsp; FNMA, Ser 2019-18, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/25/49  | 442444 | 422975 |
| &nbsp;&nbsp; FNMA, Ser 2022-29, Cl MG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/25/42  | 1185271 | 1184730 |
| &nbsp;&nbsp; FNMA, Ser 2022-72, Cl CB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/25/39  | 3354735 | 3390868 |
| &nbsp;&nbsp; FNMA, Ser 2022-76, Cl HC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/25/43  | 1940408 | 1952457 |
| &nbsp;&nbsp; FNMA, Ser 2024-58, Cl BA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/25/53  | 1815573 | 1836204 |
| &nbsp;&nbsp; GNMA, Ser 2011-57, Cl BA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/20/40  | 5409 | 5381 |
| &nbsp;&nbsp; GNMA, Ser 2017-99, Cl WA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.975%, 12/20/32 (B) | 101999 | 102458 |
| &nbsp;&nbsp; GNMA, Ser 2022-177, Cl LA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/20/52  | 143282 | 141542 |
| &nbsp;&nbsp; GNMA, Ser 2023-146, Cl CT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/20/34  | 801515 | 803569 |

---

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

*17*

**CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp; GNMA, Ser 2023-49, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/20/48  | $| 1649373 | $| 1648856 |
|  |  |  |  | 25707326 |
| **Non-Agency Mortgage-Backed Obligations — 6.2%** | **Non-Agency Mortgage-Backed Obligations — 6.2%** | **Non-Agency Mortgage-Backed Obligations — 6.2%** | **Non-Agency Mortgage-Backed Obligations — 6.2%** | **Non-Agency Mortgage-Backed Obligations — 6.2%** |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Ser 2024-5, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 07/25/68 (A)(E) |  | 867990 |  | 860716 |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Ser 2024-8, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%, 05/27/69 (A)(E) |  | 380361 |  | 379263 |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Ser 2024-9, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.138%, 09/25/69 (A)(E) |  | 1456187 |  | 1447767 |
| &nbsp;&nbsp; BANK, Ser 2018-BN10, Cl ASB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.641%, 02/15/61  |  | 223250 |  | 220349 |
| &nbsp;&nbsp; BANK, Ser 2024-BNK48, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.333%, 10/15/57  |  | 520168 |  | 517702 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Ser 2024-C28, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910%, 09/15/57  |  | 728788 |  | 733278 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Ser 2024-C30, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.902%, 11/15/57  |  | 1101308 |  | 1111904 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Ser 2025-C32, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.968%, 02/15/62  |  | 833650 |  | 844243 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, Ser 2024-NQM5, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.803%, 06/25/64 (A)(E) |  | 1598417 |  | 1604457 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, Ser 2022-AHP, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.312%, TSFR1M + 0.990%, 01/17/39 (A)(B) |  | 492000 |  | 489847 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, Ser 2022-AHP, Cl AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.812%, TSFR1M + 1.490%, 01/17/39 (A)(B) |  | 2500000 |  | 2478125 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, Ser 2022-AHP, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.162%, TSFR1M + 1.840%, 01/17/39 (A)(B) |  | 1750000 |  | 1725937 |
| &nbsp;&nbsp; BX Trust, Ser 2022-CLS, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 10/13/27 (A) |  | 2200000 |  | 2213449 |
| &nbsp;&nbsp; CHI Commercial Mortgage Trust, Ser SFT, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.665%, 04/15/42 (A)(B) |  | 250000 |  | 252423 |
| &nbsp;&nbsp; CHI Commercial Mortgage Trust, Ser SFT, Cl XA, IO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.310%, 04/15/42 (A)(B) |  | 975000 |  | 10450 |
| &nbsp;&nbsp; COLT, Ser 2025-1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.699%, 01/25/70 (A)(E) |  | 682306 |  | 684820 |

---

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Extended Stay America Trust, Ser 2021-ESH, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.817%, TSFR1M + 1.494%, 07/15/38 (A)(B) | $945429 | $941884 |
| &nbsp;&nbsp; FREMF Mortgage Trust, Ser 2015-K49, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.851%, 10/25/48 (A)(B) | 1950000 | 1938531 |
| &nbsp;&nbsp; FREMF Mortgage Trust, Ser 2019-K89, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.436%, 01/25/51 (A)(B) | 1400000 | 1381914 |
| &nbsp;&nbsp; FREMF Mortgage Trust, Ser 2019-K94, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.099%, 07/25/52 (A)(B) | 1262000 | 1207616 |
| &nbsp;&nbsp; GCAT Trust, Ser 2024-NQM2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.085%, 06/25/59 (A)(E) | 925331 | 934090 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Ser 2021-DM, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.822%, TSFR1M + 1.499%, 11/15/36 (A)(B) | 2500000 | 2471792 |
| &nbsp;&nbsp; GSR Mortgage Loan Trust, Ser 2004-9, Cl 3A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.441%, 08/25/34 (B) | 7797 | 7209 |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust, Ser 2016-10HY, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.835%, 08/10/38 (A) | 1000000 | 971878 |
| &nbsp;&nbsp; Manhattan West Mortgage Trust, Ser 2020-1MW, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.413%, 09/10/39 (A)(B) | 214000 | 198832 |
| &nbsp;&nbsp; MHC Commercial Mortgage Trust, Ser 2021-MHC, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.237%, TSFR1M + 0.915%, 04/15/38 (A)(B) | 573778 | 573060 |
| &nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Ser 2024-3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/25/54 (A)(B) | 264696 | 265503 |
| &nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Ser 2025-NQM1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.738%, 11/25/69 (A)(B) | 971634 | 977381 |
| &nbsp;&nbsp; OBX Trust, Ser 2023-NQM2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.319%, 01/25/62 (A)(E) | 649587 | 650946 |
| &nbsp;&nbsp; OBX Trust, Ser 2024-NQM13, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.116%, 06/25/64 (A) | 277042 | 275854 |
| &nbsp;&nbsp; OBX Trust, Ser 2024-NQM15, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%, 10/25/64 (A)(E) | 507220 | 506578 |
| &nbsp;&nbsp; OBX Trust, Ser 2024-NQM7, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.243%, 03/25/64 (A)(E) | 619870 | 625097 |

---

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

*18*

**CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Sequoia Mortgage Trust, Ser 2013-2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.874%, 02/25/43 (B) | $71362 | $60895 |
| &nbsp;&nbsp; STWD Mortgage Trust, Ser 2021-LIH, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.741%, TSFR1M + 2.419%, 11/15/36 (A)(B) | 450000 | 441844 |
| &nbsp;&nbsp; Verus Securitization Trust, Ser 2024-4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.218%, 06/25/69 (A)(E) | 838195 | 845175 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Ser 2024-C63, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.894%, 08/15/57  | 830233 | 836301 |
|  |  | 31687110 |
| &nbsp;&nbsp; Total Mortgage-Backed Securities  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $56,084,791)  |  | 57394436 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS — 4.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS — 4.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS — 4.1%** |
| &nbsp;&nbsp; Barclays Capital |  |  |
| &nbsp;&nbsp;&nbsp; 4.370%, dated 04/30/25, to be repurchased on 05/01/25, repurchase price $10,401,262, (collateralized by a U.S. Treasury Obligation, par value $10,679,900, 3.875%, 08/15/2033; with total market value $10,608,038). | $10400000 | $10400000 |
| &nbsp;&nbsp; Socgen Triparty Treasury |  |  |
| &nbsp;&nbsp;&nbsp; 4.360%, dated 04/30/25, to be repurchased on 05/01/25, repurchase price $10,601,284, (collateralized by a U.S. Treasury Obligation, par value $10,595,000, 4.750%, 02/15/2045; with total market value $10,812,091). | 10600000 | 10600000 |
| &nbsp;&nbsp; Total Repurchase Agreements  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $21,000,000)  |  | 21000000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MUNICIPAL BONDS — 4.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MUNICIPAL BONDS — 4.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MUNICIPAL BONDS — 4.0%** |
| **California — 1.0%** | **California — 1.0%** | **California — 1.0%** |
| &nbsp;&nbsp; California Community Choice Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/30  | $1420000 | $1470180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 08/01/29  | 825000 | 843245 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp; Mount Diablo Unified School District, Ser B-NE, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.548%, 08/01/27  | $| 400000 | $| 405951 |
| &nbsp;&nbsp; Peralta Community College District, Ser C-2, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 06/01/25  |  | 250000 |  | 250029 |
| &nbsp;&nbsp; San Diego Unified School District, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.915%, 07/01/28  |  | 600000 |  | 599283 |
| &nbsp;&nbsp; San Francisco City & County Public Utilities Commission Wastewater Revenue, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.655%, 10/01/27  |  | 1400000 |  | 1423271 |
|  |  |  |  | 4991959 |
| **Colorado — 0.2%** | **Colorado — 0.2%** | **Colorado — 0.2%** | **Colorado — 0.2%** | **Colorado — 0.2%** |
| &nbsp;&nbsp; Broomfield Urban Renewal Authority, TA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 12/01/28  |  | 800000 |  | 814774 |
| **Hawaii — 0.1%** | **Hawaii — 0.1%** | **Hawaii — 0.1%** | **Hawaii — 0.1%** | **Hawaii — 0.1%** |
| &nbsp;&nbsp; State of Hawaii Department of Business Economic Development & Tourism, Ser A-2, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.242%, 01/01/31  |  | 737744 |  | 721546 |
| **Illinois — 0.2%** | **Illinois — 0.2%** | **Illinois — 0.2%** | **Illinois — 0.2%** | **Illinois — 0.2%** |
| &nbsp;&nbsp; Chicago Housing Authority, Ser B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.822%, 01/01/26  |  | 250000 |  | 249081 |
| &nbsp;&nbsp; Village of Deerfield Illinois, Ser B, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/28  |  | 1250000 |  | 1247789 |
|  |  |  |  | 1496870 |
| **Indiana — 0.0%** | **Indiana — 0.0%** | **Indiana — 0.0%** | **Indiana — 0.0%** | **Indiana — 0.0%** |
| &nbsp;&nbsp; City of Fort Wayne Indiana, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, 12/01/29  |  | 117179 |  | 12 |
| **Iowa — 0.0%** | **Iowa — 0.0%** | **Iowa — 0.0%** | **Iowa — 0.0%** | **Iowa — 0.0%** |
| &nbsp;&nbsp; Iowa Finance Authority, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/01/27 (A) |  | 250000 |  | 254147 |
| **Louisiana — 0.1%** | **Louisiana — 0.1%** | **Louisiana — 0.1%** | **Louisiana — 0.1%** | **Louisiana — 0.1%** |
| &nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%, 02/01/29  |  | 522107 |  | 519913 |
| **Maryland — 0.1%** | **Maryland — 0.1%** | **Maryland — 0.1%** | **Maryland — 0.1%** | **Maryland — 0.1%** |
| &nbsp;&nbsp; Montgomery County Housing Opportunities Commission, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412%, 12/01/27  |  | 350000 |  | 353560 |

---

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

*19*

**CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** |
|  | **Face Amount** | **Value** |
| **Montana — 0.2%** | **Montana — 0.2%** | **Montana — 0.2%** |
| &nbsp;&nbsp; County of Gallatin Montana, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, 09/01/27 (A) | $750000 | $774781 |
|  |  | 774781 |
| **New Hampshire — 0.7%** | **New Hampshire — 0.7%** | **New Hampshire — 0.7%** |
| &nbsp;&nbsp; New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 02/01/29 (A)(B) | 2500000 | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520%, 07/01/33 (A)(B) | 850000 | 850000 |
|  |  | 3350000 |
| **New Jersey — 0.6%** | **New Jersey — 0.6%** | **New Jersey — 0.6%** |
| &nbsp;&nbsp; Jersey City Municipal Utilities Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 05/01/26  | 450000 | 450537 |
| &nbsp;&nbsp; New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.984%, 03/01/27  | 1000000 | 1010172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.927%, 03/01/26  | 1000000 | 1003428 |
| &nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Ser BB, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.608%, 06/15/26  | 510000 | 512390 |
|  |  | 2976527 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
| &nbsp;&nbsp; New York State Energy Research & Development Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.822%, 04/01/27  | 665000 | 676601 |
| **Oklahoma — 0.1%** | **Oklahoma — 0.1%** | **Oklahoma — 0.1%** |
| &nbsp;&nbsp; Oklahoma Development Finance Authority, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 08/15/28  | 600000 | 614528 |
| **Oregon — 0.3%** | **Oregon — 0.3%** | **Oregon — 0.3%** |
| &nbsp;&nbsp; Warm Springs Reservation Confederated Tribe, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.370%, 11/01/27 (A) | 1000000 | 944455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.165%, 11/01/26 (A) | 500000 | 481342 |
|  |  | 1425797 |
| **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** |
| &nbsp;&nbsp; Redevelopment Authority of the City of Philadelphia, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.653%, 09/01/25  | 275000 | 275284 |
| **South Dakota — 0.0%** | **South Dakota — 0.0%** | **South Dakota — 0.0%** |
| &nbsp;&nbsp; South Dakota Housing Development Authority, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.460%, 05/01/53  | 225000 | 230286 |

---

---

| | | |
|:---|:---|:---|
|  **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** |
|  | **Face Amount** | **Value** |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| &nbsp;&nbsp; Tobacco Settlement Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.351%, 06/01/28  | $1000000 | $938783 |
| &nbsp;&nbsp; Total Municipal Bonds  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $20,288,783)  |  | 20415368 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BANK LOAN OBLIGATIONS — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BANK LOAN OBLIGATIONS — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BANK LOAN OBLIGATIONS — 0.4%** |
|  **ECOLOGICAL SERVICES & EQUIPMENT — 0.4%** | **ECOLOGICAL SERVICES & EQUIPMENT — 0.4%** | **ECOLOGICAL SERVICES & EQUIPMENT — 0.4%** |
| &nbsp;&nbsp; LTR Intermediate Holdings Term Loan  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.460%, 05/05/28 | $248708 | $234823 |
| &nbsp;&nbsp; Terraform Power Operating Specified Refinancing Term Loan  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.299%, TSFR1M + 2.500%, 05/21/29(B) | 1629083 | 1592428 |
|  |  | 1827251 |
| &nbsp;&nbsp; Total Bank Loan Obligations  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,876,188)  |  | 1827251 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SOVEREIGN DEBT — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SOVEREIGN DEBT — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SOVEREIGN DEBT — 0.3%** |
|  **JAPAN — 0.1%** | **JAPAN — 0.1%** | **JAPAN — 0.1%** |
| &nbsp;&nbsp; Japan Bank for International Cooperation  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 01/20/27 | $500000 | $481029 |
|  **SWEDEN — 0.2%** | **SWEDEN — 0.2%** | **SWEDEN — 0.2%** |
| &nbsp;&nbsp; Kommuninvest I Sverige  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/29/28(A) | 1000000 | 1030220 |
| &nbsp;&nbsp; Total Sovereign Debt  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,473,515)  |  | 1511249 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.3%** |
| &nbsp;&nbsp; Export-Import Bank of the United States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.628%, 11/12/26 | $960428 | $944841 |

---

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

*20*

**CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — continued** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** |
| &nbsp;&nbsp; United States International Development Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.790%, 10/15/29 | $| 273654 | $260280 |
| &nbsp;&nbsp; Total U.S. Government Agency Obligations  |  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,231,630)  |  |  | 1205121 |
| **SHORT-TERM INVESTMENT — 0.0%** | **SHORT-TERM INVESTMENT — 0.0%** | **SHORT-TERM INVESTMENT — 0.0%** | **SHORT-TERM INVESTMENT — 0.0%** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> Shares** |  |
| &nbsp;&nbsp; State Street Institutional US Government Money Market Fund, Premier Class, 4.290%, (F) |  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $72,975)  |  | 72975 | $72975 |
| &nbsp;&nbsp; Total Short-Term Investment  |  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $72,975)  |  |  | 72975 |
| &nbsp;&nbsp; Total Investments in Securities— 101.4% | &nbsp;&nbsp; Total Investments in Securities— 101.4% | &nbsp;&nbsp; Total Investments in Securities— 101.4% |  |
| &nbsp;&nbsp;&nbsp; (Cost $510,672,941) |  |  | $515007864 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration Date** | **Notional Amount** | **Value** | **Unrealized Appreciation/ (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp; U.S. 2-Year Treasury Note | 292 | Jun-2025 | $60286527 | $60779344 | $492817 |

---

---

| | |
|:---|:---|
| <sup>‡</sup> | Real Estate Investment Trust. |
| (A) | Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value of these securities at April 30, 2025 was $160,055,733 and represented 31.5% of Net Assets. |
| (B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (C) | Zero coupon security.  |
| (D) | This security or a partial position of this security is on loan at April 30, 2025. The total market value of securities on loan at April 30, 2025 was $71,351. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

---

| |
|:---|
| ABS — Asset-Backed Security |
| Cl — Class |
| CLO — Collateralized Loan Obligation |
| DAC — Designated Activity Company |
| FHLMC — Federal Home Loan Mortgage Corporation |
| FNMA — Federal National Mortgage Association |
| GNMA — Government National Mortgage Association |
| GO — General Obligation |
| H15T1Y — US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| IO — Interest Only — face amount represents notional amount |
| MTN — Medium Term Note |
| RB — Revenue Bond |
| Ser — Series |
| SOFRINDX — Secured Overnight Financing Rate Index |
| SOFRRATE — Secured Overnight Financing Rate |
| TA — Tax Allocation |
| TSFR1M — Term Secured Overnight Financing Rate 1 Month |
| TSFR3M — Term Secured Overnight Financing Rate 3 Month |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments carried at market value: |
|  Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Corporate Obligations | $— | $181531123 | $— | $181531123 |
| &nbsp;&nbsp; U.S. Treasury Obligations |  | 132381223 |  | 132381223 |
| &nbsp;&nbsp; Asset-Backed Securities |  | 97669118 |  | 97669118 |
| &nbsp;&nbsp; Mortgage-Backed Securities |  | 57394436 |  | 57394436 |
| &nbsp;&nbsp; Repurchase Agreements |  | 21000000 |  | 21000000 |
| &nbsp;&nbsp; Municipal Bonds |  | 20415368 |  | 20415368 |
| &nbsp;&nbsp; Bank Loan Obligations |  | 1827251 |  | 1827251 |
| &nbsp;&nbsp; Sovereign Debt |  | 1511249 |  | 1511249 |
| &nbsp;&nbsp; U.S. Government Agency Obligations |  | 1205121 |  | 1205121 |
| &nbsp;&nbsp; Short-Term Investment | 72975 |  |  | 72975 |
|  Total Investments in Securities | $72975 | $514934889 | $— | $515007864 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Futures Contracts\* |  |  |  |  |

---

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

*21*

**CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp; Unrealized Appreciation | $492817 | $– | $– | $492817 |
|  Total Other Financial Instruments | $492817 | $– | $– | $492817 |

---

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

Amounts designated as "–" are $0.

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

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

*22*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS — 29.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS — 29.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS — 29.6%** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/43 | $5420000 | $5475894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/45 | 4270000 | 4299356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/53 | 3323000 | 3344206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/15/44 | 19110000 | 18960703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/44 | 6230000 | 6170620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/15/54 | 3100000 | 3062219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/55 | 10800000 | 10701234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/44 | 15773000 | 15413166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 | 2960000 | 2870275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/15/43 | 2740000 | 2641959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/54 | 1034000 | 958753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 08/15/54 | 965000 | 896395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/44 | 11220000 | 10399538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/53 | 14432000 | 13088284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 05/15/43 | 3615000 | 3263808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/15/53 | 165000 | 136557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/42 | 8500000 | 7201758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/49 | 615000 | 457719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/52 | 4522000 | 3312542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/43 | 5705000 | 4434300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/45 | 15310000 | 10883855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/46 | 1775000 | 1242639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/15/46 | 210000 | 146500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/15/42 | 870000 | 637853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/46 | 1805000 | 1193909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 02/15/52 | 5235000 | 3236702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/41 | 1305000 | 905293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/15/50 | 4745000 | 2817714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/15/51 | 6755000 | 3940856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/41 | 935000 | 648108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/51 | 325000 | 184615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/15/51 | 3200000 | 1801000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 08/15/41 | 9530000 | 6378399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/15/50 | 9615000 | 5125912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 08/15/50 | 12530000 | 6248848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 05/15/50 | 21670000 | 10541270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 08/15/40 | 3465000 | 2146134 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/15/55 | 23874432 | 23239852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/15/53 | 2513973 | 2010744 |
| &nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/30/29 | 15315000 | 15857606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/35 | 10780000 | 11184250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, USBMMY3M + 0.205%, 10/31/26(A) | 22230000 | 22249998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.395%, USBMMY3M + 0.150%, 04/30/26(A) | 34610000 | 34616284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 3995000 | 4092846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 | 2650000 | 2725773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/31/32 | 21080000 | 21641584 |

---

---

| | | |
|:---|:---|:---|
|  **U.S. TREASURY OBLIGATIONS — continued** | **U.S. TREASURY OBLIGATIONS — continued** | **U.S. TREASURY OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.343%, USBMMY3M + 0.098%, 01/31/27(A) | $31400000 | $31382848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/31/26 | 1140000 | 1149931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/28 | 6550000 | 6664113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/30/29 | 14210000 | 14503636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/30/31 | 20325000 | 20714033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 13495000 | 13580618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/31/27 | 5825000 | 5868005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/28/27 | 11020000 | 11110915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/31/29 | 1650000 | 1677715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/29 | 9330000 | 9491597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/29 | 5215000 | 5306150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/31/31 | 5825000 | 5904184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/31 | 8020000 | 8119937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/27 | 18240000 | 18434512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/29/28 | 3130000 | 3163745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/30/28 | 3325000 | 3365653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/31/29 | 11660000 | 11791630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 | 4922000 | 4982756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/28/30 | 3570000 | 3616298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/31/30 | 5735000 | 5806240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/31/27 | 7545000 | 7577540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/15/28 | 2070000 | 2086981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/30/30 | 3519000 | 3543746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/33 | 41610000 | 41083373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/34 | 68335000 | 66932729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/15/28 | 2900000 | 2913367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 05/31/30 | 3410000 | 3411332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 09/30/31 | 14825000 | 14600309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/30/29 | 10310000 | 10222848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 05/31/29 | 9035000 | 8723716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 03/31/29 | 10145000 | 9675398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 05/15/31 | 8150000 | 7178049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 13895000 | 11874254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 08/15/31 | 2895000 | 2472737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 02/29/28 | 7330000 | 6848110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 02/15/31 | 2385000 | 2057435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 01/31/28 | 1450000 | 1343063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 05/15/30 | 1775000 | 1523172 |
| &nbsp;&nbsp; Total U.S. Treasury Obligations  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $717,340,829)  |  | 703490505 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CORPORATE OBLIGATIONS — 28.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CORPORATE OBLIGATIONS — 28.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CORPORATE OBLIGATIONS — 28.1%** |
|  **COMMUNICATION SERVICES — 1.7%** | **COMMUNICATION SERVICES — 1.7%** | **COMMUNICATION SERVICES — 1.7%** |
| &nbsp;&nbsp; Alphabet  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 08/15/30 | $2500000 | $2152888 |
| &nbsp;&nbsp; AT&T  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 06/15/45 | 2720000 | 2198743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/01/57 | 750000 | 517163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 09/15/55 | 1238000 | 827151 |

---

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

*23*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
|  **COMMUNICATION SERVICES — continued** | **COMMUNICATION SERVICES — continued** | **COMMUNICATION SERVICES — continued** | **COMMUNICATION SERVICES — continued** | **COMMUNICATION SERVICES — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 12/01/33 | $| 150000 | $| 123628 |
| &nbsp;&nbsp; CCO Holdings  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/32 |  | 975000 |  | 865319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/33(B) |  | 975000 |  | 848371 |
| &nbsp;&nbsp; Charter Communications Operating  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 06/01/29 |  | 1630000 |  | 1687998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/01/49 |  | 1955000 |  | 1523639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 03/15/28 |  | 630000 |  | 619051 |
| &nbsp;&nbsp; Comcast  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 02/15/33 |  | 2500000 |  | 2452230 |
| &nbsp;&nbsp; Cox Communications  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 09/01/54(B) |  | 1390000 |  | 1270134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 09/15/26(B) |  | 575000 |  | 566044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/01/30(B) |  | 650000 |  | 553730 |
| &nbsp;&nbsp; Discovery Communications  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/20/28 |  | 860000 |  | 822554 |
| &nbsp;&nbsp; Meta Platforms  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 08/15/52 |  | 2665000 |  | 2216816 |
| &nbsp;&nbsp; Prosus MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 07/06/27(B) |  | 500000 |  | 498125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.680%, 01/21/30(B) |  | 200000 |  | 185357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.061%, 07/13/31(B) |  | 1940000 |  | 1671596 |
| &nbsp;&nbsp; Rogers Communications  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 03/15/32 |  | 1705000 |  | 1558263 |
| &nbsp;&nbsp; Telecom Italia Capital  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 07/18/36 |  | 175000 |  | 179557 |
| &nbsp;&nbsp; Tencent Holdings MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.975%, 04/11/29(B) |  | 2000000 |  | 1971223 |
| &nbsp;&nbsp; Time Warner Cable  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 06/15/39 |  | 800000 |  | 797191 |
| &nbsp;&nbsp; T-Mobile USA  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/15/32 |  | 635000 |  | 640891 |
| &nbsp;&nbsp; Verizon Communications  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/02/35 |  | 770000 |  | 772394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 11/01/34 |  | 3130000 |  | 2953088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/01/52 |  | 3500000 |  | 2575577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/22/51 |  | 895000 |  | 631664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 09/03/41 |  | 2500000 |  | 1747534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 11/20/40 |  | 2390000 |  | 1680075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 03/21/31 |  | 525000 |  | 466465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 09/18/30 |  | 2500000 |  | 2138035 |
|  |  |  |  | 39712494 |
|  **CONSUMER DISCRETIONARY — 1.3%** | **CONSUMER DISCRETIONARY — 1.3%** | **CONSUMER DISCRETIONARY — 1.3%** | **CONSUMER DISCRETIONARY — 1.3%** | **CONSUMER DISCRETIONARY — 1.3%** |
| &nbsp;&nbsp; Alimentation Couche-Tard  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/13/51(B) |  | 5000000 |  | 3323156 |
| &nbsp;&nbsp; Carnival  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 03/15/30(B) |  | 1955000 |  | 1941326 |
| &nbsp;&nbsp; Ford Motor  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 08/19/32 |  | 1000000 |  | 961454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/12/32 |  | 2500000 |  | 2041644 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
|  **CONSUMER DISCRETIONARY — continued** | **CONSUMER DISCRETIONARY — continued** | **CONSUMER DISCRETIONARY — continued** | **CONSUMER DISCRETIONARY — continued** | **CONSUMER DISCRETIONARY — continued** |
| &nbsp;&nbsp; Ford Motor Credit  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350%, 11/04/27 | $| 525000 | $| 540366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.532%, 03/19/32 |  | 1825000 |  | 1799889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.303%, 09/06/29 |  | 1130000 |  | 1089479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/16/25 |  | 350000 |  | 349733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.134%, 08/04/25 |  | 400000 |  | 398191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/13/25 |  | 450000 |  | 444734 |
| &nbsp;&nbsp; General Motors Financial  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 01/07/30 |  | 1155000 |  | 1156287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 04/04/28 |  | 1285000 |  | 1286150 |
| &nbsp;&nbsp; Genuine Parts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 08/15/29 |  | 830000 |  | 833519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 02/01/32 |  | 760000 |  | 651791 |
| &nbsp;&nbsp; Hyatt Hotels  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 03/30/32 |  | 395000 |  | 395005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/15/31 |  | 720000 |  | 715320 |
| &nbsp;&nbsp; Marriott International  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/15/37 |  | 895000 |  | 870607 |
| &nbsp;&nbsp; Massachusetts Institute of Technology  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.959%, 07/01/38 |  | 3181000 |  | 2889091 |
| &nbsp;&nbsp; McDonald's  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 03/03/35 |  | 825000 |  | 817134 |
| &nbsp;&nbsp; Nissan Motor Acceptance MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 09/13/29(B) |  | 665000 |  | 645296 |
| &nbsp;&nbsp; Nordstrom  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 03/15/28 |  | 865000 |  | 870231 |
| &nbsp;&nbsp; Starbucks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 08/15/49 |  | 2500000 |  | 1993709 |
| &nbsp;&nbsp; Stellantis Finance US  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 03/18/35(B) |  | 655000 |  | 641303 |
| &nbsp;&nbsp; Whirlpool  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 05/15/31 |  | 2500000 |  | 2025086 |
| &nbsp;&nbsp; ZF North America Capital  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 04/14/30(B) |  | 320000 |  | 294736 |
|  |  |  |  | 28975237 |
|  **CONSUMER STAPLES — 0.8%** | **CONSUMER STAPLES — 0.8%** | **CONSUMER STAPLES — 0.8%** | **CONSUMER STAPLES — 0.8%** | **CONSUMER STAPLES — 0.8%** |
| &nbsp;&nbsp; Anheuser-Busch InBev Worldwide  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 01/23/39 |  | 2020000 |  | 2046877 |
| &nbsp;&nbsp; Coca-Cola  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 06/01/27 |  | 25000 |  | 23786 |
| &nbsp;&nbsp; Constellation Brands  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 05/01/30 |  | 315000 |  | 315036 |
| &nbsp;&nbsp; General Mills  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/30/30 |  | 530000 |  | 535119 |
| &nbsp;&nbsp; Keurig Dr Pepper  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/15/35 |  | 310000 |  | 308921 |
| &nbsp;&nbsp; Kraft Heinz Foods  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 03/15/35 |  | 950000 |  | 954391 |

---

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

*24*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
|  **CONSUMER STAPLES — continued** | **CONSUMER STAPLES — continued** | **CONSUMER STAPLES — continued** | **CONSUMER STAPLES — continued** | **CONSUMER STAPLES — continued** |
| &nbsp;&nbsp; Mather Foundation  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.675%, 10/01/31 | $| 2500000 | $| 2120360 |
| &nbsp;&nbsp; PepsiCo  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/07/35 |  | 1345000 |  | 1356234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 07/18/32 |  | 3000000 |  | 2879186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/15/49 |  | 3340000 |  | 2173893 |
| &nbsp;&nbsp; RELX Capital  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/22/30 |  | 50000 |  | 46715 |
| &nbsp;&nbsp; Sysco  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 09/23/30 |  | 785000 |  | 798118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 02/15/30 |  | 2500000 |  | 2261546 |
| &nbsp;&nbsp; Target  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/15/35 |  | 1220000 |  | 1204482 |
| &nbsp;&nbsp; Walmart  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 04/28/35 |  | 975000 |  | 986398 |
|  |  |  |  | 18011062 |
|  **ENERGY — 1.8%** | **ENERGY — 1.8%** | **ENERGY — 1.8%** | **ENERGY — 1.8%** | **ENERGY — 1.8%** |
| &nbsp;&nbsp; APA  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/15/55(B) |  | 860000 |  | 754224 |
| &nbsp;&nbsp; BP Capital Markets America  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.060%, 06/17/41 |  | 2250000 |  | 1620407 |
| &nbsp;&nbsp; California Resources  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 06/15/29(B) |  | 845000 |  | 805862 |
| &nbsp;&nbsp; Cameron LNG  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.701%, 01/15/39(B) |  | 1995000 |  | 1673414 |
| &nbsp;&nbsp; Chevron USA  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.687%, 04/15/30 |  | 1465000 |  | 1488219 |
| &nbsp;&nbsp; Chord Energy  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/15/33(B) |  | 920000 |  | 895907 |
| &nbsp;&nbsp; ConocoPhillips  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/35 |  | 585000 |  | 574274 |
| &nbsp;&nbsp; Devon Energy  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/30/31 |  | 830000 |  | 939956 |
| &nbsp;&nbsp; Energy Transfer  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/42 |  | 835000 |  | 827423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 12/01/28 |  | 1855000 |  | 1940338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 03/15/27 |  | 2190000 |  | 2184609 |
| &nbsp;&nbsp; Helmerich & Payne  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/34(B) |  | 840000 |  | 736901 |
| &nbsp;&nbsp; Hess Midstream Operations  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/01/28(B) |  | 1690000 |  | 1693484 |
| &nbsp;&nbsp; Kinder Morgan  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 06/01/30 |  | 470000 |  | 473870 |
| &nbsp;&nbsp; Kinder Morgan Energy Partners  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/39 |  | 50000 |  | 51587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/44 |  | 370000 |  | 337000 |
| &nbsp;&nbsp; Kinetik Holdings  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 12/15/28(B) |  | 610000 |  | 614463 |
| &nbsp;&nbsp; Marathon Petroleum  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 03/01/30 |  | 875000 |  | 880093 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
|  **ENERGY — continued** | **ENERGY — continued** | **ENERGY — continued** | **ENERGY — continued** | **ENERGY — continued** |
| &nbsp;&nbsp; MidAmerican Energy  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 09/15/54 | $| 975000 | $| 987106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 02/01/55 |  | 1050000 |  | 980582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/15/49 |  | 1240000 |  | 995563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 08/01/47 |  | 2500000 |  | 1934094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 08/01/52 |  | 2588000 |  | 1557212 |
| &nbsp;&nbsp; MPLX  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/15/49 |  | 2000000 |  | 1754435 |
| &nbsp;&nbsp; NFE Financing  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, 11/15/29(B) |  | 3549600 |  | 2443300 |
| &nbsp;&nbsp; Occidental Petroleum  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 09/01/30 |  | 1300000 |  | 1344573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 10/01/54 |  | 650000 |  | 560504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 08/01/29 |  | 910000 |  | 896548 |
| &nbsp;&nbsp; Patterson-UTI Energy  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.150%, 10/01/33 |  | 1525000 |  | 1500435 |
| &nbsp;&nbsp; Sweihan PV Power PJSC  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 01/31/49(B) |  | 2305600 |  | 1890645 |
| &nbsp;&nbsp; Targa Resources  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 05/15/55 |  | 1165000 |  | 1101039 |
| &nbsp;&nbsp; Topaz Solar Farms  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 09/30/39(B) |  | 4731496 |  | 4435257 |
| &nbsp;&nbsp; TransCanada PipeLines  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/01/34 |  | 1345000 |  | 1262750 |
|  |  |  |  | 42136074 |
|  **FINANCIALS — 16.3%** | **FINANCIALS — 16.3%** | **FINANCIALS — 16.3%** | **FINANCIALS — 16.3%** | **FINANCIALS — 16.3%** |
| &nbsp;&nbsp; African Development Bank  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, H15T5Y + 1.575%(A)(C) |  | 3750000 |  | 3584103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/25/27 |  | 2500000 |  | 2516197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/18/29 |  | 1000000 |  | 987242 |
| &nbsp;&nbsp; American Express  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%, SOFRRATE + 1.440%, 04/25/31(A) |  | 1890000 |  | 1917040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, H15T5Y + 2.854%(A)(C) |  | 675000 |  | 645862 |
| &nbsp;&nbsp; American Honda Finance  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 03/05/35 |  | 1375000 |  | 1369778 |
| &nbsp;&nbsp; American National Global Funding  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 01/28/30(B) |  | 870000 |  | 887466 |
| &nbsp;&nbsp; Anglo American Capital  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/05/34(B) |  | 1765000 |  | 1777201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/16/29(B) |  | 420000 |  | 406674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 09/10/30(B) |  | 500000 |  | 444921 |
| &nbsp;&nbsp; Antares Holdings  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 10/23/29(B) |  | 720000 |  | 716855 |
| &nbsp;&nbsp; Apollo Debt Solutions BDC  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 03/15/32(B) |  | 345000 |  | 346270 |
| &nbsp;&nbsp; Arab Energy Fund  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.428%, 05/02/29 |  | 2750000 |  | 2832401 |

---

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

*25*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; Arab Petroleum Investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.428%, 05/02/29(B) | $1500000 | $1544946 |
| &nbsp;&nbsp; Ares Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/15/27 | 487000 | 500401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 03/08/32 | 580000 | 566933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 06/15/28 | 1320000 | 1225485 |
| &nbsp;&nbsp; Ares Strategic Income Fund  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 03/15/28(B) | 570000 | 568456 |
| &nbsp;&nbsp; Arthur J Gallagher  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/15/34 | 1225000 | 1328582 |
| &nbsp;&nbsp; Asian Infrastructure Investment Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.987%, SOFRINDX + 0.620%, 08/16/27(A) | 1000000 | 1006822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 09/14/26 | 1000000 | 1014082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/16/30 | 1200000 | 1233460 |
| &nbsp;&nbsp; Athene Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.380%, 01/07/30(B) | 1430000 | 1455998 |
| &nbsp;&nbsp; Atlas Warehouse Lending  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 01/15/30(B) | 445000 | 445287 |
| &nbsp;&nbsp; Aviation Capital Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/10/30(B) | 620000 | 612312 |
| &nbsp;&nbsp; Avolon Holdings Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/30/30(B) | 215000 | 213970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 01/15/28(B) | 990000 | 984335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/01/26(B) | 1445000 | 1434071 |
| &nbsp;&nbsp; Bacardi-Martini BV  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 02/01/30(B) | 1620000 | 1649064 |
| &nbsp;&nbsp; Bain Capital Specialty Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 03/15/30 | 350000 | 342389 |
| &nbsp;&nbsp; Bank of America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%, SOFRRATE + 1.738%, 10/25/35(A) | 2995000 | 2935656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 03/03/26 | 1275000 | 1273710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.676%, U.S. SOFR + 1.930%, 06/19/41(A) | 2700000 | 1913400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%, SOFRRATE + 1.210%, 10/20/32(A) | 650000 | 563654 |
| &nbsp;&nbsp; Bank of Montreal  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.004%, SOFRINDX + 0.670%, 01/27/29(A) | 575000 | 583033 |
| &nbsp;&nbsp; Bank of New York Mellon  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.942%, SOFRRATE + 0.887%, 02/11/31(A) | 1440000 | 1462744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.729%, SOFRRATE + 1.135%, 04/20/29(A) | 585000 | 592698 |
| &nbsp;&nbsp; Bank of Nova Scotia  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, H15T5Y + 4.551%(A)(C) | 4840000 | 4819648 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; Banque Federative du Credit Mutuel  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.538%, 01/22/30(B) | $1420000 | $1465099 |
| &nbsp;&nbsp; Barclays  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.690%, SOFRRATE + 1.740%, 03/12/30(A) | 1240000 | 1273952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%, SOFRRATE + 1.490%, 03/12/28(A) | 3130000 | 3189192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.367%, SOFRRATE + 1.230%, 02/25/31(A) | 725000 | 734195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.894%, H15T1Y + 1.300%, 11/24/32(A) | 1000000 | 869788 |
| &nbsp;&nbsp; BGC Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 04/02/30(B) | 305000 | 303381 |
| &nbsp;&nbsp; Blackstone Private Credit Fund  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/29/32 | 255000 | 252435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 12/15/26 | 2845000 | 2729289 |
| &nbsp;&nbsp; Blackstone Secured Lending Fund  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 04/13/28 | 245000 | 244148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 06/30/30 | 465000 | 452126 |
| &nbsp;&nbsp; Blue Owl Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 07/15/26 | 1140000 | 1108048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 06/11/28 | 2700000 | 2462846 |
| &nbsp;&nbsp; Blue Owl Credit Income  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 01/15/29 | 2670000 | 2805475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 09/15/29(B) | 555000 | 560295 |
| &nbsp;&nbsp; Blue Owl Technology Finance II  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/04/29 | 585000 | 585476 |
| &nbsp;&nbsp; BMW US Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 03/21/35(B) | 1115000 | 1102005 |
| &nbsp;&nbsp; BNP Paribas  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%, SOFRRATE + 1.280%, 11/19/30(A)(B) | 1530000 | 1545365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.176%, SOFRRATE + 1.520%, 01/09/30(A)(B) | 1465000 | 1485215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.085%, SOFRRATE + 1.678%, 05/09/31(A)(B) | 1985000 | 1985000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/12/26(B) | 250000 | 248370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.675%, SOFRRATE + 0.912%, 06/30/27(A)(B) | 2450000 | 2367666 |
| &nbsp;&nbsp; Bush Foundation  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.754%, 10/01/50 | 1000000 | 632223 |
| &nbsp;&nbsp; Canadian Imperial Bank of Commerce  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.857%, SOFRRATE + 1.030%, 03/30/29(A) | 1475000 | 1486644 |
| &nbsp;&nbsp; Cantor Fitzgerald  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 12/12/28(B) | 750000 | 789713 |
| &nbsp;&nbsp; Capital One Financial  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.624%, SOFRRATE + 3.070%, 10/30/31(A) | 775000 | 862389 |

---

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

*26*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.377%, SOFRRATE + 2.860%, 06/08/34(A) | $1490000 | $1554043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.312%, SOFRRATE + 2.640%, 06/08/29(A) | 350000 | 364372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.183%, SOFRRATE + 2.036%, 01/30/36(A) | 660000 | 650415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.268%, SOFRRATE + 2.370%, 05/10/33(A) | 1320000 | 1297349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.927%, SOFRRATE + 2.057%, 05/10/28(A) | 675000 | 677369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/29/25 | 1050000 | 1047974 |
| &nbsp;&nbsp; Cargill  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 02/11/35(B) | 765000 | 766888 |
| &nbsp;&nbsp; CBRE Services  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/35 | 415000 | 412531 |
| &nbsp;&nbsp; CDP Financial MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 05/26/26(B) | 2500000 | 2423256 |
| &nbsp;&nbsp; Central American Bank for Economic Integration  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/09/26(B) | 500000 | 502484 |
| &nbsp;&nbsp; CGI  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 03/14/30(B) | 1275000 | 1279675 |
| &nbsp;&nbsp; Charles Schwab  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, H15T5Y + 4.971%(A)(C) | 4830000 | 4813998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, H15T5Y + 3.168%(A)(C) | 4030000 | 3902606 |
| &nbsp;&nbsp; Citibank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.876%, SOFRRATE + 0.712%, 11/19/27(A) | 2915000 | 2933978 |
| &nbsp;&nbsp; Citigroup  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 07/15/39 | 785000 | 970997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, TSFR3M + 4.167%(A)(C) | 4480000 | 4472900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 03/09/26 | 40000 | 39982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 09/29/27 | 1920000 | 1914236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, H15T5Y + 3.597%(A)(C) | 2085000 | 2038930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 05/01/26 | 330000 | 326813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.666%, U.S. SOFR + 1.146%, 01/29/31(A) | 2205000 | 2002760 |
| &nbsp;&nbsp; Citizens Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.575%, SOFRRATE + 2.000%, 08/09/28(A) | 940000 | 939492 |
| &nbsp;&nbsp; Citizens Financial Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.841%, SOFRRATE + 2.010%, 01/23/30(A) | 1190000 | 1218148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.253%, SOFRRATE + 1.259%, 03/05/31(A) | 600000 | 600007 |
| &nbsp;&nbsp; CME Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 03/15/30 | 1470000 | 1481834 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; CNH Industrial Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/21/28 | $505000 | $507125 |
| &nbsp;&nbsp; CNO Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 12/10/27(B) | 860000 | 866273 |
| &nbsp;&nbsp; Commonwealth Bank of Australia NY  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.423%, 03/14/28 | 1165000 | 1174959 |
| &nbsp;&nbsp; Community Preservation  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.867%, 02/01/30 | 2400000 | 2181725 |
| &nbsp;&nbsp; Conservation Fund A Nonprofit  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.474%, 12/15/29 | 2116000 | 2006333 |
| &nbsp;&nbsp; ContourGlobal Power Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/28/30(B) | 500000 | 505956 |
| &nbsp;&nbsp; Cooperatieve Rabobank UA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.004%, H15T1Y + 0.730%, 09/24/26(A)(B) | 444000 | 437364 |
| &nbsp;&nbsp; Corebridge Financial  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, H15T5Y + 3.846%, 12/15/52(A) | 765000 | 773485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, H15T5Y + 2.646%, 09/15/54(A) | 2045000 | 1970188 |
| &nbsp;&nbsp; Council of Europe Development Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/16/25 | 1000000 | 998075 |
| &nbsp;&nbsp; Credit Agricole  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%, SOFRRATE + 1.130%, 01/09/29(A)(B) | 1310000 | 1327852 |
| &nbsp;&nbsp; Crescent Energy Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 04/01/32(B) | 400000 | 363011 |
| &nbsp;&nbsp; Daimler Truck Finance North America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 01/13/35(B) | 1545000 | 1543839 |
| &nbsp;&nbsp; Danske Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.019%, H15T1Y + 0.930%, 03/04/31(A)(B) | 995000 | 996735 |
| &nbsp;&nbsp; Deutsche Bank NY  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.686%, 03/19/26 | 2500000 | 2438814 |
| &nbsp;&nbsp; DNB Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.853%, SOFRRATE + 1.050%, 11/05/30(A)(B) | 430000 | 433691 |
| &nbsp;&nbsp; Element Fleet Management  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.037%, 03/25/30(B) | 715000 | 710409 |
| &nbsp;&nbsp; Enel Finance International  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/32(B) | 1100000 | 1085741 |
| &nbsp;&nbsp; European Investment Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/14/33 | 2500000 | 2450562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/15/27 | 1800000 | 1781971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 04/13/26 | 1000000 | 983311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 05/17/30 | 3500000 | 3029492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 10/21/27 | 5000000 | 4644834 |

---

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

*27*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; Fifth Third Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.967%, SOFRRATE + 0.810%, 01/28/28(A) | $430000 | $432436 |
| &nbsp;&nbsp; Ford Foundation  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.815%, 06/01/70 | 5065000 | 2808649 |
| &nbsp;&nbsp; Fortitude Group Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/01/30(B) | 340000 | 344615 |
| &nbsp;&nbsp; Foundry JV Holdco  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 01/25/37(B) | 2375000 | 2431878 |
| &nbsp;&nbsp; FS KKR Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 08/15/29 | 275000 | 278885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 01/15/30 | 565000 | 554549 |
| &nbsp;&nbsp; GA Global Funding Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/32(B) | 915000 | 920790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 09/23/27(B) | 1130000 | 1123882 |
| &nbsp;&nbsp; GATX  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/35 | 425000 | 420556 |
| &nbsp;&nbsp; Glencore Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/06/30(B) | 390000 | 415425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.893%, 04/04/54(B) | 1930000 | 1820185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 04/01/30(B) | 505000 | 510517 |
| &nbsp;&nbsp; Goldman Sachs Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%, SOFRRATE + 1.580%, 04/23/31(A) | 1955000 | 1988590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%, SOFRRATE + 1.210%, 07/23/30(A) | 1610000 | 1626533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.387%, SOFRRATE + 1.510%, 06/15/27(A) | 2500000 | 2495651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.017%, TSFR3M + 1.635%, 10/31/38(A) | 2310000 | 1966460 |
| &nbsp;&nbsp; Golub Capital BDC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/15/29 | 810000 | 811232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/24/26 | 3530000 | 3396085 |
| &nbsp;&nbsp; Guardian Life Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.798%, 04/28/30(B) | 940000 | 950876 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/01/34(B) | 2500000 | 2399628 |
| &nbsp;&nbsp; Hanwha Futureproof  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/30/28(B) | 1000000 | 1010063 |
| &nbsp;&nbsp; Harbour Energy  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.327%, 04/01/35(B) | 430000 | 408510 |
| &nbsp;&nbsp; HAT Holdings I  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 09/15/30(B) | 1000000 | 878411 |
| &nbsp;&nbsp; HPS Corporate Lending Fund  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 01/14/28 | 1425000 | 1422691 |
| &nbsp;&nbsp; HSBC Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, SOFRRATE + 1.560%, 03/03/36(A) | 2045000 | 2028618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%, SOFRRATE + 1.040%, 11/19/28(A) | 1430000 | 1444613 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; Huntington Bancshares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.272%, SOFRRATE + 1.276%, 01/15/31(A) | $285000 | $286952 |
| &nbsp;&nbsp; Hyundai Capital America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 09/21/28(B) | 1005000 | 1038687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 03/27/30(B) | 1920000 | 1914402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/01/27(B) | 435000 | 435043 |
| &nbsp;&nbsp; ING Groep  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%, SOFRRATE + 1.010%, 03/25/29(A) | 750000 | 754489 |
| &nbsp;&nbsp; Inter-American Development Bank MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680%, SOFRINDX + 0.280%, 04/12/27(A) | 1500000 | 1500075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/12/33 | 2500000 | 2390320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 01/13/31 | 2500000 | 2147461 |
| &nbsp;&nbsp; International Bank for Reconstruction & Development  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.745%, 07/31/33(D) | 2500000 | 2515333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 08/26/30 | 2500000 | 2128873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 03/31/27(E) | 2500000 | 2360652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 03/31/28(E) | 1000000 | 978934 |
| &nbsp;&nbsp; International Development Association  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/12/35(B) | 1425000 | 1444681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/27/29(B) | 2125000 | 2169680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 04/28/26(B) | 1000000 | 970001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 09/23/25 | 2500000 | 2460752 |
| &nbsp;&nbsp; International Finance Facility for Immunisation MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 04/21/26 | 2500000 | 2426623 |
| &nbsp;&nbsp; Jane Street Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/01/33(B) | 935000 | 939709 |
| &nbsp;&nbsp; JPMorgan Chase  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 10/15/26 | 75000 | 78520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294%, SOFRRATE + 1.460%, 07/22/35(A) | 1205000 | 1206952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.946%, SOFRRATE + 1.340%, 10/22/35(A) | 1235000 | 1204306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.032%, TSFR3M + 1.722%, 07/24/48(A) | 830000 | 654120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.328%, U.S. SOFR + 1.580%, 04/22/52(A) | 2075000 | 1425296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956%, TSFR3M + 2.515%, 05/13/31(A) | 4200000 | 3834232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.522%, U.S. SOFR + 2.040%, 04/22/31(A) | 725000 | 655093 |
| &nbsp;&nbsp; KBC Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%, H15T1Y + 1.070%, 10/16/30(A)(B) | 430000 | 432909 |
| &nbsp;&nbsp; KeyCorp MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 04/06/27 | 4865000 | 4655126 |

---

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

*28*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/28/34 | $2500000 | $2524533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 09/14/29 | 2500000 | 2300928 |
| &nbsp;&nbsp; Liberty Utilities Finance GP 1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 09/15/30(B) | 2500000 | 2152712 |
| &nbsp;&nbsp; Lloyds Banking Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 03/24/26 | 1000000 | 995928 |
| &nbsp;&nbsp; Low Income Investment Fund  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.711%, 07/01/29 | 2500000 | 2374796 |
| &nbsp;&nbsp; LPL Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 06/15/30 | 840000 | 841413 |
| &nbsp;&nbsp; LYB International Finance III  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/01/40 | 1255000 | 899433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 10/01/30 | 100000 | 87104 |
| &nbsp;&nbsp; M&T Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.385%, SOFRRATE + 1.610%, 01/16/36(A) | 2935000 | 2855585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.833%, SOFRRATE + 0.930%, 01/16/29(A) | 2500000 | 2503388 |
| &nbsp;&nbsp; Macquarie Airfinance Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 03/27/28(B) | 600000 | 599092 |
| &nbsp;&nbsp; Main Street Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/04/27 | 815000 | 828131 |
| &nbsp;&nbsp; Marex Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.404%, 11/04/29 | 635000 | 648122 |
| &nbsp;&nbsp; Markel Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/16/54 | 1080000 | 1069844 |
| &nbsp;&nbsp; Massachusetts Higher Education Assistance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.673%, 07/01/31 | 500000 | 433762 |
| &nbsp;&nbsp; MassMutual Global Funding II  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 01/10/30(B) | 1430000 | 1452733 |
| &nbsp;&nbsp; Mastercard  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 03/15/31 | 2500000 | 2196046 |
| &nbsp;&nbsp; Mercedes-Benz Finance North America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 11/15/27(B) | 1060000 | 1066358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 04/01/27(B) | 1870000 | 1874507 |
| &nbsp;&nbsp; Methanex US Operations  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/32(B) | 640000 | 605713 |
| &nbsp;&nbsp; MetLife  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, H15T5Y + 3.576%(A)(C) | 900000 | 888747 |
| &nbsp;&nbsp; Mitsubishi HC Finance America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 10/24/29(B) | 1105000 | 1119902 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.615%, H15T1Y + 1.270%, 04/24/36(A) | 1455000 | 1483871 |
| &nbsp;&nbsp; Mizuho Financial Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.748%, H15T1Y + 1.900%, 07/06/34(A) | 1650000 | 1700711 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.098%, H15T1Y + 0.820%, 05/13/31(A) | $935000 | $948174 |
| &nbsp;&nbsp; Molex Electronic Technologies  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/30/32(B) | 395000 | 399560 |
| &nbsp;&nbsp; Morgan Stanley  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.664%, SOFRRATE + 1.757%, 04/17/36(A) | 945000 | 964378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.466%, SOFRRATE + 1.730%, 01/18/35(A) | 1585000 | 1601105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%, SOFRRATE + 1.108%, 01/15/31(A) | 1705000 | 1735303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%, SOFRRATE + 1.100%, 10/18/30(A) | 1380000 | 1374208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431%, TSFR3M + 1.890%, 01/23/30(A) | 475000 | 471421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.217%, U.S. SOFR + 1.485%, 04/22/42(A) | 1610000 | 1185381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 07/27/26 | 250000 | 246488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.239%, SOFRRATE + 1.178%, 07/21/32(A) | 1700000 | 1449548 |
| &nbsp;&nbsp; MSD Investment  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 05/31/30(B) | 270000 | 264261 |
| &nbsp;&nbsp; Mutual of Omaha Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/30(B) | 775000 | 788668 |
| &nbsp;&nbsp; National Bank of Canada  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/10/29 | 935000 | 929557 |
| &nbsp;&nbsp; National Community Renaissance of California  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.270%, 12/01/32 | 1000000 | 850673 |
| &nbsp;&nbsp; Nationstar Mortgage Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/29(B) | 1290000 | 1310058 |
| &nbsp;&nbsp; Nationwide Building Society  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.127%, 07/29/29(B) | 1075000 | 1092616 |
| &nbsp;&nbsp; NatWest Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, USSW5 + 5.720%(A)(C) | 2390000 | 2396324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.808%, H15T1Y + 1.950%, 09/13/29(A) | 3355000 | 3468974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.778%, H15T1Y + 1.500%, 03/01/35(A) | 1910000 | 1943112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.964%, H15T1Y + 1.220%, 08/15/30(A) | 580000 | 581968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.642%, H15T1Y + 0.900%, 06/14/27(A) | 1750000 | 1691886 |
| &nbsp;&nbsp; NatWest Markets  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.789%, 03/21/28(B) | 1045000 | 1051131 |
| &nbsp;&nbsp; New Mountain Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 10/15/27 | 550000 | 549436 |
| &nbsp;&nbsp; New York Life Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 12/05/29(B) | 1065000 | 1075375 |

---

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

*29*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; NHP Foundation  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/33 | $1000000 | $1060092 |
| &nbsp;&nbsp; Nippon Life Insurance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, H15T5Y + 3.189%, 04/30/55(A)(B) | 660000 | 669982 |
| &nbsp;&nbsp; NLG Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 01/23/30(B) | 1145000 | 1169193 |
| &nbsp;&nbsp; Novelis  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 01/30/30(B) | 415000 | 420488 |
| &nbsp;&nbsp; Nutrien  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 03/12/32 | 845000 | 850560 |
| &nbsp;&nbsp; Oaktree Strategic Credit Fund  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.400%, 11/14/28 | 1575000 | 1696313 |
| &nbsp;&nbsp; OneMain Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/15/32 | 1190000 | 1167188 |
| &nbsp;&nbsp; OPEC Fund for International Development MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/26/26 | 2500000 | 2503092 |
| &nbsp;&nbsp; Orbia Advance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 05/13/35 | 685000 | 680404 |
| &nbsp;&nbsp; OWS Cre Funding I  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.860%, US0001M + 4.900%, 09/15/25(A)(B) | 3125941 | 3112840 |
| &nbsp;&nbsp; Pacific Life Global Funding II  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 02/10/30(B) | 1440000 | 1457467 |
| &nbsp;&nbsp; PayPal Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 04/01/35 | 1085000 | 1078531 |
| &nbsp;&nbsp; Principal Life Global Funding II  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 08/19/27(B) | 485000 | 487494 |
| &nbsp;&nbsp; Raizen Fuels Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 03/05/54(B) | 1275000 | 1205597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 03/05/34(B) | 575000 | 571594 |
| &nbsp;&nbsp; RGA Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/09/30(B) | 645000 | 658869 |
| &nbsp;&nbsp; Rockefeller Foundation  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.492%, 10/01/50 | 1000000 | 591786 |
| &nbsp;&nbsp; Royal Bank of Canada  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.153%, SOFRRATE + 1.030%, 02/04/31(A) | 1985000 | 2016948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.969%, SOFRRATE + 1.100%, 08/02/30(A) | 25000 | 25287 |
| &nbsp;&nbsp; RWE Finance US  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/16/54(B) | 2000000 | 1940487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/16/34(B) | 700000 | 711776 |
| &nbsp;&nbsp; Santander Holdings USA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.741%, SOFRRATE + 1.878%, 03/20/31(A) | 1075000 | 1084254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.353%, SOFRRATE + 1.940%, 09/06/30(A) | 2125000 | 2130456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.244%, 10/05/26 | 3020000 | 2955549 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; Santander UK Group Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.694%, SOFRINDX + 1.524%, 04/15/31(A) | $945000 | $967349 |
| &nbsp;&nbsp; SBL Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 10/30/34(B) | 835000 | 781957 |
| &nbsp;&nbsp; SiriusPoint  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 04/05/29 | 755000 | 781659 |
| &nbsp;&nbsp; Sitios Latinoamerica  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/25/29(B) | 655000 | 657161 |
| &nbsp;&nbsp; Sixth Street Lending Partners  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/11/29 | 765000 | 776950 |
| &nbsp;&nbsp; Societe Generale MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.221%, H15T1Y + 3.200%, 06/15/33(A)(B) | 1540000 | 1563869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 02/19/27(B) | 1175000 | 1183365 |
| &nbsp;&nbsp; Solar Star Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 06/30/35(B) | 855090 | 804888 |
| &nbsp;&nbsp; Standard Chartered  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.228%, H15T1Y + 1.430%, 01/21/36(A)(B) | 820000 | 846324 |
| &nbsp;&nbsp; Starwood Property Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 04/01/29<sup>‡</sup>(B) | 750000 | 776423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/15/30<sup>‡</sup>(B) | 683000 | 688123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/01/30<sup>‡</sup>(B) | 380000 | 382072 |
| &nbsp;&nbsp; State Street  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.834%, 04/24/30 | 620000 | 628023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.729%, 02/28/30 | 490000 | 495073 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.632%, 01/15/35 | 705000 | 723939 |
| &nbsp;&nbsp; Synchrony Financial  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.935%, SOFRINDX + 2.130%, 08/02/30(A) | 540000 | 546126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, SOFRRATE + 1.680%, 03/06/31(A) | 360000 | 358486 |
| &nbsp;&nbsp; Toronto-Dominion Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.298%, 01/30/32 | 900000 | 915881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.146%, H15T5Y + 1.500%, 09/10/34(A) | 2825000 | 2799073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.568%, 12/17/26 | 9100000 | 9137752 |
| &nbsp;&nbsp; TotalEnergies Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275%, 09/10/54 | 680000 | 626579 |
| &nbsp;&nbsp; Truist Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.632%, H15T5Y + 1.150%, 09/17/29(A) | 2735000 | 2675937 |
| &nbsp;&nbsp; Truist Financial  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, H15T5Y + 4.605%(A)(C) | 3885000 | 3856326 |
| &nbsp;&nbsp; Turkcell Iletisim Hizmetleri  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.650%, 01/24/32(B) | 1025000 | 1025373 |

---

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

*30*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; UBS Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, H15T5Y + 3.098%(A)(B)(C) | $2970000 | $2865651 |
| &nbsp;&nbsp; UniCredit MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.296%, USISDA05 + 4.914%, 04/02/34(A)(B) | 2400000 | 2509928 |
| &nbsp;&nbsp; Unum Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 12/15/28 | 465000 | 491231 |
| &nbsp;&nbsp; US Bancorp  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, TSFR3M + 3.176%(A)(C) | 1860000 | 1808323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.839%, SOFRRATE + 1.600%, 02/01/34(A) | 1438000 | 1396565 |
| &nbsp;&nbsp; US Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.507%, SOFRRATE + 0.690%, 10/22/27(A) | 1405000 | 1405291 |
| &nbsp;&nbsp; USAA Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 05/01/30(B) | 5000000 | 4510274 |
| &nbsp;&nbsp; Vale Overseas  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 06/28/54 | 880000 | 849607 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 05/01/35(B) | 364000 | 373758 |
| &nbsp;&nbsp; Volkswagen Group of America Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 03/27/35(B) | 950000 | 943279 |
| &nbsp;&nbsp; Weir Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 05/06/30(B) | 665000 | 666766 |
| &nbsp;&nbsp; Wells Fargo  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.303%, SOFRRATE + 1.790%, 10/23/29(A) | 580000 | 612094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%, SOFRRATE + 1.740%, 04/23/36(A) | 1295000 | 1313239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198%, SOFRRATE + 1.500%, 01/23/30(A) | 1425000 | 1452232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, SOFRRATE + 1.560%, 08/15/26(A) | 1500000 | 1498759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, H15T5Y + 3.453%(A)(C) | 2160000 | 2121475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, SOFRRATE + 1.500%, 03/02/33(A) | 525000 | 470879 |
| &nbsp;&nbsp; Western-Southern Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 05/01/30(B) | 280000 | 282065 |
| &nbsp;&nbsp; WLB Asset II D Pte  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/21/26(B) | 2500000 | 2383385 |
| &nbsp;&nbsp; WLB Asset VI Pte  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 12/21/27(B) | 1500000 | 1555103 |
|  |  | 385615635 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **HEALTH CARE — 0.2%** | **HEALTH CARE — 0.2%** | **HEALTH CARE — 0.2%** |
| &nbsp;&nbsp; Cardinal Health  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/29 | $1550000 | $1573861 |
| &nbsp;&nbsp; Cigna Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 05/15/27 | 651000 | 693521 |
| &nbsp;&nbsp; CVS Health  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/01/40 | 96000 | 77970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/01/30 | 175000 | 166249 |
| &nbsp;&nbsp; Owens & Minor  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 04/15/30(B) | 635000 | 655207 |
| &nbsp;&nbsp; Zimmer Biomet Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 02/19/30 | 1335000 | 1354955 |
| &nbsp;&nbsp; Zoetis  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/13/25 | 600000 | 599639 |
|  |  | 5121402 |
|  **INDUSTRIALS — 0.7%** | **INDUSTRIALS — 0.7%** | **INDUSTRIALS — 0.7%** |
| &nbsp;&nbsp; 3M  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/15/30 | 870000 | 877827 |
| &nbsp;&nbsp; AerCap Ireland Capital DAC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/15/31 | 305000 | 305357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 01/30/32 | 1655000 | 1462316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/29/28 | 225000 | 212498 |
| &nbsp;&nbsp; Ambipar Lux Sarl  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/06/31(B) | 490000 | 470296 |
| &nbsp;&nbsp; CRH America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 05/18/25(B) | 700000 | 699496 |
| &nbsp;&nbsp; Family Forest Impact Foundation  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/32 | 1250000 | 1237303 |
| &nbsp;&nbsp; JB Hunt Transport Services  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 03/15/30 | 805000 | 812023 |
| &nbsp;&nbsp; Mileage Plus Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/20/27(B) | 3582000 | 3593226 |
| &nbsp;&nbsp; Nature Conservancy  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.957%, 03/01/52 | 2485000 | 1956151 |
| &nbsp;&nbsp; Norfolk Southern  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 05/01/35 | 255000 | 255574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 05/15/31 | 3500000 | 3071363 |
| &nbsp;&nbsp; Penske Truck Leasing Lp  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 02/01/30(B) | 865000 | 877963 |
| &nbsp;&nbsp; Protective Life Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.772%, 12/09/29(B) | 965000 | 971952 |
| &nbsp;&nbsp; Ryder System  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/30 | 425000 | 428100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 06/15/30 | 475000 | 475459 |
| &nbsp;&nbsp; Union Pacific Railroad Pass Through Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.176%, 01/02/31 | 12707 | 13232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.082%, 01/02/29 | 9755 | 9826 |
|  |  | 17729962 |

---

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

*31*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **INFORMATION TECHNOLOGY — 0.9%** | **INFORMATION TECHNOLOGY — 0.9%** | **INFORMATION TECHNOLOGY — 0.9%** |
| &nbsp;&nbsp; Apple  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/20/27 | $2500000 | $2456147 |
| &nbsp;&nbsp; Arrow Electronics  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 08/21/29 | 845000 | 850868 |
| &nbsp;&nbsp; Dell International  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%, 06/15/26 | 102000 | 103163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/30 | 405000 | 406771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 02/01/35 | 615000 | 579276 |
| &nbsp;&nbsp; HP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 04/25/35 | 880000 | 888617 |
| &nbsp;&nbsp; Intel  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 08/05/32 | 2500000 | 2303590 |
| &nbsp;&nbsp; International Business Machines  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 02/10/30 | 1155000 | 1167498 |
| &nbsp;&nbsp; Kyndryl Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 02/20/34 | 1500000 | 1547711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 10/15/31 | 1725000 | 1513559 |
| &nbsp;&nbsp; Microchip Technology  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 02/15/30 | 610000 | 606384 |
| &nbsp;&nbsp; Micron Technology  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 11/01/35 | 405000 | 410097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 01/15/35 | 960000 | 956333 |
| &nbsp;&nbsp; Oracle  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/03/55 | 965000 | 939053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 09/27/54 | 2410000 | 2136023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 05/15/35 | 2445000 | 2167676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 04/01/40 | 495000 | 385821 |
| &nbsp;&nbsp; Tyco Electronics Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/09/35 | 595000 | 587173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/01/30 | 1025000 | 1031010 |
| &nbsp;&nbsp; VMware  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 08/15/26 | 525000 | 503777 |
|  |  | 21540547 |
|  **MATERIALS — 0.7%** | **MATERIALS — 0.7%** | **MATERIALS — 0.7%** |
| &nbsp;&nbsp; Air Products and Chemicals  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/03/33 | 2500000 | 2501504 |
| &nbsp;&nbsp; Alcoa Nederland Holding BV  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 03/15/31(B) | 1030000 | 1061301 |
| &nbsp;&nbsp; Amcor Flexibles North America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/17/28(B) | 925000 | 931959 |
| &nbsp;&nbsp; Cleveland-Cliffs  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/01/29(B) | 990000 | 958644 |
| &nbsp;&nbsp; Dow Chemical  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.400%, 05/15/39 | 166000 | 211171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 11/30/48 | 35000 | 31219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 02/15/34 | 2000000 | 1960702 |
| &nbsp;&nbsp; Eastman Chemical  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/29 | 480000 | 482997 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
|  **MATERIALS — continued** | **MATERIALS — continued** | **MATERIALS — continued** | **MATERIALS — continued** | **MATERIALS — continued** |
| &nbsp;&nbsp; FMG Resources August 2006 Pty  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/15/32(B) | $| 2500000 | $| 2463761 |
| &nbsp;&nbsp; Freeport-McMoRan  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 09/01/29 |  | 1532000 |  | 1544421 |
| &nbsp;&nbsp; Inversiones CMPC  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/23/33(B) |  | 1060000 |  | 1076075 |
| &nbsp;&nbsp; LD Celulose International GmbH  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 01/26/32(B) |  | 375000 |  | 385266 |
| &nbsp;&nbsp; Nucor  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 06/01/35 |  | 1375000 |  | 1347082 |
| &nbsp;&nbsp; Smurfit Kappa Treasury ULC  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.438%, 04/03/34(B) |  | 2250000 |  | 2253258 |
| &nbsp;&nbsp; Smurfit Westrock Financing DAC  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418%, 01/15/35(B) |  | 800000 |  | 800103 |
|  |  |  |  | 18009463 |
|  **REAL ESTATE — 0.4%** | **REAL ESTATE — 0.4%** | **REAL ESTATE — 0.4%** | **REAL ESTATE — 0.4%** | **REAL ESTATE — 0.4%** |
| &nbsp;&nbsp; American Tower  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 01/15/51<sup>‡</sup> |  | 1790000 |  | 1112799 |
| &nbsp;&nbsp; Boston Properties  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 01/30/31<sup>‡</sup> |  | 3325000 |  | 2990478 |
| &nbsp;&nbsp; ERP Operating  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12/01/28<sup>‡</sup> |  | 3672000 |  | 3650512 |
| &nbsp;&nbsp; Extra Space Storage  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 04/01/28<sup>‡</sup> |  | 250000 |  | 257879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 06/15/35<sup>‡</sup> |  | 905000 |  | 887193 |
| &nbsp;&nbsp; Host Hotels & Resorts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 07/01/34<sup>‡</sup> |  | 1525000 |  | 1498960 |
|  |  |  |  | 10397821 |
|  **UTILITIES — 3.3%** | **UTILITIES — 3.3%** | **UTILITIES — 3.3%** | **UTILITIES — 3.3%** | **UTILITIES — 3.3%** |
| &nbsp;&nbsp; Alabama Power  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/01/47 |  | 1845000 |  | 1379146 |
| &nbsp;&nbsp; Avangrid  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 06/01/29 |  | 2500000 |  | 2418958 |
| &nbsp;&nbsp; California Buyer  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 02/15/32(B) |  | 675000 |  | 662624 |
| &nbsp;&nbsp; CenterPoint Energy  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, H15T5Y + 2.586%, 05/15/55(A) |  | 850000 |  | 838726 |
| &nbsp;&nbsp; CenterPoint Energy Houston Electric  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/15/30 |  | 645000 |  | 654594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 04/01/51 |  | 2600000 |  | 1785349 |
| &nbsp;&nbsp; Consolidated Edison of New York  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 03/15/44 |  | 965000 |  | 819850 |
| &nbsp;&nbsp; Continental Wind  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/28/33(B) |  | 2254356 |  | 2333711 |
| &nbsp;&nbsp; Dominion Energy  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 03/15/35 |  | 1655000 |  | 1644801 |

---

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

*32*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **UTILITIES — continued** | **UTILITIES — continued** | **UTILITIES — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/31 | $4650000 | $3970758 |
| &nbsp;&nbsp; Dominion Energy South Carolina  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/15/53 | 935000 | 987178 |
| &nbsp;&nbsp; Electricite de France  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/13/25(B) | 1000000 | 994478 |
| &nbsp;&nbsp; Entergy Mississippi  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 04/15/55 | 2125000 | 2078732 |
| &nbsp;&nbsp; Essential Utilities  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 08/15/27 | 570000 | 573750 |
| &nbsp;&nbsp; Georgia Power  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 03/15/51 | 3368000 | 2237354 |
| &nbsp;&nbsp; National Rural Utilities Cooperative Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12/15/32 | 5220000 | 4929778 |
| &nbsp;&nbsp; New York State Electric & Gas  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 08/15/33(B) | 2500000 | 2593785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 08/15/34(B) | 1000000 | 1000388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 10/01/31(B) | 3240000 | 2741779 |
| &nbsp;&nbsp; NextEra Energy Capital Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 03/15/55 | 585000 | 570000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 07/15/27 | 100000 | 100623 |
| &nbsp;&nbsp; Niagara Mohawk Power  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.960%, 06/27/30(B) | 3500000 | 3053255 |
| &nbsp;&nbsp; NRG Energy  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 03/15/33(B) | 2035000 | 2192562 |
| &nbsp;&nbsp; NSTAR Electric  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 03/01/30 | 370000 | 374679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 06/01/51 | 175000 | 114175 |
| &nbsp;&nbsp; Oklahoma Gas and Electric  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 04/01/55 | 455000 | 448299 |
| &nbsp;&nbsp; Oncor Electric Delivery  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 06/01/32 | 2500000 | 2387834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 10/01/25 | 1084000 | 1065975 |
| &nbsp;&nbsp; Pacific Gas and Electric  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 04/01/53 | 5000000 | 5045026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 03/01/55 | 895000 | 842758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 07/01/50 | 2315000 | 1864795 |
| &nbsp;&nbsp; PECO Energy  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/01/44 | 1015000 | 838162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/15/49 | 1810000 | 1173674 |
| &nbsp;&nbsp; PG&E Recovery Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.529%, 06/01/49 | 2500000 | 2459085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.231%, 06/01/42 | 1000000 | 989092 |
| &nbsp;&nbsp; Public Service Electric and Gas MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 03/15/53 | 1250000 | 1157766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 03/15/33 | 2595000 | 2564959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 03/15/32 | 4500000 | 4055451 |
| &nbsp;&nbsp; San Diego Gas & Electric  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 08/15/28 | 1000000 | 1018518 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **UTILITIES — continued** | **UTILITIES — continued** | **UTILITIES — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 08/15/51 | $2500000 | $1535681 |
| &nbsp;&nbsp; SCE Recovery Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.112%, 12/15/47 | 300000 | 273300 |
| &nbsp;&nbsp; Sempra  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, H15T5Y + 2.138%, 04/01/55(A) | 1035000 | 942450 |
| &nbsp;&nbsp; Southern  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, H15T5Y + 2.915%, 09/15/51(A) | 1450000 | 1403948 |
| &nbsp;&nbsp; Southern California Edison  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 03/15/30 | 135000 | 135717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 06/01/51 | 3000000 | 2013913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 02/01/52 | 2530000 | 1608411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 02/01/32 | 2500000 | 2129964 |
| &nbsp;&nbsp; Union Electric  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/01/52 | 2195000 | 1648885 |
| &nbsp;&nbsp; XPLR Infrastructure Operating Partners  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 01/15/31(B) | 1080000 | 1083000 |
|  |  | 79737696 |
| &nbsp;&nbsp; Total Corporate Obligations  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $683,439,154)  |  | 666987393 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MORTGAGE-BACKED SECURITIES — 27.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MORTGAGE-BACKED SECURITIES — 27.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MORTGAGE-BACKED SECURITIES — 27.9%** |
| **Agency Mortgage-Backed Obligations — 23.3%** | **Agency Mortgage-Backed Obligations — 23.3%** | **Agency Mortgage-Backed Obligations — 23.3%** |
| &nbsp;&nbsp; FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.505%, RFUCCT1Y + 1.630%, 07/01/44 (A) | $16435 | $16804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.316%, RFUCCT1Y + 1.609%, 10/01/44 (A) | 31270 | 32243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.306%, RFUCCT1Y + 1.785%, 10/01/41 (A) | 3995 | 4121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.292%, RFUCCT1Y + 1.788%, 08/01/42 (A) | 2194 | 2273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.203%, RFUCCT1Y + 1.607%, 11/01/44 (A) | 222305 | 229920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.149%, RFUCCT1Y + 1.876%, 01/01/42 (A) | 24132 | 25066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.035%, RFUCCT1Y + 2.035%, 09/01/37 (A) | 1623 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.013%, RFUCCT1Y + 1.770%, 11/01/39 (A) | 47985 | 49499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.005%, RFUCCT1Y + 1.630%, 05/01/44 (A) | 698 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/01/54  | 1609421 | 1682201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/01/32  | 133470 | 139470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/01/32  | 4726 | 4966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 09/01/32  | 8322 | 8696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 07/01/32  | 1963 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/01/32  | 33764 | 35543 |

---

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

*33*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.990%, RFUCCT1Y + 1.616%, 11/01/44 (A) | $21137 | $21798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.943%, RFUCCT1Y + 1.630%, 01/01/45 (A) | 12017 | 12393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.933%, RFUCCT1Y + 1.655%, 08/01/44 (A) | 201854 | 208598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.906%, RFUCCT1Y + 1.632%, 05/01/46 (A) | 13089 | 13488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.739%, RFUCCT1Y + 1.693%, 04/01/38 (A) | 74467 | 76922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.727%, RFUCCT1Y + 1.966%, 04/01/40 (A) | 1223 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.677%, RFUCCT1Y + 1.625%, 12/01/45 (A) | 100483 | 103446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.604%, RFUCCT1Y + 1.613%, 01/01/44 (A) | 21519 | 22150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.599%, RFUCCT1Y + 1.724%, 04/01/36 (A) | 4960 | 5059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.596%, RFUCCT1Y + 1.630%, 02/01/45 (A) | 121401 | 125463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.553%, RFUCCT1Y + 1.630%, 02/01/45 (A) | 10528 | 10872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 01/01/54  | 1672379 | 1730459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 01/01/38  | 574 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/01/37  | 1071 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/37  | 13122 | 13456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/37  | 1915 | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/01/32  | 47861 | 50268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/01/31  | 1228 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.458%, RFUCCT1Y + 1.630%, 02/01/45 (A) | 44413 | 45695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.455%, RFUCCT1Y + 1.630%, 12/01/44 (A) | 30391 | 31241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.410%, RFUCCT1Y + 1.650%, 04/01/43 (A) | 27888 | 28551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.368%, RFUCCT1Y + 1.630%, 01/01/45 (A) | 74037 | 75914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/54  | 4456000 | 4521665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/53  | 1015342 | 1033944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/53  | 1112904 | 1130995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/39  | 28459 | 29791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/39  | 14168 | 14642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/39  | 11161 | 11682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/38  | 7674 | 8002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/38  | 2840 | 2860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/36  | 19689 | 20532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/33  | 7212 | 7494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/54  | 4178164 | 4165540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/54  | 1551280 | 1568202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/53  | 1655365 | 1667981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/37  | 465 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/35  | 57130 | 58640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/54  | 9834698 | 9659966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/53  | 4500000 | 4408164 |

---

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/34  | $4061 | $4123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/53  | 3595523 | 3457349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/48  | 560408 | 546321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/47  | 392049 | 382762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/46  | 70417 | 68897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/45  | 142873 | 139935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/45  | 503477 | 488929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/44  | 20651 | 20234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/44  | 360967 | 353921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/44  | 99551 | 97649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/44  | 9412 | 9229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/44  | 82010 | 80476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/43  | 72977 | 71560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/43  | 8505 | 8422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/42  | 34611 | 33370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/41  | 111991 | 110937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/41  | 15699 | 15553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/41  | 33141 | 32832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/40  | 45590 | 45226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/33  | 13269 | 13407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/31  | 11568 | 11676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/26  | 66 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/26  | 874 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 09/01/42  | 850561 | 816749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.185%, SOFR30A + 2.278%, 09/01/52 (A) | 803129 | 790670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/52  | 967303 | 903326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/46  | 603878 | 572287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/34  | 47384 | 47126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/31  | 25675 | 25596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/52  | 8374576 | 7578514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/52  | 10404104 | 9408513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/52  | 463254 | 420063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/52  | 2672787 | 2427302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/51  | 2454190 | 2225199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/37  | 319439 | 310362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/52  | 4542247 | 3954374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/52  | 1168937 | 1029160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/50  | 1565912 | 1374786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/50  | 6446857 | 5669507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/52  | 2426756 | 2047205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/50  | 4399661 | 3697354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/36  | 824933 | 772421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/01/52  | 4420306 | 3509223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/52  | 1689745 | 1341500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/52  | 4258774 | 3420883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/52  | 1305871 | 1048641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/51  | 3204785 | 2553786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/50  | 3298262 | 2656947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/50  | 1209156 | 976076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/50  | 11299874 | 9039194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 07/01/50  | 4900590 | 3953164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/42  | 1544346 | 1319635 |

---

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

*34*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; FHLMC Multiclass Certificates Series, Ser 2024-P016, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.760%, 09/25/33 (A) | $2500000 | $2520631 |
| &nbsp;&nbsp; FHLMC Multifamily ML Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.877%, 07/25/37  | 1604410 | 1287653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.219%, 07/25/41 (A)(B) | 9764144 | 881837 |
| &nbsp;&nbsp; FHLMC Multifamily Variable Rate Certificate, Ser M069, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.013%, 04/15/37  | 1210000 | 1166268 |
| &nbsp;&nbsp; FHLMC Multifamily Variable Rate Certificate, Ser ML-14 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 08/25/38  | 682902 | 647630 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates, Ser 2002-41, Cl 2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.639%, 07/25/32 (A) | 16998 | 15956 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates, Ser 2002-48, Cl 1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.359%, 07/25/33 (A) | 153397 | 147655 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates, Ser 2002-51, Cl 1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/25/43 (A) | 105820 | 109464 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates, Ser 2002-51, Cl 2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 08/25/42 (A) | 39805 | 41395 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates, Ser 2003-54, Cl 3A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/25/43  | 308371 | 320476 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates, Ser 2003-57, Cl 1A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 07/25/43  | 17567 | 18538 |
| &nbsp;&nbsp; FHLMC, Ser 1998-2084, Cl ZC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/15/28  | 17717 | 18072 |
| &nbsp;&nbsp; FHLMC, Ser 2001-2295, Cl BD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/15/31  | 6419 | 6592 |
| &nbsp;&nbsp; FHLMC, Ser 2003-2676, Cl PZ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/15/33  | 29321 | 30410 |
| &nbsp;&nbsp; FHLMC, Ser 2005-2944, Cl OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/15/35  | 117722 | 122879 |
| &nbsp;&nbsp; FHLMC, Ser 2005-2957, Cl VZ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/35  | 31198 | 31899 |
| &nbsp;&nbsp; FHLMC, Ser 2006-3143, Cl BC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/15/36  | 90798 | 94952 |
| &nbsp;&nbsp; FHLMC, Ser 2006-3185, Cl GT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/15/26  | 7670 | 7692 |
| &nbsp;&nbsp; FHLMC, Ser 2007-3330, Cl GZ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/37  | 2345 | 2368 |

---

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; FHLMC, Ser 2013-299, Cl F1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.959%, SOFR30A + 0.614%, 01/15/43 (A) | $124352 | $122283 |
| &nbsp;&nbsp; FHLMC, Ser 2013-4283, Cl EW |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/43 (A) | 94776 | 93810 |
| &nbsp;&nbsp; FHLMC, Ser 2014-4319, Cl MA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/44 (A) | 173732 | 172996 |
| &nbsp;&nbsp; FHLMC, Ser 2015-4440, Cl ZD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/45  | 3273797 | 2897372 |
| &nbsp;&nbsp; FHLMC, Ser 2021-5092, Cl BC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/25/36  | 82225 | 81643 |
| &nbsp;&nbsp; FHLMC, Ser 2021-5133, Cl BD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/25/41  | 2222285 | 2061208 |
| &nbsp;&nbsp; FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.531%, RFUCCT1Y + 1.815%, 07/01/41 (A) | 32022 | 33118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.364%, RFUCCT1Y + 1.590%, 07/01/44 (A) | 77832 | 80321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.326%, RFUCCT1Y + 1.686%, 11/01/36 (A) | 4791 | 4858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300%, H15T1Y + 2.300%, 08/01/34 (A) | 6332 | 6492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.298%, RFUCCT1Y + 1.470%, 06/01/35 (A) | 2449 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.190%, RFUCCT1Y + 1.580%, 09/01/44 (A) | 997 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.188%, RFUCCT1Y + 1.561%, 06/01/44 (A) | 35853 | 36964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.159%, RFUCCT1Y + 1.790%, 06/01/38 (A) | 3314 | 3434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.110%, RFUCCT1Y + 1.610%, 10/01/47 (A) | 88617 | 90958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.056%, H15T1Y + 1.999%, 09/01/34 (A) | 350 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.054%, RFUCCT1Y + 1.580%, 09/01/47 (A) | 93015 | 95971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/01/37  | 177 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 08/01/32  | 84914 | 88640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/01/29  | 24443 | 25516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.935%, RFUCCT1Y + 1.460%, 05/01/35 (A) | 16672 | 17187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.879%, RFUCCT1Y + 1.554%, 01/01/45 (A) | 16780 | 17304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.863%, RFUCCT1Y + 1.698%, 04/01/44 (A) | 56334 | 58481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.807%, RFUCCT1Y + 1.580%, 04/01/44 (A) | 79217 | 81910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.769%, RFUCCT1Y + 1.579%, 08/01/43 (A) | 2708 | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.744%, RFUCCT1Y + 1.577%, 10/01/44 (A) | 99767 | 103008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.723%, RFUCCT1Y + 1.566%, 05/01/44 (A) | 37444 | 38686 |

---

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

*35*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714%, RFUCCT1Y + 1.786%, 12/01/39 (A) | $9261 | $9507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.683%, RFUCCT1Y + 1.568%, 05/01/45 (A) | 165619 | 170838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.642%, RFUCCT1Y + 1.580%, 11/01/44 (A) | 12016 | 12398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.583%, RFUCCT1Y + 1.583%, 02/01/44 (A) | 13292 | 13762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.582%, RFUCCT1Y + 1.685%, 06/01/42 (A) | 5384 | 5518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.507%, RFUCCT1Y + 1.551%, 02/01/44 (A) | 6933 | 7167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 01/01/49  | 4942 | 5217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/01/39  | 29309 | 30832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/39  | 12774 | 13324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/01/38  | 10412 | 10938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/01/38  | 3282 | 3403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/38  | 2896 | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/01/37  | 11354 | 11989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/01/37  | 733 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/01/35  | 123258 | 129202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/33  | 1578 | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/01/32  | 5950 | 6258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/32  | 14340 | 14850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.444%, RFUCCT1Y + 1.590%, 12/01/44 (A) | 78396 | 80900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.425%, RFUCCT1Y + 1.550%, 02/01/44 (A) | 624 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.409%, RFUCCT1Y + 1.564%, 01/01/44 (A) | 51212 | 52573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.225%, RFUCCT1Y + 1.600%, 12/01/44 (A) | 16677 | 17181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/39  | 45900 | 47822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/38  | 24620 | 25745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/37  | 58961 | 61217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/37  | 16520 | 17223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/37  | 7702 | 8053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/36  | 41097 | 42807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/36  | 4928 | 5112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/35  | 8146 | 8465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/35  | 3458 | 3601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/35  | 35235 | 36805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/34  | 8491 | 8805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/34  | 123015 | 127872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/33  | 2233 | 2317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/33  | 2265 | 2330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/32  | 2774 | 2889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.653%, RFUCCT1Y + 1.653%, 05/01/46 (A) | 21717 | 22216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/53  | 1870508 | 1883561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/38  | 2111 | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/37  | 81759 | 83721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/36  | 6987 | 7159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/35  | 36510 | 37386 |

---

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/35  | $106339 | $110112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/33  | 4213 | 4315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/33  | 23304 | 23896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/29  | 2755 | 2799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/54  | 2005340 | 1977351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/52  | 1317568 | 1300798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/49  | 154465 | 153368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/48  | 129017 | 128567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/40  | 11476 | 11561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/39  | 31465 | 31735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/52  | 287267 | 275017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/48  | 238158 | 231446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/47  | 72145 | 71025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/46  | 492255 | 486654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/45  | 40267 | 39381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/45  | 172637 | 169197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/44  | 21458 | 20946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/43  | 6085 | 5964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/43  | 429274 | 420475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/42  | 158971 | 157229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/42  | 47072 | 46639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/41  | 23653 | 23316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/41  | 21355 | 21083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/41  | 10919 | 10696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/41  | 11684 | 11512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/41  | 803337 | 793519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/36  | 17777 | 17610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/31  | 27475 | 27680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/31  | 7948 | 8010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/31  | 66891 | 67069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/26  | 7609 | 7594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/57  | 5354719 | 4990462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/52  | 2327950 | 2177985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/52  | 1179167 | 1102818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/52  | 1452093 | 1364395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/51  | 1285816 | 1205236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/48  | 1396599 | 1320906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/46  | 3065162 | 2918424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/37  | 267400 | 264811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/35  | 47097 | 46727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/35  | 807790 | 802247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/34  | 371804 | 369135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/34  | 451902 | 447271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/34  | 180356 | 179208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/33  | 295780 | 293991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/33  | 36577 | 36143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/32  | 32925 | 32670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/31  | 94060 | 93668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/30  | 135489 | 135023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/30  | 97371 | 97036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.717%, SOFR30A + 2.238%, 10/01/52 (A) | 3018649 | 2942163 |

---

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

*36*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.674%, RFUCCT1Y + 1.620%, 11/01/48 (A) | $205356 | $208929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/52  | 3809195 | 3438449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/52  | 6512216 | 5923223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/52  | 1657963 | 1501822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/52  | 1874472 | 1702864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/51  | 1098129 | 994434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/37  | 280630 | 272006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/31  | 310592 | 307316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/29  | 107506 | 106357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.081%, RFUCCT1Y + 1.602%, 10/01/48 (A) | 88168 | 90329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/52  | 879400 | 769168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/52  | 2860890 | 2517381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/52  | 1423836 | 1244816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/51  | 1942925 | 1705804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/50  | 1580769 | 1410965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/50  | 960811 | 845087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/50  | 1451565 | 1277114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/52  | 4357644 | 3662670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/52  | 1538824 | 1297848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/52  | 5341152 | 4472896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52  | 4116301 | 3434020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/51  | 1594424 | 1326052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/51  | 2858606 | 2412114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/51  | 2510497 | 2098205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/51  | 1670289 | 1407544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/51  | 1045115 | 884438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/50  | 5226724 | 4405273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/50  | 7029173 | 5912896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/50  | 8486831 | 7140299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/43  | 1621847 | 1425278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/42  | 2679400 | 2354664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/41  | 1203790 | 1065558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/41  | 796831 | 703701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/51  | 1524408 | 1210928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/51  | 6212631 | 4956882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/51  | 3004570 | 2424581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/51  | 1468571 | 1182925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/51  | 1635768 | 1307371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/51  | 1101438 | 885179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/51  | 2822766 | 2274113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/50  | 461838 | 372077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/50  | 1590427 | 1276119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/50  | 668013 | 537903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/36  | 1081622 | 988812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/01/50  | 1675441 | 1263590 |
| &nbsp;&nbsp; FNMA Grantor Trust, Ser 2000-T6, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 11/25/40  | 11765 | 11700 |
| &nbsp;&nbsp; FNMA Grantor Trust, Ser 2001-T1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 10/25/40  | 99051 | 99727 |

---

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; FNMA Grantor Trust, Ser 2001-T10, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/25/41  | $61499 | $62816 |
| &nbsp;&nbsp; FNMA Grantor Trust, Ser 2001-T12, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/25/41  | 2162 | 2188 |
| &nbsp;&nbsp; FNMA Grantor Trust, Ser 2001-T3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 11/25/40  | 5944 | 6059 |
| &nbsp;&nbsp; FNMA Grantor Trust, Ser 2001-T4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 07/25/41  | 29463 | 29925 |
| &nbsp;&nbsp; FNMA Grantor Trust, Ser 2001-T7, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 02/25/41  | 1364 | 1444 |
| &nbsp;&nbsp; FNMA Grantor Trust, Ser 2001-T8, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 07/25/41  | 3544 | 3599 |
| &nbsp;&nbsp; FNMA Grantor Trust, Ser 2004-T1, Cl 1A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 01/25/44  | 907 | 934 |
| &nbsp;&nbsp; FNMA or FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/55  | 1000000 | 865191 |
| &nbsp;&nbsp; FNMA REMIC Trust, Ser 2001-W3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.527%, 09/25/41 (A) | 52540 | 52732 |
| &nbsp;&nbsp; FNMA REMIC Trust, Ser 2002-W6, Cl 2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/25/42 (A) | 4146 | 4154 |
| &nbsp;&nbsp; FNMA REMIC Trust, Ser 2002-W6, Cl 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/25/42 (A) | 4146 | 4128 |
| &nbsp;&nbsp; FNMA REMIC Trust, Ser 2003-W4, Cl 3A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.630%, 10/25/42 (A) | 48511 | 52051 |
| &nbsp;&nbsp; FNMA REMIC Trust, Ser 2003-W4, Cl 4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%, 10/25/42 (A) | 19094 | 19561 |
| &nbsp;&nbsp; FNMA Trust, Ser 2003-W2, Cl 1A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 07/25/42  | 5870 | 6157 |
| &nbsp;&nbsp; FNMA Trust, Ser 2004-W2, Cl 2A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/25/44  | 8525 | 8861 |
| &nbsp;&nbsp; FNMA Trust, Ser 2004-W2, Cl 5A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 03/25/44  | 2957 | 3072 |
| &nbsp;&nbsp; FNMA, Ser 2001-2, Cl ZK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/25/31  | 19871 | 20477 |
| &nbsp;&nbsp; FNMA, Ser 2001-79, Cl BA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 03/25/45  | 7216 | 7341 |
| &nbsp;&nbsp; FNMA, Ser 2002-33, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/25/32  | 50656 | 51537 |

---

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

*37*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; FNMA, Ser 2007-104, Cl ZE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/25/37  | $12503 | $12975 |
| &nbsp;&nbsp; FNMA, Ser 2007-21, Cl MT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 03/25/37  | 2736 | 2810 |
| &nbsp;&nbsp; FNMA, Ser 2009-11, Cl MP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 03/25/49  | 4335 | 4667 |
| &nbsp;&nbsp; FNMA, Ser 2010-136, Cl BA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/25/30  | 117006 | 115287 |
| &nbsp;&nbsp; FNMA, Ser 2010-49, Cl ZJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/25/40  | 35789 | 35844 |
| &nbsp;&nbsp; FNMA, Ser 2013-128, Cl CF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.068%, SOFR30A + 0.714%, 12/25/43 (A) | 211230 | 210302 |
| &nbsp;&nbsp; FNMA, Ser 2014-1, Cl KF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.068%, SOFR30A + 0.714%, 02/25/44 (A) | 299000 | 295138 |
| &nbsp;&nbsp; FNMA, Ser 2014-54, Cl CP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/25/44  | 2334900 | 2162985 |
| &nbsp;&nbsp; FNMA, Ser 2020-45, Cl HD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/25/40  | 1560828 | 1485392 |
| &nbsp;&nbsp; FNMA, Ser 2020-61, Cl NI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/25/50  | 1680189 | 273721 |
| &nbsp;&nbsp; FNMA, Ser M1G, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.517%, 11/25/30 (A) | 3100000 | 2670787 |
| &nbsp;&nbsp; FNMA, Ser M3G, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.286%, 01/25/31 (A) | 2000000 | 1703965 |
| &nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/15/29  | 424 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/15/29  | 672 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/20/55  | 7108979 | 7199732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/20/55  | 12599416 | 12755343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/20/54  | 5107123 | 5168084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/20/54  | 12893058 | 13048840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/20/54  | 8527389 | 8629175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/20/54  | 18792242 | 19021713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/20/54  | 27382085 | 27714878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/20/54  | 17309031 | 17515632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/20/54  | 7014436 | 7111134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/20/54  | 7335221 | 7441968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/20/54  | 14589576 | 14805971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/20/54  | 17681524 | 17945389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/20/53  | 3864313 | 3926377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/20/53  | 6314430 | 6422223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/20/53  | 4423301 | 4496534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/20/54  | 4046623 | 4042062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/20/53  | 1683035 | 1686048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/20/53  | 8236370 | 8074673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/20/53  | 583050 | 572442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/20/52  | 2964214 | 2911245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/52  | 2036092 | 1954659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/20/52  | 4355557 | 4185386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/20/52  | 948040 | 913068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/20/52  | 5488790 | 5274343 |

---

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/20/52  | $1898215 | $1771615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/20/52  | 9193739 | 8580579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/20/52  | 98478 | 92020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/20/52  | 101797 | 95169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/20/52  | 1430450 | 1338725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/20/52  | 1085055 | 1016040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/48  | 1166789 | 1094610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/20/52  | 12365886 | 11246971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/20/52  | 1654125 | 1504080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/20/52  | 3909364 | 3555558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/20/52  | 1752052 | 1595569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/52  | 1272760 | 1160266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/20/52  | 1350000 | 1226686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/51  | 1335120 | 1219757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/20/50  | 844291 | 779470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/49  | 2507175 | 2268377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/20/52  | 1862364 | 1649434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/20/52  | 2850372 | 2520706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/20/51  | 4948386 | 4375481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/20/51  | 1644625 | 1456752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/20/51  | 2298858 | 2036793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/20/51  | 1058676 | 938051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/20/53  | 3618881 | 3087838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/20/52  | 1317349 | 1120972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/20/52  | 2277406 | 1937793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/20/52  | 2858507 | 2422007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/20/51  | 1402984 | 1195879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/20/51  | 726330 | 619367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/20/51  | 2541528 | 2167044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/20/50  | 1399073 | 1170473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/20/51  | 1565444 | 1277587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/20/51  | 1993823 | 1626936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/20/50  | 1403605 | 1130544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/20/50  | 3111698 | 2539122 |
| &nbsp;&nbsp; GNMA, Ser 2012-98, Cl BM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.902%, 08/20/42 (A) | 175264 | 179037 |
| &nbsp;&nbsp; GNMA, Ser 2015-142, Cl KI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/20/45  | 1857433 | 313500 |
| &nbsp;&nbsp; GNMA, Ser 2016-84, Cl IB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/16/45  | 1825498 | 333234 |
| &nbsp;&nbsp; GNMA, Ser 2017-H17, Cl FQ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%, TSFR12M + 0.985%, 09/20/67 (A) | 981526 | 990123 |
| &nbsp;&nbsp; GNMA, Ser 2017-H22, Cl FH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.753%, TSFR12M + 0.935%, 11/20/67 (A) | 631277 | 634623 |
| &nbsp;&nbsp; GNMA, Ser 2017-H24, Cl FQ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.106%, TSFR12M + 0.915%, 11/20/67 (A) | 636888 | 641442 |
| &nbsp;&nbsp; GNMA, Ser 2018-H04, Cl FK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914%, TSFR12M + 0.755%, 03/20/68 (A) | 759642 | 760021 |

---

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

*38*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp; GNMA, Ser 2018-H05, Cl CF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.934%, TSFR12M + 0.775%, 03/20/68 (A) | $| 875108 | $| 876077 |
| &nbsp;&nbsp; GNMA, Ser 2018-H05, Cl FE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.944%, TSFR12M + 0.785%, 02/20/68 (A) |  | 300181 |  | 302145 |
| &nbsp;&nbsp; GNMA, Ser 2019-20, Cl IC, IO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/20/49  |  | 1663692 |  | 356186 |
| &nbsp;&nbsp; GNMA, Ser 2019-H09, Cl FG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.092%, TSFR12M + 1.065%, 05/20/69 (A) |  | 303043 |  | 305403 |
| &nbsp;&nbsp; GNMA, Ser 2019-H16, Cl CF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.139%, TSFR1M + 0.814%, 10/20/69 (A) |  | 280721 |  | 280104 |
| &nbsp;&nbsp; GNMA, Ser 2020-H01, Cl FV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.089%, TSFR1M + 0.764%, 01/20/70 (A) |  | 3391116 |  | 3377324 |
| &nbsp;&nbsp; GNMA, Ser 2020-H02, Cl FB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.039%, TSFR1M + 0.714%, 01/20/70 (A) |  | 446791 |  | 443327 |
| &nbsp;&nbsp; GNMA, Ser 2022-H04, Cl FG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, SOFR30A + 0.550%, 02/20/67 (A) |  | 1291827 |  | 1288691 |
| &nbsp;&nbsp; GNMA, Ser 2022-H08, Cl FE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.094%, SOFR30A + 0.750%, 03/20/72 (A) |  | 1912107 |  | 1897348 |
| &nbsp;&nbsp; GNMA, Ser 2022-H09, Cl FA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.020%, SOFR30A + 0.670%, 04/20/72 (A) |  | 1998431 |  | 1972125 |
| &nbsp;&nbsp; GNMA, Ser 2022-H11, Cl EF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.320%, SOFR30A + 0.970%, 05/20/72 (A) |  | 2396586 |  | 2404843 |
| &nbsp;&nbsp; GNMA, Ser 2023-H04, Cl FC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, SOFR30A + 0.850%, 01/20/73 (A) |  | 1959147 |  | 1947691 |
| &nbsp;&nbsp; GNMA, Ser 2023-H13, Cl FJ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770%, SOFR30A + 1.420%, 02/20/73 (A) |  | 1207112 |  | 1228406 |
| &nbsp;&nbsp; GNMA, Ser 29, Cl AE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/16/64 (A) |  | 2924319 |  | 2805403 |
|  |  |  |  | 552479420 |
| **Non-Agency Mortgage-Backed Obligations — 4.6%** | **Non-Agency Mortgage-Backed Obligations — 4.6%** | **Non-Agency Mortgage-Backed Obligations — 4.6%** | **Non-Agency Mortgage-Backed Obligations — 4.6%** | **Non-Agency Mortgage-Backed Obligations — 4.6%** |
| &nbsp;&nbsp; BANK5, Ser 5YR10, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/57 (B) |  | 2100000 |  | 1825111 |
| &nbsp;&nbsp; BANK5, Ser 5YR12, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/57 (B) |  | 1160000 |  | 990907 |
| &nbsp;&nbsp; BANK5, Ser 5YR14, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.463%, 04/15/58 (A) |  | 1551000 |  | 1536003 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Trust, Ser 2019-C4, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469%, 08/15/52  |  | 1300000 |  | 1087531 |

---

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Ser 2018-TALL, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.241%, TSFR1M + 0.919%, 03/15/37 (A)(B) | $1840000 | $1731906 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Ser 2023-C19, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.596%, 04/15/56 (A) | 590000 | 560174 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Ser 5C27, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 07/15/57 (A) | 2100000 | 2137272 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Ser C17, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 09/15/55 (A) | 2200000 | 2061322 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Ser C26, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/15/57 (A) | 1300000 | 1267667 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Ser C32, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/62 (B) | 2725000 | 1982669 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Ser 2019-B10, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/15/62 (B) | 1260000 | 864328 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Ser 2022-B35, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/15/55 (B) | 3265000 | 2092755 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Ser B10, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 03/15/62  | 1260000 | 1078457 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Ser V7, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.228%, 05/15/56 (A) | 400000 | 421348 |
| &nbsp;&nbsp; BMO Mortgage Trust, Ser 2023-C7, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.360%, 12/15/56 (A) | 2250000 | 2361471 |
| &nbsp;&nbsp; BMO Mortgage Trust, Ser 5C5, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/57 (B) | 2000000 | 1714853 |
| &nbsp;&nbsp; BPR Trust, Ser 2022-OANA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.220%, TSFR1M + 1.898%, 04/15/37 (A)(B) | 235000 | 235151 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, Ser 2022-AHP, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.812%, TSFR1M + 1.490%, 01/17/39 (A)(B) | 2500000 | 2478125 |
| &nbsp;&nbsp; BX Trust, Ser 2022-CLS, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 10/13/27 (B) | 2100000 | 2112837 |
| &nbsp;&nbsp; BX Trust, Ser 2024-VLT4, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.813%, TSFR1M + 1.491%, 07/15/29 (A)(B) | 685000 | 679861 |
| &nbsp;&nbsp; Century Plaza Towers, Ser 2019-CPT, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.865%, 11/13/39 (B) | 675000 | 608679 |

---

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

*39*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Century Plaza Towers, Ser 2019-CPT, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.097%, 11/13/39 (A)(B) | $733000 | $653167 |
| &nbsp;&nbsp; Century Plaza Towers, Ser 2019-CPT, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.097%, 11/13/39 (A)(B) | 500000 | 432067 |
| &nbsp;&nbsp; Century Plaza Towers, Ser 2019-CPT, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.097%, 11/13/39 (A)(B) | 2000000 | 1609727 |
| &nbsp;&nbsp; CIFC Funding 2019-III, Ser 2025-3A, Cl CR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.061%, TSFR3M + 1.800%, 01/16/38 (A)(B) | 2285000 | 2243066 |
| &nbsp;&nbsp; COMM Mortgage Trust, Ser 2022-HC, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.819%, 01/10/39 (B) | 1390000 | 1308761 |
| &nbsp;&nbsp; COMM Mortgage Trust, Ser 2022-HC, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.376%, 01/10/39 (B) | 1570000 | 1436474 |
| &nbsp;&nbsp; COMM Mortgage Trust, Ser CBM, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%, 12/10/41 (A)(B) | 180000 | 183346 |
| &nbsp;&nbsp; CSMC OA, Ser 2014-USA, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953%, 09/15/37 (B) | 1230000 | 1128525 |
| &nbsp;&nbsp; CSMC Trust, Ser 2021-NQM5, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.168%, 05/25/66 (A)(B) | 1310000 | 827020 |
| &nbsp;&nbsp; DC Commercial Mortgage Trust, Ser DC, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.314%, 09/12/40 (B) | 820000 | 847258 |
| &nbsp;&nbsp; FREMF Mortgage Trust, Ser 2017-K69, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.854%, 10/25/49 (A)(B) | 2788000 | 2703885 |
| &nbsp;&nbsp; FREMF Mortgage Trust, Ser 2018-K83, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.422%, 11/25/51 (A)(B) | 2890000 | 2801510 |
| &nbsp;&nbsp; FREMF Mortgage Trust, Ser 2019-K96, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.941%, 08/25/56 (A)(B) | 1910000 | 1788276 |
| &nbsp;&nbsp; FREMF Mortgage Trust, Ser K100, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.614%, 11/25/52 (A)(B) | 130000 | 120415 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Ser 2013-PEMB, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%, 03/05/33 (A)(B) | 110000 | 95106 |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust, Ser 2016-10HY, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.835%, 08/10/38 (B) | 1750000 | 1700787 |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust, Ser 2019-55HY, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%, 12/10/41 (A)(B) | 1000000 | 917557 |
| &nbsp;&nbsp; IRV Trust, Ser 200P, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.921%, 03/14/47 (A)(B) | 2725000 | 2689576 |

---

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Jackson Park Trust, Ser 2019-LIC, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.766%, 10/14/39 (B) | $1000000 | $901718 |
| &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Ser BMS, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.922%, TSFR1M + 1.600%, 01/15/42 (A)(B) | 610000 | 603900 |
| &nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Ser 2015-C28, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.372%, 10/15/48 (A) | 5170000 | 5080559 |
| &nbsp;&nbsp; Neuberger Berman Loan Advisers CLO, Ser 2022-47A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.292%, TSFR3M + 2.050%, 04/14/35 (A)(B) | 6000000 | 5976684 |
| &nbsp;&nbsp; NW RE-REMIC TRUST, Ser 2021-FRR1, Cl AK88 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.769%, 12/18/51 (A)(B) | 2500000 | 2223758 |
| &nbsp;&nbsp; OBX Trust, Ser 2022-NQM1, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.504%, 11/25/61 (A)(B) | 1010000 | 713696 |
| &nbsp;&nbsp; One Bryant Park Trust, Ser 2019-OBP, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.516%, 09/15/54 (B) | 3385000 | 3019292 |
| &nbsp;&nbsp; Onslow Bay Mortgage Loan Trust, Ser 2021-NQM4, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.248%, 10/25/61 (B) | 1750000 | 1162317 |
| &nbsp;&nbsp; RFM Reremic Trust, Ser 2024-FRR2, Cl A123 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.008%, 02/27/54 (A)(B) | 2800000 | 2332683 |
| &nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.872%, 01/05/43 (A)(B) | 3045000 | 2640046 |
| &nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.144%, 01/05/43 (A)(B) | 5447000 | 4806918 |
| &nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.534%, 01/05/43 (A)(B) | 2565000 | 2134064 |
| &nbsp;&nbsp; Shops at Crystals Trust, Ser 2016-CSTL, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.856%, 07/05/36 (A)(B) | 2800000 | 2714968 |
| &nbsp;&nbsp; SLG Office Trust, Ser 2021-OVA, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.851%, 07/15/41 (B) | 2500000 | 2171708 |
| &nbsp;&nbsp; STWD Mortgage Trust, Ser 2021-LIH, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.693%, TSFR1M + 1.371%, 11/15/36 (A)(B) | 1000000 | 990000 |

---

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

*40*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; TCO Commercial Mortgage Trust, Ser DPM, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.565%, TSFR1M + 1.243%, 12/15/39 (A)(B) | $510000 | $506175 |
| &nbsp;&nbsp; Vendee Mortgage Trust, Ser 1995-2C, Cl 3A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.793%, 06/15/25  | 308 | 308 |
| &nbsp;&nbsp; Vendee Mortgage Trust, Ser 2011-2, Cl DZ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/15/41  | 1237411 | 1164721 |
| &nbsp;&nbsp; Verus Securitization Trust, Ser 2021-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.815%, 01/25/66 (A)(B) | 3571901 | 3161994 |
| &nbsp;&nbsp; Verus Securitization Trust, Ser 2021-2, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.187%, 02/25/66 (A)(B) | 2910000 | 2279794 |
| &nbsp;&nbsp; Verus Securitization Trust, Ser 2021-4, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.195%, 07/25/66 (A)(B) | 1400000 | 904715 |
| &nbsp;&nbsp; Verus Securitization Trust, Ser 2021-5, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.218%, 09/25/66 (A)(B) | 1898646 | 1631395 |
| &nbsp;&nbsp; Verus Securitization Trust, Ser 2021-5, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.373%, 09/25/66 (A)(B) | 1884582 | 1628365 |
| &nbsp;&nbsp; Verus Securitization Trust, Ser 2021-R3, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.411%, 04/25/64 (A)(B) | 2745000 | 2390543 |
| &nbsp;&nbsp; Verus Securitization Trust, Ser 2024-9, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.198%, 11/25/69 (A)(B) | 1820000 | 1817267 |
| &nbsp;&nbsp; Verus Securitization Trust, Ser 2025-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.976%, 01/25/70 (B)(D) | 1962948 | 1969904 |
| &nbsp;&nbsp; WB Commercial Mortgage Trust, Ser 2024-HQ, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.134%, 03/15/40 (A)(B) | 500000 | 501855 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Ser 2019-C52, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.561%, 08/15/52  | 1100000 | 934818 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Ser 2022-C62, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/15/55 (A) | 420000 | 395435 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Ser 2024-SVEN, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.011%, 06/10/37 (B) | 1650000 | 1700319 |
|  |  | 111774869 |
| &nbsp;&nbsp; Total Mortgage-Backed Securities  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $687,015,883)  |  | 664254289 |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ASSET-BACKED SECURITIES — 8.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ASSET-BACKED SECURITIES — 8.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ASSET-BACKED SECURITIES — 8.1%** |
|  | **Face Amount** | **Value** |
| **Automotive — 5.4%** | **Automotive — 5.4%** | **Automotive — 5.4%** |
| &nbsp;&nbsp; American Credit Acceptance Receivables Trust, Ser 2023-4, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.650%, 09/12/30 (B) | $1155000 | $1197586 |
| &nbsp;&nbsp; American Credit Acceptance Receivables Trust, Ser 2024-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.860%, 05/13/30 (B) | 4560000 | 4618362 |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Ser 2024-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.180%, 10/25/27  | 545000 | 544311 |
| &nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust, Ser 2024-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.340%, 04/17/28  | 480000 | 481446 |
| &nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust, Ser 2024-3, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.370%, 10/16/28  | 615000 | 619148 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Ser 2024-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890%, 07/16/29  | 790000 | 798131 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Ser 2024-4, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 10/15/29  | 1475000 | 1486179 |
| &nbsp;&nbsp; Carmax Auto Owner Trust, Ser 2025-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, 03/15/30  | 480000 | 480959 |
| &nbsp;&nbsp; CarMax Select Receivables Trust, Ser 2025-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770%, 09/17/29  | 745000 | 750707 |
| &nbsp;&nbsp; CPS Auto Receivables Trust, Ser 2024-B, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.420%, 07/15/30 (B) | 2965000 | 3060137 |
| &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, Ser 2024-3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680%, 09/15/34 (B) | 2275000 | 2283335 |
| &nbsp;&nbsp; Credit Acceptance Auto Loan Trust, Ser 2025-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.020%, 03/15/35 (B) | 925000 | 932440 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Ser 2024-2, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520%, 07/16/29  | 765000 | 763638 |
| &nbsp;&nbsp; Enterprise Fleet Financing, Ser 2024-3, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.060%, 03/20/31 (B) | 840000 | 857605 |
| &nbsp;&nbsp; Enterprise Fleet Financing, Ser 2025-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.820%, 02/20/29 (B) | 335000 | 338635 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2021-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 07/17/28 (B) | 1590000 | 1554554 |

---

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

*41*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2022-3A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.760%, 09/15/28  | $3000000 | $3040229 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2022-4A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980%, 12/15/28  | 1385000 | 1395542 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2022-5A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.400%, 02/15/29  | 3945000 | 4028047 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2023-4A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 12/17/29  | 1100000 | 1130097 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2024-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840%, 06/17/30  | 4215000 | 4264363 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2024-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.920%, 02/15/30  | 2850000 | 2888520 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2024-4A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.480%, 08/15/30  | 700000 | 707947 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2025-2A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.740%, 01/16/29  | 1240000 | 1243701 |
| &nbsp;&nbsp; Exeter Select Automobile Receivables Trust, Ser 2025-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.690%, 04/15/30  | 210000 | 210957 |
| &nbsp;&nbsp; Flagship Credit Auto Trust, Ser 2021-2, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.590%, 06/15/27 (B) | 4000000 | 3884330 |
| &nbsp;&nbsp; Flagship Credit Auto Trust, Ser 2022-2, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 04/17/28 (B) | 2110000 | 1980426 |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Ser 2025-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.720%, 06/15/28  | 420000 | 422448 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2021-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.310%, 10/17/33 (B) | 1750000 | 1699592 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Ser 2024-B, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 04/15/29  | 1082000 | 1096434 |
| &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Ser 2023-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.010%, 01/16/29 (B) | 1415000 | 1446814 |
| &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Ser 2023-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.310%, 03/15/29 (B) | 2341000 | 2388141 |
| &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Ser 2024-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 12/17/29 (B) | 1210000 | 1230982 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Ser 2024-3A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.080%, 01/16/29 (B) | $365000 | $366971 |
| &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Ser 2024-4A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 07/17/28 (B) | 320000 | 320548 |
| &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Ser 2025-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610%, 11/15/30 (B) | 6100000 | 6111077 |
| &nbsp;&nbsp; GLS Auto Select Receivables Trust, Ser 2024-4A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%, 12/17/29 (B) | 365382 | 364948 |
| &nbsp;&nbsp; GLS Auto Select Receivables Trust, Ser 2025-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.710%, 04/15/30 (B) | 445000 | 446206 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, Ser 2025-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.660%, 02/21/28  | 570000 | 573892 |
| &nbsp;&nbsp; Hertz Vehicle Financing III, Ser 2023-2A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.570%, 09/25/29 (B) | 2000000 | 2042377 |
| &nbsp;&nbsp; Hertz Vehicle Financing III, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.440%, 01/25/29 (B) | 1115000 | 1132755 |
| &nbsp;&nbsp; Hertz Vehicle Financing, Ser 2022-2A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.330%, 06/26/28 (B) | 1235000 | 1179142 |
| &nbsp;&nbsp; LAD Auto Receivables Trust, Ser 2024-3A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520%, 03/15/29 (B) | 330000 | 330706 |
| &nbsp;&nbsp; LAD Auto Receivables Trust, Ser 2025-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.690%, 07/16/29 (B) | 910000 | 913386 |
| &nbsp;&nbsp; M&T Bank Auto Receivables Trust, Ser 2025-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.730%, 06/17/30 (B) | 290000 | 292299 |
| &nbsp;&nbsp; Octane Receivables Trust, Ser 2023-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.370%, 09/20/29 (B) | 895000 | 909714 |
| &nbsp;&nbsp; Octane Receivables Trust, Ser 2023-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.240%, 06/20/31 (B) | 3580000 | 3640929 |
| &nbsp;&nbsp; Octane Receivables Trust, Ser 2024-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.190%, 07/20/32 (B) | 1560000 | 1579269 |
| &nbsp;&nbsp; Octane Receivables Trust, Ser 2024-3A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.860%, 10/20/31 (B) | 1950000 | 1947534 |
| &nbsp;&nbsp; Octane Receivables Trust, Ser 2024-RPT1, Cl R1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.680%, 02/22/30  | 1824000 | 1823991 |

---

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

*42*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; PenFed Auto Receivables Owner Trust, Ser 2024-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 06/15/29 (B) | $340000 | $341529 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2023-1, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.090%, 05/15/30  | 4340000 | 4358120 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2023-S1, Cl R1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.140%, 04/18/28 (B) | 1850984 | 1869254 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2024-2, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.280%, 08/15/31  | 3730000 | 3835223 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2024-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.970%, 10/15/31  | 3200000 | 3266996 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2024-4, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 01/16/29  | 5000 | 5015 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2024-S1, Cl R1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.530%, 03/16/29 (B) | 5540469 | 5546736 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2024-S2, Cl R1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 12/16/28 (B) | 5654391 | 5650845 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2024-S3, Cl R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980%, 10/16/28 (B) | 1411838 | 1410717 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2025-2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.670%, 08/15/29  | 690000 | 693413 |
| &nbsp;&nbsp; SBNA Auto Lease Trust, Ser 2024-C, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.560%, 02/22/28 (B) | 195000 | 195223 |
| &nbsp;&nbsp; SBNA Auto Receivables Trust, Ser 2024-A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040%, 04/15/30 (B) | 2155000 | 2207360 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, Ser 2024-3A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 06/20/30 (B) | 265000 | 266564 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, Ser 2025-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 07/22/30 (B) | 285000 | 287266 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Ser 2023-B, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.130%, 09/21/26 (B) | $1024615 | $1028286 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Ser 2023-B, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.570%, 08/20/27 (B) | 870000 | 879928 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Ser 2024-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 06/21/27 (B) | 1170000 | 1175679 |
| &nbsp;&nbsp; Tesla Electric Vehicle Trust, Ser 2023-1, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.540%, 12/21/26 (B) | 397640 | 398427 |
| &nbsp;&nbsp; Tesla Electric Vehicle Trust, Ser 2023-1, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.380%, 02/20/29 (B) | 900000 | 919302 |
| &nbsp;&nbsp; Tesla Sustainable Energy Trust, Ser 2024-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.290%, 06/20/50 (B) | 1335000 | 1341699 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, Ser 2023-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.790%, 11/15/28 (B) | 1925000 | 1972781 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, Ser 2023-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.010%, 11/15/28 (B) | 2340000 | 2398891 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, Ser 2024-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%, 10/15/29 (B) | 2010000 | 2044172 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, Ser 2024-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.910%, 04/15/30 (B) | 1005000 | 1021342 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, Ser 2024-3A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.710%, 04/17/28 (B) | 480000 | 480355 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, Ser 2025-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 08/15/28 (B) | 1310000 | 1314827 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, Ser 2025-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.540%, 11/15/30 (B) | 3570000 | 3590515 |
| &nbsp;&nbsp; Wheels Fleet Lease Funding 1, Ser 2024-2A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.870%, 06/21/39 (B) | 460000 | 462631 |
| &nbsp;&nbsp; Wheels Fleet Lease Funding 1, Ser 2024-3A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 09/19/39 (B) | 700000 | 703841 |

---

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

*43*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, Ser 2024-C, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%, 12/17/29  | $| 500000 | $| 501760 |
| &nbsp;&nbsp; World Omni Select Auto Trust, Ser 2024-A, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980%, 02/15/30  |  | 460000 |  | 463218 |
|  |  |  |  | 128433402 |
| **Other Asset-Backed Securities — 2.7%** | **Other Asset-Backed Securities — 2.7%** | **Other Asset-Backed Securities — 2.7%** | **Other Asset-Backed Securities — 2.7%** | **Other Asset-Backed Securities — 2.7%** |
| &nbsp;&nbsp; AGL CLO 11, Ser 2021-11A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.568%, TSFR3M + 2.312%, 04/15/34 (A)(B) |  | 2750000 |  | 2738929 |
| &nbsp;&nbsp; Apollo Aviation Securitization, Ser 2025-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.943%, 02/16/50 (B) |  | 404994 |  | 405464 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Ser 2024-P4, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.640%, 01/10/30  |  | 225000 |  | 226172 |
| &nbsp;&nbsp; Compass Datacenters Issuer II, Ser 2024-2A, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.022%, 08/25/49 (B) |  | 335000 |  | 335237 |
| &nbsp;&nbsp; Compass Datacenters Issuer III, Ser 2025-1A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%, 02/25/50 (B) |  | 245000 |  | 244554 |
| &nbsp;&nbsp; Crockett Partners Equipment IIA, Ser 2024-1C, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 01/20/31 (B) |  | 571282 |  | 580435 |
| &nbsp;&nbsp; CyrusOne Data Centers Issuer I, Ser 2025-1A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.910%, 02/20/50 (B) |  | 675000 |  | 688178 |
| &nbsp;&nbsp; Driven Brands Funding, Ser 2019-1A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.641%, 04/20/49 (B) |  | 3348000 |  | 3324656 |
| &nbsp;&nbsp; EnFin Residential Solar Receivables Trust, Ser 2024-2A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980%, 09/20/55 (B) |  | 1440672 |  | 1358404 |
| &nbsp;&nbsp; FASST, Ser 2021-JR1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/25/51  |  | 2338857 |  | 2316829 |
| &nbsp;&nbsp; FASST, Ser 2021-S1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 07/25/51 (B) |  | 4518132 |  | 4398576 |
| &nbsp;&nbsp; FASST, Ser 2021-S2, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 09/25/71 (B)(D) |  | 2199392 |  | 2123482 |
| &nbsp;&nbsp; FASST, Ser 2022-S4, Cl A2A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/25/57 (B) |  | 2883891 |  | 2841811 |
| &nbsp;&nbsp; Frontier Issuer, Ser 2023-1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 08/20/53 (B) |  | 1625000 |  | 1650402 |
| &nbsp;&nbsp; Frontier Issuer, Ser 2023-1, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, 08/20/53 (B) |  | 1000000 |  | 1048462 |
| &nbsp;&nbsp; Frontier Issuer, Ser 2024-1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.190%, 06/20/54 (B) |  | 880000 |  | 904925 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Golub Capital Partners CLO, Ser 2025-78A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.311%, TSFR3M + 2.000%, 04/21/39 (A)(B) | $3115000 | $3082788 |
| &nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, Ser 2021-5CS, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.560%, 10/20/48 (B) | 2160061 | 1491203 |
| &nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, Ser 2023-1GS, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.520%, 02/22/55 (B) | 1525869 | 1415311 |
| &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, Ser 2024-2, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 10/27/59 (B) | 114763 | 115269 |
| &nbsp;&nbsp; GreenSky Home Improvement Trust, Ser 2024-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 06/25/59 (B) | 365000 | 370990 |
| &nbsp;&nbsp; Hotwire Funding, Ser 2024-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.893%, 06/20/54 (B) | 1820000 | 1844136 |
| &nbsp;&nbsp; Mission Lane Credit Card Master Trust, Ser 2024-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.880%, 01/15/30 (B) | 610000 | 613555 |
| &nbsp;&nbsp; Mosaic Solar Loan Trust, Ser 2022-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160%, 01/20/53 (B) | 1032093 | 816824 |
| &nbsp;&nbsp; MVW Owner Trust, Ser 2024-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 02/20/43 (B) | 756544 | 762343 |
| &nbsp;&nbsp; New Economy Assets, Ser 2021-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.910%, 10/20/61 (B) | 1090000 | 1023322 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/15/29  | 850000 | 852512 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust, Ser 2023-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/14/38 (B) | 2050000 | 2106009 |
| &nbsp;&nbsp; OWN Equipment Fund I, Ser 2024-2M, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 12/20/32 (B) | 845855 | 854778 |
| &nbsp;&nbsp; Pagaya AI Debt Trust, Ser 2024-10, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.429%, 06/15/32 (B) | 3449708 | 3454410 |
| &nbsp;&nbsp; Pagaya AI Debt Trust, Ser 2024-3, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.297%, 10/15/31 (B) | 1635884 | 1659301 |
| &nbsp;&nbsp; Pagaya AI Debt Trust, Ser 2025-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.282%, 07/15/32 (B) | 2570000 | 2562743 |
| &nbsp;&nbsp; Renew, Ser 2024-2A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.326%, 11/20/60 (B) | 1010047 | 970913 |

---

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

*44*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Republic Finance Issuance Trust, Ser 2024-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.910%, 08/20/32 (B) | $405000 | $411358 |
| &nbsp;&nbsp; SBAP, Ser 2006-20B, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 02/01/26  | 350 | 350 |
| &nbsp;&nbsp; SBAP, Ser 2006-20C, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.570%, 03/01/26  | 354 | 353 |
| &nbsp;&nbsp; SBAP, Ser 2007-20C, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%, 03/01/27  | 504 | 507 |
| &nbsp;&nbsp; SCF Equipment Trust, Ser 2025-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 11/21/33 (B) | 615000 | 625181 |
| &nbsp;&nbsp; SEB Funding, Ser 2024-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.386%, 04/30/54 (B) | 30000 | 30723 |
| &nbsp;&nbsp; Sierra Timeshare Receivables Funding, Ser 2024-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.940%, 01/20/43 (B) | 985458 | 998490 |
| &nbsp;&nbsp; Sierra Timeshare Receivables Funding, Ser 2024-2A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140%, 06/20/41 (B) | 885759 | 896860 |
| &nbsp;&nbsp; SMB Private Education Loan Trust, Ser 2017-B, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.820%, 10/15/35 (B) | 23625 | 23321 |
| &nbsp;&nbsp; SMB Private Education Loan Trust, Ser 2018-A, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/36 (B) | 346867 | 341889 |
| &nbsp;&nbsp; SMB Private Education Loan Trust, Ser 2023-B, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.990%, 10/16/56 (B) | 1303753 | 1298088 |
| &nbsp;&nbsp; SMB Private Education Loan Trust, Ser 2024-A, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.240%, 03/15/56 (B) | 1620077 | 1635840 |
| &nbsp;&nbsp; Sunnova Helios XI Issuer, Ser 2023-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 05/20/50 (B) | 891215 | 864344 |
| &nbsp;&nbsp; Sunnova Helios XII Issuer, Ser 2023-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 08/22/50 (B) | 873814 | 851692 |
| &nbsp;&nbsp; Sunnova Hestia I Issuer, Ser 2023-GRID1, Cl 1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 12/20/50 (B) | 1055109 | 1064931 |
| &nbsp;&nbsp; Sunnova Hestia II Issuer, Ser 2024-GRID1, Cl 1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.630%, 07/20/51 (B) | 1068650 | 1064167 |
| &nbsp;&nbsp; Sunrun Julius Issuer, Ser 2023-2A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 01/30/59 (B) | 1228679 | 1235554 |
| &nbsp;&nbsp; United States Small Business Administration, Ser 2005-20E, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.840%, 05/01/25  | 80 | 80 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; United States Small Business Administration, Ser 2005-20G, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 07/01/25  | $355 | $354 |
| &nbsp;&nbsp; United States Small Business Administration, Ser 2005-20H, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 08/01/25  | 607 | 606 |
| &nbsp;&nbsp; United States Small Business Administration, Ser 2005-20J, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.090%, 10/01/25  | 828 | 828 |
| &nbsp;&nbsp; United States Small Business Administration, Ser 2006-20F, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.820%, 06/01/26  | 248 | 249 |
| &nbsp;&nbsp; United States Small Business Administration, Ser 2006-20G, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.070%, 07/01/26  | 755 | 755 |
| &nbsp;&nbsp; United States Small Business Administration, Ser 2006-20H, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 08/01/26  | 474 | 476 |
| &nbsp;&nbsp; United States Small Business Administration, Ser 2007-20D, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.320%, 04/01/27  | 1763 | 1754 |
| &nbsp;&nbsp; United States Small Business Administration, Ser 2007-20E, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.310%, 05/01/27  | 845 | 843 |
| &nbsp;&nbsp; United States Small Business Administration, Ser 2007-20F, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710%, 06/01/27  | 1902 | 1918 |
| &nbsp;&nbsp; Vivint Solar Financing V, Ser 2018-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.370%, 04/30/48 (B) | 314669 | 298934 |
| &nbsp;&nbsp; Vivint Solar Financing VII, Ser 2020-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.210%, 07/31/51 (B) | 1190266 | 1057356 |
| &nbsp;&nbsp; Volofin Finance Designated Activity, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.935%, 06/15/37 (B) | 634977 | 639240 |
| &nbsp;&nbsp; Ziply Fiber Issuer, Ser 2024-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.640%, 04/20/54 (B) | 1340000 | 1372547 |
|  |  | 63902511 |
| &nbsp;&nbsp; Total Asset-Backed Securities  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $190,892,003)  |  | 192335913 |

---

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

*45*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MUNICIPAL BONDS — 2.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MUNICIPAL BONDS — 2.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MUNICIPAL BONDS — 2.9%** |
|  | **Face Amount** | **Value** |
| **Alaska — 0.1%** | **Alaska — 0.1%** | **Alaska — 0.1%** |
| &nbsp;&nbsp; City of Port Lions Alaska, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 10/01/52  | $3025000 | $3159697 |
| **California — 1.0%** | **California — 1.0%** | **California — 1.0%** |
| &nbsp;&nbsp; California Community Choice Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/30  | 1500000 | 1553007 |
| &nbsp;&nbsp; California Health Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.034%, 06/01/34  | 1865000 | 1606703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.984%, 06/01/33  | 3090000 | 2711896 |
| &nbsp;&nbsp; City & County of San Francisco California, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770%, 06/15/45  | 1500000 | 1528512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520%, 06/15/25  | 2000000 | 2000493 |
| &nbsp;&nbsp; City & County of San Francisco California Community Facilities District No. 2014-1, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.332%, 09/01/51  | 1250000 | 1287097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.482%, 09/01/50  | 2500000 | 1768480 |
| &nbsp;&nbsp; City of Los Angeles California, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/42  | 2500000 | 2365819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/01/38  | 2000000 | 1902762 |
| &nbsp;&nbsp; City of Los Angeles Department of Airports Customer Facility Charge Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.258%, 05/15/30  | 2250000 | 2139388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.158%, 05/15/29  | 1000000 | 960585 |
| &nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.563%, 05/15/53  | 600000 | 507807 |
| &nbsp;&nbsp; San Jose Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.662%, 05/01/37  | 500000 | 479453 |
| &nbsp;&nbsp; State of California, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 03/01/40  | 40000 | 47984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550%, 04/01/39  | 100000 | 120752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 04/01/34  | 675000 | 784260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300%, 10/01/39  | 625000 | 724352 |
|  |  | 22489350 |
| **Connecticut — 0.1%** | **Connecticut — 0.1%** | **Connecticut — 0.1%** |
| &nbsp;&nbsp; Connecticut Green Bank, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/15/35  | 2500000 | 2146514 |
| **District of Columbia — 0.1%** | **District of Columbia — 0.1%** | **District of Columbia — 0.1%** |
| &nbsp;&nbsp; District of Columbia, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.932%, 04/01/33  | 1590000 | 1336499 |

---

---

| | | |
|:---|:---|:---|
|  **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** |
|  | **Face Amount** | **Value** |
| **Hawaii — 0.0%** | **Hawaii — 0.0%** | **Hawaii — 0.0%** |
| &nbsp;&nbsp; City & County of Honolulu Hawaii, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.970%, 07/01/35  | $840000 | $858895 |
| &nbsp;&nbsp; State of Hawaii Department of Business Economic Development & Tourism, Ser A-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.242%, 01/01/31  | 737744 | 721546 |
|  |  | 1580441 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
| &nbsp;&nbsp; State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 06/01/33  | 1741176 | 1740591 |
| **Iowa — 0.0%** | **Iowa — 0.0%** | **Iowa — 0.0%** |
| &nbsp;&nbsp; Iowa Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/01/27 (B) | 415000 | 421885 |
| **Maryland — 0.2%** | **Maryland — 0.2%** | **Maryland — 0.2%** |
| &nbsp;&nbsp; Maryland Economic Development, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.942%, 05/31/57  | 2250000 | 2248720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.433%, 05/31/56  | 500000 | 474628 |
| &nbsp;&nbsp; Montgomery County Housing Opportunities Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418%, 12/01/44  | 1000000 | 980444 |
|  |  | 3703792 |
| **Minnesota — 0.2%** | **Minnesota — 0.2%** | **Minnesota — 0.2%** |
| &nbsp;&nbsp; Minnesota Housing Finance Agency, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.947%, 08/01/54  | 1200000 | 1204654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.897%, 08/01/49  | 1400000 | 1402457 |
|  |  | 2607111 |
| **Montana — 0.0%** | **Montana — 0.0%** | **Montana — 0.0%** |
| &nbsp;&nbsp; County of Gallatin Montana, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, 09/01/27 (B) | 1000000 | 1033042 |
|  |  | 1033042 |
| **New Hampshire — 0.2%** | **New Hampshire — 0.2%** | **New Hampshire — 0.2%** |
| &nbsp;&nbsp; New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.694%, 11/01/45  | 1000000 | 958809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 02/01/29 (A)(B) | 5500000 | 5500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520%, 07/01/33 (A)(B) | 850000 | 850000 |
|  |  | 7308809 |
| **New Jersey — 0.2%** | **New Jersey — 0.2%** | **New Jersey — 0.2%** |
| &nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 11/01/40  | 3100000 | 2426437 |
| &nbsp;&nbsp; New Jersey Turnpike Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414%, 01/01/40  | 275000 | 331759 |

---

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

*46*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.102%, 01/01/41  | $| 925000 | $| 1057497 |
|  |  |  |  | 3815693 |
| **New York — 0.2%** | **New York — 0.2%** | **New York — 0.2%** | **New York — 0.2%** | **New York — 0.2%** |
| &nbsp;&nbsp; City of New York New York, Ser D-1, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.094%, 10/01/49  |  | 1000000 |  | 942484 |
| &nbsp;&nbsp; Metropolitan Transportation Authority, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.175%, 11/15/49  |  | 265000 |  | 231920 |
| &nbsp;&nbsp; New York City Housing Development, Ser D, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.448%, 08/01/54  |  | 850000 |  | 814901 |
| &nbsp;&nbsp; New York State Energy Research & Development Authority, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.871%, 04/01/37  |  | 1947000 |  | 1768025 |
| &nbsp;&nbsp; New York Transportation Development, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.971%, 06/30/51  |  | 2500000 |  | 2490034 |
| &nbsp;&nbsp; United Nations Development, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.536%, 08/01/55  |  | 400000 |  | 415090 |
|  |  |  |  | 6662454 |
| **Ohio — 0.4%** | **Ohio — 0.4%** | **Ohio — 0.4%** | **Ohio — 0.4%** | **Ohio — 0.4%** |
| &nbsp;&nbsp; American Municipal Power, Ser B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.084%, 02/15/50  |  | 1000000 |  | 1252682 |
| &nbsp;&nbsp; American Municipal Power, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.499%, 02/15/50  |  | 2320000 |  | 2655355 |
| &nbsp;&nbsp; American Municipal Power, Sub-Ser, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.449%, 02/15/44  |  | 1740000 |  | 1840927 |
| &nbsp;&nbsp; American Municipal Power, Ser E-RMKT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.270%, 02/15/50  |  | 730000 |  | 742027 |
| &nbsp;&nbsp; Toledo-Lucas County Port Authority, Ser D-2-NORTHWEST, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 11/15/44 (B) |  | 1350000 |  | 1322835 |
|  |  |  |  | 7813826 |
| **Oregon — 0.1%** | **Oregon — 0.1%** | **Oregon — 0.1%** | **Oregon — 0.1%** | **Oregon — 0.1%** |
| &nbsp;&nbsp; State of Oregon, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.832%, 05/01/45  |  | 1000000 |  | 1025531 |
| **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |
| &nbsp;&nbsp; Redevelopment Authority of the City of Philadelphia, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.226%, 09/01/40  |  | 610000 |  | 598735 |

---

---

| | | |
|:---|:---|:---|
|  **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** |
|  | **Face Amount** | **Value** |
| **South Dakota — 0.0%** | **South Dakota — 0.0%** | **South Dakota — 0.0%** |
| &nbsp;&nbsp; South Dakota Housing Development Authority, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.460%, 05/01/53  | $260000 | $266108 |
| **Wisconsin — 0.0%** | **Wisconsin — 0.0%** | **Wisconsin — 0.0%** |
| &nbsp;&nbsp; Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/01/31 (B) | 500000 | 501418 |
| &nbsp;&nbsp; Public Finance Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.292%, 07/01/29  | 550000 | 560398 |
|  |  | 1061816 |
| &nbsp;&nbsp; Total Municipal Bonds  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $70,123,827)  |  | 68771894 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SOVEREIGN DEBT — 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SOVEREIGN DEBT — 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SOVEREIGN DEBT — 1.3%** |
|  **CANADA — 0.5%** | **CANADA — 0.5%** | **CANADA — 0.5%** |
| &nbsp;&nbsp; Export Development Canada  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 06/05/34 | $5000000 | $5174668 |
| &nbsp;&nbsp; OMERS Finance Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/19/52(B) | 3345000 | 2614655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/19/32 | 5000000 | 4718198 |
|  |  | 12507521 |
|  **COLOMBIA — 0.1%** | **COLOMBIA — 0.1%** | **COLOMBIA — 0.1%** |
| &nbsp;&nbsp; Colombia Government International Bond  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 11/14/53 | 1375000 | 1314214 |
|  **DOMINICAN REPUBLIC — 0.0%** | **DOMINICAN REPUBLIC — 0.0%** | **DOMINICAN REPUBLIC — 0.0%** |
| &nbsp;&nbsp; Dominican Republic International Bond  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 06/01/36(B) | 650000 | 637390 |
|  **ECUADOR — 0.1%** | **ECUADOR — 0.1%** | **ECUADOR — 0.1%** |
| &nbsp;&nbsp; Amazon Conservation DAC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.034%, 01/16/42(B) | 2000000 | 1986360 |
|  **FRANCE — 0.2%** | **FRANCE — 0.2%** | **FRANCE — 0.2%** |
| &nbsp;&nbsp; Caisse d'Amortissement de la Dette Sociale MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 01/26/32(B) | 2500000 | 2186674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/21/30(B) | 2500000 | 2125293 |
|  |  | 4311967 |

---

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

*47*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **SOVEREIGN DEBT — continued** | **SOVEREIGN DEBT — continued** | **SOVEREIGN DEBT — continued** |
|  | **Face Amount** | **Value** |
|  **IRELAND — 0.2%** | **IRELAND — 0.2%** | **IRELAND — 0.2%** |
| &nbsp;&nbsp; BB Blue Financing DAC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.395%, 09/20/37 | $2500000 | $2443854 |
| &nbsp;&nbsp; GPS Blue Financing DAC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.645%, 11/09/41(B) | 2500000 | 2437000 |
|  |  | 4880854 |
|  **JAPAN — 0.0%** | **JAPAN — 0.0%** | **JAPAN — 0.0%** |
| &nbsp;&nbsp; Japan Bank for International Cooperation  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/05/27 | 1000000 | 1012155 |
|  **NETHERLANDS — 0.2%** | **NETHERLANDS — 0.2%** | **NETHERLANDS — 0.2%** |
| &nbsp;&nbsp; Nederlandse Waterschapsbank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/16/30(B) | 1000000 | 1025895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/28/29(B) | 500000 | 509415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 05/28/30(B) | 2500000 | 2164185 |
|  |  | 3699495 |
|  **RUSSIA — 0.0%** | **RUSSIA — 0.0%** | **RUSSIA — 0.0%** |
| &nbsp;&nbsp; Serbia International Bond  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/12/34(B) | 850000 | 840650 |
| &nbsp;&nbsp; Total Sovereign Debt  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $31,733,247)  |  | 31190606 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BANK LOAN OBLIGATIONS — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BANK LOAN OBLIGATIONS — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BANK LOAN OBLIGATIONS — 0.1%** |
|  **ECOLOGICAL SERVICES & EQUIPMENT — 0.1%** | **ECOLOGICAL SERVICES & EQUIPMENT — 0.1%** | **ECOLOGICAL SERVICES & EQUIPMENT — 0.1%** |
| &nbsp;&nbsp; LTR Intermediate Holdings Term Loan  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.460%, 05/05/28 | $497416 | $469645 |
| &nbsp;&nbsp; Terraform Power Operating Specified Refinancing Term Loan  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.299%, TSFR1M + 2.500%, 05/21/29(A) | 1629083 | 1592429 |
| &nbsp;&nbsp; Vistra Zero Operating Company Term Loan  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.324%, 03/20/31 | 995000 | 965279 |
|  |  | 3027353 |
| &nbsp;&nbsp; Total Bank Loan Obligations  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,113,943)  |  | 3027353 |

---

---

| | | |
|:---|:---|:---|
| **U.S. GOVERNMENT AGENCY OBLIGATION — 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATION — 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATION — 0.0%** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; United States International Development Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.790%, 10/15/29 | $273654 | $260279 |
| &nbsp;&nbsp; Total U.S. Government Agency Obligation  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $261,469)  |  | 260279 |
| &nbsp;&nbsp; Total Investments in Securities— 98.0% | &nbsp;&nbsp; Total Investments in Securities— 98.0% |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,383,920,355) |  | $2330318232 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration Date** | **Notional Amount** | **Value** | **Unrealized Appreciation** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp; U.S. 5-Year Treasury Note | 1095 | Jun-2025 | $117697929 | $119568867 | $1870938 |
| &nbsp;&nbsp; Ultra 10-Year U.S. Treasury Note | 604 | Jun-2025 | 68492835 | 69299563 | 806728 |
|  |  |  | $186190764 | $188868430 | $2677666 |

---

---

| | |
|:---|:---|
| <sup>‡</sup> | Real Estate Investment Trust. |
| (A) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (B) | Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value of these securities at April 30, 2025 was $444,193,630 and represented 18.7% of Net Assets. |
| (C) | Perpetual security with no stated maturity date. |
| (D) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (E) | Zero coupon security.  |

---

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

*48*

**CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| |
|:---|
| Cl — Class |
| CLO — Collateralized Loan Obligation |
| DAC — Designated Activity Company |
| FHLMC — Federal Home Loan Mortgage Corporation |
| FNMA — Federal National Mortgage Association |
| GNMA — Government National Mortgage Association |
| GO — General Obligation |
| H15T1Y — US Treasury Yield Curve Rate T Note Constant Mat 1 Year |
| H15T5Y — US Treasury Yield Curve Rate T Note Constant Mat 5 Year |
| MTN — Medium Term Note |
| PJSC — Public Joint Stock Company |
| REMIC — Real Estate Mortgage Investment Conduit |
| RFUCCT1Y — Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year |
| RB — Revenue Bond |
| Ser — Series |
| SOFR — Secured Overnight Financing Rate |
| SOFR30A — Secured Overnight Financing Rate 30-day Average |
| TSFR1M — Term Structured Financing Rate 1 Month Average |
| TSFR3M — Term Structured Financing Rate 3 Month Average |
| TSFR12M — Term Structured Financing Rate 12 Month Average <br> US0003M — ICE LIBOR USD 1 Month <br> USBMMY3M — U.S. Treasury Bill Money Market Yield 3 Month |
| USISDA05 — US Mid-Market Swap Rate 5 Year |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: |
|  Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; U.S. Treasury Obligations | $— | $703490505 | $— | $703490505 |
| &nbsp;&nbsp; Corporate Obligations |  | 666987393 |  | 666987393 |
| &nbsp;&nbsp; Mortgage-Backed Securities |  | 664254289 |  | 664254289 |
| &nbsp;&nbsp; Asset-Backed Securities |  | 192335913 |  | 192335913 |
| &nbsp;&nbsp; Municipal Bonds |  | 68771894 |  | 68771894 |
| &nbsp;&nbsp; Sovereign Debt |  | 31190606 |  | 31190606 |
| &nbsp;&nbsp; Bank Loan Obligations |  | 3027353 |  | 3027353 |
| &nbsp;&nbsp; U.S. Government Agency Obligation |  | 260279 |  | 260279 |
|  Total Investments in Securities | $— | $2330318232 | $— | $2330318232 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Futures Contracts\* <br> Unrealized Appreciation | $2677666 | $— | $— | $2677666 |
|  Total Other Financial Instruments | $2677666 | $— | $— | $2677666 |

---

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

Amounts designated as "—"are $0.

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

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

*49*

**CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CORPORATE OBLIGATIONS — 25.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CORPORATE OBLIGATIONS — 25.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CORPORATE OBLIGATIONS — 25.8%** |
|  | **Face Amount** | **Value** |
|  **COMMUNICATION SERVICES — 0.2%** | **COMMUNICATION SERVICES — 0.2%** | **COMMUNICATION SERVICES — 0.2%** |
| &nbsp;&nbsp; Charter Communications Operating  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 06/01/29 | $810000 | $838821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 03/15/28 | 310000 | 304613 |
|  |  | 1143434 |
|  **CONSUMER DISCRETIONARY — 0.1%** | **CONSUMER DISCRETIONARY — 0.1%** | **CONSUMER DISCRETIONARY — 0.1%** |
| &nbsp;&nbsp; Ford Motor Credit  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.303%, 09/06/29 | 560000 | 539919 |
|  **CONSUMER STAPLES — 0.2%** | **CONSUMER STAPLES — 0.2%** | **CONSUMER STAPLES — 0.2%** |
| &nbsp;&nbsp; Coty  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/15/30(A) | 525000 | 526251 |
| &nbsp;&nbsp; CVS Pass-Through Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036%, 12/10/28 | 1023470 | 1035740 |
|  |  | 1561991 |
|  **ENERGY — 1.4%** | **ENERGY — 1.4%** | **ENERGY — 1.4%** |
| &nbsp;&nbsp; Devon Energy  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/30/31 | 340000 | 385042 |
| &nbsp;&nbsp; Expand Energy  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/15/30 | 620000 | 615199 |
| &nbsp;&nbsp; MidAmerican Energy  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 04/15/29 | 1000000 | 978663 |
| &nbsp;&nbsp; NFE Financing  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, 11/15/29(A) | 1917600 | 1319944 |
| &nbsp;&nbsp; Occidental Petroleum  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 09/01/30 | 650000 | 672287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 08/01/29 | 1975000 | 1945443 |
| &nbsp;&nbsp; Ovintiv  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 05/15/28 | 1000000 | 1017648 |
| &nbsp;&nbsp; Patterson-UTI Energy  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 02/01/28 | 1525000 | 1462500 |
| &nbsp;&nbsp; South Bow USA Infrastructure Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.026%, 10/01/29(A) | 1580000 | 1564517 |
|  |  | 9961243 |
|  **FINANCIALS — 18.2%** | **FINANCIALS — 18.2%** | **FINANCIALS — 18.2%** |
| &nbsp;&nbsp; American Express  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, H15T5Y + 2.854%(B)(C) | 360000 | 344460 |
| &nbsp;&nbsp; Anglo American Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/16/29(A) | 200000 | 193654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 09/10/30(A) | 200000 | 177969 |
| &nbsp;&nbsp; Arab Petroleum Investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.428%, 05/02/29(A) | 1000000 | 1029964 |
| &nbsp;&nbsp; Ares Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/15/27 | 240000 | 246604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 06/15/28 | 650000 | 603458 |
| &nbsp;&nbsp; Ares Strategic Income Fund  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 03/15/28(A) | 2105000 | 2099297 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; Athene Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.583%, 01/09/29(A) | $2485000 | $2540099 |
| &nbsp;&nbsp; Aviation Capital Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/15/30(A) | 1300000 | 1364826 |
| &nbsp;&nbsp; Avolon Holdings Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/30/30(A) | 3925000 | 3906199 |
| &nbsp;&nbsp; Bank of Nova Scotia  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, H15T5Y + 4.551%(B)(C) | 2565000 | 2554214 |
| &nbsp;&nbsp; Barclays  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.690%, SOFRRATE + 1.740%, 03/12/30(B) | 1910000 | 1960713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%, SOFRRATE + 1.490%, 03/12/28(B) | 760000 | 774372 |
| &nbsp;&nbsp; BB Blue Financing DAC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.395%, 09/20/29 | 2500000 | 2520521 |
| &nbsp;&nbsp; Blue Owl Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 06/11/28 | 810000 | 738854 |
| &nbsp;&nbsp; Blue Owl Credit Income  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 01/15/29 | 955000 | 1002408 |
| &nbsp;&nbsp; BNP Paribas  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.176%, SOFRRATE + 1.520%, 01/09/30(A)(B) | 2390000 | 2423257 |
| &nbsp;&nbsp; Canadian Imperial Bank of Commerce  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 10/23/25 | 2000000 | 1965149 |
| &nbsp;&nbsp; CDP Financial MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 05/26/26(A) | 1000000 | 969302 |
| &nbsp;&nbsp; Central American Bank for Economic Integration  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/09/26(A) | 500000 | 502484 |
| &nbsp;&nbsp; Charles Schwab  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, H15T5Y + 4.971%(B)(C) | 2560000 | 2551519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, H15T5Y + 3.168%(B)(C) | 2140000 | 2072351 |
| &nbsp;&nbsp; Citibank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.876%, SOFRRATE + 0.712%, 11/19/27(B) | 500000 | 503255 |
| &nbsp;&nbsp; Citigroup  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, TSFR3M + 4.167%(B)(C) | 2365000 | 2361252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, H15T5Y + 3.597%(B)(C) | 1105000 | 1080584 |
| &nbsp;&nbsp; Citizens Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.575%, SOFRRATE + 2.000%, 08/09/28(B) | 520000 | 519719 |
| &nbsp;&nbsp; Citizens Financial Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.841%, SOFRRATE + 2.010%, 01/23/30(B) | 640000 | 655139 |
| &nbsp;&nbsp; Conservation Fund A Nonprofit  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.474%, 12/15/29 | 3000000 | 2844517 |

---

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

*50*

**CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; Cooperatieve Rabobank UA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.106%, H15T1Y + 0.550%, 02/24/27(A)(B) | $1000000 | $971301 |
| &nbsp;&nbsp; Corebridge Financial  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, H15T5Y + 3.846%, 12/15/52(B) | 4123000 | 4167110 |
| &nbsp;&nbsp; Deutsche Bank NY  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.686%, 03/19/26 | 1000000 | 975526 |
| &nbsp;&nbsp; Enel Finance International  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/26/29(A) | 2000000 | 2028163 |
| &nbsp;&nbsp; European Investment Bank MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/15/27 | 700000 | 692989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 06/13/25 | 3500000 | 3493414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/24/27 | 1253000 | 1219872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 04/13/26 | 500000 | 491655 |
| &nbsp;&nbsp; Fifth Third Bancorp  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.339%, SOFRRATE + 2.340%, 07/27/29(B) | 1325000 | 1388241 |
| &nbsp;&nbsp; Foundry JV Holdco  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 01/25/33(A) | 3000000 | 3054934 |
| &nbsp;&nbsp; Goldman Sachs Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.387%, SOFRRATE + 1.510%, 06/15/27(B) | 1000000 | 998260 |
| &nbsp;&nbsp; Golub Capital BDC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/24/26 | 1610000 | 1548923 |
| &nbsp;&nbsp; Hanwha Futureproof  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/30/28(A) | 500000 | 505032 |
| &nbsp;&nbsp; HAT Holdings I  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 06/15/27(A) | 500000 | 512765 |
| &nbsp;&nbsp; Huntington Bancshares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.208%, SOFRRATE + 2.020%, 08/21/29(B) | 1360000 | 1412991 |
| &nbsp;&nbsp; ING Groep  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, H15T1Y + 1.100%, 07/01/26(A)(B) | 1000000 | 994112 |
| &nbsp;&nbsp; Inter-American Development Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680%, SOFRINDX + 0.280%, 04/12/27(B) | 1000000 | 1000050 |
| &nbsp;&nbsp; Inter-American Investment  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/15/28 | 2500000 | 2523389 |
| &nbsp;&nbsp; International Bank for Reconstruction & Development  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 03/31/27(D) | 2500000 | 2360653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 03/31/28(D) | 1000000 | 978934 |
| &nbsp;&nbsp; International Development Association  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/27/29(A) | 2125000 | 2169680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 04/28/26(A) | 1000000 | 970001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 09/23/25 | 500000 | 492150 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; International Finance Facility for Immunisation MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 04/21/26 | $1000000 | $970649 |
| &nbsp;&nbsp; JPMorgan Chase  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.070%, SOFRRATE + 1.330%, 10/22/27(B) | 3059000 | 3134804 |
| &nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 09/14/29 | 1000000 | 920371 |
| &nbsp;&nbsp; Kuntarahoitus  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/09/29(A) | 1000000 | 990844 |
| &nbsp;&nbsp; Liberty Utilities Finance GP 1  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 09/15/30(A) | 1000000 | 861085 |
| &nbsp;&nbsp; LPL Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 06/15/30 | 3190000 | 3195366 |
| &nbsp;&nbsp; M&T Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.833%, SOFRRATE + 0.930%, 01/16/29(B) | 1000000 | 1001355 |
| &nbsp;&nbsp; MetLife  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, H15T5Y + 3.576%(B)(C) | 465000 | 459186 |
| &nbsp;&nbsp; NatWest Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, USSW5 + 5.720%(B)(C) | 1280000 | 1283387 |
| &nbsp;&nbsp; NHP Foundation  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 12/01/28 | 250000 | 261110 |
| &nbsp;&nbsp; Nuveen  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 01/15/30(A) | 980000 | 1014133 |
| &nbsp;&nbsp; Oaktree Strategic Credit Fund  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.400%, 11/14/28 | 1415000 | 1523005 |
| &nbsp;&nbsp; OPEC Fund for International Development  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/26/26(A) | 1000000 | 1001237 |
| &nbsp;&nbsp; OWS Cre Funding I  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.860%, US0001M + 4.900%, 09/15/25(A)(B) | 1161064 | 1156198 |
| &nbsp;&nbsp; Prudential Financial  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, US0003M + 2.665%, 09/15/48(B) | 2115000 | 2111377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 03/10/26 | 1000000 | 975816 |
| &nbsp;&nbsp; Santander Holdings USA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.353%, SOFRRATE + 1.940%, 09/06/30(B) | 785000 | 785904 |
| &nbsp;&nbsp; Societe Generale MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.221%, H15T1Y + 3.200%, 06/15/33(A)(B) | 840000 | 853020 |
| &nbsp;&nbsp; Solar Star Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 06/30/35(A) | 698104 | 706075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 06/30/35(A) | 657762 | 619145 |
| &nbsp;&nbsp; Starwood Property Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 04/01/29<sup>‡</sup>(A) | 500000 | 517615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/15/30<sup>‡</sup>(A) | 360000 | 355682 |

---

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

*51*

**CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
|  **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** | **FINANCIALS — continued** |
| &nbsp;&nbsp; Toronto-Dominion Bank  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.146%, H15T5Y + 1.500%, 09/10/34(B) | $| 2935000 | $| 2906363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.568%, 12/17/26 |  | 4820000 |  | 4839996 |
| &nbsp;&nbsp; Truist Bank  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.632%, H15T5Y + 1.150%, 09/17/29(B) |  | 2000000 |  | 1956920 |
| &nbsp;&nbsp; Truist Financial MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.161%, SOFRRATE + 2.446%, 10/30/29(B) |  | 1965000 |  | 2119750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, H15T5Y + 4.605%(B)(C) |  | 2055000 |  | 2039832 |
| &nbsp;&nbsp; UBS Group  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.617%, USISSO01 + 1.340%, 09/13/30(A)(B) |  | 2000000 |  | 2059894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, H15T5Y + 3.098%(A)(B)(C) |  | 1590000 |  | 1534136 |
| &nbsp;&nbsp; US Bancorp  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, TSFR3M + 3.176%(B)(C) |  | 985000 |  | 957634 |
| &nbsp;&nbsp; USAA Capital  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 05/01/30(A) |  | 2500000 |  | 2255137 |
| &nbsp;&nbsp; Volkswagen Group of America Finance  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 03/27/30(A) |  | 2165000 |  | 2158562 |
| &nbsp;&nbsp; Wells Fargo MTN  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, SOFRRATE + 1.560%, 08/15/26(B) |  | 1000000 |  | 999173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, H15T5Y + 3.453%(B)(C) |  | 1160000 |  | 1139310 |
| &nbsp;&nbsp; WLB Asset II D Pte  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/21/26(A) |  | 1000000 |  | 953354 |
| &nbsp;&nbsp; WLB Asset VI Pte  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 12/21/27(A) |  | 1000000 |  | 1036735 |
|  |  |  |  | 127110445 |
|  **INDUSTRIALS — 0.5%** | **INDUSTRIALS — 0.5%** | **INDUSTRIALS — 0.5%** | **INDUSTRIALS — 0.5%** | **INDUSTRIALS — 0.5%** |
| &nbsp;&nbsp; Mileage Plus Holdings  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/20/27(A) |  | 1516500 |  | 1521259 |
| &nbsp;&nbsp; Norfolk Southern  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 05/15/31 |  | 2500000 |  | 2193831 |
|  |  |  |  | 3715090 |
|  **INFORMATION TECHNOLOGY — 0.7%** | **INFORMATION TECHNOLOGY — 0.7%** | **INFORMATION TECHNOLOGY — 0.7%** | **INFORMATION TECHNOLOGY — 0.7%** | **INFORMATION TECHNOLOGY — 0.7%** |
| &nbsp;&nbsp; Apple  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/20/27 |  | 2165000 |  | 2127023 |
| &nbsp;&nbsp; Arrow Electronics  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 08/21/29 |  | 1900000 |  | 1913194 |
| &nbsp;&nbsp; Intel  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 08/05/32 |  | 1000000 |  | 921436 |
|  |  |  |  | 4961653 |

---

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **MATERIALS — 0.8%** | **MATERIALS — 0.8%** | **MATERIALS — 0.8%** |
| &nbsp;&nbsp; Alcoa Nederland Holding BV  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 03/15/31(A) | $685000 | $705816 |
| &nbsp;&nbsp; Celanese US Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 11/15/28 | 1790000 | 1812407 |
| &nbsp;&nbsp; Freeport-McMoRan  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 09/01/29 | 810000 | 816568 |
| &nbsp;&nbsp; LD Celulose International GmbH  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 01/26/32(A) | 200000 | 205475 |
| &nbsp;&nbsp; Smurfit Kappa Treasury ULC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 01/15/30(A) | 2250000 | 2281986 |
|  |  | 5822252 |
|  **REAL ESTATE — 0.1%** | **REAL ESTATE — 0.1%** | **REAL ESTATE — 0.1%** |
| &nbsp;&nbsp; ERP Operating  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12/01/28<sup>‡</sup> | 1000000 | 994148 |
|  **UTILITIES — 3.6%** | **UTILITIES — 3.6%** | **UTILITIES — 3.6%** |
| &nbsp;&nbsp; Avangrid  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 06/01/29 | 2000000 | 1935167 |
| &nbsp;&nbsp; California Buyer  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 02/15/32(A) | 675000 | 662624 |
| &nbsp;&nbsp; CenterPoint Energy  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, H15T5Y + 3.254%, 02/15/55(B) | 1500000 | 1531973 |
| &nbsp;&nbsp; Columbia Pipelines Holding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.042%, 08/15/28(A) | 445000 | 458595 |
| &nbsp;&nbsp; Comision Federal de Electricidad  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 01/24/30(A) | 525000 | 516600 |
| &nbsp;&nbsp; Consumers 2023 Securitization Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 03/01/28 | 602679 | 611397 |
| &nbsp;&nbsp; Continental Wind  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/28/33(A) | 888416 | 919689 |
| &nbsp;&nbsp; Electricite de France  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 05/23/28(A) | 1800000 | 1855634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/13/25(A) | 2250000 | 2237575 |
| &nbsp;&nbsp; Korea Electric Power  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/31/27(A)(E) | 250000 | 252216 |
| &nbsp;&nbsp; NextEra Energy Capital Holdings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, H15T5Y + 2.364%, 09/01/54(B) | 3008000 | 3031841 |
| &nbsp;&nbsp; NextEra Energy Operating Partners  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 01/15/29(A) | 1016000 | 1005793 |
| &nbsp;&nbsp; Oncor Electric Delivery  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 10/01/25 | 3500000 | 3441800 |
| &nbsp;&nbsp; PG&E Recovery Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.838%, 06/01/33 | 2500000 | 2497092 |
| &nbsp;&nbsp; San Diego Gas & Electric  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 08/15/28 | 1000000 | 1018518 |

---

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

*52*

**CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** | **CORPORATE OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
|  **UTILITIES — continued** | **UTILITIES — continued** | **UTILITIES — continued** |
| &nbsp;&nbsp; Sempra  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, H15T5Y + 2.354%, 04/01/55(B) | $2029000 | $1919157 |
| &nbsp;&nbsp; Southern Power  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12/01/25 | 1000000 | 996740 |
|  |  | 24892411 |
| &nbsp;&nbsp; Total Corporate Obligations  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $181,114,363)  |  | 180702586 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MORTGAGE-BACKED SECURITIES — 25.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MORTGAGE-BACKED SECURITIES — 25.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MORTGAGE-BACKED SECURITIES — 25.3%** |
| **Agency Mortgage-Backed Obligations — 14.2%** | **Agency Mortgage-Backed Obligations — 14.2%** | **Agency Mortgage-Backed Obligations — 14.2%** |
| &nbsp;&nbsp; FHLMC Multiclass Certificates Series, Ser 2024-P016, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.760%, 09/25/33 (B) | $2500000 | $2520631 |
| &nbsp;&nbsp; FHLMC Multifamily ML Certificates, Ser 2023-ML18, Cl XCA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.505%, 09/25/37 (B) | 23250781 | 2419867 |
| &nbsp;&nbsp; FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.136%, 07/01/29 (B) | 1000000 | 1020910 |
| &nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/20/54  | 4196551 | 4246643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/20/54  | 4927095 | 4986628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/20/54  | 8410039 | 8510425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/20/54  | 10531060 | 10659613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/20/54  | 10852773 | 10984674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/20/54  | 9283107 | 9393910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/20/54  | 3826056 | 3878800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/20/54  | 3992927 | 4051035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/20/54  | 6946628 | 7049661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/20/54  | 8268649 | 8392044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/20/53  | 5052798 | 5133950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/20/53  | 6003834 | 6101552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/20/53  | 4950918 | 5032885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/20/54  | 568980 | 568339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/20/53  | 583050 | 572442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/20/52  | 542685 | 532988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/52  | 812726 | 780221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/20/52  | 380745 | 365869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/20/52  | 905109 | 844744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/20/52  | 215159 | 195415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/20/52  | 568198 | 516775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/20/51  | 443194 | 391883 |
|  |  | 99151904 |
| **Non-Agency Mortgage-Backed Obligations — 11.1%** | **Non-Agency Mortgage-Backed Obligations — 11.1%** | **Non-Agency Mortgage-Backed Obligations — 11.1%** |
| &nbsp;&nbsp; Aventura Mall Trust, Ser AVM, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.249%, 07/05/40 (A)(B) | 1500000 | 1416001 |

---

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Ser 2018-TALL, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.241%, TSFR1M + 0.919%, 03/15/37 (A)(B) | $1670000 | $1571893 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Ser 2018-TALL, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640%, TSFR1M + 1.318%, 03/15/37 (A)(B) | 2400000 | 2080284 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Ser 2024-5C25, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.643%, 03/15/57 (B) | 925000 | 939690 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Ser CHRS, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.409%, 08/05/38 (A)(B) | 1500000 | 1284580 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Ser TALL, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.968%, TSFR1M + 1.646%, 03/15/37 (A)(B) | 1000000 | 832286 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Ser V13, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.908%, 02/15/58 (B) | 1750000 | 1723629 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Ser V6, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/57  | 1200000 | 1023079 |
| &nbsp;&nbsp; BMO Mortgage Trust, Ser 2023-C7, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.360%, 12/15/56 (B) | 250000 | 261962 |
| &nbsp;&nbsp; BMO Mortgage Trust, Ser 5C5, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/57 (A) | 1400000 | 1198918 |
| &nbsp;&nbsp; BMO Mortgage Trust, Ser 5C8, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/57 (A) | 1200000 | 1058493 |
| &nbsp;&nbsp; BPR Trust, Ser 2023-BRK2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.147%, 10/05/38 (A)(B) | 2100000 | 2195428 |
| &nbsp;&nbsp; BPR Trust, Ser 2023-BRK2, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.630%, 10/05/38 (A)(B) | 1500000 | 1559593 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.536%, TSFR1M + 1.214%, 09/15/36 (A)(B) | 1250000 | 1232812 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, Ser 2022-AHP, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.812%, TSFR1M + 1.490%, 01/17/39 (A)(B) | 2500000 | 2478125 |
| &nbsp;&nbsp; BX Trust, Ser 2022-CLS, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 10/13/27 (A) | 2200000 | 2213449 |
| &nbsp;&nbsp; Cantor Commercial Real Estate Lending, Ser 2019-CF2, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/15/52 (A) | 2000000 | 1516346 |
| &nbsp;&nbsp; CENT Trust, Ser 2023-CITY, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.942%, TSFR1M + 2.620%, 09/15/38 (A)(B) | 2300000 | 2298562 |

---

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

*53*

**CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Century Plaza Towers, Ser 2019-CPT, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.865%, 11/13/39 (A) | $530000 | $477926 |
| &nbsp;&nbsp; Century Plaza Towers, Ser 2019-CPT, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.097%, 11/13/39 (A)(B) | 1000000 | 891087 |
| &nbsp;&nbsp; CFCRE Commercial Mortgage Trust, Ser 2016-C6, Cl AM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.502%, 11/10/49 (B) | 3005000 | 2902166 |
| &nbsp;&nbsp; CHI Commercial Mortgage Trust, Ser SFT, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.665%, 04/15/42 (A)(B) | 500000 | 504846 |
| &nbsp;&nbsp; CHI Commercial Mortgage Trust, Ser SFT, Cl XA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.310%, 04/15/42 (A)(B) | 1975000 | 21167 |
| &nbsp;&nbsp; CHNGE Mortgage Trust, Ser 2022-NQM1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.820%, 06/25/67 (A)(F) | 778989 | 775911 |
| &nbsp;&nbsp; CIFC Funding 2019-III, Ser 2025-3A, Cl CR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.061%, TSFR3M + 1.800%, 01/16/38 (A)(B) | 895000 | 878575 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.032%, 12/10/49 (B) | 1400000 | 1318464 |
| &nbsp;&nbsp; COMM Mortgage Trust, Ser 2022-HC, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.819%, 01/10/39 (A) | 386000 | 363440 |
| &nbsp;&nbsp; COMM Mortgage Trust, Ser 2022-HC, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.376%, 01/10/39 (A) | 500000 | 457476 |
| &nbsp;&nbsp; CSMC OA, Ser 2014-USA, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953%, 09/15/37 (A) | 1000000 | 917500 |
| &nbsp;&nbsp; Extended Stay America Trust, Ser 2021-ESH, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.817%, TSFR1M + 1.494%, 07/15/38 (A)(B) | 386766 | 385316 |
| &nbsp;&nbsp; Fashion Show Mall, Ser SHOW, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.276%, 10/10/41 (A)(B) | 2300000 | 2303548 |
| &nbsp;&nbsp; FIVE Mortgage Trust, Ser 2023-V1, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.506%, 02/10/56 (B) | 2223000 | 2252515 |
| &nbsp;&nbsp; GAM RE-REMIC TRUST, Ser 2021-FRR2, Cl AK74, PO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 09/27/51 (A)(D) | 1500000 | 1251678 |
| &nbsp;&nbsp; GAM RE-REMIC TRUST, Ser 2022-FRR3, Cl AK47 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.703%, 05/27/48 (A)(B) | 600000 | 597143 |
| &nbsp;&nbsp; GS Mortgage Securities Corporation Trust, Ser 2021-IP, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.387%, TSFR1M + 1.064%, 10/15/36 (A)(B) | 2000000 | 1981307 |

---

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; GS Mortgage Securities II, Ser 2012-BWTR, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.954%, 11/05/34 (A) | $1702984 | $1465177 |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust, Ser 2016-10HY, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.835%, 08/10/38 (A) | 1000000 | 971878 |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust, Ser 2019-55HY, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.041%, 12/10/41 (A)(B) | 1500000 | 1300904 |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust, Ser SPRL, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.551%, 01/13/40 (A)(B) | 2000000 | 2055303 |
| &nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Ser 2015-C28, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.986%, 10/15/48  | 2088569 | 2071652 |
| &nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Ser 2015-C28, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.372%, 10/15/48 (B) | 1750000 | 1719725 |
| &nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, Ser 2017-C5, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.858%, 03/15/50 (B) | 2340000 | 2155084 |
| &nbsp;&nbsp; Life Mortgage Trust, Ser 2021-BMR, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.537%, TSFR1M + 1.214%, 03/15/38 (A)(B) | 80100 | 79099 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Ser 2018-L1, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.939%, 10/15/51 (B) | 2455000 | 2240186 |
| &nbsp;&nbsp; MSWF Commercial Mortgage Trust, Ser 1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/15/56 (A) | 1550000 | 1146335 |
| &nbsp;&nbsp; NJ Trust, Ser GSP, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.697%, 01/06/29 (A)(B) | 1500000 | 1576479 |
| &nbsp;&nbsp; NYMT Loan Trust Series, Ser 2024-BPL2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.509%, 05/25/39 (A)(F) | 1580000 | 1595475 |
| &nbsp;&nbsp; One Bryant Park Trust, Ser 2019-OBP, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.516%, 09/15/54 (A) | 1000000 | 891962 |
| &nbsp;&nbsp; RFM Reremic Trust, Ser FRR1, Cl AK55, PO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 03/28/49 (A) | 1640000 | 1549581 |
| &nbsp;&nbsp; RFM Reremic Trust, Ser FRR1, Cl AK64 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.802%, 03/01/50 (A)(B) | 2100000 | 1984775 |
| &nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.872%, 01/05/43 (A)(B) | 802500 | 694587 |

---

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

*54*

**CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** | **MORTGAGE-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; STWD Mortgage Trust, Ser 2021-LIH, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.693%, TSFR1M + 1.371%, 11/15/36 (A)(B) | $715000 | $707850 |
| &nbsp;&nbsp; STWD Mortgage Trust, Ser 2021-LIH, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.741%, TSFR1M + 2.419%, 11/15/36 (A)(B) | 450000 | 441844 |
| &nbsp;&nbsp; SUMIT Mortgage Trust, Ser 2022-BVUE, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.789%, 02/12/41 (A) | 660000 | 584443 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, Ser 2017-C3, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.504%, 08/15/50 (B) | 1500000 | 1404025 |
| &nbsp;&nbsp; Verus Securitization Trust, Ser 2021-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.815%, 01/25/66 (A)(B) | 594701 | 526053 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Ser 2016-C35, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.176%, 07/15/48 (B) | 2000000 | 1932050 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Ser 2019-C49, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/15/52 (A) | 1500000 | 1256467 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Ser 2022-C62, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/15/55 (A) | 2000000 | 1293603 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Ser 2024-SVEN, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.011%, 06/10/37 (A) | 1500000 | 1545745 |
|  |  | 78355477 |
| &nbsp;&nbsp; Total Mortgage-Backed Securities  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $175,270,088)  |  | 177507381 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS — 23.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS — 23.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS — 23.8%** |
| &nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, USBMMY3M + 0.205%, 10/31/26(B) | $16260000 | $16274628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.415%, USBMMY3M + 0.170%, 10/31/25(B) | 12510000 | 12514348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.395%, USBMMY3M + 0.150%, 04/30/26(B) | 29980000 | 29985443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.370%, USBMMY3M + 0.125%, 07/31/25(B) | 13870000 | 13870247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/28/30 | 26080000 | 26418225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/31/30 | 5245000 | 5302777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/15/28 | 2730000 | 2750048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/34 | 8980000 | 8796191 |

---

---

| | | |
|:---|:---|:---|
|  **U.S. TREASURY OBLIGATIONS — continued** | **U.S. TREASURY OBLIGATIONS — continued** | **U.S. TREASURY OBLIGATIONS — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/15/28 | $210000 | $210787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/15/30 | 56715000 | 51178641 |
| &nbsp;&nbsp; Total U.S. Treasury Obligations  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $166,075,725)  |  | 167301335 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ASSET-BACKED SECURITIES — 19.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ASSET-BACKED SECURITIES — 19.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ASSET-BACKED SECURITIES — 19.2%** |
| **Automotive — 10.3%** | **Automotive — 10.3%** | **Automotive — 10.3%** |
| &nbsp;&nbsp; American Credit Acceptance Receivables Trust, Ser 2021-4, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.820%, 02/14/28 (A) | $38761 | $38708 |
| &nbsp;&nbsp; American Credit Acceptance Receivables Trust, Ser 2021-4, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.120%, 02/14/28 (A) | 1555000 | 1552912 |
| &nbsp;&nbsp; American Credit Acceptance Receivables Trust, Ser 2023-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 04/12/29 (A) | 2345000 | 2373106 |
| &nbsp;&nbsp; American Credit Acceptance Receivables Trust, Ser 2023-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.820%, 10/12/29 (A) | 1450000 | 1479772 |
| &nbsp;&nbsp; American Credit Acceptance Receivables Trust, Ser 2023-4, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.990%, 09/12/30 (A) | 3000000 | 3038337 |
| &nbsp;&nbsp; American Credit Acceptance Receivables Trust, Ser 2024-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.860%, 05/13/30 (A) | 1630000 | 1650245 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Ser 2021-N2, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.070%, 03/10/28  | 145298 | 140616 |
| &nbsp;&nbsp; Consumer Portfolio Services Auto Trust, Ser 2025-A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.660%, 04/15/31 (A) | 3520000 | 3544749 |
| &nbsp;&nbsp; CPS Auto Receivables Trust, Ser 2022-C, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 04/15/30 (A) | 500000 | 507099 |
| &nbsp;&nbsp; CPS Auto Receivables Trust, Ser 2023-A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.440%, 04/16/29 (A) | 1800000 | 1834468 |
| &nbsp;&nbsp; CPS Auto Receivables Trust, Ser 2023-B, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.340%, 07/16/29 (A) | 1955000 | 2002599 |
| &nbsp;&nbsp; CPS Auto Receivables Trust, Ser 2023-D, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.800%, 01/15/30 (A) | 3555000 | 3726098 |

---

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

*55*

**CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Ser 2024-2, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.940%, 05/17/32  | $1410000 | $1402594 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2020-3A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.440%, 08/17/26 (A) | 1097019 | 1094751 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2021-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 04/15/27  | 738202 | 723734 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2021-2A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 07/17/28 (A) | 1190000 | 1163408 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2022-4A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980%, 12/15/28  | 505000 | 508816 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2022-6A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.030%, 04/06/29  | 3950000 | 4100306 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2023-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.690%, 06/15/29  | 1680000 | 1712977 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2023-4A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 12/17/29  | 2400000 | 2464972 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2024-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840%, 06/17/30  | 1005000 | 1016143 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, Ser 2024-5A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.060%, 02/18/31  | 1110000 | 1098098 |
| &nbsp;&nbsp; Flagship Credit Auto Trust, Ser 2022-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.640%, 03/15/28 (A) | 1000000 | 965743 |
| &nbsp;&nbsp; Flagship Credit Auto Trust, Ser 2022-2, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 04/17/28 (A) | 740000 | 694330 |
| &nbsp;&nbsp; Flagship Credit Auto Trust, Ser 2023-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.580%, 08/15/29 (A) | 674000 | 676370 |
| &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Ser 2021-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.140%, 01/18/28 (A) | 2000000 | 1988447 |
| &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Ser 2022-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%, 01/18/28 (A) | 4080000 | 4051260 |
| &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Ser 2022-3A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.420%, 06/15/28 (A) | 500000 | 507711 |
| &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Ser 2023-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.310%, 03/15/29 (A) | 430000 | 438517 |
| &nbsp;&nbsp; Octane Receivables Trust, Ser 2021-2A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.210%, 09/20/28 (A) | 4276 | 4267 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Octane Receivables Trust, Ser 2023-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.760%, 03/20/30 (A) | $1080000 | $1121331 |
| &nbsp;&nbsp; Octane Receivables Trust, Ser 2023-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.380%, 06/20/31 (A) | 3779000 | 3905590 |
| &nbsp;&nbsp; Octane Receivables Trust, Ser 2023-3A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.580%, 09/20/29 (A) | 1000000 | 1038624 |
| &nbsp;&nbsp; Octane Receivables Trust, Ser 2024-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.430%, 10/21/30 (A) | 1295000 | 1323591 |
| &nbsp;&nbsp; Octane Receivables Trust, Ser 2024-RPT1, Cl R1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.680%, 02/22/30  | 3875000 | 3874982 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2023-S1, Cl R1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.140%, 04/18/28 (A) | 697912 | 704790 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2024-S2, Cl R1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 12/16/28 (A) | 2240419 | 2238965 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2024-S3, Cl R1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810%, 10/16/28 (A) | 1438501 | 1437834 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2024-S3, Cl R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980%, 10/16/28 (A) | 1475371 | 1474190 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, Ser 2025-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.430%, 03/17/31  | 600000 | 601587 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Ser 2023-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.890%, 06/22/26 (A) | 395354 | 396084 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Ser 2024-A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 06/21/27 (A) | 1170000 | 1175679 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Ser 2024-B, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.790%, 01/20/27 (A) | 1094076 | 1094508 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Ser 2024-B, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.820%, 10/20/27 (A) | 1000000 | 1005193 |
| &nbsp;&nbsp; Tesla Electric Vehicle Trust, Ser 2023-1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.380%, 06/20/28 (A) | 600000 | 605912 |
| &nbsp;&nbsp; Tesla Sustainable Energy Trust, Ser 2024-1A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.290%, 06/20/50 (A) | 865000 | 869340 |

---

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

*56*

**CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Face Amount** | **Value** | **Value** |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, Ser 2024-1A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%, 10/15/29 (A) | $| 1685000 | $| 1713127 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, Ser 2025-1A, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.540%, 11/15/30 (A) |  | 1435000 |  | 1442235 |
|  |  |  |  | 72524715 |
| **Other Asset-Backed Securities — 8.9%** | **Other Asset-Backed Securities — 8.9%** | **Other Asset-Backed Securities — 8.9%** | **Other Asset-Backed Securities — 8.9%** | **Other Asset-Backed Securities — 8.9%** |
| &nbsp;&nbsp; Affirm Asset Securitization Trust, Ser 2024-X2, Cl D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.080%, 12/17/29 (A) |  | 710000 |  | 709610 |
| &nbsp;&nbsp; AGL CLO 16, Ser 2025-16A, Cl DR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.670%, TSFR3M + 2.400%, 01/20/35 (A)(B) |  | 3100000 |  | 3061604 |
| &nbsp;&nbsp; Barings Private Credit CLO, Ser 2024-1A, Cl A1AR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.886%, TSFR3M + 1.630%, 10/15/36 (A)(B) |  | 3255000 |  | 3241345 |
| &nbsp;&nbsp; Blackrock MT Hood CLO X, Ser 2023-1A, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.772%, TSFR3M + 2.500%, 04/20/35 (A)(B) |  | 1415000 |  | 1414253 |
| &nbsp;&nbsp; Cajun Global, Ser 2021-1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.931%, 11/20/51 (A) |  | 1455000 |  | 1407356 |
| &nbsp;&nbsp; CLI Funding VI, Ser 2020-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.080%, 09/18/45 (A) |  | 1071806 |  | 989152 |
| &nbsp;&nbsp; Commonbond Student Loan Trust, Ser 2021-AGS, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 03/25/52 (A) |  | 410769 |  | 305210 |
| &nbsp;&nbsp; EnFin Residential Solar Receivables Trust, Ser 2024-2A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980%, 09/20/55 (A) |  | 1920896 |  | 1811206 |
| &nbsp;&nbsp; Foundation Finance Trust, Ser 2023-2A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.310%, 06/15/49 (A) |  | 1500000 |  | 1547453 |
| &nbsp;&nbsp; Frontier Issuer, Ser 2023-1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 08/20/53 (A) |  | 1000000 |  | 1015632 |
| &nbsp;&nbsp; Frontier Issuer, Ser 2023-1, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, 08/20/53 (A) |  | 1000000 |  | 1048462 |
| &nbsp;&nbsp; Frontier Issuer, Ser 2024-1, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.190%, 06/20/54 (A) |  | 300000 |  | 308497 |
| &nbsp;&nbsp; Golub Capital Partners Clo 45M, Ser 2024-45A, Cl A1R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.890%, TSFR3M + 1.620%, 07/20/37 (A)(B) |  | 3400000 |  | 3378417 |

---

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Golub Capital Partners Clo 47M, Ser 2024-47A, Cl A1AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.923%, TSFR3M + 1.620%, 08/05/37 (A)(B) | $1385000 | $1374888 |
| &nbsp;&nbsp; Golub Capital Partners CLO, Ser 2025-78A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.311%, TSFR3M + 2.000%, 04/21/39 (A)(B) | 1230000 | 1217281 |
| &nbsp;&nbsp; Guggenheim MM CLO, Ser 2021-3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.081%, TSFR3M + 1.812%, 01/21/34 (A)(B) | 3060000 | 3054373 |
| &nbsp;&nbsp; Hardee's Funding, Ser 2021-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.865%, 06/20/51 (A) | 1323438 | 1203405 |
| &nbsp;&nbsp; Home Equity Loan Trust, Ser 2006-HSA2, Cl AI3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.455%, 03/25/36 (B) | 40889 | 907 |
| &nbsp;&nbsp; Hotwire Funding, Ser 2024-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.893%, 06/20/54 (A) | 500000 | 506378 |
| &nbsp;&nbsp; Jersey Mike's Funding, Ser 2019-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.433%, 02/15/50 (A) | 1633500 | 1617632 |
| &nbsp;&nbsp; Madison Park Funding XXXVI, Ser 2025-36A, Cl D1RR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.806%, TSFR3M + 2.550%, 04/15/35 (A)(B) | 6000000 | 5903124 |
| &nbsp;&nbsp; MetroNet Infrastructure Issuer, Ser 2023-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.560%, 04/20/53 (A) | 1120000 | 1149820 |
| &nbsp;&nbsp; MetroNet Infrastructure Issuer, Ser 2024-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.590%, 04/20/54 (A) | 3000000 | 3102215 |
| &nbsp;&nbsp; Mosaic Solar Loan Trust, Ser 2022-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160%, 01/20/53 (A) | 1032093 | 816824 |
| &nbsp;&nbsp; Mosaic Solar Loan Trust, Ser 2023-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.180%, 09/22/53 (A) | 1000000 | 696446 |
| &nbsp;&nbsp; MVW Owner Trust, Ser 2024-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%, 03/20/42 (A) | 610363 | 595367 |
| &nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 35, Ser 2025-35A, Cl DR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.420%, TSFR3M + 3.150%, 01/19/33 (A)(B) | 3200000 | 3189606 |
| &nbsp;&nbsp; Octagon Investment Partners 26, Ser 2018-1A, Cl CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.318%, TSFR3M + 2.062%, 07/15/30 (A)(B) | 1000000 | 995990 |

---

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

*57*

**CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** | **ASSET-BACKED SECURITIES — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp; Pagaya AI Debt Grantor Trust And Pagaya AI Debt Trust, Ser 2024-6, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.068%, 11/15/31 (A) | $1668369 | $1684488 |
| &nbsp;&nbsp; Pagaya AI Debt Grantor Trust, Ser 2024-11, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.307%, 07/15/32 (A) | 1019883 | 1018451 |
| &nbsp;&nbsp; Pagaya AI Debt Grantor Trust, Ser 2024-9, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.174%, 03/15/32 (A) | 1759731 | 1756831 |
| &nbsp;&nbsp; Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.988%, 12/15/32 (A) | 960000 | 962155 |
| &nbsp;&nbsp; Pagaya AI Debt Trust, Ser 2024-10, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.429%, 06/15/32 (A) | 1349886 | 1351605 |
| &nbsp;&nbsp; Pagaya AI Debt Trust, Ser 2024-3, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.297%, 10/15/31 (A) | 1527786 | 1549597 |
| &nbsp;&nbsp; Pagaya AI Debt Trust, Ser 2025-1, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.282%, 07/15/32 (A) | 1020000 | 1016991 |
| &nbsp;&nbsp; ServiceMaster Funding, Ser 2020-1, Cl A2I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.841%, 01/30/51 (A) | 940460 | 869240 |
| &nbsp;&nbsp; SERVPRO Master Issuer, Ser 2019-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.882%, 10/25/49 (A) | 1701000 | 1670178 |
| &nbsp;&nbsp; Sunnova Helios XI Issuer, Ser 2023-A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 05/20/50 (A) | 891215 | 864344 |
| &nbsp;&nbsp; Sunnova Helios XII Issuer, Ser 2023-B, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 08/22/50 (A) | 873814 | 851692 |
| &nbsp;&nbsp; Sunrun Neptune Issuer, Ser 2024-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.270%, 02/01/55 (A) | 1337940 | 1300678 |
| &nbsp;&nbsp; Vivint Solar Financing V, Ser 2018-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.370%, 04/30/48 (A) | 157334 | 149467 |
| &nbsp;&nbsp; Westgate Resorts, Ser 2023-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.490%, 12/20/37 (A) | 1273513 | 1301309 |
|  |  | 62009479 |
| &nbsp;&nbsp; Total Asset-Backed Securities  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $134,443,446)  |  | 134534194 |

---

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MUNICIPAL BONDS — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MUNICIPAL BONDS — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MUNICIPAL BONDS — 1.9%** |
|  | **Face Amount** | **Value** |
| **Alaska — 0.1%** | **Alaska — 0.1%** | **Alaska — 0.1%** |
| &nbsp;&nbsp; City of Port Lions Alaska, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/01/32  | $425000 | $445946 |
| **California — 0.5%** | **California — 0.5%** | **California — 0.5%** |
| &nbsp;&nbsp; California Community Choice Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/30  | 1420000 | 1470180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 08/01/29  | 825000 | 843246 |
| &nbsp;&nbsp; City & County of San Francisco California, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520%, 06/15/25  | 500000 | 500123 |
| &nbsp;&nbsp; City of Los Angeles Department of Airports Customer Facility Charge Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.258%, 05/15/30  | 1000000 | 950839 |
|  |  | 3764388 |
| **Hawaii — 0.1%** | **Hawaii — 0.1%** | **Hawaii — 0.1%** |
| &nbsp;&nbsp; State of Hawaii Department of Business Economic Development & Tourism, Ser A-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.242%, 01/01/31  | 737744 | 721546 |
| **Illinois — 0.3%** | **Illinois — 0.3%** | **Illinois — 0.3%** |
| &nbsp;&nbsp; Chicago Housing Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.822%, 01/01/26  | 500000 | 498163 |
| &nbsp;&nbsp; Village of Deerfield Illinois, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/28  | 1250000 | 1247789 |
|  |  | 1745952 |
| **Indiana — 0.0%** | **Indiana — 0.0%** | **Indiana — 0.0%** |
| &nbsp;&nbsp; City of Fort Wayne Indiana, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, 12/01/29  | 234358 | 23 |
| **Iowa — 0.1%** | **Iowa — 0.1%** | **Iowa — 0.1%** |
| &nbsp;&nbsp; Iowa Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/01/27 (A) | 415000 | 421885 |
| **Maryland — 0.0%** | **Maryland — 0.0%** | **Maryland — 0.0%** |
| &nbsp;&nbsp; Montgomery County Housing Opportunities Commission, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.482%, 12/01/29  | 250000 | 254082 |
| **Montana — 0.0%** | **Montana — 0.0%** | **Montana — 0.0%** |
| &nbsp;&nbsp; County of Gallatin Montana, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, 09/01/27 (A) | 500000 | 516521 |
|  |  | 516521 |
| **New Hampshire — 0.5%** | **New Hampshire — 0.5%** | **New Hampshire — 0.5%** |
| &nbsp;&nbsp; New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 02/01/29 (A)(B) | 2500000 | 2500000 |

---

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

*58*

**CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** |
|  | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520%, 07/01/33 (A)(B) | $850000 | $850000 |
|  |  | 3350000 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
| &nbsp;&nbsp; New York State Energy Research & Development Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.621%, 04/01/27  | 820000 | 820128 |
| **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |
| &nbsp;&nbsp; Redevelopment Authority of the City of Philadelphia, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.226%, 09/01/40  | 275000 | 269921 |
| **South Dakota — 0.0%** | **South Dakota — 0.0%** | **South Dakota — 0.0%** |
| &nbsp;&nbsp; South Dakota Housing Development Authority, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.460%, 05/01/53  | 215000 | 220051 |
| **Wisconsin — 0.2%** | **Wisconsin — 0.2%** | **Wisconsin — 0.2%** |
| &nbsp;&nbsp; Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/01/31 (A) | 500000 | 501418 |
| &nbsp;&nbsp; Public Finance Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.292%, 07/01/29  | 500000 | 509453 |
|  |  | 1010871 |
| &nbsp;&nbsp; Total Municipal Bonds  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $13,648,929)  |  | 13541314 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SOVEREIGN DEBT — 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SOVEREIGN DEBT — 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SOVEREIGN DEBT — 1.2%** |
|  **CANADA — 0.3%** | **CANADA — 0.3%** | **CANADA — 0.3%** |
| &nbsp;&nbsp; OMERS Finance Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/19/32 | $2000000 | $1887279 |
|  |  | 1887279 |
|  **FRANCE — 0.1%** | **FRANCE — 0.1%** | **FRANCE — 0.1%** |
| &nbsp;&nbsp; Caisse d'Amortissement de la Dette Sociale  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/17/25(A) | 1000000 | 999298 |
|  **JAPAN — 0.5%** | **JAPAN — 0.5%** | **JAPAN — 0.5%** |
| &nbsp;&nbsp; Japan Bank for International Cooperation  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/05/27 | 1846000 | 1868437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 01/20/27 | 1500000 | 1443086 |
|  |  | 3311523 |

---

---

| | | |
|:---|:---|:---|
|  **SOVEREIGN DEBT — continued** | **SOVEREIGN DEBT — continued** | **SOVEREIGN DEBT — continued** |
|  | **Face Amount** | **Value** |
|  **JORDAN — 0.1%** | **JORDAN — 0.1%** | **JORDAN — 0.1%** |
| &nbsp;&nbsp; Hashemite Kingdom of Jordan Government AID Bond  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/30/25 | $1000000 | $996779 |
|  **NETHERLANDS — 0.2%** | **NETHERLANDS — 0.2%** | **NETHERLANDS — 0.2%** |
| &nbsp;&nbsp; Nederlandse Waterschapsbank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/28/29(A) | 400000 | 407532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 05/28/30(A) | 1000000 | 865674 |
|  |  | 1273206 |
| &nbsp;&nbsp; Total Sovereign Debt  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $8,390,245)  |  | 8468085 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BANK LOAN OBLIGATIONS — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BANK LOAN OBLIGATIONS — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BANK LOAN OBLIGATIONS — 0.4%** |
|  **ECOLOGICAL SERVICES & EQUIPMENT — 0.4%** | **ECOLOGICAL SERVICES & EQUIPMENT — 0.4%** | **ECOLOGICAL SERVICES & EQUIPMENT — 0.4%** |
| &nbsp;&nbsp; LTR Intermediate Holdings Term Loan  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.460%, 05/05/28 | $248708 | $234823 |
| &nbsp;&nbsp; Terraform Power Operating Specified Refinancing Term Loan  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.299%, TSFR1M + 2.500%, 05/21/29(B) | 1629083 | 1592428 |
| &nbsp;&nbsp; Vistra Zero Operating Company Term Loan  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.324%, 03/20/31 | 995000 | 965279 |
|  |  | 2792530 |
| &nbsp;&nbsp; Total Bank Loan Obligations  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,866,922)  |  | 2792530 |
| **U.S. GOVERNMENT AGENCY OBLIGATION — 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATION — 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATION — 0.0%** |
| &nbsp;&nbsp; United States International Development Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.790%, 10/15/29 | $218923 | $208224 |
| &nbsp;&nbsp; Total U.S. Government Agency Obligation  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $209,175)  |  | 208224 |

---

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

*59*

**CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENT — 0.0%** | **SHORT-TERM INVESTMENT — 0.0%** | **SHORT-TERM INVESTMENT — 0.0%** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp; State Street Institutional US Government Money Market Fund, Premier Class, 4.290%, (G) |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $130,313)  | 130313 | $130313 |
| &nbsp;&nbsp; Total Short-Term Investment  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $130,313)  |  | 130313 |
| &nbsp;&nbsp; Total Investments in Securities— 97.6% | &nbsp;&nbsp; Total Investments in Securities— 97.6% |  |
| &nbsp;&nbsp;&nbsp; (Cost $682,149,206) |  | $685185962 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration Date** | **Notional Amount** | **Value** | **Unrealized Appreciation** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp; U.S. 5-Year Treasury Note | 311 | Jun-2025 | $33741174 | $33959742 | $218568 |

---

---

| | |
|:---|:---|
| <sup>‡</sup> | Real Estate Investment Trust. |
| (A) | Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value of these securities at April 30, 2025 was $244,320,840 and represented 34.8% of Net Assets. |
| (B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (C) | Perpetual security with no stated maturity date. |
| (D) | Zero coupon security.  |
| (E) | This security or a partial position of this security is on loan at April 30, 2025. The total market value of securities on loan at April 30, 2025 was $127,413. |
| (F) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (G) | This security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2025, was $130,313. |

---

---

| |
|:---|
| Cl — Class |
| CLO — Collateralized Loan Obligation |
| DAC — Designated Activity Company |
| FHLMC — Federal Home Loan Mortgage Corporation |
| FNMA — Federal National Mortgage Association |
| GNMA — Government National Mortgage Association <br> GO — General Obligation |
| H15T1Y — US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| H15T5Y — US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| IO — Interest Only <br> MTN — Medium Term Note |
| RB — Revenue Bond |
| REMIC — Real Estate Mortgage Investment Conduit |
| Ser — Series |
| SOFRRATE — Secured Overnight Financing Rate |
| SOFRINDX — Secured Overnight Financing Rate Index |
| TSFR1M — Term Secured Overnight Financing Rate 1 Month <br> TSFR3M — Term Secured Overnight Financing Rate 3 Month <br> US0003M — ICE LIBOR USD 1 Month <br> USBMMY3M — U.S. Treasury Bill Money Market Yield 3 Month |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: |
|  Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Corporate Obligations | $— | $180702586 | $— | $180702586 |
| &nbsp;&nbsp; Mortgage-Backed Securities |  | 177507381 |  | 177507381 |
| &nbsp;&nbsp; U.S. Treasury Obligations |  | 167301335 |  | 167301335 |
| &nbsp;&nbsp; Asset-Backed Securities |  | 134534194 |  | 134534194 |
| &nbsp;&nbsp; Municipal Bonds |  | 13541314 |  | 13541314 |
| &nbsp;&nbsp; Sovereign Debt |  | 8468085 |  | 8468085 |
| &nbsp;&nbsp; Bank Loan Obligations |  | 2792530 |  | 2792530 |
| &nbsp;&nbsp; U.S. Government Agency Obligation |  | 208224 |  | 208224 |
| &nbsp;&nbsp; Short-Term Investment | 130313 |  |  | 130313 |
|  Total Investments in Securities | $130313 | $685055649 | $— | $685185962 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Futures Contracts\* <br> Unrealized Appreciation | $218568 | $— | $— | $218568 |
|  Total Other Financial Instruments | $218568 | $— | $— | $218568 |

---

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

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

*60*

**CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND**

**APRIL 30, 2025 (Unaudited)** 

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

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

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

*61*

**CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 99.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 99.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 99.5%** |
|  | **Shares** | **Value** |
|  **COMMUNICATION SERVICES — 9.9%** | **COMMUNICATION SERVICES — 9.9%** | **COMMUNICATION SERVICES — 9.9%** |
| &nbsp;&nbsp; Alphabet, Cl A  | 475447 | $75500984 |
| &nbsp;&nbsp; Alphabet, Cl C  | 387546 | 62352276 |
| &nbsp;&nbsp; AT&T  | 786021 | 21772782 |
| &nbsp;&nbsp; Charter Communications, Cl A \* | 7681 | 3009877 |
| &nbsp;&nbsp; Comcast, Cl A  | 300105 | 10263591 |
| &nbsp;&nbsp; Electronic Arts  | 18873 | 2738284 |
| &nbsp;&nbsp; Fox, Cl A  | 17286 | 860670 |
| &nbsp;&nbsp; Fox, Cl B  | 10542 | 487462 |
| &nbsp;&nbsp; Interpublic Group of  | 29679 | 745536 |
| &nbsp;&nbsp; Match Group  | 20004 | 593319 |
| &nbsp;&nbsp; Meta Platforms, Cl A  | 177277 | 97325073 |
| &nbsp;&nbsp; Netflix \* | 36092 | 40846038 |
| &nbsp;&nbsp; News, Cl A  | 30132 | 817180 |
| &nbsp;&nbsp; News, Cl B  | 8937 | 280800 |
| &nbsp;&nbsp; Omnicom Group  | 15622 | 1189771 |
| &nbsp;&nbsp; Paramount Global, Cl B (A) | 47380 | 556241 |
| &nbsp;&nbsp; Take-Two Interactive Software \* | 13062 | 3047626 |
| &nbsp;&nbsp; TKO Group Holdings, Cl A  | 5307 | 864563 |
| &nbsp;&nbsp; T-Mobile US  | 63408 | 15658606 |
| &nbsp;&nbsp; Verizon Communications  | 398065 | 17538744 |
| &nbsp;&nbsp; Walt Disney  | 143831 | 13081429 |
| &nbsp;&nbsp; Warner Bros Discovery \* | 177627 | 1540026 |
|  |  | 371070878 |
|  **CONSUMER DISCRETIONARY — 10.3%** | **CONSUMER DISCRETIONARY — 10.3%** | **CONSUMER DISCRETIONARY — 10.3%** |
| &nbsp;&nbsp; Airbnb, Cl A \* | 34447 | 4199778 |
| &nbsp;&nbsp; Amazon.com \* | 750568 | 138419751 |
| &nbsp;&nbsp; AutoZone \* | 1336 | 5026834 |
| &nbsp;&nbsp; Best Buy  | 15495 | 1033362 |
| &nbsp;&nbsp; Booking Holdings  | 2627 | 13395809 |
| &nbsp;&nbsp; CarMax \* | 12261 | 792919 |
| &nbsp;&nbsp; Carnival \* | 83522 | 1531793 |
| &nbsp;&nbsp; Chipotle Mexican Grill, Cl A \* | 107900 | 5451108 |
| &nbsp;&nbsp; Darden Restaurants  | 9322 | 1870366 |
| &nbsp;&nbsp; Deckers Outdoor \* | 12096 | 1340600 |
| &nbsp;&nbsp; Domino's Pizza  | 2752 | 1349498 |
| &nbsp;&nbsp; DoorDash, Cl A \* | 26997 | 5207451 |
| &nbsp;&nbsp; DR Horton  | 22569 | 2851367 |
| &nbsp;&nbsp; eBay  | 38075 | 2595192 |
| &nbsp;&nbsp; Expedia Group  | 9830 | 1542622 |
| &nbsp;&nbsp; Ford Motor  | 309717 | 3100267 |
| &nbsp;&nbsp; Garmin  | 31382 | 5864354 |
| &nbsp;&nbsp; General Motors  | 79216 | 3583732 |
| &nbsp;&nbsp; Genuine Parts  | 11081 | 1302572 |
| &nbsp;&nbsp; Hasbro  | 10485 | 649021 |
| &nbsp;&nbsp; Hilton Worldwide Holdings  | 19146 | 4317040 |
| &nbsp;&nbsp; Home Depot  | 79049 | 28496374 |
| &nbsp;&nbsp; Lennar, Cl A  | 18582 | 2018191 |
| &nbsp;&nbsp; LKQ  | 20720 | 791711 |
| &nbsp;&nbsp; Lowe's  | 44933 | 10045221 |
| &nbsp;&nbsp; Lululemon Athletica \* | 8916 | 2414185 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp; Marriott International, Cl A  | 18209 | $| 4344303 |
| &nbsp;&nbsp; McDonald's  | 57582 |  | 18406086 |
| &nbsp;&nbsp; Mohawk Industries \* | 4176 |  | 444118 |
| &nbsp;&nbsp; NIKE, Cl B  | 94035 |  | 5303574 |
| &nbsp;&nbsp; Norwegian Cruise Line Holdings \* | 35071 |  | 562188 |
| &nbsp;&nbsp; NVR \* | 238 |  | 1695928 |
| &nbsp;&nbsp; O'Reilly Automotive \* | 4574 |  | 6473125 |
| &nbsp;&nbsp; Pool  | 3033 |  | 889094 |
| &nbsp;&nbsp; PulteGroup  | 16111 |  | 1652666 |
| &nbsp;&nbsp; Ralph Lauren, Cl A  | 3179 |  | 715116 |
| &nbsp;&nbsp; Ross Stores  | 26255 |  | 3649445 |
| &nbsp;&nbsp; Royal Caribbean Cruises  | 19703 |  | 4234372 |
| &nbsp;&nbsp; Starbucks  | 90357 |  | 7233078 |
| &nbsp;&nbsp; Tapestry  | 16510 |  | 1166432 |
| &nbsp;&nbsp; Tesla \* | 222686 |  | 62833082 |
| &nbsp;&nbsp; TJX  | 89457 |  | 11511327 |
| &nbsp;&nbsp; Tractor Supply  | 42480 |  | 2150338 |
| &nbsp;&nbsp; Ulta Beauty \* | 3696 |  | 1462285 |
| &nbsp;&nbsp; Williams-Sonoma  | 9811 |  | 1515505 |
| &nbsp;&nbsp; Yum! Brands  | 22208 |  | 3340972 |
|  |  |  | 388774152 |
|  **CONSUMER STAPLES — 6.7%** | **CONSUMER STAPLES — 6.7%** | **CONSUMER STAPLES — 6.7%** | **CONSUMER STAPLES — 6.7%** |
| &nbsp;&nbsp; Archer-Daniels-Midland  | 44349 |  | 2117665 |
| &nbsp;&nbsp; Brown-Forman, Cl B  | 14473 |  | 504239 |
| &nbsp;&nbsp; Bunge Global  | 10573 |  | 832307 |
| &nbsp;&nbsp; Campbell Soup  | 22387 |  | 816230 |
| &nbsp;&nbsp; Clorox  | 9818 |  | 1397101 |
| &nbsp;&nbsp; Coca-Cola  | 499438 |  | 36234227 |
| &nbsp;&nbsp; Colgate-Palmolive  | 141284 |  | 13024972 |
| &nbsp;&nbsp; Conagra Brands  | 73310 |  | 1811490 |
| &nbsp;&nbsp; Constellation Brands, Cl A  | 13466 |  | 2525414 |
| &nbsp;&nbsp; Costco Wholesale  | 40715 |  | 40491067 |
| &nbsp;&nbsp; Dollar General  | 17495 |  | 1639107 |
| &nbsp;&nbsp; Dollar Tree \* | 16047 |  | 1312163 |
| &nbsp;&nbsp; Estee Lauder, Cl A  | 18594 |  | 1114896 |
| &nbsp;&nbsp; General Mills  | 78660 |  | 4463169 |
| &nbsp;&nbsp; Hershey  | 18073 |  | 3021625 |
| &nbsp;&nbsp; Hormel Foods  | 33117 |  | 990198 |
| &nbsp;&nbsp; J M Smucker  | 12937 |  | 1504185 |
| &nbsp;&nbsp; Kellanova  | 40894 |  | 3384796 |
| &nbsp;&nbsp; Kenvue  | 245281 |  | 5788632 |
| &nbsp;&nbsp; Keurig Dr Pepper  | 221390 |  | 7657880 |
| &nbsp;&nbsp; Kimberly-Clark  | 68958 |  | 9087285 |
| &nbsp;&nbsp; Kraft Heinz  | 221656 |  | 6450190 |
| &nbsp;&nbsp; Kroger  | 52942 |  | 3822942 |
| &nbsp;&nbsp; Lamb Weston Holdings  | 11386 |  | 601295 |
| &nbsp;&nbsp; McCormick  | 41561 |  | 3186066 |
| &nbsp;&nbsp; Molson Coors Beverage, Cl B  | 28028 |  | 1612451 |
| &nbsp;&nbsp; Mondelez International, Cl A  | 183828 |  | 12524202 |
| &nbsp;&nbsp; Monster Beverage \* | 110108 |  | 6619693 |

---

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

*62*

**CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **CONSUMER STAPLES— continued** | **CONSUMER STAPLES— continued** | **CONSUMER STAPLES— continued** | **CONSUMER STAPLES— continued** |
| &nbsp;&nbsp; PepsiCo  | 194081 | $| 26313502 |
| &nbsp;&nbsp; Sysco  | 38918 |  | 2778745 |
| &nbsp;&nbsp; Target  | 36458 |  | 3525489 |
| &nbsp;&nbsp; Tyson Foods, Cl A  | 46277 |  | 2834003 |
| &nbsp;&nbsp; Walgreens Boots Alliance  | 57137 |  | 626793 |
| &nbsp;&nbsp; Walmart  | 449238 |  | 43688395 |
|  |  |  | 254302414 |
|  **ENERGY — 3.3%** | **ENERGY — 3.3%** | **ENERGY — 3.3%** | **ENERGY — 3.3%** |
| &nbsp;&nbsp; APA  | 29452 |  | 457684 |
| &nbsp;&nbsp; Baker Hughes, Cl A  | 78831 |  | 2790617 |
| &nbsp;&nbsp; Chesapeake Energy  | 16735 |  | 1738766 |
| &nbsp;&nbsp; Chevron  | 133240 |  | 18128634 |
| &nbsp;&nbsp; ConocoPhillips  | 101492 |  | 9044967 |
| &nbsp;&nbsp; Coterra Energy  | 58639 |  | 1440174 |
| &nbsp;&nbsp; Devon Energy  | 52280 |  | 1589835 |
| &nbsp;&nbsp; Diamondback Energy  | 14871 |  | 1963121 |
| &nbsp;&nbsp; EOG Resources  | 44758 |  | 4938150 |
| &nbsp;&nbsp; Equities  | 47500 |  | 2348400 |
| &nbsp;&nbsp; Exxon Mobil  | 367949 |  | 38866453 |
| &nbsp;&nbsp; Halliburton  | 69213 |  | 1371802 |
| &nbsp;&nbsp; Hess  | 21994 |  | 2838326 |
| &nbsp;&nbsp; Kinder Morgan  | 248614 |  | 6538548 |
| &nbsp;&nbsp; Marathon Petroleum  | 25146 |  | 3455312 |
| &nbsp;&nbsp; Occidental Petroleum  | 53787 |  | 2119746 |
| &nbsp;&nbsp; ONEOK  | 49400 |  | 4058704 |
| &nbsp;&nbsp; Phillips 66  | 32864 |  | 3419828 |
| &nbsp;&nbsp; Schlumberger  | 111442 |  | 3705446 |
| &nbsp;&nbsp; Targa Resources  | 17353 |  | 2965628 |
| &nbsp;&nbsp; Texas Pacific Land  | 1499 |  | 1932016 |
| &nbsp;&nbsp; Valero Energy  | 25193 |  | 2924655 |
| &nbsp;&nbsp; Williams  | 127047 |  | 7441143 |
|  |  |  | 126077955 |
|  **FINANCIALS — 14.9%** | **FINANCIALS — 14.9%** | **FINANCIALS — 14.9%** | **FINANCIALS — 14.9%** |
| &nbsp;&nbsp; Aflac  | 48580 |  | 5279674 |
| &nbsp;&nbsp; Allstate  | 21088 |  | 4183648 |
| &nbsp;&nbsp; American Express  | 44165 |  | 11765998 |
| &nbsp;&nbsp; American International Group  | 47326 |  | 3858015 |
| &nbsp;&nbsp; Ameriprise Financial  | 7655 |  | 3605658 |
| &nbsp;&nbsp; Aon, Cl A  | 17210 |  | 6105936 |
| &nbsp;&nbsp; Apollo Global Management  | 35571 |  | 4854730 |
| &nbsp;&nbsp; Arch Capital Group  | 29863 |  | 2707977 |
| &nbsp;&nbsp; Arthur J Gallagher  | 26722 |  | 8569478 |
| &nbsp;&nbsp; Assurant  | 4088 |  | 787921 |
| &nbsp;&nbsp; Bank of America  | 526869 |  | 21011536 |
| &nbsp;&nbsp; Bank of New York Mellon  | 57095 |  | 4591009 |
| &nbsp;&nbsp; Berkshire Hathaway, Cl B \* | 169129 |  | 90188039 |
| &nbsp;&nbsp; Blackstone  | 58245 |  | 7671449 |
| &nbsp;&nbsp; Brown & Brown  | 18886 |  | 2088792 |
| &nbsp;&nbsp; Capital One Financial  | 30335 |  | 5468187 |
| &nbsp;&nbsp; Cboe Global Markets  | 8331 |  | 1847816 |
| &nbsp;&nbsp; Charles Schwab  | 135576 |  | 11035886 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp; Chubb  | 51532 | $14742274 |
| &nbsp;&nbsp; Cincinnati Financial  | 12446 | 1732608 |
| &nbsp;&nbsp; Citigroup  | 149381 | 10214673 |
| &nbsp;&nbsp; Citizens Financial Group  | 34749 | 1281891 |
| &nbsp;&nbsp; CME Group, Cl A  | 28676 | 7945546 |
| &nbsp;&nbsp; Corpay \* | 5547 | 1804827 |
| &nbsp;&nbsp; Discover Financial Services  | 19974 | 3648651 |
| &nbsp;&nbsp; Erie Indemnity, Cl A  | 1988 | 712937 |
| &nbsp;&nbsp; Everest Group  | 3425 | 1228993 |
| &nbsp;&nbsp; FactSet Research Systems  | 3031 | 1310059 |
| &nbsp;&nbsp; Fidelity National Information Services  | 42127 | 3322978 |
| &nbsp;&nbsp; Fifth Third Bancorp  | 53326 | 1916536 |
| &nbsp;&nbsp; Fiserv \* | 45273 | 8356038 |
| &nbsp;&nbsp; Franklin Resources  | 24660 | 462622 |
| &nbsp;&nbsp; Global Payments  | 19665 | 1500636 |
| &nbsp;&nbsp; Globe Life  | 6680 | 823911 |
| &nbsp;&nbsp; Goldman Sachs Group  | 24831 | 13596214 |
| &nbsp;&nbsp; Hartford Financial Services Group  | 22886 | 2807426 |
| &nbsp;&nbsp; Huntington Bancshares  | 115651 | 1680409 |
| &nbsp;&nbsp; Intercontinental Exchange  | 45722 | 7679924 |
| &nbsp;&nbsp; Invesco  | 35686 | 497106 |
| &nbsp;&nbsp; Jack Henry & Associates  | 5810 | 1007628 |
| &nbsp;&nbsp; JPMorgan Chase  | 221900 | 54281178 |
| &nbsp;&nbsp; KeyCorp  | 79367 | 1177806 |
| &nbsp;&nbsp; Loews  | 14043 | 1219354 |
| &nbsp;&nbsp; M&T Bank  | 13204 | 2241511 |
| &nbsp;&nbsp; MarketAxess Holdings  | 3005 | 665878 |
| &nbsp;&nbsp; Marsh & McLennan  | 44582 | 10051903 |
| &nbsp;&nbsp; Mastercard, Cl A  | 67129 | 36790720 |
| &nbsp;&nbsp; MetLife  | 46029 | 3469206 |
| &nbsp;&nbsp; Moody's  | 12319 | 5581985 |
| &nbsp;&nbsp; Morgan Stanley  | 98468 | 11365176 |
| &nbsp;&nbsp; MSCI, Cl A  | 6179 | 3368235 |
| &nbsp;&nbsp; Nasdaq  | 32917 | 2508605 |
| &nbsp;&nbsp; Northern Trust  | 15563 | 1462611 |
| &nbsp;&nbsp; PayPal Holdings \* | 78699 | 5181542 |
| &nbsp;&nbsp; PNC Financial Services Group  | 31508 | 5063020 |
| &nbsp;&nbsp; Principal Financial Group  | 16739 | 1241197 |
| &nbsp;&nbsp; Progressive  | 52283 | 14730212 |
| &nbsp;&nbsp; Prudential Financial  | 28170 | 2893341 |
| &nbsp;&nbsp; Raymond James Financial  | 14676 | 2011199 |
| &nbsp;&nbsp; Regions Financial  | 72480 | 1479317 |
| &nbsp;&nbsp; S&P Global  | 25067 | 12534753 |
| &nbsp;&nbsp; State Street  | 22961 | 2022864 |
| &nbsp;&nbsp; Synchrony Financial  | 30961 | 1608424 |
| &nbsp;&nbsp; T Rowe Price Group  | 17691 | 1566538 |
| &nbsp;&nbsp; Travelers  | 20038 | 5292637 |
| &nbsp;&nbsp; Truist Financial  | 104734 | 4015502 |
| &nbsp;&nbsp; US Bancorp  | 124138 | 5007727 |
| &nbsp;&nbsp; Visa, Cl A  | 152127 | 52559878 |

---

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

*63*

**CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp; W R Berkley  | 23917 | $| 1714610 |
| &nbsp;&nbsp; Wells Fargo  | 261735 |  | 18585802 |
| &nbsp;&nbsp; Willis Towers Watson  | 7942 |  | 2444548 |
|  |  |  | 558032915 |
|  **HEALTH CARE — 7.9%** | **HEALTH CARE — 7.9%** | **HEALTH CARE — 7.9%** | **HEALTH CARE — 7.9%** |
| &nbsp;&nbsp; Align Technology \* | 5593 |  | 969267 |
| &nbsp;&nbsp; Baxter International  | 53600 |  | 1670712 |
| &nbsp;&nbsp; Boston Scientific \* | 231358 |  | 23799797 |
| &nbsp;&nbsp; Cardinal Health  | 53290 |  | 7529344 |
| &nbsp;&nbsp; Cencora, Cl A  | 32160 |  | 9412267 |
| &nbsp;&nbsp; Centene \* | 101900 |  | 6098715 |
| &nbsp;&nbsp; Cigna Group  | 33014 |  | 11226081 |
| &nbsp;&nbsp; CVS Health  | 131939 |  | 8801651 |
| &nbsp;&nbsp; DaVita \* | 3501 |  | 495566 |
| &nbsp;&nbsp; Dexcom \* | 31113 |  | 2220846 |
| &nbsp;&nbsp; Edwards Lifesciences \* | 56634 |  | 4275301 |
| &nbsp;&nbsp; Elevance Health  | 33191 |  | 13959471 |
| &nbsp;&nbsp; Henry Schein \* | 23430 |  | 1522247 |
| &nbsp;&nbsp; Hologic \* | 54981 |  | 3199894 |
| &nbsp;&nbsp; Humana  | 12894 |  | 3381323 |
| &nbsp;&nbsp; IDEXX Laboratories \* | 8869 |  | 3837173 |
| &nbsp;&nbsp; Insulet \* | 5761 |  | 1453443 |
| &nbsp;&nbsp; Intuitive Surgical \* | 41681 |  | 21499060 |
| &nbsp;&nbsp; IQVIA Holdings \* | 140795 |  | 21833081 |
| &nbsp;&nbsp; McKesson  | 18337 |  | 13070430 |
| &nbsp;&nbsp; Medtronic  | 185190 |  | 15696704 |
| &nbsp;&nbsp; Mettler-Toledo International \* | 22114 |  | 23674585 |
| &nbsp;&nbsp; Molina Healthcare \* | 10990 |  | 3593840 |
| &nbsp;&nbsp; Quest Diagnostics  | 40711 |  | 7255515 |
| &nbsp;&nbsp; ResMed  | 18712 |  | 4427072 |
| &nbsp;&nbsp; Solventum \* | 39458 |  | 2608963 |
| &nbsp;&nbsp; STERIS  | 27748 |  | 6236085 |
| &nbsp;&nbsp; Stryker  | 49540 |  | 18523997 |
| &nbsp;&nbsp; West Pharmaceutical Services  | 70560 |  | 14908622 |
| &nbsp;&nbsp; Zimmer Biomet Holdings  | 40826 |  | 4207119 |
| &nbsp;&nbsp; Zoetis, Cl A  | 221230 |  | 34600372 |
|  |  |  | 295988543 |
|  **INDUSTRIALS — 8.1%** | **INDUSTRIALS — 8.1%** | **INDUSTRIALS — 8.1%** | **INDUSTRIALS — 8.1%** |
| &nbsp;&nbsp; 3M  | 57955 |  | 8050529 |
| &nbsp;&nbsp; A O Smith  | 9356 |  | 634898 |
| &nbsp;&nbsp; Allegion  | 6928 |  | 964378 |
| &nbsp;&nbsp; AMETEK  | 18473 |  | 3132651 |
| &nbsp;&nbsp; Aptiv \* | 18237 |  | 1040603 |
| &nbsp;&nbsp; Automatic Data Processing  | 48467 |  | 14569180 |
| &nbsp;&nbsp; Axon Enterprise \* | 5765 |  | 3535674 |
| &nbsp;&nbsp; Broadridge Financial Solutions  | 10927 |  | 2648705 |
| &nbsp;&nbsp; Builders FirstSource \* | 9172 |  | 1097246 |
| &nbsp;&nbsp; Carrier Global  | 66186 |  | 4139272 |
| &nbsp;&nbsp; Caterpillar  | 38032 |  | 11762157 |
| &nbsp;&nbsp; CH Robinson Worldwide  | 9405 |  | 839114 |
| &nbsp;&nbsp; Cintas  | 36592 |  | 7745795 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **INDUSTRIALS— continued** | **INDUSTRIALS— continued** | **INDUSTRIALS— continued** |
| &nbsp;&nbsp; Copart \* | 69792 | $4259406 |
| &nbsp;&nbsp; CSX  | 153482 | 4308240 |
| &nbsp;&nbsp; Cummins  | 10940 | 3214609 |
| &nbsp;&nbsp; Dayforce \* | 12670 | 733213 |
| &nbsp;&nbsp; Deere  | 25579 | 11857401 |
| &nbsp;&nbsp; Delta Air Lines  | 51100 | 2127293 |
| &nbsp;&nbsp; Dover  | 10920 | 1863498 |
| &nbsp;&nbsp; Eaton  | 32197 | 9477831 |
| &nbsp;&nbsp; Emerson Electric  | 44873 | 4716601 |
| &nbsp;&nbsp; Equifax  | 9868 | 2566963 |
| &nbsp;&nbsp; Expeditors International of Washington  | 11156 | 1226156 |
| &nbsp;&nbsp; Fastenal  | 52429 | 4245176 |
| &nbsp;&nbsp; FedEx  | 17633 | 3708749 |
| &nbsp;&nbsp; Fortive  | 27150 | 1892083 |
| &nbsp;&nbsp; GE Vernova  | 31220 | 11577000 |
| &nbsp;&nbsp; Generac Holdings \* | 4751 | 543419 |
| &nbsp;&nbsp; General Electric  | 109200 | 22008168 |
| &nbsp;&nbsp; Howmet Aerospace  | 47312 | 6556497 |
| &nbsp;&nbsp; Hubbell, Cl B  | 4277 | 1553321 |
| &nbsp;&nbsp; IDEX  | 6035 | 1049909 |
| &nbsp;&nbsp; Illinois Tool Works  | 25914 | 6217028 |
| &nbsp;&nbsp; Ingersoll Rand  | 32059 | 2418210 |
| &nbsp;&nbsp; JB Hunt Transport Services  | 6331 | 826702 |
| &nbsp;&nbsp; Johnson Controls International  | 65824 | 5522634 |
| &nbsp;&nbsp; Lennox International  | 2548 | 1393119 |
| &nbsp;&nbsp; Masco  | 16891 | 1023764 |
| &nbsp;&nbsp; Nordson  | 4322 | 819322 |
| &nbsp;&nbsp; Norfolk Southern  | 18019 | 4037157 |
| &nbsp;&nbsp; Old Dominion Freight Line  | 14951 | 2291689 |
| &nbsp;&nbsp; Otis Worldwide  | 41603 | 4005121 |
| &nbsp;&nbsp; PACCAR  | 41749 | 3766177 |
| &nbsp;&nbsp; Parker-Hannifin  | 11106 | 6719796 |
| &nbsp;&nbsp; Paychex  | 41139 | 6052370 |
| &nbsp;&nbsp; Paycom Software  | 3753 | 849642 |
| &nbsp;&nbsp; Pentair  | 13186 | 1196366 |
| &nbsp;&nbsp; Quanta Services  | 11747 | 3438229 |
| &nbsp;&nbsp; Republic Services, Cl A  | 29756 | 7461317 |
| &nbsp;&nbsp; Rockwell Automation  | 8998 | 2228625 |
| &nbsp;&nbsp; Rollins  | 27070 | 1546509 |
| &nbsp;&nbsp; Snap-on  | 4169 | 1308274 |
| &nbsp;&nbsp; Southwest Airlines  | 47171 | 1318901 |
| &nbsp;&nbsp; Stanley Black & Decker  | 12287 | 737466 |
| &nbsp;&nbsp; Trane Technologies  | 20919 | 8018462 |
| &nbsp;&nbsp; TransDigm Group  | 7582 | 10713897 |
| &nbsp;&nbsp; Uber Technologies \* | 166200 | 13463862 |
| &nbsp;&nbsp; Union Pacific  | 55512 | 11971718 |
| &nbsp;&nbsp; United Airlines Holdings \* | 26211 | 1803841 |
| &nbsp;&nbsp; United Parcel Service, Cl B  | 58151 | 5541790 |
| &nbsp;&nbsp; United Rentals  | 5197 | 3281646 |
| &nbsp;&nbsp; Veralto  | 19716 | 1890764 |
| &nbsp;&nbsp; Verisk Analytics, Cl A  | 16179 | 4795941 |

---

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

*64*

**CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **INDUSTRIALS— continued** | **INDUSTRIALS— continued** | **INDUSTRIALS— continued** | **INDUSTRIALS— continued** |
| &nbsp;&nbsp; Waste Management  | 39955 | $| 9323899 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies  | 14216 |  | 2626264 |
| &nbsp;&nbsp; WW Grainger  | 3527 |  | 3612741 |
| &nbsp;&nbsp; Xylem  | 19333 |  | 2330980 |
|  |  |  | 304199958 |
|  **INFORMATION TECHNOLOGY — 30.9%** | **INFORMATION TECHNOLOGY — 30.9%** | **INFORMATION TECHNOLOGY — 30.9%** | **INFORMATION TECHNOLOGY — 30.9%** |
| &nbsp;&nbsp; Accenture, Cl A  | 49774 |  | 14889892 |
| &nbsp;&nbsp; Adobe \* | 34641 |  | 12989682 |
| &nbsp;&nbsp; Advanced Micro Devices \* | 128987 |  | 12556884 |
| &nbsp;&nbsp; Akamai Technologies \* | 11955 |  | 963334 |
| &nbsp;&nbsp; Amphenol, Cl A  | 96339 |  | 7413286 |
| &nbsp;&nbsp; Analog Devices  | 48034 |  | 9362787 |
| &nbsp;&nbsp; ANSYS \* | 6959 |  | 2239963 |
| &nbsp;&nbsp; Apple  | 1229451 |  | 261258338 |
| &nbsp;&nbsp; Applied Materials  | 64672 |  | 9746717 |
| &nbsp;&nbsp; Arista Networks \* | 82184 |  | 6761278 |
| &nbsp;&nbsp; Autodesk \* | 17109 |  | 4692143 |
| &nbsp;&nbsp; Broadcom  | 380796 |  | 73291806 |
| &nbsp;&nbsp; Cadence Design Systems \* | 21825 |  | 6498176 |
| &nbsp;&nbsp; CDW  | 10605 |  | 1702739 |
| &nbsp;&nbsp; Cisco Systems  | 316950 |  | 18297524 |
| &nbsp;&nbsp; Cognizant Technology Solutions, Cl A  | 39401 |  | 2898732 |
| &nbsp;&nbsp; Crowdstrike Holdings, Cl A \* | 19601 |  | 8406281 |
| &nbsp;&nbsp; Dell Technologies, Cl C  | 24836 |  | 2278951 |
| &nbsp;&nbsp; Enphase Energy \* | 10559 |  | 470826 |
| &nbsp;&nbsp; EPAM Systems \* | 4521 |  | 709390 |
| &nbsp;&nbsp; F5 \* | 4595 |  | 1216480 |
| &nbsp;&nbsp; Fair Isaac \* | 1943 |  | 3865948 |
| &nbsp;&nbsp; First Solar \* | 8532 |  | 1073496 |
| &nbsp;&nbsp; Fortinet \* | 50623 |  | 5252643 |
| &nbsp;&nbsp; Gartner \* | 6113 |  | 2574062 |
| &nbsp;&nbsp; Gen Digital  | 43148 |  | 1116239 |
| &nbsp;&nbsp; GoDaddy, Cl A \* | 11237 |  | 2116264 |
| &nbsp;&nbsp; Hewlett Packard Enterprise  | 104519 |  | 1695298 |
| &nbsp;&nbsp; HP  | 74623 |  | 1908110 |
| &nbsp;&nbsp; Intel  | 344566 |  | 6925777 |
| &nbsp;&nbsp; International Business Machines  | 77985 |  | 18858333 |
| &nbsp;&nbsp; Intuit  | 22275 |  | 13976894 |
| &nbsp;&nbsp; Jabil  | 8730 |  | 1279469 |
| &nbsp;&nbsp; Juniper Networks  | 26299 |  | 955180 |
| &nbsp;&nbsp; Keysight Technologies \* | 13759 |  | 2000559 |
| &nbsp;&nbsp; KLA  | 11657 |  | 8191257 |
| &nbsp;&nbsp; Lam Research  | 102140 |  | 7320374 |
| &nbsp;&nbsp; Microchip Technology  | 42828 |  | 1973514 |
| &nbsp;&nbsp; Micron Technology  | 88692 |  | 6824849 |
| &nbsp;&nbsp; Microsoft  | 610097 |  | 241146940 |
| &nbsp;&nbsp; Monolithic Power Systems  | 3806 |  | 2257339 |
| &nbsp;&nbsp; Motorola Solutions  | 13299 |  | 5856747 |
| &nbsp;&nbsp; NetApp  | 16191 |  | 1453142 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp; NVIDIA  | 1976793 | $| 215312294 |
| &nbsp;&nbsp; NXP Semiconductors  | 20225 |  | 3727670 |
| &nbsp;&nbsp; ON Semiconductor \* | 33500 |  | 1329950 |
| &nbsp;&nbsp; Oracle  | 129093 |  | 18165967 |
| &nbsp;&nbsp; Palantir Technologies, Cl A \* | 163118 |  | 19319696 |
| &nbsp;&nbsp; Palo Alto Networks \* | 52688 |  | 9848968 |
| &nbsp;&nbsp; PTC \* | 9590 |  | 1486162 |
| &nbsp;&nbsp; QUALCOMM  | 93181 |  | 13833651 |
| &nbsp;&nbsp; Roper Technologies  | 8533 |  | 4779163 |
| &nbsp;&nbsp; Salesforce  | 76155 |  | 20463610 |
| &nbsp;&nbsp; Seagate Technology Holdings  | 16816 |  | 1530760 |
| &nbsp;&nbsp; ServiceNow \* | 16393 |  | 15655479 |
| &nbsp;&nbsp; Skyworks Solutions  | 12789 |  | 822077 |
| &nbsp;&nbsp; Super Micro Computer \* | 40100 |  | 1277586 |
| &nbsp;&nbsp; Synopsys \* | 12301 |  | 5646282 |
| &nbsp;&nbsp; TE Connectivity  | 23742 |  | 3475354 |
| &nbsp;&nbsp; Teledyne Technologies \* | 3708 |  | 1728039 |
| &nbsp;&nbsp; Teradyne  | 12915 |  | 958422 |
| &nbsp;&nbsp; Texas Instruments  | 91327 |  | 14616886 |
| &nbsp;&nbsp; Trimble \* | 19600 |  | 1217944 |
| &nbsp;&nbsp; Tyler Technologies \* | 3406 |  | 1850480 |
| &nbsp;&nbsp; VeriSign \* | 6474 |  | 1826445 |
| &nbsp;&nbsp; Western Digital \* | 27647 |  | 1212597 |
| &nbsp;&nbsp; Workday, Cl A \* | 17030 |  | 4172350 |
| &nbsp;&nbsp; Zebra Technologies, Cl A \* | 4095 |  | 1025060 |
|  |  |  | 1162550535 |
|  **MATERIALS — 2.2%** | **MATERIALS — 2.2%** | **MATERIALS — 2.2%** | **MATERIALS — 2.2%** |
| &nbsp;&nbsp; Air Products and Chemicals  | 24024 |  | 6512666 |
| &nbsp;&nbsp; Albemarle  | 9360 |  | 548028 |
| &nbsp;&nbsp; Amcor  | 115235 |  | 1060162 |
| &nbsp;&nbsp; Avery Dennison  | 6404 |  | 1095788 |
| &nbsp;&nbsp; Ball  | 23768 |  | 1234510 |
| &nbsp;&nbsp; CF Industries Holdings  | 13804 |  | 1081819 |
| &nbsp;&nbsp; Corteva  | 63439 |  | 3932584 |
| &nbsp;&nbsp; Dow  | 56028 |  | 1713897 |
| &nbsp;&nbsp; DuPont de Nemours  | 33265 |  | 2195157 |
| &nbsp;&nbsp; Eastman Chemical  | 9179 |  | 706783 |
| &nbsp;&nbsp; Ecolab  | 20000 |  | 5028600 |
| &nbsp;&nbsp; Freeport-McMoRan  | 114351 |  | 4120067 |
| &nbsp;&nbsp; International Flavors & Fragrances  | 20367 |  | 1597995 |
| &nbsp;&nbsp; International Paper  | 53730 |  | 2454386 |
| &nbsp;&nbsp; Linde  | 47303 |  | 21439138 |
| &nbsp;&nbsp; LyondellBasell Industries, Cl A  | 20595 |  | 1198835 |
| &nbsp;&nbsp; Martin Marietta Materials  | 4864 |  | 2548639 |
| &nbsp;&nbsp; Mosaic  | 25266 |  | 768087 |
| &nbsp;&nbsp; Newmont  | 90601 |  | 4772861 |
| &nbsp;&nbsp; Nucor  | 18686 |  | 2230548 |
| &nbsp;&nbsp; Packaging Corp of America  | 7107 |  | 1319130 |
| &nbsp;&nbsp; PPG Industries  | 18462 |  | 2009773 |
| &nbsp;&nbsp; Sherwin-Williams  | 18438 |  | 6507139 |

---

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

*65*

**CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **MATERIALS— continued** | **MATERIALS— continued** | **MATERIALS— continued** | **MATERIALS— continued** |
| &nbsp;&nbsp; Smurfit WestRock  | 39441 | $| 1657311 |
| &nbsp;&nbsp; Steel Dynamics  | 11285 |  | 1463777 |
| &nbsp;&nbsp; Vulcan Materials  | 10509 |  | 2756826 |
|  |  |  | 81954506 |
|  **REAL ESTATE — 2.8%** | **REAL ESTATE — 2.8%** | **REAL ESTATE — 2.8%** | **REAL ESTATE — 2.8%** |
| &nbsp;&nbsp; American Tower <sup>‡</sup> | 38833 |  | 8753346 |
| &nbsp;&nbsp; AvalonBay Communities <sup>‡</sup> | 11579 |  | 2431358 |
| &nbsp;&nbsp; BXP <sup>‡</sup> | 11572 |  | 737484 |
| &nbsp;&nbsp; Camden Property Trust <sup>‡</sup> | 8502 |  | 967528 |
| &nbsp;&nbsp; CBRE Group, Cl A \* | 23521 |  | 2873796 |
| &nbsp;&nbsp; CoStar Group \* | 33500 |  | 2484695 |
| &nbsp;&nbsp; Crown Castle International <sup>‡</sup> | 34584 |  | 3657604 |
| &nbsp;&nbsp; Digital Realty Trust <sup>‡</sup> | 31567 |  | 5067766 |
| &nbsp;&nbsp; Equinix <sup>‡</sup> | 10557 |  | 9086938 |
| &nbsp;&nbsp; Equity Residential <sup>‡</sup> | 27182 |  | 1909807 |
| &nbsp;&nbsp; Essex Property Trust <sup>‡</sup> | 5122 |  | 1429806 |
| &nbsp;&nbsp; Extra Space Storage <sup>‡</sup> | 16869 |  | 2471646 |
| &nbsp;&nbsp; Federal Realty Investment Trust <sup>‡</sup> | 6158 |  | 578975 |
| &nbsp;&nbsp; Host Hotels & Resorts <sup>‡</sup> | 55691 |  | 786357 |
| &nbsp;&nbsp; Invitation Homes <sup>‡</sup> | 45300 |  | 1548807 |
| &nbsp;&nbsp; Iron Mountain <sup>‡</sup> | 23404 |  | 2098637 |
| &nbsp;&nbsp; Kimco Realty <sup>‡</sup> | 54155 |  | 1082017 |
| &nbsp;&nbsp; Mid-America Apartment Communities <sup>‡</sup> | 9317 |  | 1487459 |
| &nbsp;&nbsp; Prologis <sup>‡</sup> | 73757 |  | 7537965 |
| &nbsp;&nbsp; Public Storage <sup>‡</sup> | 12541 |  | 3767693 |
| &nbsp;&nbsp; Realty Income <sup>‡</sup> | 135130 |  | 7818622 |
| &nbsp;&nbsp; Regency Centers <sup>‡</sup> | 12987 |  | 937402 |
| &nbsp;&nbsp; SBA Communications, Cl A <sup>‡</sup> | 8556 |  | 2082530 |
| &nbsp;&nbsp; Simon Property Group <sup>‡</sup> | 24406 |  | 3841016 |
| &nbsp;&nbsp; UDR <sup>‡</sup> | 23983 |  | 1004408 |
| &nbsp;&nbsp; Welltower <sup>‡</sup> | 178621 |  | 27255778 |
| &nbsp;&nbsp; Weyerhaeuser <sup>‡</sup> | 57769 |  | 1496795 |
|  |  |  | 105196235 |
|  **UTILITIES — 2.5%** | **UTILITIES — 2.5%** | **UTILITIES — 2.5%** | **UTILITIES — 2.5%** |
| &nbsp;&nbsp; Alliant Energy  | 42200 |  | 2575888 |
| &nbsp;&nbsp; American Water Works  | 15509 |  | 2279978 |
| &nbsp;&nbsp; Atmos Energy  | 30459 |  | 4892629 |
| &nbsp;&nbsp; CenterPoint Energy  | 81686 |  | 3167783 |
| &nbsp;&nbsp; CMS Energy  | 33737 |  | 2484730 |
| &nbsp;&nbsp; Consolidated Edison  | 47062 |  | 5306241 |
| &nbsp;&nbsp; Constellation Energy  | 24895 |  | 5562539 |
| &nbsp;&nbsp; Dominion Energy  | 76967 |  | 4185465 |
| &nbsp;&nbsp; Edison International  | 30787 |  | 1647412 |
| &nbsp;&nbsp; Entergy  | 92130 |  | 7662452 |
| &nbsp;&nbsp; Eversource Energy  | 29169 |  | 1734972 |
| &nbsp;&nbsp; Exelon  | 149713 |  | 7021540 |
| &nbsp;&nbsp; FirstEnergy  | 40857 |  | 1751948 |
| &nbsp;&nbsp; NextEra Energy  | 190388 |  | 12733149 |
| &nbsp;&nbsp; NRG Energy  | 16106 |  | 1764896 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **UTILITIES— continued** | **UTILITIES— continued** | **UTILITIES— continued** |
| &nbsp;&nbsp; PG&E  | 174600 | $2884392 |
| &nbsp;&nbsp; Pinnacle West Capital  | 17804 | 1694585 |
| &nbsp;&nbsp; Public Service Enterprise Group  | 65546 | 5239092 |
| &nbsp;&nbsp; Sempra  | 67114 | 4984557 |
| &nbsp;&nbsp; Southern  | 162943 | 14972832 |
|  |  | 94547080 |
| &nbsp;&nbsp; Total Common Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,738,458,912)  |  | 3742695171 |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
|  | **Number of Rights** |  |
| &nbsp;&nbsp; Abiomed \*(B)(C)  | 5594 | $— |
| &nbsp;&nbsp; Total Rights  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $–)  |  |  |
| **SHORT-TERM INVESTMENT — 0.0%** | **SHORT-TERM INVESTMENT — 0.0%** | **SHORT-TERM INVESTMENT — 0.0%** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> Shares** |  |
| &nbsp;&nbsp; State Street Institutional US Government Money Market Fund, Premier Class, 4.290%, (D) |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $568,086)  | $568086 | $568086 |
| &nbsp;&nbsp; Total Short-Term Investment  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $568,086)  |  | 568086 |
| &nbsp;&nbsp; Total Investments in Securities— 99.5% | &nbsp;&nbsp; Total Investments in Securities— 99.5% |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,739,026,998) |  | $3743263257 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value** | **Unrealized Appreciation/<br> (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp; S&P 500 Index E-MINI | 67 | Jun-2025 | $17984137 | $18716450 | $732313 |

---

---

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

---

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

*66*

**CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND**

**APRIL 30, 2025 (Unaudited)** 

(C) Expiration
 date not available.

(D) This
 security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2025, was
 $568,086.

Cl — Class

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: |
|  Investments in Securities | Level 1 | Level 2 | Level 3^ |  | Total |
| &nbsp;&nbsp; Common Stock | &nbsp;&nbsp; Common Stock | &nbsp;&nbsp; Common Stock | &nbsp;&nbsp; Common Stock | &nbsp;&nbsp; Common Stock | &nbsp;&nbsp; Common Stock |
|  Total Common Stock | $3742695171 | $— | $— |  | $3742695171 |
| &nbsp;&nbsp; Short-Term Investment | 568086 |  |  |  | 568086 |
| &nbsp;&nbsp; Rights |  |  |  | # |  |
|  Total Investments in Securities | $3743263257 | $— | $— |  | $3743263257 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Futures Contracts\* <br> Unrealized Appreciation | $732313 | $— | $— | $732313 |
|  Total Other Financial Instruments | $732313 | $— | $— | $732313 |

---

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

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

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

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

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

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

*67*

**CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 99.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 99.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 99.5%** |
|  | **Shares** | **Value** |
|  **COMMUNICATION SERVICES — 3.1%** | **COMMUNICATION SERVICES — 3.1%** | **COMMUNICATION SERVICES — 3.1%** |
| &nbsp;&nbsp; Angi, Cl A \* | 19970 | $228855 |
| &nbsp;&nbsp; Cable One  | 1850 | 494450 |
| &nbsp;&nbsp; Cargurus, Cl A \* | 37188 | 1039777 |
| &nbsp;&nbsp; Cars.com \* | 23774 | 276729 |
| &nbsp;&nbsp; Cinemark Holdings  | 44310 | 1325312 |
| &nbsp;&nbsp; Cogent Communications Holdings  | 17774 | 966017 |
| &nbsp;&nbsp; Gogo \* | 25476 | 192853 |
| &nbsp;&nbsp; IAC \* | 28519 | 996454 |
| &nbsp;&nbsp; John Wiley & Sons, Cl A  | 16715 | 729443 |
| &nbsp;&nbsp; Lumen Technologies \* | 434320 | 1537493 |
| &nbsp;&nbsp; Madison Square Garden Sports \* | 6723 | 1294648 |
| &nbsp;&nbsp; QuinStreet \* | 23619 | 413805 |
| &nbsp;&nbsp; Scholastic  | 9960 | 179579 |
| &nbsp;&nbsp; Shenandoah Telecommunications  | 21484 | 239332 |
| &nbsp;&nbsp; Shutterstock (A) | 9645 | 153934 |
| &nbsp;&nbsp; TEGNA  | 64925 | 1053733 |
| &nbsp;&nbsp; Telephone and Data Systems  | 41756 | 1565432 |
| &nbsp;&nbsp; Thryv Holdings \* | 16184 | 221721 |
| &nbsp;&nbsp; Toro Combineco \* | 16084 | 128189 |
| &nbsp;&nbsp; TripAdvisor \* | 44053 | 548460 |
| &nbsp;&nbsp; Yelp, Cl A \* | 26414 | 926603 |
| &nbsp;&nbsp; Ziff Davis \* | 17153 | 506528 |
|  |  | 15019347 |
|  **CONSUMER DISCRETIONARY — 12.5%** | **CONSUMER DISCRETIONARY — 12.5%** | **CONSUMER DISCRETIONARY — 12.5%** |
| &nbsp;&nbsp; Abercrombie & Fitch, Cl A \* | 500 | 34710 |
| &nbsp;&nbsp; Academy Sports & Outdoors  | 27850 | 1049388 |
| &nbsp;&nbsp; Acushnet Holdings  | 11736 | 777158 |
| &nbsp;&nbsp; Adient \* | 33684 | 426103 |
| &nbsp;&nbsp; Adtalem Global Education \* | 16434 | 1745291 |
| &nbsp;&nbsp; Advance Auto Parts  | 24200 | 791824 |
| &nbsp;&nbsp; American Axle & Manufacturing Holdings \* | 47187 | 180254 |
| &nbsp;&nbsp; American Eagle Outfitters  | 70155 | 738732 |
| &nbsp;&nbsp; Asbury Automotive Group \* | 7908 | 1725051 |
| &nbsp;&nbsp; BJ's Restaurants \* | 10059 | 334864 |
| &nbsp;&nbsp; Bloomin' Brands  | 30304 | 243038 |
| &nbsp;&nbsp; Boot Barn Holdings \* | 12525 | 1306859 |
| &nbsp;&nbsp; BorgWarner  | 87761 | 2490657 |
| &nbsp;&nbsp; Brinker International \* | 19009 | 2552909 |
| &nbsp;&nbsp; Buckle  | 12004 | 417259 |
| &nbsp;&nbsp; Caleres  | 13496 | 205679 |
| &nbsp;&nbsp; Carter's  | 14463 | 478002 |
| &nbsp;&nbsp; Cavco Industries \* | 3421 | 1689461 |
| &nbsp;&nbsp; Century Communities  | 11450 | 624483 |
| &nbsp;&nbsp; Champion Homes \* | 22245 | 1924193 |
| &nbsp;&nbsp; Cheesecake Factory  | 20486 | 1031880 |
| &nbsp;&nbsp; Cracker Barrel Old Country Store (A) | 9458 | 403856 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp; Dana  | 53211 | $731119 |
| &nbsp;&nbsp; Dave & Buster's Entertainment \* | 12362 | 237227 |
| &nbsp;&nbsp; Dorman Products \* | 10900 | 1234970 |
| &nbsp;&nbsp; Dream Finders Homes, Cl A \* | 13237 | 299950 |
| &nbsp;&nbsp; Ethan Allen Interiors  | 9083 | 258230 |
| &nbsp;&nbsp; Etsy \* | 45145 | 1962905 |
| &nbsp;&nbsp; Foot Locker \* | 35543 | 436113 |
| &nbsp;&nbsp; Fox Factory Holding \* | 16728 | 339746 |
| &nbsp;&nbsp; Frontdoor \* | 32296 | 1327689 |
| &nbsp;&nbsp; Gentherm \* | 12433 | 323382 |
| &nbsp;&nbsp; G-III Apparel Group \* | 15499 | 390885 |
| &nbsp;&nbsp; Green Brick Partners \* | 13556 | 799669 |
| &nbsp;&nbsp; Group 1 Automotive  | 5340 | 2155384 |
| &nbsp;&nbsp; Guess?  | 11005 | 123806 |
| &nbsp;&nbsp; Hanesbrands \* | 157492 | 722888 |
| &nbsp;&nbsp; Helen of Troy \* | 9540 | 265784 |
| &nbsp;&nbsp; Installed Building Products  | 9689 | 1606727 |
| &nbsp;&nbsp; Jack in the Box (A) | 7567 | 197045 |
| &nbsp;&nbsp; Kohl's (A) | 44674 | 299316 |
| &nbsp;&nbsp; Kontoor Brands  | 20913 | 1257917 |
| &nbsp;&nbsp; La-Z-Boy, Cl Z  | 17956 | 709262 |
| &nbsp;&nbsp; LCI Industries  | 10218 | 787604 |
| &nbsp;&nbsp; Leggett & Platt  | 53937 | 518874 |
| &nbsp;&nbsp; LGI Homes \* | 8817 | 481496 |
| &nbsp;&nbsp; M/I Homes \* | 11631 | 1240795 |
| &nbsp;&nbsp; MarineMax \* | 8878 | 190522 |
| &nbsp;&nbsp; Matthews International, Cl A  | 13027 | 266402 |
| &nbsp;&nbsp; Meritage Homes  | 30121 | 2052445 |
| &nbsp;&nbsp; Mister Car Wash \* | 47714 | 327318 |
| &nbsp;&nbsp; Monro  | 12019 | 167545 |
| &nbsp;&nbsp; National Vision Holdings \* | 31604 | 390309 |
| &nbsp;&nbsp; Oxford Industries  | 5923 | 287858 |
| &nbsp;&nbsp; Papa John's International  | 13125 | 453206 |
| &nbsp;&nbsp; Patrick Industries  | 13484 | 1037998 |
| &nbsp;&nbsp; Perdoceo Education  | 28041 | 704390 |
| &nbsp;&nbsp; Phinia  | 16379 | 657617 |
| &nbsp;&nbsp; Sabre \* | 182822 | 433288 |
| &nbsp;&nbsp; Sally Beauty Holdings \* | 40916 | 333056 |
| &nbsp;&nbsp; Shake Shack, Cl A \* | 16743 | 1469031 |
| &nbsp;&nbsp; Shoe Carnival  | 7089 | 123207 |
| &nbsp;&nbsp; Signet Jewelers  | 17454 | 1035022 |
| &nbsp;&nbsp; Six Flags Entertainment  | 38523 | 1325576 |
| &nbsp;&nbsp; Sonic Automotive, Cl A  | 6028 | 366020 |
| &nbsp;&nbsp; Sonos \* | 52327 | 481932 |
| &nbsp;&nbsp; Standard Motor Products  | 8282 | 224442 |
| &nbsp;&nbsp; Steven Madden  | 28971 | 608391 |
| &nbsp;&nbsp; Strategic Education  | 9762 | 796384 |
| &nbsp;&nbsp; Stride \* | 18488 | 2629918 |
| &nbsp;&nbsp; Topgolf Callaway Brands \* | 56804 | 375474 |
| &nbsp;&nbsp; Tri Pointe Homes \* | 37711 | 1159613 |
| &nbsp;&nbsp; Upbound Group, Cl A  | 20498 | 407910 |

---

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

*68*

**CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** | **CONSUMER DISCRETIONARY— continued** |
| &nbsp;&nbsp; Urban Outfitters \* | 23377 | $| 1233838 |
| &nbsp;&nbsp; Victoria's Secret \* | 33359 |  | 627149 |
| &nbsp;&nbsp; Winnebago Industries  | 11396 |  | 362621 |
| &nbsp;&nbsp; Wolverine World Wide  | 39345 |  | 513452 |
| &nbsp;&nbsp; XPEL \* | 9099 |  | 260595 |
|  |  |  | 61182963 |
|  **CONSUMER STAPLES — 3.4%** | **CONSUMER STAPLES — 3.4%** | **CONSUMER STAPLES — 3.4%** | **CONSUMER STAPLES — 3.4%** |
| &nbsp;&nbsp; Andersons  | 12893 |  | 486195 |
| &nbsp;&nbsp; B&G Foods  | 33960 |  | 233984 |
| &nbsp;&nbsp; Cal-Maine Foods  | 17544 |  | 1638083 |
| &nbsp;&nbsp; Central Garden & Pet \* | 3699 |  | 124138 |
| &nbsp;&nbsp; Central Garden & Pet, Cl A \* | 20277 |  | 599591 |
| &nbsp;&nbsp; Chefs' Warehouse \* | 15917 |  | 906792 |
| &nbsp;&nbsp; Edgewell Personal Care  | 19355 |  | 591295 |
| &nbsp;&nbsp; Energizer Holdings  | 26364 |  | 712883 |
| &nbsp;&nbsp; Fresh Del Monte Produce  | 15269 |  | 519299 |
| &nbsp;&nbsp; Freshpet \* | 20268 |  | 1490509 |
| &nbsp;&nbsp; Grocery Outlet Holding \* | 40806 |  | 685133 |
| &nbsp;&nbsp; Inter Parfums  | 7462 |  | 814850 |
| &nbsp;&nbsp; J & J Snack Foods  | 6403 |  | 829765 |
| &nbsp;&nbsp; John B Sanfilippo & Son  | 3628 |  | 240428 |
| &nbsp;&nbsp; MGP Ingredients  | 5639 |  | 166181 |
| &nbsp;&nbsp; National Beverage  | 10078 |  | 447463 |
| &nbsp;&nbsp; PriceSmart  | 10252 |  | 1040476 |
| &nbsp;&nbsp; Simply Good Foods \* | 38268 |  | 1381857 |
| &nbsp;&nbsp; SpartanNash  | 13782 |  | 273435 |
| &nbsp;&nbsp; Tootsie Roll Industries  | 7315 |  | 234093 |
| &nbsp;&nbsp; TreeHouse Foods \* | 18132 |  | 422294 |
| &nbsp;&nbsp; United Natural Foods \* | 28366 |  | 757656 |
| &nbsp;&nbsp; USANA Health Sciences \* | 4437 |  | 124635 |
| &nbsp;&nbsp; WD-40  | 5497 |  | 1255295 |
| &nbsp;&nbsp; WK Kellogg  | 30007 |  | 538026 |
|  |  |  | 16514356 |
|  **ENERGY — 3.8%** | **ENERGY — 3.8%** | **ENERGY — 3.8%** | **ENERGY — 3.8%** |
| &nbsp;&nbsp; Archrock  | 78190 |  | 1839811 |
| &nbsp;&nbsp; Atlas Energy Solutions, Cl A (A) | 35700 |  | 483021 |
| &nbsp;&nbsp; Bristow Group \* | 14379 |  | 417566 |
| &nbsp;&nbsp; Cactus, Cl A  | 30088 |  | 1141539 |
| &nbsp;&nbsp; California Resources  | 32341 |  | 1116088 |
| &nbsp;&nbsp; Comstock Resources \* | 45075 |  | 823520 |
| &nbsp;&nbsp; Core Laboratories  | 25141 |  | 285853 |
| &nbsp;&nbsp; Crescent Energy, Cl A  | 86111 |  | 712999 |
| &nbsp;&nbsp; CVR Energy  | 17952 |  | 338575 |
| &nbsp;&nbsp; Dorian LPG  | 17885 |  | 383097 |
| &nbsp;&nbsp; Helix Energy Solutions Group \* | 70380 |  | 428614 |
| &nbsp;&nbsp; Helmerich & Payne  | 44142 |  | 833842 |
| &nbsp;&nbsp; Innovex International \* | 21354 |  | 322445 |
| &nbsp;&nbsp; International Seaways  | 18205 |  | 618242 |
| &nbsp;&nbsp; Liberty Energy, Cl A  | 72554 |  | 834371 |
| &nbsp;&nbsp; Magnolia Oil & Gas, Cl A  | 83444 |  | 1713105 |
| &nbsp;&nbsp; Northern Oil and Gas  | 43988 |  | 1068908 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **ENERGY— continued** | **ENERGY— continued** | **ENERGY— continued** | **ENERGY— continued** |
| &nbsp;&nbsp; Par Pacific Holdings \* | 26240 | $| 375757 |
| &nbsp;&nbsp; Patterson-UTI Energy  | 158464 |  | 893737 |
| &nbsp;&nbsp; ProPetro Holding \* | 47987 |  | 238975 |
| &nbsp;&nbsp; REX American Resources \* | 7734 |  | 307195 |
| &nbsp;&nbsp; RPC  | 47443 |  | 224405 |
| &nbsp;&nbsp; SM Energy  | 50377 |  | 1148092 |
| &nbsp;&nbsp; Talos Energy \* | 59508 |  | 409415 |
| &nbsp;&nbsp; Tidewater \* | 21082 |  | 762958 |
| &nbsp;&nbsp; Vital Energy \* | 14596 |  | 206971 |
| &nbsp;&nbsp; World Kinect  | 28886 |  | 724750 |
|  |  |  | 18653851 |
|  **FINANCIALS — 19.5%** | **FINANCIALS — 19.5%** | **FINANCIALS — 19.5%** | **FINANCIALS — 19.5%** |
| &nbsp;&nbsp; Acadian Asset Management  | 11232 |  | 302590 |
| &nbsp;&nbsp; Ameris Bancorp  | 25958 |  | 1521139 |
| &nbsp;&nbsp; AMERISAFE  | 7641 |  | 355230 |
| &nbsp;&nbsp; Apollo Commercial Real Estate Finance <sup>‡</sup> | 51273 |  | 480428 |
| &nbsp;&nbsp; Arbor Realty Trust <sup>‡</sup>(A) | 75692 |  | 872729 |
| &nbsp;&nbsp; ARMOUR Residential REIT <sup>‡</sup> | 30667 |  | 505085 |
| &nbsp;&nbsp; Artisan Partners Asset Management, Cl A  | 28120 |  | 1039878 |
| &nbsp;&nbsp; Assured Guaranty  | 19194 |  | 1683889 |
| &nbsp;&nbsp; Atlantic Union Bankshares  | 52330 |  | 1449541 |
| &nbsp;&nbsp; Axos Financial \* | 21810 |  | 1384499 |
| &nbsp;&nbsp; Banc of California  | 55280 |  | 745174 |
| &nbsp;&nbsp; BancFirst  | 7998 |  | 942324 |
| &nbsp;&nbsp; Bancorp \* | 20228 |  | 977215 |
| &nbsp;&nbsp; Bank of Hawaii  | 15952 |  | 1054587 |
| &nbsp;&nbsp; BankUnited  | 31496 |  | 1030234 |
| &nbsp;&nbsp; Banner  | 13829 |  | 845505 |
| &nbsp;&nbsp; Berkshire Hills Bancorp  | 18303 |  | 454463 |
| &nbsp;&nbsp; BGC Group, Cl A  | 150211 |  | 1360912 |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Cl A <sup>‡</sup> | 68864 |  | 1311859 |
| &nbsp;&nbsp; Bread Financial Holdings  | 20812 |  | 987529 |
| &nbsp;&nbsp; Brookline Bancorp  | 35756 |  | 373293 |
| &nbsp;&nbsp; Capitol Federal Financial  | 49026 |  | 277977 |
| &nbsp;&nbsp; Cathay General Bancorp  | 28573 |  | 1191208 |
| &nbsp;&nbsp; Central Pacific Financial  | 10862 |  | 279045 |
| &nbsp;&nbsp; City Holding  | 5900 |  | 683633 |
| &nbsp;&nbsp; Cohen & Steers  | 10754 |  | 820745 |
| &nbsp;&nbsp; Community Financial System  | 21137 |  | 1153869 |
| &nbsp;&nbsp; Customers Bancorp \* | 12180 |  | 609000 |
| &nbsp;&nbsp; CVB Financial  | 52696 |  | 976984 |
| &nbsp;&nbsp; Dime Community Bancshares  | 18268 |  | 469305 |
| &nbsp;&nbsp; Donnelley Financial Solutions \* | 10655 |  | 513571 |
| &nbsp;&nbsp; Eagle Bancorp  | 13054 |  | 234319 |
| &nbsp;&nbsp; Ellington Financial <sup>‡</sup>(A) | 36384 |  | 474084 |
| &nbsp;&nbsp; Employers Holdings  | 9919 |  | 481964 |
| &nbsp;&nbsp; Enact Holdings  | 11800 |  | 422322 |
| &nbsp;&nbsp; Encore Capital Group \* | 9508 |  | 327075 |
| &nbsp;&nbsp; Enova International \* | 10984 |  | 1008221 |

---

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

*69*

**CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp; EVERTEC  | 25529 | $866454 |
| &nbsp;&nbsp; EZCORP, Cl A \* | 20856 | 341413 |
| &nbsp;&nbsp; FB Financial  | 14045 | 597755 |
| &nbsp;&nbsp; First BanCorp Puerto Rico  | 65349 | 1283455 |
| &nbsp;&nbsp; First Bancorp Southern Pines  | 16593 | 671353 |
| &nbsp;&nbsp; First Commonwealth Financial  | 40710 | 623677 |
| &nbsp;&nbsp; First Financial Bancorp  | 38324 | 887201 |
| &nbsp;&nbsp; First Hawaiian  | 50735 | 1159802 |
| &nbsp;&nbsp; Franklin BSP Realty Trust <sup>‡</sup> | 33336 | 379364 |
| &nbsp;&nbsp; Fulton Financial  | 73075 | 1218891 |
| &nbsp;&nbsp; Genworth Financial, Cl A \* | 171374 | 1175626 |
| &nbsp;&nbsp; Goosehead Insurance, Cl A  | 10884 | 1058034 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital  | 49557 | 1237934 |
| &nbsp;&nbsp; Hanmi Financial  | 12661 | 289557 |
| &nbsp;&nbsp; HCI Group  | 3636 | 531947 |
| &nbsp;&nbsp; Heritage Financial  | 13641 | 311288 |
| &nbsp;&nbsp; Hilltop Holdings  | 18482 | 545773 |
| &nbsp;&nbsp; Hope Bancorp  | 50801 | 506486 |
| &nbsp;&nbsp; Horace Mann Educators  | 16357 | 679470 |
| &nbsp;&nbsp; Independent Bank  | 17484 | 1033130 |
| &nbsp;&nbsp; Jackson Financial, Cl A  | 30079 | 2343455 |
| &nbsp;&nbsp; KKR Real Estate Finance Trust <sup>‡</sup> | 23236 | 214933 |
| &nbsp;&nbsp; Lakeland Financial  | 10238 | 569949 |
| &nbsp;&nbsp; Lincoln National  | 70190 | 2236955 |
| &nbsp;&nbsp; Mercury General  | 10670 | 591331 |
| &nbsp;&nbsp; Moelis, Cl A  | 28328 | 1517814 |
| &nbsp;&nbsp; Mr Cooper Group \* | 25524 | 3037611 |
| &nbsp;&nbsp; National Bank Holdings, Cl A  | 15272 | 552236 |
| &nbsp;&nbsp; Navient  | 29762 | 368454 |
| &nbsp;&nbsp; NBT Bancorp  | 18931 | 801539 |
| &nbsp;&nbsp; NCR Atleos \* | 30299 | 845948 |
| &nbsp;&nbsp; New York Mortgage Trust <sup>‡</sup> | 36351 | 213380 |
| &nbsp;&nbsp; NMI Holdings, Cl A \* | 31484 | 1138776 |
| &nbsp;&nbsp; Northwest Bancshares  | 51171 | 631962 |
| &nbsp;&nbsp; OFG Bancorp  | 18420 | 724827 |
| &nbsp;&nbsp; Pacific Premier Bancorp  | 38704 | 787239 |
| &nbsp;&nbsp; Palomar Holdings \* | 11354 | 1646557 |
| &nbsp;&nbsp; Park National  | 5837 | 876134 |
| &nbsp;&nbsp; Pathward Financial  | 9570 | 759571 |
| &nbsp;&nbsp; Payoneer Global \* | 112186 | 788668 |
| &nbsp;&nbsp; PennyMac Mortgage Investment Trust <sup>‡</sup> | 34859 | 447590 |
| &nbsp;&nbsp; Piper Sandler  | 6462 | 1558117 |
| &nbsp;&nbsp; PJT Partners  | 9775 | 1385215 |
| &nbsp;&nbsp; PRA Group \* | 17370 | 317871 |
| &nbsp;&nbsp; Preferred Bank  | 4923 | 393151 |
| &nbsp;&nbsp; ProAssurance \* | 22516 | 522596 |
| &nbsp;&nbsp; PROG Holdings  | 16672 | 439474 |
| &nbsp;&nbsp; Provident Financial Services  | 52367 | 857248 |
| &nbsp;&nbsp; Radian Group  | 58216 | 1859419 |
| &nbsp;&nbsp; Ready Capital <sup>‡</sup> | 67634 | 300971 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp; Redwood Trust <sup>‡</sup> | 53182 | $| 330260 |
| &nbsp;&nbsp; Renasant  | 36996 |  | 1186462 |
| &nbsp;&nbsp; S&T Bancorp  | 15354 |  | 559500 |
| &nbsp;&nbsp; Safety Insurance Group  | 5955 |  | 455558 |
| &nbsp;&nbsp; Seacoast Banking Corp of Florida  | 34034 |  | 806946 |
| &nbsp;&nbsp; ServisFirst Bancshares  | 20977 |  | 1493982 |
| &nbsp;&nbsp; Simmons First National, Cl A  | 50426 |  | 940949 |
| &nbsp;&nbsp; SiriusPoint \* | 37027 |  | 622053 |
| &nbsp;&nbsp; Southside Bancshares  | 11433 |  | 322296 |
| &nbsp;&nbsp; Stellar Bancorp  | 19083 |  | 476312 |
| &nbsp;&nbsp; StepStone Group, Cl A  | 27341 |  | 1367323 |
| &nbsp;&nbsp; Stewart Information Services  | 11142 |  | 729578 |
| &nbsp;&nbsp; StoneX Group \* | 17834 |  | 1579468 |
| &nbsp;&nbsp; Tompkins Financial  | 5040 |  | 300384 |
| &nbsp;&nbsp; Triumph Financial \* | 8817 |  | 471004 |
| &nbsp;&nbsp; Trupanion \* | 15336 |  | 561298 |
| &nbsp;&nbsp; TrustCo Bank NY  | 7633 |  | 232425 |
| &nbsp;&nbsp; Trustmark  | 24484 |  | 821438 |
| &nbsp;&nbsp; Two Harbors Investment <sup>‡</sup> | 41608 |  | 493887 |
| &nbsp;&nbsp; United Community Banks  | 47903 |  | 1322602 |
| &nbsp;&nbsp; United Fire Group  | 10242 |  | 283396 |
| &nbsp;&nbsp; Veritex Holdings  | 21879 |  | 509343 |
| &nbsp;&nbsp; Virtu Financial, Cl A  | 34594 |  | 1354355 |
| &nbsp;&nbsp; Virtus Investment Partners  | 2648 |  | 406706 |
| &nbsp;&nbsp; WaFd  | 32728 |  | 933730 |
| &nbsp;&nbsp; Walker & Dunlop  | 12874 |  | 985376 |
| &nbsp;&nbsp; Westamerica BanCorp  | 10718 |  | 519073 |
| &nbsp;&nbsp; WisdomTree  | 45923 |  | 399530 |
| &nbsp;&nbsp; World Acceptance \* | 1299 |  | 167727 |
| &nbsp;&nbsp; WSFS Financial  | 23540 |  | 1213487 |
|  |  |  | 95575474 |
|  **HEALTH CARE — 11.3%** | **HEALTH CARE — 11.3%** | **HEALTH CARE — 11.3%** | **HEALTH CARE — 11.3%** |
| &nbsp;&nbsp; ACADIA Pharmaceuticals \* | 60948 |  | 889841 |
| &nbsp;&nbsp; AdaptHealth, Cl A \* | 50201 |  | 427210 |
| &nbsp;&nbsp; Addus HomeCare \* | 7635 |  | 798239 |
| &nbsp;&nbsp; ADMA Biologics \* | 104811 |  | 2494502 |
| &nbsp;&nbsp; Alkermes \* | 77714 |  | 2235832 |
| &nbsp;&nbsp; AMN Healthcare Services \* | 16752 |  | 342243 |
| &nbsp;&nbsp; Arcus Biosciences \* | 43628 |  | 381745 |
| &nbsp;&nbsp; Arrowhead Pharmaceuticals \* | 59658 |  | 828650 |
| &nbsp;&nbsp; Artivion \* | 17764 |  | 420829 |
| &nbsp;&nbsp; Astrana Health \* | 18279 |  | 569756 |
| &nbsp;&nbsp; Avanos Medical \* | 20597 |  | 258492 |
| &nbsp;&nbsp; Catalyst Pharmaceuticals \* | 56112 |  | 1362960 |
| &nbsp;&nbsp; Certara \* | 47293 |  | 655481 |
| &nbsp;&nbsp; Collegium Pharmaceutical \* | 20049 |  | 541223 |
| &nbsp;&nbsp; Concentra Group Holdings Parent  | 46069 |  | 1002000 |
| &nbsp;&nbsp; CONMED  | 12835 |  | 630327 |
| &nbsp;&nbsp; CorVel \* | 11860 |  | 1289894 |

---

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

*70*

**CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** |
| &nbsp;&nbsp; Embecta  | 29256 | $| 356631 |
| &nbsp;&nbsp; Enovis \* | 23712 |  | 820198 |
| &nbsp;&nbsp; Fortrea Holdings \* | 55025 |  | 342806 |
| &nbsp;&nbsp; Glaukos \* | 22939 |  | 2162001 |
| &nbsp;&nbsp; Harmony Biosciences Holdings \* | 22869 |  | 673949 |
| &nbsp;&nbsp; HealthStream  | 11102 |  | 373360 |
| &nbsp;&nbsp; ICU Medical \* | 10508 |  | 1435288 |
| &nbsp;&nbsp; Innoviva \* | 35886 |  | 670709 |
| &nbsp;&nbsp; Inspire Medical Systems \* | 12348 |  | 1955676 |
| &nbsp;&nbsp; Integer Holdings \* | 13919 |  | 1758109 |
| &nbsp;&nbsp; Integra LifeSciences Holdings \* | 29166 |  | 478031 |
| &nbsp;&nbsp; Krystal Biotech \* | 11208 |  | 1904015 |
| &nbsp;&nbsp; LeMaitre Vascular  | 9111 |  | 826732 |
| &nbsp;&nbsp; Ligand Pharmaceuticals \* | 9646 |  | 1059710 |
| &nbsp;&nbsp; Merit Medical Systems \* | 24519 |  | 2315820 |
| &nbsp;&nbsp; Myriad Genetics \* | 54113 |  | 400977 |
| &nbsp;&nbsp; National HealthCare  | 5498 |  | 519506 |
| &nbsp;&nbsp; Neogen \* | 88624 |  | 447551 |
| &nbsp;&nbsp; NeoGenomics \* | 57098 |  | 365142 |
| &nbsp;&nbsp; OmniAB \*(B) | 3296 |  |  |
| &nbsp;&nbsp; OmniAB \*(B) | 3296 |  |  |
| &nbsp;&nbsp; Omnicell \* | 21033 |  | 657492 |
| &nbsp;&nbsp; Owens & Minor \* | 34587 |  | 244184 |
| &nbsp;&nbsp; Pacira BioSciences \* | 23978 |  | 645008 |
| &nbsp;&nbsp; Phibro Animal Health, Cl A  | 19148 |  | 356344 |
| &nbsp;&nbsp; Premier, Cl A  | 38839 |  | 790374 |
| &nbsp;&nbsp; Prestige Consumer Healthcare \* | 23887 |  | 1940341 |
| &nbsp;&nbsp; Privia Health Group \* | 45084 |  | 1058572 |
| &nbsp;&nbsp; Progyny \* | 30939 |  | 706647 |
| &nbsp;&nbsp; Protagonist Therapeutics \* | 29610 |  | 1356730 |
| &nbsp;&nbsp; RadNet \* | 27557 |  | 1443436 |
| &nbsp;&nbsp; Schrodinger \* | 24602 |  | 630549 |
| &nbsp;&nbsp; Select Medical Holdings  | 46223 |  | 843108 |
| &nbsp;&nbsp; Simulations Plus  | 6946 |  | 238595 |
| &nbsp;&nbsp; STAAR Surgical \* | 21009 |  | 383624 |
| &nbsp;&nbsp; Supernus Pharmaceuticals \* | 29208 |  | 948676 |
| &nbsp;&nbsp; Tandem Diabetes Care \* | 29044 |  | 489391 |
| &nbsp;&nbsp; Teleflex  | 18911 |  | 2591753 |
| &nbsp;&nbsp; TG Therapeutics \* | 58508 |  | 2662699 |
| &nbsp;&nbsp; TransMedics Group \* | 14224 |  | 1308750 |
| &nbsp;&nbsp; UFP Technologies \* | 3214 |  | 670248 |
| &nbsp;&nbsp; US Physical Therapy  | 6320 |  | 449415 |
| &nbsp;&nbsp; Vericel \* | 24960 |  | 948979 |
|  |  |  | 55360350 |
|  **INDUSTRIALS — 18.4%** | **INDUSTRIALS — 18.4%** | **INDUSTRIALS — 18.4%** | **INDUSTRIALS — 18.4%** |
| &nbsp;&nbsp; AAR \* | 15720 |  | 840391 |
| &nbsp;&nbsp; ABM Industries  | 25450 |  | 1240433 |
| &nbsp;&nbsp; Air Lease, Cl A  | 43650 |  | 2041074 |
| &nbsp;&nbsp; Alamo Group  | 4403 |  | 735213 |
| &nbsp;&nbsp; Albany International, Cl A  | 13289 |  | 873885 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **INDUSTRIALS— continued** | **INDUSTRIALS— continued** | **INDUSTRIALS— continued** |
| &nbsp;&nbsp; Allegiant Travel  | 6638 | $311521 |
| &nbsp;&nbsp; Amentum Holdings \* | 61727 | 1346883 |
| &nbsp;&nbsp; American Woodmark \* | 6610 | 389990 |
| &nbsp;&nbsp; Apogee Enterprises  | 9696 | 384640 |
| &nbsp;&nbsp; ArcBest  | 9346 | 546928 |
| &nbsp;&nbsp; Arcosa  | 20695 | 1657049 |
| &nbsp;&nbsp; Armstrong World Industries  | 18489 | 2681275 |
| &nbsp;&nbsp; Astec Industries  | 10893 | 394653 |
| &nbsp;&nbsp; AZZ  | 13251 | 1149657 |
| &nbsp;&nbsp; Boise Cascade  | 16046 | 1496771 |
| &nbsp;&nbsp; Brady, Cl A  | 17852 | 1254817 |
| &nbsp;&nbsp; CoreCivic \* | 47287 | 1070578 |
| &nbsp;&nbsp; CSG Systems International  | 11688 | 702799 |
| &nbsp;&nbsp; CSW Industrials  | 7159 | 2237044 |
| &nbsp;&nbsp; Deluxe  | 17991 | 262669 |
| &nbsp;&nbsp; DNOW \* | 47826 | 758999 |
| &nbsp;&nbsp; DXP Enterprises \* | 6317 | 558802 |
| &nbsp;&nbsp; Dycom Industries \* | 12392 | 2076280 |
| &nbsp;&nbsp; Enerpac Tool Group, Cl A  | 24344 | 982767 |
| &nbsp;&nbsp; EnPro Industries  | 9117 | 1362080 |
| &nbsp;&nbsp; Enviri \* | 39481 | 271234 |
| &nbsp;&nbsp; ESCO Technologies  | 11420 | 1786659 |
| &nbsp;&nbsp; Everus Construction \* | 22616 | 910048 |
| &nbsp;&nbsp; Federal Signal  | 25704 | 2093077 |
| &nbsp;&nbsp; Forward Air \*(A) | 9341 | 137499 |
| &nbsp;&nbsp; Franklin Electric  | 16585 | 1409062 |
| &nbsp;&nbsp; Gates Industrial \* | 98014 | 1854425 |
| &nbsp;&nbsp; GEO Group \* | 57539 | 1799820 |
| &nbsp;&nbsp; Gibraltar Industries \* | 13046 | 690786 |
| &nbsp;&nbsp; GMS \* | 16155 | 1183515 |
| &nbsp;&nbsp; Granite Construction  | 19092 | 1551989 |
| &nbsp;&nbsp; Greenbrier  | 14753 | 625822 |
| &nbsp;&nbsp; Griffon  | 17169 | 1169380 |
| &nbsp;&nbsp; Hayward Holdings \* | 64312 | 857279 |
| &nbsp;&nbsp; Healthcare Services Group \* | 30585 | 434613 |
| &nbsp;&nbsp; Heartland Express  | 17331 | 131716 |
| &nbsp;&nbsp; Heidrick & Struggles International  | 9792 | 382084 |
| &nbsp;&nbsp; Hertz Global Holdings \*(A) | 54491 | 371629 |
| &nbsp;&nbsp; Hillenbrand  | 30300 | 612969 |
| &nbsp;&nbsp; HNI  | 19499 | 824808 |
| &nbsp;&nbsp; Hub Group, Cl A  | 24379 | 770133 |
| &nbsp;&nbsp; Insteel Industries  | 8789 | 298035 |
| &nbsp;&nbsp; Interface, Cl A  | 26852 | 504818 |
| &nbsp;&nbsp; JetBlue Airways \* | 131644 | 573968 |
| &nbsp;&nbsp; John Bean Technologies  | 20113 | 2117094 |
| &nbsp;&nbsp; Kadant  | 5085 | 1500075 |
| &nbsp;&nbsp; Kennametal  | 33418 | 650983 |
| &nbsp;&nbsp; Korn Ferry  | 20768 | 1281386 |
| &nbsp;&nbsp; Lindsay  | 4887 | 630716 |
| &nbsp;&nbsp; Liquidity Services \* | 11705 | 371985 |
| &nbsp;&nbsp; Marten Transport  | 23212 | 298042 |

---

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

*71*

**CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **INDUSTRIALS— continued** | **INDUSTRIALS— continued** | **INDUSTRIALS— continued** | **INDUSTRIALS— continued** |
| &nbsp;&nbsp; Masterbrand \* | 56054 | $| 681056 |
| &nbsp;&nbsp; Matson  | 13328 |  | 1453951 |
| &nbsp;&nbsp; Mercury Systems \* | 23106 |  | 1155300 |
| &nbsp;&nbsp; MillerKnoll  | 29181 |  | 478568 |
| &nbsp;&nbsp; Mueller Water Products, Cl A  | 70903 |  | 1860495 |
| &nbsp;&nbsp; MYR Group \* | 6871 |  | 840461 |
| &nbsp;&nbsp; NV5 Global \* | 20891 |  | 387528 |
| &nbsp;&nbsp; OPENLANE \* | 45011 |  | 833154 |
| &nbsp;&nbsp; Pitney Bowes  | 80174 |  | 695910 |
| &nbsp;&nbsp; Powell Industries  | 4286 |  | 784809 |
| &nbsp;&nbsp; Proto Labs \* | 12098 |  | 425366 |
| &nbsp;&nbsp; Quanex Building Products  | 20305 |  | 333814 |
| &nbsp;&nbsp; Resideo Technologies \* | 64475 |  | 1081890 |
| &nbsp;&nbsp; Robert Half  | 40309 |  | 1785689 |
| &nbsp;&nbsp; Rush Enterprises, Cl A  | 26919 |  | 1372600 |
| &nbsp;&nbsp; RXO \* | 58021 |  | 817516 |
| &nbsp;&nbsp; Schneider National, Cl B  | 18862 |  | 405344 |
| &nbsp;&nbsp; SkyWest \* | 16610 |  | 1481114 |
| &nbsp;&nbsp; SPX Technologies \* | 19495 |  | 2615254 |
| &nbsp;&nbsp; Standex International  | 5295 |  | 748819 |
| &nbsp;&nbsp; Sterling Infrastructure \* | 12400 |  | 1852932 |
| &nbsp;&nbsp; Sun Country Airlines Holdings \* | 16443 |  | 161141 |
| &nbsp;&nbsp; Sunrun \* | 100845 |  | 694822 |
| &nbsp;&nbsp; Tennant  | 7608 |  | 548993 |
| &nbsp;&nbsp; Titan International \* | 25131 |  | 184713 |
| &nbsp;&nbsp; Trinity Industries  | 36663 |  | 920241 |
| &nbsp;&nbsp; Triumph Group \* | 35638 |  | 905205 |
| &nbsp;&nbsp; UniFirst  | 6379 |  | 1138460 |
| &nbsp;&nbsp; Verra Mobility, Cl A \* | 66138 |  | 1441808 |
| &nbsp;&nbsp; Vestis  | 47363 |  | 414900 |
| &nbsp;&nbsp; Viad \* | 9795 |  | 286895 |
| &nbsp;&nbsp; Vicor \* | 11180 |  | 446138 |
| &nbsp;&nbsp; Werner Enterprises  | 24821 |  | 612086 |
| &nbsp;&nbsp; WillScot Holdings  | 76095 |  | 1911506 |
| &nbsp;&nbsp; Worthington Enterprises  | 13573 |  | 687201 |
| &nbsp;&nbsp; Zurn Elkay Water Solutions  | 60555 |  | 2056448 |
|  |  |  | 89954974 |
|  **INFORMATION TECHNOLOGY — 12.0%** | **INFORMATION TECHNOLOGY — 12.0%** | **INFORMATION TECHNOLOGY — 12.0%** | **INFORMATION TECHNOLOGY — 12.0%** |
| &nbsp;&nbsp; A10 Networks  | 32558 |  | 536556 |
| &nbsp;&nbsp; ACI Worldwide \* | 43877 |  | 2341277 |
| &nbsp;&nbsp; Adeia  | 49059 |  | 603916 |
| &nbsp;&nbsp; Advanced Energy Industries  | 15119 |  | 1472742 |
| &nbsp;&nbsp; Alarm.com Holdings \* | 19837 |  | 1063263 |
| &nbsp;&nbsp; Alpha & Omega Semiconductor \* | 12036 |  | 226638 |
| &nbsp;&nbsp; Arlo Technologies \* | 44027 |  | 432785 |
| &nbsp;&nbsp; Axcelis Technologies \* | 13045 |  | 638944 |
| &nbsp;&nbsp; Badger Meter  | 11803 |  | 2606338 |
| &nbsp;&nbsp; Benchmark Electronics  | 15216 |  | 494976 |
| &nbsp;&nbsp; BlackLine \* | 20814 |  | 983045 |
| &nbsp;&nbsp; Box, Cl A \* | 57671 |  | 1800489 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp; Calix \* | 24174 | $988958 |
| &nbsp;&nbsp; CEVA \* | 11361 | 297772 |
| &nbsp;&nbsp; Cleanspark \*(A) | 116770 | 954011 |
| &nbsp;&nbsp; Clear Secure, Cl A  | 40140 | 990655 |
| &nbsp;&nbsp; Cohu \* | 18707 | 299312 |
| &nbsp;&nbsp; Corsair Gaming \* | 21337 | 151066 |
| &nbsp;&nbsp; CTS  | 12086 | 460235 |
| &nbsp;&nbsp; Digi International \* | 14808 | 402778 |
| &nbsp;&nbsp; DigitalOcean Holdings \* | 27606 | 853025 |
| &nbsp;&nbsp; Diodes \* | 18595 | 714048 |
| &nbsp;&nbsp; DoubleVerify Holdings, Cl Rights \* | 57613 | 763948 |
| &nbsp;&nbsp; DXC Technology \* | 72799 | 1129840 |
| &nbsp;&nbsp; ePlus \* | 10571 | 659208 |
| &nbsp;&nbsp; Extreme Networks \* | 56362 | 741724 |
| &nbsp;&nbsp; FormFactor \* | 31082 | 874647 |
| &nbsp;&nbsp; Grid Dynamics Holdings \* | 29724 | 420892 |
| &nbsp;&nbsp; Harmonic \* | 48250 | 433285 |
| &nbsp;&nbsp; Ichor Holdings \* | 13965 | 276228 |
| &nbsp;&nbsp; Impinj \* | 9825 | 905177 |
| &nbsp;&nbsp; Insight Enterprises \* | 10968 | 1516655 |
| &nbsp;&nbsp; InterDigital  | 11069 | 2224869 |
| &nbsp;&nbsp; Itron \* | 18095 | 2013793 |
| &nbsp;&nbsp; Knowles \* | 35181 | 553749 |
| &nbsp;&nbsp; Kulicke & Soffa Industries  | 21424 | 690495 |
| &nbsp;&nbsp; LiveRamp Holdings \* | 26412 | 690938 |
| &nbsp;&nbsp; MARA Holdings \*(A) | 140963 | 1884675 |
| &nbsp;&nbsp; MaxLinear, Cl A \* | 33783 | 337492 |
| &nbsp;&nbsp; N-able \* | 28328 | 199996 |
| &nbsp;&nbsp; NCR Voyix \* | 58579 | 502022 |
| &nbsp;&nbsp; NetScout Systems \* | 28796 | 605292 |
| &nbsp;&nbsp; OSI Systems \* | 6397 | 1309722 |
| &nbsp;&nbsp; PC Connection  | 4959 | 307656 |
| &nbsp;&nbsp; PDF Solutions \* | 12448 | 228421 |
| &nbsp;&nbsp; Penguin Solutions \* | 24079 | 294607 |
| &nbsp;&nbsp; Photronics \* | 26689 | 487608 |
| &nbsp;&nbsp; Plexus \* | 10852 | 1328610 |
| &nbsp;&nbsp; Progress Software  | 17405 | 1043604 |
| &nbsp;&nbsp; Qorvo \* | 37482 | 2686335 |
| &nbsp;&nbsp; Rogers \* | 6815 | 421235 |
| &nbsp;&nbsp; Sandisk \* | 47975 | 1540477 |
| &nbsp;&nbsp; Sanmina \* | 21802 | 1674176 |
| &nbsp;&nbsp; ScanSource \* | 8663 | 285792 |
| &nbsp;&nbsp; Semtech \* | 36278 | 1133688 |
| &nbsp;&nbsp; SiTime \* | 8335 | 1224078 |
| &nbsp;&nbsp; SMART Global Holdings \* | 23725 | 404986 |
| &nbsp;&nbsp; Sprinklr, Cl A \* | 44875 | 345089 |
| &nbsp;&nbsp; SPS Commerce \* | 15228 | 2185370 |
| &nbsp;&nbsp; Teradata \* | 38406 | 825729 |
| &nbsp;&nbsp; TTM Technologies \* | 43854 | 877957 |
| &nbsp;&nbsp; Ultra Clean Holdings \* | 18109 | 338729 |
| &nbsp;&nbsp; Veeco Instruments \* | 23251 | 434794 |

---

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

*72*

**CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp; Viasat \* | 37380 | $| 346513 |
| &nbsp;&nbsp; Viavi Solutions \* | 91339 |  | 966367 |
| &nbsp;&nbsp; Vishay Intertechnology  | 45091 |  | 585732 |
| &nbsp;&nbsp; Wolfspeed \*(A) | 67159 |  | 238414 |
| &nbsp;&nbsp; Xerox Holdings  | 46442 |  | 204809 |
|  |  |  | 58458252 |
|  **MATERIALS — 5.0%** | **MATERIALS — 5.0%** | **MATERIALS — 5.0%** | **MATERIALS — 5.0%** |
| &nbsp;&nbsp; AdvanSix  | 10728 |  | 229794 |
| &nbsp;&nbsp; Alpha Metallurgical Resources \* | 4481 |  | 543769 |
| &nbsp;&nbsp; Balchem  | 13245 |  | 2073505 |
| &nbsp;&nbsp; Celanese, Cl A  | 44035 |  | 1959998 |
| &nbsp;&nbsp; Century Aluminum \* | 25167 |  | 412990 |
| &nbsp;&nbsp; Chemours  | 63036 |  | 780386 |
| &nbsp;&nbsp; Element Solutions  | 89409 |  | 1824838 |
| &nbsp;&nbsp; FMC  | 50618 |  | 2121907 |
| &nbsp;&nbsp; Hawkins  | 8312 |  | 1012235 |
| &nbsp;&nbsp; HB Fuller  | 21942 |  | 1185746 |
| &nbsp;&nbsp; Ingevity \* | 15992 |  | 527416 |
| &nbsp;&nbsp; Innospec  | 10010 |  | 895695 |
| &nbsp;&nbsp; Kaiser Aluminum  | 6379 |  | 411190 |
| &nbsp;&nbsp; Koppers Holdings  | 8134 |  | 203838 |
| &nbsp;&nbsp; Materion  | 8328 |  | 691307 |
| &nbsp;&nbsp; Metallus \* | 15007 |  | 189838 |
| &nbsp;&nbsp; Minerals Technologies  | 12798 |  | 660249 |
| &nbsp;&nbsp; MP Materials \*(A) | 52436 |  | 1282585 |
| &nbsp;&nbsp; O-I Glass, Cl I \* | 61749 |  | 781742 |
| &nbsp;&nbsp; Quaker Chemical  | 5497 |  | 582352 |
| &nbsp;&nbsp; Sealed Air  | 58940 |  | 1624386 |
| &nbsp;&nbsp; Sensient Technologies  | 17000 |  | 1597150 |
| &nbsp;&nbsp; Stepan  | 8486 |  | 429052 |
| &nbsp;&nbsp; SunCoke Energy  | 34132 |  | 309236 |
| &nbsp;&nbsp; Sylvamo  | 14309 |  | 853103 |
| &nbsp;&nbsp; Warrior Met Coal  | 21085 |  | 1008285 |
| &nbsp;&nbsp; Worthington Steel  | 14054 |  | 360626 |
|  |  |  | 24553218 |
|  **REAL ESTATE — 8.1%** | **REAL ESTATE — 8.1%** | **REAL ESTATE — 8.1%** | **REAL ESTATE — 8.1%** |
| &nbsp;&nbsp; Acadia Realty Trust <sup>‡</sup> | 53167 |  | 1015490 |
| &nbsp;&nbsp; Alexander & Baldwin <sup>‡</sup> | 29149 |  | 500780 |
| &nbsp;&nbsp; American Assets Trust <sup>‡</sup> | 18950 |  | 354933 |
| &nbsp;&nbsp; Apple Hospitality REIT <sup>‡</sup> | 89545 |  | 1053945 |
| &nbsp;&nbsp; Armada Hoffler Properties <sup>‡</sup> | 31982 |  | 216518 |
| &nbsp;&nbsp; Brandywine Realty Trust <sup>‡</sup> | 85556 |  | 338802 |
| &nbsp;&nbsp; CareTrust REIT <sup>‡</sup> | 76276 |  | 2232599 |
| &nbsp;&nbsp; Centerspace <sup>‡</sup> | 6775 |  | 408939 |
| &nbsp;&nbsp; Curbline Properties <sup>‡</sup> | 41895 |  | 958977 |
| &nbsp;&nbsp; Cushman & Wakefield \* | 97867 |  | 917014 |
| &nbsp;&nbsp; DiamondRock Hospitality <sup>‡</sup> | 83310 |  | 611495 |
| &nbsp;&nbsp; Douglas Emmett <sup>‡</sup> | 73775 |  | 1020308 |
| &nbsp;&nbsp; Easterly Government Properties, Cl A <sup>‡</sup> | 15938 |  | 321469 |
| &nbsp;&nbsp; Elme Communities <sup>‡</sup> | 37320 |  | 581072 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **REAL ESTATE— continued** | **REAL ESTATE— continued** | **REAL ESTATE— continued** | **REAL ESTATE— continued** |
| &nbsp;&nbsp; Essential Properties Realty Trust <sup>‡</sup> | 78385 | $| 2521645 |
| &nbsp;&nbsp; eXp World Holdings (A) | 40100 |  | 367316 |
| &nbsp;&nbsp; Four Corners Property Trust <sup>‡</sup> | 41366 |  | 1156180 |
| &nbsp;&nbsp; Getty Realty <sup>‡</sup> | 20317 |  | 568673 |
| &nbsp;&nbsp; Global Net Lease <sup>‡</sup> | 94402 |  | 712735 |
| &nbsp;&nbsp; Highwoods Properties <sup>‡</sup> | 46528 |  | 1323256 |
| &nbsp;&nbsp; Innovative Industrial Properties, Cl A <sup>‡</sup> | 11951 |  | 649059 |
| &nbsp;&nbsp; JBG SMITH Properties <sup>‡</sup> | 34282 |  | 479262 |
| &nbsp;&nbsp; Kennedy-Wilson Holdings  | 47430 |  | 303552 |
| &nbsp;&nbsp; LTC Properties <sup>‡</sup> | 18164 |  | 651543 |
| &nbsp;&nbsp; LXP Industrial Trust <sup>‡</sup> | 120482 |  | 950603 |
| &nbsp;&nbsp; Macerich <sup>‡</sup> | 107415 |  | 1574704 |
| &nbsp;&nbsp; Marcus & Millichap  | 9898 |  | 300899 |
| &nbsp;&nbsp; Millrose Properties \* | 52973 |  | 1326444 |
| &nbsp;&nbsp; NexPoint Residential Trust <sup>‡</sup> | 10924 |  | 407247 |
| &nbsp;&nbsp; Outfront Media <sup>‡</sup> | 60714 |  | 918603 |
| &nbsp;&nbsp; Pebblebrook Hotel Trust <sup>‡</sup> | 48035 |  | 434717 |
| &nbsp;&nbsp; Phillips Edison <sup>‡</sup> | 50235 |  | 1743154 |
| &nbsp;&nbsp; Ryman Hospitality Properties <sup>‡</sup> | 24039 |  | 2114230 |
| &nbsp;&nbsp; Safehold <sup>‡</sup> | 21639 |  | 340814 |
| &nbsp;&nbsp; Saul Centers <sup>‡</sup> | 4850 |  | 158595 |
| &nbsp;&nbsp; SITE Centers <sup>‡</sup> | 18937 |  | 224214 |
| &nbsp;&nbsp; SL Green Realty <sup>‡</sup> | 30532 |  | 1606289 |
| &nbsp;&nbsp; St. Joe  | 15234 |  | 644703 |
| &nbsp;&nbsp; Summit Hotel Properties <sup>‡</sup> | 43510 |  | 177086 |
| &nbsp;&nbsp; Sunstone Hotel Investors <sup>‡</sup> | 80625 |  | 672412 |
| &nbsp;&nbsp; Tanger <sup>‡</sup> | 45776 |  | 1442402 |
| &nbsp;&nbsp; Terreno Realty <sup>‡</sup> | 41218 |  | 2321810 |
| &nbsp;&nbsp; Uniti Group <sup>‡</sup> | 114589 |  | 563778 |
| &nbsp;&nbsp; Urban Edge Properties <sup>‡</sup> | 51895 |  | 937743 |
| &nbsp;&nbsp; Veris Residential <sup>‡</sup> | 34804 |  | 540158 |
| &nbsp;&nbsp; Whitestone REIT, Cl B <sup>‡</sup> | 17893 |  | 233325 |
| &nbsp;&nbsp; Xenia Hotels & Resorts <sup>‡</sup> | 40861 |  | 436395 |
|  |  |  | 39335887 |
|  **UTILITIES — 2.4%** | **UTILITIES — 2.4%** | **UTILITIES — 2.4%** | **UTILITIES — 2.4%** |
| &nbsp;&nbsp; American States Water  | 17497 |  | 1419182 |
| &nbsp;&nbsp; Avista  | 36614 |  | 1518383 |
| &nbsp;&nbsp; California Water Service Group  | 26962 |  | 1365625 |
| &nbsp;&nbsp; Chesapeake Utilities  | 10722 |  | 1411766 |
| &nbsp;&nbsp; Clearway Energy, Cl A  | 19427 |  | 531329 |
| &nbsp;&nbsp; Clearway Energy, Cl C  | 39654 |  | 1163448 |
| &nbsp;&nbsp; MDU Resources Group  | 94508 |  | 1619867 |
| &nbsp;&nbsp; Middlesex Water  | 9470 |  | 597746 |
| &nbsp;&nbsp; Northwest Natural Holding  | 19980 |  | 861138 |
| &nbsp;&nbsp; SJW Group  | 14511 |  | 823354 |

---

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

*73*

**CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **UTILITIES— continued** | **UTILITIES— continued** | **UTILITIES— continued** |
| &nbsp;&nbsp; Unitil  | 8558 | $502012 |
|  |  | 11813850 |
| &nbsp;&nbsp; Total Common Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $437,151,382)  |  | 486422522 |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
|  | **Number of Rights** |  |
| &nbsp;&nbsp; Toriba Therapeutics \*(B)(C) | 2044 | $— |
| &nbsp;&nbsp; Total Rights  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $123)  |  |  |
| **SHORT-TERM INVESTMENT — 1.6%** | **SHORT-TERM INVESTMENT — 1.6%** | **SHORT-TERM INVESTMENT — 1.6%** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> Shares** |  |
| &nbsp;&nbsp; State Street Institutional US Government Money Market Fund, Premier Class, 4.290%, (D) |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $7,959,886)  | 7959886 | $7959886 |
| &nbsp;&nbsp; Total Short-Term Investment  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $7,959,886)  |  | 7959886 |
| &nbsp;&nbsp; Total Investments in Securities— 101.1% | &nbsp;&nbsp; Total Investments in Securities— 101.1% |  |
| &nbsp;&nbsp;&nbsp; (Cost $445,111,391) |  | $494382408 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration Date** | **Notional Amount** | **Value** | **Unrealized Appreciation/ (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp; Russell 2000 Index E-MINI | 20 | Jun-2025 | $1901705 | $1969800 | $68095 |

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Cl — Class

REIT — Real Estate Investment Trust<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: | The following is a summary of the inputs used as of April 30, 2025, in valuing the Fund's investments and other financial instruments carried at market value: |
|  Investments in Securities | Level 1 | Level 2 | Level 3^ |  | Total |
| &nbsp;&nbsp; Common Stock | &nbsp;&nbsp; Common Stock | &nbsp;&nbsp; Common Stock | &nbsp;&nbsp; Common Stock | &nbsp;&nbsp; Common Stock | &nbsp;&nbsp; Common Stock |
|  Total Common Stock | $486422522 | $— | $— |  | $486422522 |
| &nbsp;&nbsp; Short-Term Investment | 7959886 |  |  |  | 7959886 |
| &nbsp;&nbsp; Rights |  |  |  | # |  |
|  Total Investments in Securities | $494382408 | $— | $— |  | $494382408 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Futures Contracts\* <br> Unrealized Appreciation | $68095 | $— | $— | $68095 |
|  Total Other Financial Instruments | $68095 | $— | $— | $68095 |

---

^ 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.*

*74*

**CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 99.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 99.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 99.2%** |
|  | **Shares** | **Value** |
|  **COMMUNICATION SERVICES — 6.9%** | **COMMUNICATION SERVICES — 6.9%** | **COMMUNICATION SERVICES — 6.9%** |
| &nbsp;&nbsp; Alphabet, Cl A  | 55872 | $8872473 |
| &nbsp;&nbsp; Alphabet, Cl C  | 59574 | 9584861 |
| &nbsp;&nbsp; AT&T  | 11248 | 311570 |
| &nbsp;&nbsp; Charter Communications, Cl A \* | 966 | 378537 |
| &nbsp;&nbsp; Comcast, Cl A  | 9066 | 310057 |
| &nbsp;&nbsp; Electronic Arts  | 910 | 132032 |
| &nbsp;&nbsp; Meta Platforms, Cl A  | 34714 | 19057986 |
| &nbsp;&nbsp; Netflix \* | 1413 | 1599120 |
| &nbsp;&nbsp; Omnicom Group  | 34901 | 2658060 |
| &nbsp;&nbsp; Spotify Technology \* | 159 | 97623 |
| &nbsp;&nbsp; Take-Two Interactive Software \* | 374 | 87262 |
| &nbsp;&nbsp; TKO Group Holdings, Cl A  | 748 | 121857 |
| &nbsp;&nbsp; T-Mobile US  | 13465 | 3325182 |
| &nbsp;&nbsp; Walt Disney  | 48652 | 4424899 |
|  |  | 50961519 |
|  **CONSUMER DISCRETIONARY — 7.6%** | **CONSUMER DISCRETIONARY — 7.6%** | **CONSUMER DISCRETIONARY — 7.6%** |
| &nbsp;&nbsp; Airbnb, Cl A \* | 200 | 24384 |
| &nbsp;&nbsp; Amazon.com \* | 154205 | 28438486 |
| &nbsp;&nbsp; AutoNation \* | 12832 | 2234693 |
| &nbsp;&nbsp; AutoZone \* | 1279 | 4812365 |
| &nbsp;&nbsp; Bath & Body Works  | 664 | 20259 |
| &nbsp;&nbsp; Booking Holdings  | 564 | 2875994 |
| &nbsp;&nbsp; Carvana, Cl A \* | 384 | 93830 |
| &nbsp;&nbsp; Chipotle Mexican Grill, Cl A \* | 79690 | 4025939 |
| &nbsp;&nbsp; Deckers Outdoor \* | 970 | 107505 |
| &nbsp;&nbsp; Domino's Pizza  | 179 | 87776 |
| &nbsp;&nbsp; DoorDash, Cl A \* | 1000 | 192890 |
| &nbsp;&nbsp; eBay  | 1990 | 135638 |
| &nbsp;&nbsp; General Motors  | 2274 | 102876 |
| &nbsp;&nbsp; Hilton Worldwide Holdings  | 917 | 206765 |
| &nbsp;&nbsp; Home Depot  | 9187 | 3311821 |
| &nbsp;&nbsp; Lowe's  | 1384 | 309407 |
| &nbsp;&nbsp; Lululemon Athletica \* | 677 | 183311 |
| &nbsp;&nbsp; Marriott International, Cl A  | 881 | 210189 |
| &nbsp;&nbsp; McDonald's  | 2275 | 727204 |
| &nbsp;&nbsp; NIKE, Cl B  | 1329 | 74956 |
| &nbsp;&nbsp; NVR \* | 31 | 220898 |
| &nbsp;&nbsp; O'Reilly Automotive \* | 3126 | 4423915 |
| &nbsp;&nbsp; Pool  | 100 | 29314 |
| &nbsp;&nbsp; Ross Stores  | 1696 | 235744 |
| &nbsp;&nbsp; Royal Caribbean Cruises  | 1048 | 225226 |
| &nbsp;&nbsp; Starbucks  | 1178 | 94299 |
| &nbsp;&nbsp; Tesla \* | 7081 | 1997975 |
| &nbsp;&nbsp; TJX  | 2440 | 313979 |
| &nbsp;&nbsp; Tractor Supply  | 800 | 40496 |
| &nbsp;&nbsp; Ulta Beauty \* | 193 | 76359 |
| &nbsp;&nbsp; Wingstop  | 320 | 84445 |
| &nbsp;&nbsp; Yum! Brands  | 877 | 131936 |
|  |  | 56050874 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **CONSUMER STAPLES — 5.7%** | **CONSUMER STAPLES — 5.7%** | **CONSUMER STAPLES — 5.7%** |
| &nbsp;&nbsp; Coca-Cola  | 114442 | $8302767 |
| &nbsp;&nbsp; Coca-Cola Europacific Partners  | 22472 | 2039109 |
| &nbsp;&nbsp; Colgate-Palmolive  | 1840 | 169630 |
| &nbsp;&nbsp; Costco Wholesale  | 5739 | 5707435 |
| &nbsp;&nbsp; Kenvue  | 207035 | 4886026 |
| &nbsp;&nbsp; Keurig Dr Pepper  | 11362 | 393012 |
| &nbsp;&nbsp; Kimberly-Clark  | 1821 | 239971 |
| &nbsp;&nbsp; Lamb Weston Holdings  | 400 | 21124 |
| &nbsp;&nbsp; Mondelez International, Cl A  | 1845 | 125700 |
| &nbsp;&nbsp; Monster Beverage \* | 30097 | 1809432 |
| &nbsp;&nbsp; PepsiCo  | 2646 | 358745 |
| &nbsp;&nbsp; Sysco  | 70470 | 5031558 |
| &nbsp;&nbsp; Target  | 761 | 73589 |
| &nbsp;&nbsp; Unilever ADR  | 74639 | 4743308 |
| &nbsp;&nbsp; US Foods Holding \* | 106482 | 6991608 |
| &nbsp;&nbsp; Walmart  | 12695 | 1234589 |
|  |  | 42127603 |
|  **ENERGY — 3.5%** | **ENERGY — 3.5%** | **ENERGY — 3.5%** |
| &nbsp;&nbsp; Baker Hughes, Cl A  | 1300 | 46020 |
| &nbsp;&nbsp; Cenovus Energy  | 201456 | 2371137 |
| &nbsp;&nbsp; Chesapeake Energy  | 968 | 100575 |
| &nbsp;&nbsp; Chevron  | 4476 | 609004 |
| &nbsp;&nbsp; ConocoPhillips  | 58401 | 5204697 |
| &nbsp;&nbsp; Diamondback Energy  | 35326 | 4663385 |
| &nbsp;&nbsp; EOG Resources  | 1993 | 219888 |
| &nbsp;&nbsp; Equities  | 2027 | 100215 |
| &nbsp;&nbsp; Exxon Mobil  | 11054 | 1167634 |
| &nbsp;&nbsp; Hess  | 315 | 40651 |
| &nbsp;&nbsp; Marathon Petroleum  | 26063 | 3581317 |
| &nbsp;&nbsp; ONEOK  | 39972 | 3284100 |
| &nbsp;&nbsp; Phillips 66  | 1419 | 147661 |
| &nbsp;&nbsp; Schlumberger  | 110434 | 3671931 |
| &nbsp;&nbsp; Targa Resources  | 1282 | 219094 |
| &nbsp;&nbsp; Texas Pacific Land  | 52 | 67021 |
| &nbsp;&nbsp; Valero Energy  | 1979 | 229742 |
| &nbsp;&nbsp; Williams  | 4785 | 280257 |
|  |  | 26004329 |
|  **FINANCIALS — 16.5%** | **FINANCIALS — 16.5%** | **FINANCIALS — 16.5%** |
| &nbsp;&nbsp; Allstate  | 19254 | 3819801 |
| &nbsp;&nbsp; American Express  | 17915 | 4772735 |
| &nbsp;&nbsp; American International Group  | 3103 | 252957 |
| &nbsp;&nbsp; Aon, Cl A  | 10462 | 3711813 |
| &nbsp;&nbsp; Apollo Global Management  | 29156 | 3979211 |
| &nbsp;&nbsp; Ares Management, Cl A  | 948 | 144598 |
| &nbsp;&nbsp; Arthur J Gallagher  | 5678 | 1820878 |
| &nbsp;&nbsp; Axis Capital Holdings  | 1189 | 114524 |
| &nbsp;&nbsp; Bank of America  | 24417 | 973750 |
| &nbsp;&nbsp; Bank of New York Mellon  | 2554 | 205367 |
| &nbsp;&nbsp; Berkshire Hathaway, Cl B \* | 20178 | 10759918 |
| &nbsp;&nbsp; Block, Cl A \* | 2200 | 128634 |
| &nbsp;&nbsp; Blue Owl Capital, Cl A  | 41117 | 761898 |

---

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

*75*

**CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** | **FINANCIALS— continued** |
| &nbsp;&nbsp; Capital One Financial  | 972 | $| 175213 |
| &nbsp;&nbsp; Cboe Global Markets  | 451 |  | 100032 |
| &nbsp;&nbsp; Charles Schwab  | 40917 |  | 3330644 |
| &nbsp;&nbsp; Chubb  | 7945 |  | 2272906 |
| &nbsp;&nbsp; Citigroup  | 8313 |  | 568443 |
| &nbsp;&nbsp; CME Group, Cl A  | 1413 |  | 391514 |
| &nbsp;&nbsp; Corebridge Financial  | 6048 |  | 179202 |
| &nbsp;&nbsp; Corpay \* | 13101 |  | 4262672 |
| &nbsp;&nbsp; Discover Financial Services  | 16242 |  | 2966926 |
| &nbsp;&nbsp; Equitable Holdings  | 2328 |  | 115120 |
| &nbsp;&nbsp; Everest Group  | 6542 |  | 2347466 |
| &nbsp;&nbsp; Fidelity National Information Services  | 55076 |  | 4344395 |
| &nbsp;&nbsp; Fifth Third Bancorp  | 3723 |  | 133805 |
| &nbsp;&nbsp; Fiserv \* | 2869 |  | 529531 |
| &nbsp;&nbsp; Global Payments  | 915 |  | 69824 |
| &nbsp;&nbsp; Goldman Sachs Group  | 4639 |  | 2540084 |
| &nbsp;&nbsp; Hartford Financial Services Group  | 2345 |  | 287661 |
| &nbsp;&nbsp; Huntington Bancshares  | 263715 |  | 3831779 |
| &nbsp;&nbsp; Intercontinental Exchange  | 9839 |  | 1652657 |
| &nbsp;&nbsp; JPMorgan Chase  | 52283 |  | 12789468 |
| &nbsp;&nbsp; KeyCorp  | 6100 |  | 90524 |
| &nbsp;&nbsp; LPL Financial Holdings  | 13736 |  | 4392635 |
| &nbsp;&nbsp; Marsh & McLennan  | 1591 |  | 358723 |
| &nbsp;&nbsp; Mastercard, Cl A  | 16249 |  | 8905427 |
| &nbsp;&nbsp; MetLife  | 3789 |  | 285577 |
| &nbsp;&nbsp; Moody's  | 20306 |  | 9201055 |
| &nbsp;&nbsp; Morgan Stanley  | 32334 |  | 3731990 |
| &nbsp;&nbsp; Popular  | 653 |  | 62309 |
| &nbsp;&nbsp; Progressive  | 889 |  | 250467 |
| &nbsp;&nbsp; RenaissanceRe Holdings  | 1079 |  | 261042 |
| &nbsp;&nbsp; S&P Global  | 973 |  | 486549 |
| &nbsp;&nbsp; State Street  | 1808 |  | 159285 |
| &nbsp;&nbsp; TPG, Cl A  | 2564 |  | 119098 |
| &nbsp;&nbsp; Tradeweb Markets, Cl A  | 781 |  | 108012 |
| &nbsp;&nbsp; Travelers  | 161 |  | 42525 |
| &nbsp;&nbsp; Truist Financial  | 842 |  | 32282 |
| &nbsp;&nbsp; Visa, Cl A  | 40539 |  | 14006225 |
| &nbsp;&nbsp; Voya Financial  | 2467 |  | 146046 |
| &nbsp;&nbsp; Wells Fargo  | 65942 |  | 4682541 |
| &nbsp;&nbsp; Western Alliance Bancorp  | 794 |  | 55350 |
|  |  |  | 121713088 |
|  **HEALTH CARE — 8.1%** | **HEALTH CARE — 8.1%** | **HEALTH CARE — 8.1%** | **HEALTH CARE — 8.1%** |
| &nbsp;&nbsp; Boston Scientific \* | 5720 |  | 588416 |
| &nbsp;&nbsp; Cencora, Cl A  | 28097 |  | 8223149 |
| &nbsp;&nbsp; Centene \* | 18503 |  | 1107405 |
| &nbsp;&nbsp; Cigna Group  | 4872 |  | 1656675 |
| &nbsp;&nbsp; CVS Health  | 3376 |  | 225213 |
| &nbsp;&nbsp; Elevance Health  | 6896 |  | 2900320 |
| &nbsp;&nbsp; Humana  | 13628 |  | 3573807 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** | **HEALTH CARE— continued** |
| &nbsp;&nbsp; IDEXX Laboratories \* | 8651 | $| 3742855 |
| &nbsp;&nbsp; Intuitive Surgical \* | 1357 |  | 699941 |
| &nbsp;&nbsp; McKesson  | 12001 |  | 8554193 |
| &nbsp;&nbsp; Medtronic  | 62358 |  | 5285464 |
| &nbsp;&nbsp; Mettler-Toledo International \* | 7120 |  | 7622458 |
| &nbsp;&nbsp; Molina Healthcare \* | 379 |  | 123937 |
| &nbsp;&nbsp; Quest Diagnostics  | 21261 |  | 3789135 |
| &nbsp;&nbsp; Stryker  | 22695 |  | 8486114 |
| &nbsp;&nbsp; Veeva Systems, Cl A \* | 7506 |  | 1754077 |
| &nbsp;&nbsp; West Pharmaceutical Services  | 5519 |  | 1166109 |
| &nbsp;&nbsp; Zimmer Biomet Holdings  | 1375 |  | 141694 |
|  |  |  | 59640962 |
|  **INDUSTRIALS — 11.9%** | **INDUSTRIALS — 11.9%** | **INDUSTRIALS — 11.9%** | **INDUSTRIALS — 11.9%** |
| &nbsp;&nbsp; Allegion  | 10702 |  | 1489718 |
| &nbsp;&nbsp; AMETEK  | 51394 |  | 8715395 |
| &nbsp;&nbsp; Booz Allen Hamilton Holding, Cl A  | 418 |  | 50168 |
| &nbsp;&nbsp; Builders FirstSource \* | 6483 |  | 775561 |
| &nbsp;&nbsp; Canadian National Railway  | 1029 |  | 99628 |
| &nbsp;&nbsp; Carrier Global  | 2697 |  | 168670 |
| &nbsp;&nbsp; Caterpillar  | 539 |  | 166697 |
| &nbsp;&nbsp; CH Robinson Worldwide  | 16454 |  | 1468026 |
| &nbsp;&nbsp; Cintas  | 866 |  | 183315 |
| &nbsp;&nbsp; Copart \* | 69181 |  | 4222116 |
| &nbsp;&nbsp; CSX  | 8111 |  | 227676 |
| &nbsp;&nbsp; Cummins  | 1016 |  | 298541 |
| &nbsp;&nbsp; Dayforce \* | 1800 |  | 104166 |
| &nbsp;&nbsp; Deere  | 827 |  | 383364 |
| &nbsp;&nbsp; Dover  | 1307 |  | 223040 |
| &nbsp;&nbsp; Emerson Electric  | 17087 |  | 1796015 |
| &nbsp;&nbsp; Equifax  | 27603 |  | 7180368 |
| &nbsp;&nbsp; Esab  | 779 |  | 93573 |
| &nbsp;&nbsp; Fastenal  | 1135 |  | 91901 |
| &nbsp;&nbsp; FedEx  | 476 |  | 100117 |
| &nbsp;&nbsp; Ferguson Enterprises  | 1107 |  | 187814 |
| &nbsp;&nbsp; Fortive  | 46391 |  | 3232989 |
| &nbsp;&nbsp; GE Vernova  | 767 |  | 284419 |
| &nbsp;&nbsp; General Electric  | 20389 |  | 4109199 |
| &nbsp;&nbsp; HEICO  | 10452 |  | 2620944 |
| &nbsp;&nbsp; Howmet Aerospace  | 1534 |  | 212582 |
| &nbsp;&nbsp; Hubbell, Cl B  | 708 |  | 257131 |
| &nbsp;&nbsp; Ingersoll Rand  | 1485 |  | 112014 |
| &nbsp;&nbsp; Johnson Controls International  | 1314 |  | 110245 |
| &nbsp;&nbsp; KBR  | 28937 |  | 1528163 |
| &nbsp;&nbsp; Middleby \* | 200 |  | 26670 |
| &nbsp;&nbsp; Norfolk Southern  | 32277 |  | 7231662 |
| &nbsp;&nbsp; Old Dominion Freight Line  | 1991 |  | 305180 |
| &nbsp;&nbsp; Rockwell Automation  | 1017 |  | 251891 |
| &nbsp;&nbsp; Saia \* | 712 |  | 173728 |
| &nbsp;&nbsp; SiteOne Landscape Supply \* | 316 |  | 36280 |
| &nbsp;&nbsp; SS&C Technologies Holdings  | 576 |  | 43546 |

---

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

*76*

**CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **INDUSTRIALS— continued** | **INDUSTRIALS— continued** | **INDUSTRIALS— continued** | **INDUSTRIALS— continued** |
| &nbsp;&nbsp; Stanley Black & Decker  | 3912 | $| 234798 |
| &nbsp;&nbsp; Trane Technologies  | 491 |  | 188205 |
| &nbsp;&nbsp; TransDigm Group  | 10257 |  | 14493859 |
| &nbsp;&nbsp; TransUnion  | 33831 |  | 2806620 |
| &nbsp;&nbsp; Trex \* | 700 |  | 40474 |
| &nbsp;&nbsp; Uber Technologies \* | 98546 |  | 7983211 |
| &nbsp;&nbsp; United Airlines Holdings \* | 22700 |  | 1562214 |
| &nbsp;&nbsp; United Rentals  | 6956 |  | 4392366 |
| &nbsp;&nbsp; Veralto  | 43117 |  | 4134920 |
| &nbsp;&nbsp; Verisk Analytics, Cl A  | 521 |  | 154440 |
| &nbsp;&nbsp; Vertiv Holdings, Cl A  | 1300 |  | 110994 |
| &nbsp;&nbsp; Waste Connections  | 926 |  | 183005 |
| &nbsp;&nbsp; Waste Management  | 826 |  | 192755 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies  | 14349 |  | 2650834 |
| &nbsp;&nbsp; Xylem  | 1114 |  | 134315 |
|  |  |  | 87825522 |
|  **INFORMATION TECHNOLOGY — 30.9%** | **INFORMATION TECHNOLOGY — 30.9%** | **INFORMATION TECHNOLOGY — 30.9%** | **INFORMATION TECHNOLOGY — 30.9%** |
| &nbsp;&nbsp; Accenture, Cl A  | 3729 |  | 1115530 |
| &nbsp;&nbsp; Adobe \* | 13315 |  | 4992859 |
| &nbsp;&nbsp; Advanced Micro Devices \* | 5600 |  | 545160 |
| &nbsp;&nbsp; Amphenol, Cl A  | 94564 |  | 7276700 |
| &nbsp;&nbsp; Analog Devices  | 28568 |  | 5568475 |
| &nbsp;&nbsp; Apple  | 149503 |  | 31769388 |
| &nbsp;&nbsp; Applied Materials  | 19977 |  | 3010734 |
| &nbsp;&nbsp; Arista Networks \* | 1470 |  | 120937 |
| &nbsp;&nbsp; Autodesk \* | 569 |  | 156048 |
| &nbsp;&nbsp; Broadcom  | 82619 |  | 15901679 |
| &nbsp;&nbsp; Cadence Design Systems \* | 1386 |  | 412668 |
| &nbsp;&nbsp; CDW  | 633 |  | 101634 |
| &nbsp;&nbsp; Cisco Systems  | 8502 |  | 490820 |
| &nbsp;&nbsp; Crowdstrike Holdings, Cl A \* | 453 |  | 194278 |
| &nbsp;&nbsp; Datadog, Cl A \* | 26132 |  | 2669645 |
| &nbsp;&nbsp; Dell Technologies, Cl C  | 30787 |  | 2825015 |
| &nbsp;&nbsp; Descartes Systems Group \* | 386 |  | 40681 |
| &nbsp;&nbsp; Dynatrace \* | 1818 |  | 85391 |
| &nbsp;&nbsp; Fair Isaac \* | 112 |  | 222844 |
| &nbsp;&nbsp; First Solar \* | 1185 |  | 149097 |
| &nbsp;&nbsp; Flex \* | 81561 |  | 2800805 |
| &nbsp;&nbsp; Fortinet \* | 3170 |  | 328919 |
| &nbsp;&nbsp; Gen Digital  | 8323 |  | 215316 |
| &nbsp;&nbsp; HubSpot \* | 45 |  | 27517 |
| &nbsp;&nbsp; International Business Machines  | 1269 |  | 306870 |
| &nbsp;&nbsp; Intuit  | 21133 |  | 13260323 |
| &nbsp;&nbsp; Keysight Technologies \* | 22789 |  | 3313521 |
| &nbsp;&nbsp; KLA  | 416 |  | 292319 |
| &nbsp;&nbsp; Lam Research  | 21105 |  | 1512595 |
| &nbsp;&nbsp; Marvell Technology  | 800 |  | 46696 |
| &nbsp;&nbsp; Microchip Technology  | 41852 |  | 1928540 |
| &nbsp;&nbsp; Micron Technology  | 27740 |  | 2134593 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** | **INFORMATION TECHNOLOGY— continued** |
| &nbsp;&nbsp; Microsoft  | 108256 | $| 42789267 |
| &nbsp;&nbsp; Monday.com \* | 139 |  | 39058 |
| &nbsp;&nbsp; Monolithic Power Systems  | 419 |  | 248509 |
| &nbsp;&nbsp; NVIDIA  | 242652 |  | 26429656 |
| &nbsp;&nbsp; NXP Semiconductors  | 14555 |  | 2682632 |
| &nbsp;&nbsp; Okta, Cl A \* | 532 |  | 59669 |
| &nbsp;&nbsp; Oracle  | 80633 |  | 11346676 |
| &nbsp;&nbsp; Palantir Technologies, Cl A \* | 4860 |  | 575618 |
| &nbsp;&nbsp; Palo Alto Networks \* | 11396 |  | 2130254 |
| &nbsp;&nbsp; Pure Storage, Cl A \* | 1767 |  | 80151 |
| &nbsp;&nbsp; QUALCOMM  | 4144 |  | 615218 |
| &nbsp;&nbsp; Roper Technologies  | 10226 |  | 5727378 |
| &nbsp;&nbsp; Salesforce  | 51938 |  | 13956260 |
| &nbsp;&nbsp; Sandisk \* | 820 |  | 26330 |
| &nbsp;&nbsp; SAP ADR  | 30884 |  | 9023996 |
| &nbsp;&nbsp; ServiceNow \* | 4487 |  | 4285130 |
| &nbsp;&nbsp; Shopify, Cl A \* | 224 |  | 21280 |
| &nbsp;&nbsp; Synopsys \* | 324 |  | 148719 |
| &nbsp;&nbsp; Teledyne Technologies \* | 555 |  | 258647 |
| &nbsp;&nbsp; Texas Instruments  | 1011 |  | 161811 |
| &nbsp;&nbsp; Trimble \* | 28342 |  | 1761172 |
| &nbsp;&nbsp; Tyler Technologies \* | 4032 |  | 2190586 |
| &nbsp;&nbsp; Western Digital \* | 1062 |  | 46579 |
| &nbsp;&nbsp; Workday, Cl A \* | 300 |  | 73500 |
|  |  |  | 228495693 |
|  **MATERIALS — 4.5%** | **MATERIALS — 4.5%** | **MATERIALS — 4.5%** | **MATERIALS — 4.5%** |
| &nbsp;&nbsp; Avery Dennison  | 337 |  | 57664 |
| &nbsp;&nbsp; CF Industries Holdings  | 570 |  | 44671 |
| &nbsp;&nbsp; Corteva  | 1665 |  | 103213 |
| &nbsp;&nbsp; CRH  | 71312 |  | 6804591 |
| &nbsp;&nbsp; Franco-Nevada  | 983 |  | 168860 |
| &nbsp;&nbsp; Freeport-McMoRan  | 64086 |  | 2309019 |
| &nbsp;&nbsp; International Paper  | 3161 |  | 144395 |
| &nbsp;&nbsp; Kinross Gold  | 325490 |  | 4804232 |
| &nbsp;&nbsp; Linde  | 31433 |  | 14246379 |
| &nbsp;&nbsp; Martin Marietta Materials  | 3544 |  | 1856985 |
| &nbsp;&nbsp; Mosaic  | 4250 |  | 129200 |
| &nbsp;&nbsp; Packaging Corp of America  | 263 |  | 48816 |
| &nbsp;&nbsp; RPM International  | 193 |  | 20603 |
| &nbsp;&nbsp; Sherwin-Williams  | 738 |  | 260455 |
| &nbsp;&nbsp; Smurfit WestRock  | 42462 |  | 1784253 |
| &nbsp;&nbsp; Steel Dynamics  | 1299 |  | 168493 |
| &nbsp;&nbsp; Vulcan Materials  | 613 |  | 160808 |
| &nbsp;&nbsp; West Fraser Timber  | 1500 |  | 110970 |
|  |  |  | 33223607 |
|  **REAL ESTATE — 1.1%** | **REAL ESTATE — 1.1%** | **REAL ESTATE — 1.1%** | **REAL ESTATE — 1.1%** |
| &nbsp;&nbsp; American Tower <sup>‡</sup> | 27542 |  | 6208242 |
| &nbsp;&nbsp; AvalonBay Communities <sup>‡</sup> | 497 |  | 104360 |
| &nbsp;&nbsp; Camden Property Trust <sup>‡</sup> | 449 |  | 51096 |
| &nbsp;&nbsp; CBRE Group, Cl A \* | 822 |  | 100432 |
| &nbsp;&nbsp; CoStar Group \* | 1212 |  | 89894 |

---

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

*77*

**CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **REAL ESTATE— continued** | **REAL ESTATE— continued** | **REAL ESTATE— continued** |
| &nbsp;&nbsp; Crown Castle International <sup>‡</sup> | 821 | $86829 |
| &nbsp;&nbsp; CubeSmart <sup>‡</sup> | 1089 | 44290 |
| &nbsp;&nbsp; Equinix <sup>‡</sup> | 421 | 362376 |
| &nbsp;&nbsp; Equity Residential <sup>‡</sup> | 1123 | 78902 |
| &nbsp;&nbsp; Essex Property Trust <sup>‡</sup> | 394 | 109985 |
| &nbsp;&nbsp; Kimco Realty <sup>‡</sup> | 3332 | 66573 |
| &nbsp;&nbsp; Prologis <sup>‡</sup> | 3108 | 317638 |
| &nbsp;&nbsp; Public Storage <sup>‡</sup> | 458 | 137597 |
| &nbsp;&nbsp; Regency Centers <sup>‡</sup> | 907 | 65467 |
| &nbsp;&nbsp; Rexford Industrial Realty <sup>‡</sup> | 5433 | 179832 |
| &nbsp;&nbsp; Simon Property Group <sup>‡</sup> | 696 | 109537 |
| &nbsp;&nbsp; Sun Communities <sup>‡</sup> | 826 | 102779 |
| &nbsp;&nbsp; Welltower <sup>‡</sup> | 1959 | 298924 |
|  |  | 8514753 |
|  **UTILITIES — 2.5%** | **UTILITIES — 2.5%** | **UTILITIES — 2.5%** |
| &nbsp;&nbsp; Atmos Energy  | 1323 | 212513 |
| &nbsp;&nbsp; CenterPoint Energy  | 140219 | 5437693 |
| &nbsp;&nbsp; CMS Energy  | 2089 | 153855 |
| &nbsp;&nbsp; Consolidated Edison  | 2051 | 231250 |
| &nbsp;&nbsp; Constellation Energy  | 1649 | 368453 |
| &nbsp;&nbsp; Dominion Energy  | 2140 | 116373 |
| &nbsp;&nbsp; Entergy  | 32306 | 2686890 |
| &nbsp;&nbsp; Exelon  | 7162 | 335898 |
| &nbsp;&nbsp; FirstEnergy  | 129942 | 5571913 |
| &nbsp;&nbsp; NextEra Energy  | 50065 | 3348347 |
| &nbsp;&nbsp; PG&E  | 11772 | 194473 |
| &nbsp;&nbsp; Sempra  | 400 | 29708 |
| &nbsp;&nbsp; Southern  | 2083 | 191407 |
|  |  | 18878773 |
| &nbsp;&nbsp; Total Common Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $598,462,626)  |  | 733436723 |
| &nbsp;&nbsp; Total Investments in Securities— 99.2% | &nbsp;&nbsp; Total Investments in Securities— 99.2% |  |
| &nbsp;&nbsp;&nbsp; (Cost $598,462,626) |  | $733436723 |

---

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

\* Non-income producing security. <br> <sup>‡</sup> Real Estate Investment Trust.

ADR — American Depositary Receipt <br> Cl — Class

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

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.*

*78*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 96.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 96.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 96.6%** |
|  | **Shares** | **Value** |
|  **AUSTRALIA — 0.9%** | **AUSTRALIA — 0.9%** | **AUSTRALIA — 0.9%** |
|  **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** |
| &nbsp;&nbsp; Atlassian, Cl A \* | 53654 | $12249745 |
|  **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** |
| &nbsp;&nbsp; Sandfire Resources \* | 784618 | 4991671 |
|  |  | 17241416 |
|  **AUSTRIA — 0.4%** | **AUSTRIA — 0.4%** | **AUSTRIA — 0.4%** |
|  **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** |
| &nbsp;&nbsp; Erste Group Bank  | 112047 | 7614137 |
|  **BELGIUM — 1.0%** | **BELGIUM — 1.0%** | **BELGIUM — 1.0%** |
|  **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** |
| &nbsp;&nbsp; Anheuser-Busch InBev  | 207348 | 13713157 |
|  **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| &nbsp;&nbsp; Syensqo  | 55894 | 4012021 |
|  |  | 17725178 |
|  **BERMUDA — 1.0%** | **BERMUDA — 1.0%** | **BERMUDA — 1.0%** |
|  **Financials — 1.0%** | **Financials — 1.0%** | **Financials — 1.0%** |
| &nbsp;&nbsp; Arch Capital Group  | 202952 | 18403687 |
|  **BRAZIL — 1.4%** | **BRAZIL — 1.4%** | **BRAZIL — 1.4%** |
|  **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| &nbsp;&nbsp; C&A MODAS  | 192000 | 449359 |
| &nbsp;&nbsp; Cury Construtora e Incorporadora  | 126000 | 610036 |
| &nbsp;&nbsp; Cyrela Brazil Realty Empreendimentos e Participacoes  | 134800 | 591450 |
| &nbsp;&nbsp; Direcional Engenharia  | 97900 | 625471 |
| &nbsp;&nbsp; Vibra Energia  | 425700 | 1408373 |
|  |  | 3684689 |
|  **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| &nbsp;&nbsp; JBS  | 261100 | 2022333 |
|  **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** |
| &nbsp;&nbsp; Banco do Brasil  | 394600 | 2010150 |
| &nbsp;&nbsp; BB Seguridade Participacoes  | 114800 | 862815 |
| &nbsp;&nbsp; NU Holdings, Cl A \* | 1092787 | 13583342 |
|  |  | 16456307 |
|  **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| &nbsp;&nbsp; Embraer ADR \* | 23881 | 1097093 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **BRAZIL — continued** | **BRAZIL — continued** | **BRAZIL — continued** |
|  **Industrials— continued** | **Industrials— continued** | **Industrials— continued** |
| &nbsp;&nbsp; Localiza Rent a Car  | 365286 | 2777036 |
|  |  | 3874129 |
|  **Utilities — 0.0%** | **Utilities — 0.0%** | **Utilities — 0.0%** |
| &nbsp;&nbsp; Cia de Saneamento de Minas Gerais Copasa MG  | 39500 | 149379 |
|  |  | 26186837 |
|  **CANADA — 4.2%** | **CANADA — 4.2%** | **CANADA — 4.2%** |
|  **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** |
| &nbsp;&nbsp; Dollarama  | 93182 | 11474885 |
|  **Energy — 0.2%** | **Energy — 0.2%** | **Energy — 0.2%** |
| &nbsp;&nbsp; Tourmaline Oil, Cl Common Subs. Receipt  | 99400 | 4382437 |
|  **Industrials — 3.1%** | **Industrials — 3.1%** | **Industrials — 3.1%** |
| &nbsp;&nbsp; Canadian Pacific Kansas City (CAD)  | 351202 | 25458522 |
| &nbsp;&nbsp; Canadian Pacific Kansas City (USD)  | 258603 | 18740959 |
| &nbsp;&nbsp; Waste Connections  | 63566 | 12562549 |
|  |  | 56762030 |
|  **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** |
| &nbsp;&nbsp; Barrick Gold  | 237700 | 4524095 |
|  |  | 77143447 |
|  **CHINA — 7.7%** | **CHINA — 7.7%** | **CHINA — 7.7%** |
|  **Communication Services — 2.8%** | **Communication Services — 2.8%** | **Communication Services — 2.8%** |
| &nbsp;&nbsp; Hello Group ADR  | 83946 | 479332 |
| &nbsp;&nbsp; Tencent Holdings  | 796594 | 48797805 |
| &nbsp;&nbsp; Tencent Music Entertainment Group ADR  | 91378 | 1226293 |
| &nbsp;&nbsp; Weibo ADR  | 113502 | 919366 |
|  |  | 51422796 |
|  **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** |
| &nbsp;&nbsp; Alibaba Group Holding ADR  | 59023 | 7049117 |
| &nbsp;&nbsp; Atour Lifestyle Holdings ADR  | 26811 | 655261 |
| &nbsp;&nbsp; BYD, Cl H  | 55000 | 2612597 |
| &nbsp;&nbsp; Gree Electric Appliances of Zhuhai, Cl A  | 90600 | 568497 |
| &nbsp;&nbsp; Guangdong Xinbao Electrical Appliances Holdings, Cl A  | 280200 | 533821 |
| &nbsp;&nbsp; JD.com ADR  | 80487 | 2625486 |
| &nbsp;&nbsp; JD.com, Cl A  | 724850 | 11802963 |
| &nbsp;&nbsp; Meituan, Cl B \* | 1120400 | 18553106 |
| &nbsp;&nbsp; Pop Mart International Group  | 109000 | 2718913 |
| &nbsp;&nbsp; Vipshop Holdings ADR  | 48284 | 657628 |
| &nbsp;&nbsp; Yum China Holdings  | 229480 | 9938779 |
|  |  | 57716168 |

---

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

*79*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **CHINA — continued** | **CHINA — continued** | **CHINA — continued** |
|  **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| &nbsp;&nbsp; Kweichow Moutai, Cl A  | 11500 | $2450081 |
|  **Financials — 1.2%** | **Financials — 1.2%** | **Financials — 1.2%** |
| &nbsp;&nbsp; China Construction Bank, Cl H  | 8073921 | 6632914 |
| &nbsp;&nbsp; China Galaxy Securities, Cl H  | 2120500 | 1926552 |
| &nbsp;&nbsp; China Life Insurance, Cl H  | 627000 | 1146036 |
| &nbsp;&nbsp; Industrial & Commercial Bank of China, Cl H  | 1123000 | 769358 |
| &nbsp;&nbsp; New China Life Insurance, Cl H  | 296100 | 1081456 |
| &nbsp;&nbsp; People's Insurance Group of China, Cl H  | 1399000 | 828047 |
| &nbsp;&nbsp; Ping An Insurance Group of China, Cl H  | 736500 | 4408491 |
| &nbsp;&nbsp; Qifu Technology ADR  | 68543 | 2812319 |
|  |  | 19605173 |
|  **Health Care — 0.0%** | **Health Care — 0.0%** | **Health Care — 0.0%** |
| &nbsp;&nbsp; Sinopharm Group, Cl H  | 283200 | 667509 |
|  **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| &nbsp;&nbsp; China Railway Group, Cl H  | 2140000 | 920876 |
| &nbsp;&nbsp; COSCO SHIPPING Holdings, Cl H  | 1073700 | 1620440 |
| &nbsp;&nbsp; Yutong Bus, Cl A  | 244800 | 904651 |
|  |  | 3445967 |
|  **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** |
| &nbsp;&nbsp; Hengtong Optic-electric, Cl A  | 261500 | 555830 |
| &nbsp;&nbsp; Xiaomi, Cl B \* | 473000 | 3028594 |
|  |  | 3584424 |
|  **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| &nbsp;&nbsp; China Hongqiao Group  | 853000 | 1531325 |
| &nbsp;&nbsp; China Lumena New Materials \*(A) | 15350 |  |
| &nbsp;&nbsp; Jiangxi Copper, Cl H  | 166000 | 278962 |
| &nbsp;&nbsp; Yunnan Yuntianhua, Cl A  | 239000 | 735132 |
| &nbsp;&nbsp; Zhejiang NHU, Cl A  | 646079 | 1967604 |
|  |  | 4513023 |
|  |  | 143405141 |
|  **DENMARK — 0.1%** | **DENMARK — 0.1%** | **DENMARK — 0.1%** |
|  **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** |
| &nbsp;&nbsp; Coloplast, Cl B  | 14168 | 1609046 |
|  **FRANCE — 9.3%** | **FRANCE — 9.3%** | **FRANCE — 9.3%** |
|  **Consumer Discretionary — 2.0%** | **Consumer Discretionary — 2.0%** | **Consumer Discretionary — 2.0%** |
| &nbsp;&nbsp; Hermes International  | 2630 | 7257879 |
| &nbsp;&nbsp; Kering (B) | 124194 | 25354603 |
| &nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton  | 7096 | 3944218 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **FRANCE — continued** | **FRANCE — continued** | **FRANCE — continued** |
|  **Consumer Discretionary— continued** | **Consumer Discretionary— continued** | **Consumer Discretionary— continued** |
| &nbsp;&nbsp; Sodexo  | 13535 | 862118 |
|  |  | 37418818 |
|  **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** |
| &nbsp;&nbsp; Danone  | 87319 | 7539361 |
| &nbsp;&nbsp; L'Oreal  | 20469 | 9075690 |
|  |  | 16615051 |
|  **Energy — 0.2%** | **Energy — 0.2%** | **Energy — 0.2%** |
| &nbsp;&nbsp; Technip Energies  | 81566 | 2792953 |
|  **Financials — 2.4%** | **Financials — 2.4%** | **Financials — 2.4%** |
| &nbsp;&nbsp; AXA  | 363791 | 17265075 |
| &nbsp;&nbsp; BNP Paribas  | 189307 | 16095120 |
| &nbsp;&nbsp; Societe Generale  | 127451 | 6668050 |
| &nbsp;&nbsp; Worldline \* | 524863 | 2918034 |
|  |  | 42946279 |
|  **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| &nbsp;&nbsp; Ipsen  | 28951 | 3378687 |
|  **Industrials — 2.6%** | **Industrials — 2.6%** | **Industrials — 2.6%** |
| &nbsp;&nbsp; Alstom \* | 1008035 | 24427030 |
| &nbsp;&nbsp; Cie de Saint-Gobain  | 126099 | 13756443 |
| &nbsp;&nbsp; Rexel  | 103538 | 2886566 |
| &nbsp;&nbsp; Schneider Electric  | 34143 | 8004839 |
|  |  | 49074878 |
|  **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** |
| &nbsp;&nbsp; Capgemini  | 50684 | 8119685 |
| &nbsp;&nbsp; Dassault Systemes  | 118491 | 4455876 |
|  |  | 12575561 |
|  **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| &nbsp;&nbsp; Air Liquide  | 38822 | 8004545 |
|  |  | 172806772 |
|  **GERMANY — 9.7%** | **GERMANY — 9.7%** | **GERMANY — 9.7%** |
|  **Communication Services — 1.7%** | **Communication Services — 1.7%** | **Communication Services — 1.7%** |
| &nbsp;&nbsp; Deutsche Telekom  | 885725 | 31922604 |
|  **Financials — 1.1%** | **Financials — 1.1%** | **Financials — 1.1%** |
| &nbsp;&nbsp; Deutsche Bank  | 275653 | 7252605 |
| &nbsp;&nbsp; Deutsche Boerse  | 13202 | 4266927 |
| &nbsp;&nbsp; Hannover Rueck  | 28203 | 9084331 |
|  |  | 20603863 |
|  **Industrials — 2.3%** | **Industrials — 2.3%** | **Industrials — 2.3%** |
| &nbsp;&nbsp; Daimler Truck Holding  | 236692 | 9542203 |
| &nbsp;&nbsp; Siemens Energy \* | 426735 | 33050403 |
|  |  | 42592606 |
|  **Information Technology — 3.6%** | **Information Technology — 3.6%** | **Information Technology — 3.6%** |
| &nbsp;&nbsp; Infineon Technologies  | 407459 | 13542754 |

---

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

*80*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **GERMANY — continued** | **GERMANY — continued** | **GERMANY — continued** |
|  **Information Technology— continued** | **Information Technology— continued** | **Information Technology— continued** |
| &nbsp;&nbsp; Nemetschek  | 105334 | 14045485 |
| &nbsp;&nbsp; SAP  | 128101 | 37609969 |
|  |  | 65198208 |
|  **Materials — 0.7%** | **Materials — 0.7%** | **Materials — 0.7%** |
| &nbsp;&nbsp; Heidelberg Materials  | 22173 | 4447945 |
| &nbsp;&nbsp; LANXESS  | 310842 | 9364851 |
|  |  | 13812796 |
|  **Utilities — 0.3%** | **Utilities — 0.3%** | **Utilities — 0.3%** |
| &nbsp;&nbsp; E.ON  | 311350 | 5464134 |
| &nbsp;&nbsp; RWE  | 1067 | 41579 |
|  |  | 5505713 |
|  |  | 179635790 |
|  **GREECE — 0.5%** | **GREECE — 0.5%** | **GREECE — 0.5%** |
|  **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** |
| &nbsp;&nbsp; FF Group \*(A)  | 8921 |  |
|  **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** |
| &nbsp;&nbsp; National Bank of Greece  | 654729 | 6972874 |
| &nbsp;&nbsp; Piraeus Financial Holdings  | 350425 | 1974776 |
|  |  | 8947650 |
|  |  | 8947650 |
|  **HONG KONG — 1.4%** | **HONG KONG — 1.4%** | **HONG KONG — 1.4%** |
|  **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| &nbsp;&nbsp; Geely Automobile Holdings  | 339000 | 711746 |
|  **Consumer Staples — 0.0%** | **Consumer Staples — 0.0%** | **Consumer Staples — 0.0%** |
| &nbsp;&nbsp; WH Group  | 75534 | 67551 |
|  **Financials — 1.3%** | **Financials — 1.3%** | **Financials — 1.3%** |
| &nbsp;&nbsp; AIA Group  | 1530600 | 11469989 |
| &nbsp;&nbsp; Prudential  | 1235346 | 13164748 |
|  |  | 24634737 |
|  **Industrials — 0.0%** | **Industrials — 0.0%** | **Industrials — 0.0%** |
| &nbsp;&nbsp; China State Construction International Holdings  | 286000 | 421620 |
|  |  | 25835654 |
|  **INDIA — 3.7%** | **INDIA — 3.7%** | **INDIA — 3.7%** |
|  **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** |
| &nbsp;&nbsp; Bharti Airtel  | 195531 | 4313072 |
| &nbsp;&nbsp; Indus Towers \* | 96885 | 466902 |
| &nbsp;&nbsp; Info Edge India  | 13465 | 1126338 |
|  |  | 5906312 |
|  **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| &nbsp;&nbsp; Amber Enterprises India \* | 8930 | 651804 |
| &nbsp;&nbsp; Cartrade Tech \* | 28814 | 581353 |
| &nbsp;&nbsp; Dixon Technologies India  | 10397 | 2026847 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **INDIA — continued** | **INDIA — continued** | **INDIA — continued** |
|  **Consumer Discretionary— continued** | **Consumer Discretionary— continued** | **Consumer Discretionary— continued** |
| &nbsp;&nbsp; Indian Hotels, Cl A  | 152000 | 1414295 |
| &nbsp;&nbsp; Mahindra & Mahindra  | 66223 | 2294442 |
|  |  | 6968741 |
|  **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |
| &nbsp;&nbsp; Varun Beverages  | 489006 | 3019066 |
|  **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| &nbsp;&nbsp; Oil & Natural Gas  | 509325 | 1473774 |
|  **Financials — 2.3%** | **Financials — 2.3%** | **Financials — 2.3%** |
| &nbsp;&nbsp; Bank of India  | 616417 | 841428 |
| &nbsp;&nbsp; BSE  | 10023 | 758026 |
| &nbsp;&nbsp; Canara Bank  | 847842 | 977365 |
| &nbsp;&nbsp; HDFC Asset Management  | 28067 | 1454508 |
| &nbsp;&nbsp; Housing & Urban Development  | 373628 | 990113 |
| &nbsp;&nbsp; ICICI Bank ADR  | 664339 | 22295217 |
| &nbsp;&nbsp; Karur Vysya Bank  | 284534 | 735578 |
| &nbsp;&nbsp; Kotak Mahindra Bank  | 212434 | 5552138 |
| &nbsp;&nbsp; LIC Housing Finance  | 207919 | 1482295 |
| &nbsp;&nbsp; Muthoot Finance  | 72976 | 1878673 |
| &nbsp;&nbsp; REC  | 712875 | 3558400 |
| &nbsp;&nbsp; Shriram Finance  | 101722 | 737150 |
| &nbsp;&nbsp; Union Bank of India  | 957697 | 1426194 |
|  |  | 42687085 |
|  **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** |
| &nbsp;&nbsp; Divi's Laboratories  | 16814 | 1213697 |
|  **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| &nbsp;&nbsp; Firstsource Solutions  | 299593 | 1203102 |
| &nbsp;&nbsp; InterGlobe Aviation \* | 13406 | 835346 |
|  |  | 2038448 |
|  **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** |
| &nbsp;&nbsp; Coforge  | 11699 | 1017100 |
| &nbsp;&nbsp; Infosys ADR  | 77378 | 1361853 |
|  |  | 2378953 |
|  **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| &nbsp;&nbsp; Chambal Fertilisers and Chemicals  | 223570 | 1833040 |
| &nbsp;&nbsp; Hindalco Industries  | 127172 | 939923 |
| &nbsp;&nbsp; National Aluminium  | 245249 | 454695 |
| &nbsp;&nbsp; Paradeep Phosphates  | 224762 | 383994 |
|  |  | 3611652 |
|  |  | 69297728 |
|  **INDONESIA — 0.5%** | **INDONESIA — 0.5%** | **INDONESIA — 0.5%** |
|  **Consumer Staples — 0.0%** | **Consumer Staples — 0.0%** | **Consumer Staples — 0.0%** |
| &nbsp;&nbsp; Indofood Sukses Makmur  | 1050400 | 506684 |

---

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

*81*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **INDONESIA — continued** | **INDONESIA — continued** | **INDONESIA — continued** |
|  **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| &nbsp;&nbsp; United Tractors  | 509600 | $696429 |
|  **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** |
| &nbsp;&nbsp; Bank Central Asia  | 4464200 | 2373573 |
| &nbsp;&nbsp; Bank Negara Indonesia Persero  | 9354800 | 2357403 |
| &nbsp;&nbsp; Bank Rakyat Indonesia Persero  | 6644500 | 1538931 |
|  |  | 6269907 |
|  **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| &nbsp;&nbsp; Astra International  | 4166700 | 1204284 |
|  **Utilities — 0.0%** | **Utilities — 0.0%** | **Utilities — 0.0%** |
| &nbsp;&nbsp; Perusahaan Gas Negara  | 6253200 | 634554 |
|  |  | 9311858 |
|  **IRELAND — 2.2%** | **IRELAND — 2.2%** | **IRELAND — 2.2%** |
|  **Financials — 1.0%** | **Financials — 1.0%** | **Financials — 1.0%** |
| &nbsp;&nbsp; AIB Group  | 1129970 | 7620749 |
| &nbsp;&nbsp; Aon, Cl A  | 31408 | 11143244 |
|  |  | 18763993 |
|  **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| &nbsp;&nbsp; ICON \* | 27932 | 4230022 |
|  **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** |
| &nbsp;&nbsp; Experian  | 259482 | 12938578 |
|  **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** |
| &nbsp;&nbsp; Smurfit WestRock  | 111431 | 4682331 |
|  |  | 40614924 |
|  **ISRAEL — 0.9%** | **ISRAEL — 0.9%** | **ISRAEL — 0.9%** |
|  **Information Technology — 0.9%** | **Information Technology — 0.9%** | **Information Technology — 0.9%** |
| &nbsp;&nbsp; Monday.com \* | 58467 | 16428642 |
|  **ITALY — 3.2%** | **ITALY — 3.2%** | **ITALY — 3.2%** |
|  **Consumer Discretionary — 1.6%** | **Consumer Discretionary — 1.6%** | **Consumer Discretionary — 1.6%** |
| &nbsp;&nbsp; Ferrari  | 58138 | 26706097 |
| &nbsp;&nbsp; PRADA  | 516400 | 3224702 |
|  |  | 29930799 |
|  **Financials — 0.9%** | **Financials — 0.9%** | **Financials — 0.9%** |
| &nbsp;&nbsp; UniCredit  | 282695 | 16504077 |
|  **Utilities — 0.7%** | **Utilities — 0.7%** | **Utilities — 0.7%** |
| &nbsp;&nbsp; Enel  | 1380210 | 12006205 |
|  |  | 58441081 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **JAPAN — 8.9%** | **JAPAN — 8.9%** | **JAPAN — 8.9%** |
|  **Communication Services — 2.1%** | **Communication Services — 2.1%** | **Communication Services — 2.1%** |
| &nbsp;&nbsp; Nintendo  | 464600 | $38663034 |
|  **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |
| &nbsp;&nbsp; MatsukiyoCocokara  | 198500 | 3652477 |
|  **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** |
| &nbsp;&nbsp; MS&AD Insurance Group Holdings  | 74100 | 1688294 |
| &nbsp;&nbsp; Sompo Holdings  | 313300 | 10291662 |
|  |  | 11979956 |
|  **Health Care — 0.4%** | **Health Care — 0.4%** | **Health Care — 0.4%** |
| &nbsp;&nbsp; Hoya  | 56800 | 6699370 |
|  **Industrials — 2.5%** | **Industrials — 2.5%** | **Industrials — 2.5%** |
| &nbsp;&nbsp; FANUC  | 517500 | 13165282 |
| &nbsp;&nbsp; Kajima  | 187300 | 4482945 |
| &nbsp;&nbsp; Komatsu  | 67800 | 1965421 |
| &nbsp;&nbsp; Mitsubishi Electric  | 443200 | 8594321 |
| &nbsp;&nbsp; SMC  | 39400 | 12781846 |
| &nbsp;&nbsp; TOPPAN Holdings  | 199000 | 5599757 |
|  |  | 46589572 |
|  **Information Technology — 2.8%** | **Information Technology — 2.8%** | **Information Technology — 2.8%** |
| &nbsp;&nbsp; Fujitsu  | 782500 | 17425035 |
| &nbsp;&nbsp; Keyence  | 20400 | 8549399 |
| &nbsp;&nbsp; Murata Manufacturing  | 521400 | 7445862 |
| &nbsp;&nbsp; Renesas Electronics  | 1659100 | 19516385 |
|  |  | 52936681 |
|  **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| &nbsp;&nbsp; Shin-Etsu Chemical  | 125600 | 3831306 |
|  |  | 164352396 |
|  **LUXEMBOURG — 2.1%** | **LUXEMBOURG — 2.1%** | **LUXEMBOURG — 2.1%** |
|  **Communication Services — 1.6%** | **Communication Services — 1.6%** | **Communication Services — 1.6%** |
| &nbsp;&nbsp; Spotify Technology \* | 47913 | 29417624 |
|  **Consumer Staples — 0.0%** | **Consumer Staples — 0.0%** | **Consumer Staples — 0.0%** |
| &nbsp;&nbsp; Adecoagro (B) | 13468 | 125791 |
|  **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** |
| &nbsp;&nbsp; ArcelorMittal  | 281412 | 8350500 |
|  |  | 37893915 |
|  **MALAYSIA — 0.1%** | **MALAYSIA — 0.1%** | **MALAYSIA — 0.1%** |
|  **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| &nbsp;&nbsp; My EG Services  | 10170600 | 2120597 |

---

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

*82*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **MEXICO — 0.4%** | **MEXICO — 0.4%** | **MEXICO — 0.4%** |
|  **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** |
| &nbsp;&nbsp; Wal-Mart de Mexico  | 1611366 | $5114389 |
|  **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| &nbsp;&nbsp; Gentera  | 639800 | 1117485 |
| &nbsp;&nbsp; Grupo Financiero Banorte, Cl O  | 210300 | 1806485 |
|  |  | 2923970 |
|  |  | 8038359 |
|  **NETHERLANDS — 6.6%** | **NETHERLANDS — 6.6%** | **NETHERLANDS — 6.6%** |
|  **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** |
| &nbsp;&nbsp; Universal Music Group  | 215848 | 6368969 |
|  **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** |
| &nbsp;&nbsp; Heineken  | 98319 | 8831354 |
|  **Financials — 1.7%** | **Financials — 1.7%** | **Financials — 1.7%** |
| &nbsp;&nbsp; Adyen \* | 11570 | 18787202 |
| &nbsp;&nbsp; ASR Nederland  | 52986 | 3354867 |
| &nbsp;&nbsp; ING Groep  | 448832 | 8746025 |
|  |  | 30888094 |
|  **Health Care — 0.7%** | **Health Care — 0.7%** | **Health Care — 0.7%** |
| &nbsp;&nbsp; Koninklijke Philips \* | 485969 | 12376281 |
|  **Information Technology — 2.6%** | **Information Technology — 2.6%** | **Information Technology — 2.6%** |
| &nbsp;&nbsp; ASM International  | 29136 | 14290340 |
| &nbsp;&nbsp; ASML Holding  | 24419 | 16403398 |
| &nbsp;&nbsp; ASML Holding, Cl G  | 23231 | 15520167 |
| &nbsp;&nbsp; BE Semiconductor Industries  | 18372 | 1996608 |
|  |  | 48210513 |
|  **Materials — 0.8%** | **Materials — 0.8%** | **Materials — 0.8%** |
| &nbsp;&nbsp; Akzo Nobel  | 239272 | 15158340 |
|  |  | 121833551 |
|  **NEW ZEALAND — 0.1%** | **NEW ZEALAND — 0.1%** | **NEW ZEALAND — 0.1%** |
|  **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** |
| &nbsp;&nbsp; Fisher & Paykel Healthcare  | 118728 | 2392887 |
|  **PHILIPPINES — 0.0%** | **PHILIPPINES — 0.0%** | **PHILIPPINES — 0.0%** |
|  **Industrials — 0.0%** | **Industrials — 0.0%** | **Industrials — 0.0%** |
| &nbsp;&nbsp; International Container Terminal Services  | 43770 | 267705 |
|  **POLAND — 0.1%** | **POLAND — 0.1%** | **POLAND — 0.1%** |
|  **Energy — 0.0%** | **Energy — 0.0%** | **Energy — 0.0%** |
| &nbsp;&nbsp; ORLEN  | 58391 | 1059252 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **POLAND — continued** | **POLAND — continued** | **POLAND — continued** |
|  **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| &nbsp;&nbsp; Powszechny Zaklad Ubezpieczen  | 102316 | $1603488 |
|  |  | 2662740 |
|  **QATAR — 0.0%** | **QATAR — 0.0%** | **QATAR — 0.0%** |
|  **Communication Services — 0.0%** | **Communication Services — 0.0%** | **Communication Services — 0.0%** |
| &nbsp;&nbsp; Ooredoo QPSC  | 196500 | 700065 |
|  **RUSSIA — 0.0%** | **RUSSIA — 0.0%** | **RUSSIA — 0.0%** |
|  **Financials — 0.0%** | **Financials — 0.0%** | **Financials — 0.0%** |
| &nbsp;&nbsp; Sberbank of Russia PJSC ADR (A) | 55964 |  |
|  **SAUDI ARABIA — 0.4%** | **SAUDI ARABIA — 0.4%** | **SAUDI ARABIA — 0.4%** |
|  **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| &nbsp;&nbsp; Etihad Etisalat  | 68097 | 1140124 |
|  **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** |
| &nbsp;&nbsp; United Electronics  | 19557 | 490111 |
|  **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** |
| &nbsp;&nbsp; Arab National Bank  | 101996 | 585050 |
| &nbsp;&nbsp; Riyad Bank  | 152061 | 1248325 |
| &nbsp;&nbsp; Saudi National Bank  | 193725 | 1845841 |
|  |  | 3679216 |
|  **Industrials — 0.0%** | **Industrials — 0.0%** | **Industrials — 0.0%** |
| &nbsp;&nbsp; Riyadh Cables Group  | 13801 | 468262 |
|  **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| &nbsp;&nbsp; Arabian Internet & Communications Services  | 8030 | 614461 |
| &nbsp;&nbsp; Elm  | 2485 | 687662 |
|  |  | 1302123 |
|  |  | 7079836 |
|  **SINGAPORE — 2.0%** | **SINGAPORE — 2.0%** | **SINGAPORE — 2.0%** |
|  **Communication Services — 1.6%** | **Communication Services — 1.6%** | **Communication Services — 1.6%** |
| &nbsp;&nbsp; JOYY ADR  | 12185 | 501535 |
| &nbsp;&nbsp; Sea ADR \* | 216217 | 28983889 |
|  |  | 29485424 |
|  **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** |
| &nbsp;&nbsp; United Overseas Bank  | 271100 | 7202308 |
|  |  | 36687732 |

---

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

*83*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **SOUTH AFRICA — 0.1%** | **SOUTH AFRICA — 0.1%** | **SOUTH AFRICA — 0.1%** |
|  **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| &nbsp;&nbsp; Gold Fields  | 69452 | $1557317 |
| &nbsp;&nbsp; Sasol \* | 216579 | 747877 |
|  |  | 2305194 |
|  |  | 2305194 |
|  **SOUTH KOREA — 2.1%** | **SOUTH KOREA — 2.1%** | **SOUTH KOREA — 2.1%** |
|  **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** |
| &nbsp;&nbsp; Krafton \* | 1827 | 478312 |
| &nbsp;&nbsp; KT  | 27973 | 1022211 |
| &nbsp;&nbsp; NAVER  | 13729 | 1931747 |
| &nbsp;&nbsp; SK Telecom  | 26023 | 994255 |
|  |  | 4426525 |
|  **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| &nbsp;&nbsp; Hankook Tire & Technology  | 15878 | 461190 |
| &nbsp;&nbsp; Hyundai Mobis  | 8550 | 1604909 |
| &nbsp;&nbsp; Hyundai Motor  | 10522 | 1409943 |
| &nbsp;&nbsp; Kia  | 33196 | 2109715 |
| &nbsp;&nbsp; Youngone  | 17316 | 577407 |
|  |  | 6163164 |
|  **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** |
| &nbsp;&nbsp; BNK Financial Group  | 61615 | 449114 |
| &nbsp;&nbsp; DB Insurance  | 8589 | 553349 |
| &nbsp;&nbsp; Hana Financial Group  | 37731 | 1711106 |
| &nbsp;&nbsp; KIWOOM Securities  | 4191 | 403004 |
| &nbsp;&nbsp; Samsung Life Insurance  | 5980 | 363092 |
| &nbsp;&nbsp; Samsung Securities  | 17674 | 647868 |
| &nbsp;&nbsp; Shinhan Financial Group  | 26986 | 975274 |
| &nbsp;&nbsp; Woori Financial Group  | 89334 | 1112437 |
|  |  | 6215244 |
|  **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** |
| &nbsp;&nbsp; PharmaResearch  | 5263 | 1394007 |
|  **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| &nbsp;&nbsp; GS Holdings  | 11987 | 325941 |
| &nbsp;&nbsp; Hanwha  | 17421 | 590864 |
| &nbsp;&nbsp; HD Korea Shipbuilding & Offshore Engineering  | 3004 | 574655 |
| &nbsp;&nbsp; Korean Air Lines  | 40872 | 602570 |
| &nbsp;&nbsp; LX International  | 37357 | 696735 |
|  |  | 2790765 |
|  **Information Technology — 0.9%** | **Information Technology — 0.9%** | **Information Technology — 0.9%** |
| &nbsp;&nbsp; BH  | 33720 | 292142 |
| &nbsp;&nbsp; DB HiTek  | 25905 | 700293 |
| &nbsp;&nbsp; Samsung Electronics  | 247886 | 9671902 |
| &nbsp;&nbsp; Samsung Electronics GDR  | 3760 | 3661258 |
| &nbsp;&nbsp; SK Hynix  | 14983 | 1869475 |
|  |  | 16195070 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **SOUTH KOREA — continued** | **SOUTH KOREA — continued** | **SOUTH KOREA — continued** |
|  **Materials — 0.0%** | **Materials — 0.0%** | **Materials — 0.0%** |
| &nbsp;&nbsp; OCI Holdings  | 9619 | $438076 |
|  **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** |
| &nbsp;&nbsp; Korea Electric Power  | 74657 | 1346444 |
| &nbsp;&nbsp; Korea Gas  | 18560 | 505611 |
|  |  | 1852055 |
|  |  | 39474906 |
|  **SPAIN — 0.8%** | **SPAIN — 0.8%** | **SPAIN — 0.8%** |
|  **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** |
| &nbsp;&nbsp; Industria de Diseno Textil (B) | 143359 | 7735673 |
|  **Utilities — 0.4%** | **Utilities — 0.4%** | **Utilities — 0.4%** |
| &nbsp;&nbsp; Iberdrola  | 417397 | 7549850 |
|  |  | 15285523 |
|  **SWEDEN — 0.7%** | **SWEDEN — 0.7%** | **SWEDEN — 0.7%** |
|  **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| &nbsp;&nbsp; Electrolux, Cl B \* | 739722 | 4627903 |
|  **Industrials — 0.5%** | **Industrials — 0.5%** | **Industrials — 0.5%** |
| &nbsp;&nbsp; Atlas Copco, Cl A  | 575371 | 8925016 |
|  |  | 13552919 |
|  **SWITZERLAND — 2.0%** | **SWITZERLAND — 2.0%** | **SWITZERLAND — 2.0%** |
|  **Consumer Staples — 0.0%** | **Consumer Staples — 0.0%** | **Consumer Staples — 0.0%** |
| &nbsp;&nbsp; Nestle  | 228 | 24374 |
|  **Financials — 0.9%** | **Financials — 0.9%** | **Financials — 0.9%** |
| &nbsp;&nbsp; Julius Baer Group  | 54106 | 3524041 |
| &nbsp;&nbsp; UBS Group  | 439462 | 13398472 |
|  |  | 16922513 |
|  **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** |
| &nbsp;&nbsp; Alcon  | 98895 | 9650787 |
| &nbsp;&nbsp; Straumann Holding  | 18651 | 2284207 |
|  |  | 11934994 |
|  **Industrials — 0.5%** | **Industrials — 0.5%** | **Industrials — 0.5%** |
| &nbsp;&nbsp; ABB  | 164638 | 8732746 |
|  |  | 37614627 |
|  **TAIWAN — 4.8%** | **TAIWAN — 4.8%** | **TAIWAN — 4.8%** |
|  **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** |
| &nbsp;&nbsp; Pou Chen  | 373000 | 384104 |
|  **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| &nbsp;&nbsp; Cathay Financial Holding  | 433000 | 797807 |

---

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

*84*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **TAIWAN — continued** | **TAIWAN — continued** | **TAIWAN — continued** |
|  **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| &nbsp;&nbsp; Eva Airways  | 1434000 | $1722420 |
| &nbsp;&nbsp; Evergreen Marine Taiwan  | 192400 | 1246556 |
| &nbsp;&nbsp; Yang Ming Marine Transport  | 434000 | 927232 |
|  |  | 3896208 |
|  **Information Technology — 4.4%** | **Information Technology — 4.4%** | **Information Technology — 4.4%** |
| &nbsp;&nbsp; Accton Technology  | 77000 | 1434228 |
| &nbsp;&nbsp; Arcadyan Technology  | 66000 | 488399 |
| &nbsp;&nbsp; Asia Vital Components  | 14087 | 206836 |
| &nbsp;&nbsp; Asustek Computer  | 74000 | 1353231 |
| &nbsp;&nbsp; Elite Material  | 50000 | 870171 |
| &nbsp;&nbsp; Gold Circuit Electronics  | 105000 | 631647 |
| &nbsp;&nbsp; Hon Hai Precision Industry  | 459000 | 2044982 |
| &nbsp;&nbsp; MediaTek  | 43000 | 1827203 |
| &nbsp;&nbsp; Quanta Computer  | 96000 | 721218 |
| &nbsp;&nbsp; Radiant Opto-Electronics  | 81000 | 376267 |
| &nbsp;&nbsp; Sitronix Technology  | 15000 | 99396 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing ADR  | 160983 | 26834256 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing  | 1553000 | 44003563 |
| &nbsp;&nbsp; Taiwan Surface Mounting Technology  | 171000 | 547954 |
| &nbsp;&nbsp; Wistron  | 203000 | 651378 |
| &nbsp;&nbsp; Wiwynn  | 14000 | 842539 |
|  |  | 82933268 |
|  |  | 88011387 |
|  **THAILAND — 0.1%** | **THAILAND — 0.1%** | **THAILAND — 0.1%** |
|  **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** |
| &nbsp;&nbsp; Com7, Cl F  | 973200 | 599089 |
|  **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| &nbsp;&nbsp; Krung Thai Bank  | 1309100 | 854263 |
|  **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| &nbsp;&nbsp; Sansiri  | 4370400 | 181778 |
|  |  | 1635130 |
|  **TÜRKIYE — 0.2%** | **TÜRKIYE — 0.2%** | **TÜRKIYE — 0.2%** |
|  **Communication Services — 0.0%** | **Communication Services — 0.0%** | **Communication Services — 0.0%** |
| &nbsp;&nbsp; Turkcell Iletisim Hizmetleri  | 204434 | 479947 |
|  **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** |
| &nbsp;&nbsp; Dogus Otomotiv Servis ve Ticaret  | 72602 | 370027 |
|  **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** |
| &nbsp;&nbsp; Anadolu Grubu Holding  | 56104 | 399890 |
| &nbsp;&nbsp; Enka Insaat ve Sanayi  | 342820 | 572479 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **TÜRKIYE — continued** | **TÜRKIYE — continued** | **TÜRKIYE — continued** |
|  **Industrials— continued** | **Industrials— continued** | **Industrials— continued** |
| &nbsp;&nbsp; Turk Hava Yollari AO \* | 137083 | 1018071 |
|  |  | 1990440 |
|  |  | 2840414 |
|  **UNITED ARAB EMIRATES — 0.2%** | **UNITED ARAB EMIRATES — 0.2%** | **UNITED ARAB EMIRATES — 0.2%** |
|  **Financials — 0.0%** | **Financials — 0.0%** | **Financials — 0.0%** |
| &nbsp;&nbsp; Abu Dhabi Commercial Bank PJSC  | 266310 | 843896 |
|  **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp; Aldar Properties PJSC  | 408465 | 919845 |
| &nbsp;&nbsp; Emaar Properties PJSC  | 484917 | 1732732 |
|  |  | 2652577 |
|  |  | 3496473 |
|  **UNITED KINGDOM — 13.3%** | **UNITED KINGDOM — 13.3%** | **UNITED KINGDOM — 13.3%** |
|  **Consumer Discretionary — 3.0%** | **Consumer Discretionary — 3.0%** | **Consumer Discretionary — 3.0%** |
| &nbsp;&nbsp; Berkeley Group Holdings  | 92661 | 5176865 |
| &nbsp;&nbsp; Compass Group  | 622887 | 21047830 |
| &nbsp;&nbsp; Kingfisher  | 1473242 | 5675153 |
| &nbsp;&nbsp; SSP Group  | 7321137 | 14532672 |
| &nbsp;&nbsp; Taylor Wimpey  | 1829224 | 2880751 |
| &nbsp;&nbsp; WH Smith  | 488874 | 5929244 |
|  |  | 55242515 |
|  **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** |
| &nbsp;&nbsp; Diageo  | 474880 | 13364855 |
| &nbsp;&nbsp; Unilever  | 209067 | 13341257 |
|  |  | 26706112 |
|  **Energy — 1.0%** | **Energy — 1.0%** | **Energy — 1.0%** |
| &nbsp;&nbsp; BP  | 3299000 | 15267090 |
| &nbsp;&nbsp; Shell (EUR)  | 1553 | 50694 |
| &nbsp;&nbsp; Shell (GBP)  | 129936 | 4202707 |
|  |  | 19520491 |
|  **Financials — 4.0%** | **Financials — 4.0%** | **Financials — 4.0%** |
| &nbsp;&nbsp; 3i Group  | 591389 | 33601978 |
| &nbsp;&nbsp; Barclays  | 5903834 | 23571744 |
| &nbsp;&nbsp; Legal & General Group  | 1674135 | 5283860 |
| &nbsp;&nbsp; NatWest Group  | 863895 | 5569338 |
| &nbsp;&nbsp; Standard Chartered  | 421985 | 6091648 |
|  |  | 74118568 |
|  **Health Care — 1.1%** | **Health Care — 1.1%** | **Health Care — 1.1%** |
| &nbsp;&nbsp; Haleon  | 846085 | 4266979 |
| &nbsp;&nbsp; Smith & Nephew  | 1136534 | 16029987 |
|  |  | 20296966 |
|  **Industrials — 1.1%** | **Industrials — 1.1%** | **Industrials — 1.1%** |
| &nbsp;&nbsp; Ashtead Group  | 81543 | 4375027 |
| &nbsp;&nbsp; Howden Joinery Group  | 325285 | 3352603 |
| &nbsp;&nbsp; RELX (EUR)  | 138891 | 7587164 |
| &nbsp;&nbsp; Smiths Group  | 32622 | 814758 |

---

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

*85*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **UNITED KINGDOM — continued** | **UNITED KINGDOM — continued** | **UNITED KINGDOM — continued** |
|  **Industrials— continued** | **Industrials— continued** | **Industrials— continued** |
| &nbsp;&nbsp; Weir Group  | 162399 | $4906305 |
|  |  | 21035857 |
|  **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** |
| &nbsp;&nbsp; Halma  | 79231 | 2931134 |
| &nbsp;&nbsp; Sage Group  | 408969 | 6795420 |
|  |  | 9726554 |
|  **Materials — 0.8%** | **Materials — 0.8%** | **Materials — 0.8%** |
| &nbsp;&nbsp; Linde  | 31058 | 14076417 |
| &nbsp;&nbsp; Rio Tinto  | 535 | 31952 |
|  |  | 14108369 |
|  **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| &nbsp;&nbsp; Segro <sup>‡</sup> | 624503 | 5693685 |
|  |  | 246449117 |
|  **UNITED STATES — 2.2%** | **UNITED STATES — 2.2%** | **UNITED STATES — 2.2%** |
|  **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** |
| &nbsp;&nbsp; Carnival \* | 509060 | 9336160 |
| &nbsp;&nbsp; Coupang, Cl A \* | 737600 | 17237712 |
|  |  | 26573872 |
|  **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| &nbsp;&nbsp; Eurobank Ergasias Services and Holdings  | 365738 | 1041548 |
|  **Health Care — 0.7%** | **Health Care — 0.7%** | **Health Care — 0.7%** |
| &nbsp;&nbsp; STERIS  | 57759 | 12980758 |
|  |  | 40596178 |
|  **URUGUAY — 1.3%** | **URUGUAY — 1.3%** | **URUGUAY — 1.3%** |
|  **Consumer Discretionary — 1.3%** | **Consumer Discretionary — 1.3%** | **Consumer Discretionary — 1.3%** |
| &nbsp;&nbsp; MercadoLibre \* | 10456 | 24371368 |
| &nbsp;&nbsp; Total Common Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,471,931,351)  |  | 1790312007 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PREFERRED STOCK — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PREFERRED STOCK — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PREFERRED STOCK — 0.1%** |
| **BRAZIL — 0.1%** | **BRAZIL — 0.1%** | **BRAZIL — 0.1%** |
|  **Industrials — 0.0%** | **Industrials — 0.0%** | **Industrials — 0.0%** |
| &nbsp;&nbsp; Marcopolo (C)  | 472720 | $586997 |
|  **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| &nbsp;&nbsp; Bradespar (C)  | 225400 | 644182 |
| &nbsp;&nbsp; Total Preferred Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,665,434)  |  | 1231179 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENT — 0.8%** | **SHORT-TERM INVESTMENT — 0.8%** | **SHORT-TERM INVESTMENT — 0.8%** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp; State Street Institutional US Government Money Market Fund, Premier Class, 4.290%, (D) |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $15,414,440)  | 15414440 | $15414440 |
| &nbsp;&nbsp; Total Short-Term Investment  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $15,414,440)  |  | 15414440 |
| &nbsp;&nbsp; Total Investments in Securities— 97.5% | &nbsp;&nbsp; Total Investments in Securities— 97.5% |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,489,011,225) |  | $1806957626 |

---

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

---

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

---

ADR — American Depositary Receipt

CAD — Canadian Dollar

Cl — Class

EUR — Euro

GBP — British Pound

GDR — Global Depositary Receipt

PJSC — Public Joint-Stock Company

QPSC — Qatari Joint-Stock Company

USD — U.S. Dollar

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

*86*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND**

**APRIL 30, 2025 (Unaudited)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Investments in Securities | Level 1 | Level 2 | Level 3^ | Total |
| &nbsp;&nbsp; Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $12249745 | $4991671 | $– | $17241416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 7614137 |  | 7614137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 17725178 |  | 17725178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bermuda | 18403687 |  |  | 18403687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 26186837 |  |  | 26186837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 77143447 |  |  | 77143447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 26363581 | 117041560 |  | 143405141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 1609046 |  | 1609046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 172806772 |  | 172806772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 179635790 |  | 179635790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 8947650 |  | 8947650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 25835654 |  | 25835654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 23657070 | 45640658 |  | 69297728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 9311858 |  | 9311858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 20055597 | 20559327 |  | 40614924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 16428642 |  |  | 16428642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 58441081 |  | 58441081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 164352396 |  | 164352396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 29543415 | 8350500 |  | 37893915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia |  | 2120597 |  | 2120597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 8038359 |  |  | 8038359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 15520167 | 106313384 |  | 121833551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 2392887 |  | 2392887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 267705 |  | 267705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 2662740 |  | 2662740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar |  | 700065 |  | 700065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 1630235 | 5449601 |  | 7079836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 29485424 | 7202308 |  | 36687732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 2305194 |  | 2305194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 39474906 |  | 39474906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 15285523 |  | 15285523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 13552919 |  | 13552919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 37614627 |  | 37614627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 26834256 | 61177131 |  | 88011387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 1635130 |  | 1635130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Türkiye |  | 2840414 |  | 2840414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 3496473 |  | 3496473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 14076417 | 232372700 |  | 246449117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 39554630 | 1041548 |  | 40596178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 24371368 | – | – | 24371368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock | 409542877 | 1380769130 | – | 1790312007 |
| &nbsp;&nbsp; Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1231179 | – | – | 1231179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stock | 1231179 | – | – | 1231179 |
| &nbsp;&nbsp; Short-Term Investment | 15414440 | – | – | 15414440 |
|  Total Investments in Securities | $426188496 | $1380769130 | $– | $1806957626 |

---

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

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

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

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

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

*87*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 93.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 93.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCK — 93.1%** |
|  | **Shares** | **Value** |
|  **AUSTRALIA — 4.2%** | **AUSTRALIA — 4.2%** | **AUSTRALIA — 4.2%** |
|  **Communication Services — 0.0%** | **Communication Services — 0.0%** | **Communication Services — 0.0%** |
| &nbsp;&nbsp; Aussie Broadband  | 15687 | $41167 |
|  **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| &nbsp;&nbsp; Inghams Group  | 26525 | 58168 |
|  **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** |
| &nbsp;&nbsp; Steadfast Group  | 124192 | 466186 |
|  **Health Care — 0.5%** | **Health Care — 0.5%** | **Health Care — 0.5%** |
| &nbsp;&nbsp; Ansell  | 17749 | 343946 |
| &nbsp;&nbsp; Regis Healthcare  | 9058 | 39576 |
| &nbsp;&nbsp; Sigma Healthcare  | 87007 | 167711 |
|  |  | 551233 |
|  **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** |
| &nbsp;&nbsp; Emeco Holdings \* | 137148 | 66821 |
| &nbsp;&nbsp; Monadelphous Group  | 61025 | 630353 |
|  |  | 697174 |
|  **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** |
| &nbsp;&nbsp; Bravura Solutions  | 33888 | 47593 |
| &nbsp;&nbsp; Technology One  | 13688 | 263919 |
|  |  | 311512 |
|  **Materials — 2.1%** | **Materials — 2.1%** | **Materials — 2.1%** |
| &nbsp;&nbsp; Evolution Mining  | 92137 | 461563 |
| &nbsp;&nbsp; Metals X \* | 102534 | 37034 |
| &nbsp;&nbsp; Orora  | 140265 | 162336 |
| &nbsp;&nbsp; Perenti  | 552039 | 482264 |
| &nbsp;&nbsp; Perseus Mining  | 266578 | 570707 |
| &nbsp;&nbsp; Ramelius Resources  | 177569 | 298487 |
| &nbsp;&nbsp; Westgold Resources  | 111857 | 212265 |
|  |  | 2224656 |
|  **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp; Centuria Capital Group  | 166389 | 167471 |
|  |  | 4517567 |
|  **AUSTRIA — 1.3%** | **AUSTRIA — 1.3%** | **AUSTRIA — 1.3%** |
|  **Financials — 0.9%** | **Financials — 0.9%** | **Financials — 0.9%** |
| &nbsp;&nbsp; BAWAG Group  | 4827 | 530900 |
| &nbsp;&nbsp; Vienna Insurance Group Wiener Versicherung Gruppe  | 8758 | 417986 |
|  |  | 948886 |
|  **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| &nbsp;&nbsp; ANDRITZ  | 1009 | 72756 |
| &nbsp;&nbsp; Porr Ag  | 5872 | 206320 |
|  |  | 279076 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **AUSTRIA — continued** | **AUSTRIA — continued** | **AUSTRIA — continued** |
|  **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| &nbsp;&nbsp; Mayr Melnhof Karton  | 1760 | $163630 |
|  |  | 1391592 |
|  **BELGIUM — 1.6%** | **BELGIUM — 1.6%** | **BELGIUM — 1.6%** |
|  **Consumer Staples — 0.0%** | **Consumer Staples — 0.0%** | **Consumer Staples — 0.0%** |
| &nbsp;&nbsp; Colruyt Group NorthV  | 784 | 37831 |
|  **Industrials — 0.6%** | **Industrials — 0.6%** | **Industrials — 0.6%** |
| &nbsp;&nbsp; Azelis Group  | 19780 | 307547 |
| &nbsp;&nbsp; Deme Group  | 1910 | 287288 |
|  |  | 594835 |
|  **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** |
| &nbsp;&nbsp; Barco  | 32715 | 449175 |
|  **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** |
| &nbsp;&nbsp; Solvay  | 2494 | 94704 |
| &nbsp;&nbsp; Titan Cement International  | 11356 | 528993 |
|  |  | 623697 |
|  |  | 1705538 |
|  **BERMUDA — 0.7%** | **BERMUDA — 0.7%** | **BERMUDA — 0.7%** |
|  **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** |
| &nbsp;&nbsp; Lancashire Holdings  | 99924 | 753832 |
|  **BRAZIL — 0.6%** | **BRAZIL — 0.6%** | **BRAZIL — 0.6%** |
|  **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| &nbsp;&nbsp; C&A MODAS  | 76600 | 179276 |
|  **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| &nbsp;&nbsp; Marcopolo  | 79800 | 76961 |
| &nbsp;&nbsp; Schulz  | 60600 | 58551 |
|  |  | 135512 |
|  **Utilities — 0.3%** | **Utilities — 0.3%** | **Utilities — 0.3%** |
| &nbsp;&nbsp; Cia de Saneamento do Parana  | 70600 | 380597 |
|  |  | 695385 |
|  **CANADA — 5.6%** | **CANADA — 5.6%** | **CANADA — 5.6%** |
|  **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| &nbsp;&nbsp; Cogeco  | 2193 | 101799 |
|  **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| &nbsp;&nbsp; Gildan Activewear  | 4400 | 202369 |
|  **Energy — 1.2%** | **Energy — 1.2%** | **Energy — 1.2%** |
| &nbsp;&nbsp; CES Energy Solutions  | 9671 | 42568 |
| &nbsp;&nbsp; North American Construction Group  | 6748 | 102590 |

---

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

*88*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **CANADA — continued** | **CANADA — continued** | **CANADA — continued** |
|  **Energy— continued** | **Energy— continued** | **Energy— continued** |
| &nbsp;&nbsp; Parex Resources  | 33922 | 272594 |
| &nbsp;&nbsp; PrairieSky Royalty  | 50800 | 853593 |
| &nbsp;&nbsp; Precision Drilling \* | 1358 | 56707 |
| &nbsp;&nbsp; Secure Energy Services  | 7467 | 70978 |
|  |  | 1399030 |
|  **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** |
| &nbsp;&nbsp; Definity Financial  | 3611 | 179883 |
| &nbsp;&nbsp; Onex  | 4700 | 332127 |
|  |  | 512010 |
|  **Health Care — 0.7%** | **Health Care — 0.7%** | **Health Care — 0.7%** |
| &nbsp;&nbsp; Extendicare, Cl Trust Units  | 38467 | 384308 |
| &nbsp;&nbsp; Sienna Senior Living (A) | 26554 | 325461 |
|  |  | 709769 |
|  **Industrials — 1.1%** | **Industrials — 1.1%** | **Industrials — 1.1%** |
| &nbsp;&nbsp; ATS \* | 7200 | 181082 |
| &nbsp;&nbsp; Bird Construction  | 12588 | 192379 |
| &nbsp;&nbsp; Finning International  | 17125 | 482396 |
| &nbsp;&nbsp; MDA Space \* | 11527 | 224565 |
| &nbsp;&nbsp; Westshore Terminals Investment  | 3427 | 63191 |
|  |  | 1143613 |
|  **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| &nbsp;&nbsp; Docebo \* | 4113 | 128574 |
|  **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** |
| &nbsp;&nbsp; Alamos Gold, Cl A  | 4693 | 133896 |
| &nbsp;&nbsp; Fortuna Mining \* | 19570 | 121843 |
| &nbsp;&nbsp; IAMGOLD \* | 16170 | 114371 |
| &nbsp;&nbsp; Silvercorp Metals  | 9713 | 36214 |
| &nbsp;&nbsp; Torex Gold Resources \* | 6815 | 220292 |
| &nbsp;&nbsp; Transcontinental, Cl Common Subs. Receipt  | 23566 | 320742 |
| &nbsp;&nbsp; Wesdome Gold Mines \* | 6424 | 78876 |
|  |  | 1026234 |
|  **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** |
| &nbsp;&nbsp; Primaris REIT <sup>‡</sup> | 57339 | 596927 |
| &nbsp;&nbsp; Slate Grocery REIT, Cl Common Subs. Receipt <sup>‡</sup> | 22235 | 223751 |
|  |  | 820678 |
|  |  | 6044076 |
|  **CAYMAN ISLANDS — 0.2%** | **CAYMAN ISLANDS — 0.2%** | **CAYMAN ISLANDS — 0.2%** |
|  **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** |
| &nbsp;&nbsp; StoneCo, Cl A \* | 15585 | 219125 |
|  **Materials — 0.0%** | **Materials — 0.0%** | **Materials — 0.0%** |
| &nbsp;&nbsp; Jinan Acetate Chemical  | 1000 | 26324 |
|  |  | 245449 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **CHINA — 1.7%** | **CHINA — 1.7%** | **CHINA — 1.7%** |
|  **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** |
| &nbsp;&nbsp; Newborn Town \* | 194000 | $204172 |
|  **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| &nbsp;&nbsp; Atour Lifestyle Holdings ADR  | 5389 | 131707 |
| &nbsp;&nbsp; JNBY Design  | 105500 | 199530 |
|  |  | 331237 |
|  **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| &nbsp;&nbsp; Shanghai Chicmax Cosmetic  | 7500 | 64713 |
|  **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** |
| &nbsp;&nbsp; FinVolution Group ADR  | 48523 | 383817 |
| &nbsp;&nbsp; LexinFintech Holdings ADR  | 13161 | 103314 |
| &nbsp;&nbsp; ZhongAn Online P&C Insurance, Cl H \* | 29400 | 42458 |
|  |  | 529589 |
|  **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| &nbsp;&nbsp; Lonking Holdings  | 299000 | 75298 |
|  **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| &nbsp;&nbsp; Fufeng Group  | 474000 | 396048 |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp; Country Garden Services Holdings  | 101000 | 90181 |
|  **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** |
| &nbsp;&nbsp; Beijing Jingneng Clean Energy, Cl H  | 442000 | 136106 |
|  |  | 1827344 |
|  **COLUMBIA — 0.0%** | **COLUMBIA — 0.0%** | **COLUMBIA — 0.0%** |
|  **Energy — 0.0%** | **Energy — 0.0%** | **Energy — 0.0%** |
| &nbsp;&nbsp; Geopark  | 4710 | 31651 |
|  **DENMARK — 0.8%** | **DENMARK — 0.8%** | **DENMARK — 0.8%** |
|  **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** |
| &nbsp;&nbsp; ALK-Abello \* | 26658 | 623640 |
|  **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** |
| &nbsp;&nbsp; Per Aarsleff Holding  | 3359 | 271610 |
|  |  | 895250 |
|  **FINLAND — 1.0%** | **FINLAND — 1.0%** | **FINLAND — 1.0%** |
|  **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| &nbsp;&nbsp; Puuilo  | 4204 | 60073 |

---

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

*89*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **FINLAND — continued** | **FINLAND — continued** | **FINLAND — continued** |
|  **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| &nbsp;&nbsp; Metso  | 28857 | $314631 |
|  **Information Technology — 0.0%** | **Information Technology — 0.0%** | **Information Technology — 0.0%** |
| &nbsp;&nbsp; QT Group \* | 916 | 59977 |
|  **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** |
| &nbsp;&nbsp; Huhtamaki  | 16482 | 608919 |
|  |  | 1043600 |
|  **FRANCE — 2.9%** | **FRANCE — 2.9%** | **FRANCE — 2.9%** |
|  **Communication Services — 0.0%** | **Communication Services — 0.0%** | **Communication Services — 0.0%** |
| &nbsp;&nbsp; Pullup Entertainment \* | 2580 | 48619 |
|  **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| &nbsp;&nbsp; Valeo  | 5549 | 55298 |
|  **Energy — 1.1%** | **Energy — 1.1%** | **Energy — 1.1%** |
| &nbsp;&nbsp; Esso Francaise  | 2384 | 384531 |
| &nbsp;&nbsp; Etablissements Maurel et Prom  | 28593 | 147693 |
| &nbsp;&nbsp; Technip Energies  | 19143 | 655488 |
|  |  | 1187712 |
|  **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** |
| &nbsp;&nbsp; Pluxee  | 7467 | 168508 |
|  **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| &nbsp;&nbsp; Elis  | 2663 | 68592 |
| &nbsp;&nbsp; Mersen  | 2281 | 49056 |
|  |  | 117648 |
|  **Information Technology — 1.1%** | **Information Technology — 1.1%** | **Information Technology — 1.1%** |
| &nbsp;&nbsp; Alten  | 12444 | 1058427 |
| &nbsp;&nbsp; VusionGroup  | 480 | 96594 |
|  |  | 1155021 |
|  **Utilities — 0.3%** | **Utilities — 0.3%** | **Utilities — 0.3%** |
| &nbsp;&nbsp; Rubis SCA  | 11216 | 366347 |
|  |  | 3099153 |
|  **GERMANY — 3.7%** | **GERMANY — 3.7%** | **GERMANY — 3.7%** |
|  **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| &nbsp;&nbsp; Springer Nature & KGaA \* | 5704 | 115678 |
|  **Consumer Discretionary — 0.5%** | **Consumer Discretionary — 0.5%** | **Consumer Discretionary — 0.5%** |
| &nbsp;&nbsp; CECONOMY \* | 24795 | 88422 |
| &nbsp;&nbsp; Hornbach Holding & KGaA  | 3197 | 361180 |
| &nbsp;&nbsp; HUGO BOSS  | 1053 | 44071 |
| &nbsp;&nbsp; TUI \* | 15236 | 117637 |
|  |  | 611310 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **GERMANY — continued** | **GERMANY — continued** | **GERMANY — continued** |
|  **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** |
| &nbsp;&nbsp; KION Group  | 816 | $34845 |
| &nbsp;&nbsp; Krones  | 4756 | 697570 |
|  |  | 732415 |
|  **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** |
| &nbsp;&nbsp; Atoss Software  | 4125 | 622230 |
| &nbsp;&nbsp; Bechtle  | 15003 | 642272 |
| &nbsp;&nbsp; SUSS MicroTec  | 12285 | 474678 |
|  |  | 1739180 |
|  **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| &nbsp;&nbsp; thyssenkrupp  | 7803 | 89795 |
|  **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| &nbsp;&nbsp; TAG Immobilien \* | 44876 | 733140 |
|  |  | 4021518 |
|  **HONG KONG — 1.4%** | **HONG KONG — 1.4%** | **HONG KONG — 1.4%** |
|  **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| &nbsp;&nbsp; JS Global Lifestyle \* | 415000 | 96329 |
| &nbsp;&nbsp; Stella International Holdings  | 59500 | 106651 |
| &nbsp;&nbsp; Yue Yuen Industrial Holdings  | 37000 | 53127 |
|  |  | 256107 |
|  **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |
| &nbsp;&nbsp; First Pacific  | 360000 | 242261 |
|  **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| &nbsp;&nbsp; Dah Sing Banking Group  | 81200 | 87510 |
|  **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** |
| &nbsp;&nbsp; United Laboratories International Holdings  | 54000 | 96783 |
|  **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** |
| &nbsp;&nbsp; ANE Cayman \* | 217000 | 230703 |
|  **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** |
| &nbsp;&nbsp; BOE Varitronix  | 246000 | 172900 |
|  **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| &nbsp;&nbsp; Sinofert Holdings  | 1556000 | 234959 |
|  **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp; China Overseas Property Holdings  | 140000 | 97241 |
| &nbsp;&nbsp; Yuexiu Services Group  | 382500 | 141859 |
|  |  | 239100 |
|  |  | 1560323 |

---

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

*90*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **HUNGARY — 0.5%** | **HUNGARY — 0.5%** | **HUNGARY — 0.5%** |
|  **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** |
| &nbsp;&nbsp; Magyar Telekom Telecommunications ADR  | 120598 | $572202 |
|  **INDIA — 3.6%** | **INDIA — 3.6%** | **INDIA — 3.6%** |
|  **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| &nbsp;&nbsp; Tips Music  | 7802 | 58103 |
|  **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| &nbsp;&nbsp; Garware Technical Fibres  | 10110 | 103003 |
| &nbsp;&nbsp; Thanga Mayil Jewellery  | 4059 | 100754 |
|  |  | 203757 |
|  **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** |
| &nbsp;&nbsp; Kaveri Seed  | 33645 | 571450 |
|  **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** |
| &nbsp;&nbsp; Karur Vysya Bank  | 88961 | 229982 |
| &nbsp;&nbsp; Manappuram Finance  | 27997 | 76490 |
| &nbsp;&nbsp; Motilal Oswal Financial Services  | 4336 | 33592 |
|  |  | 340064 |
|  **Health Care — 0.7%** | **Health Care — 0.7%** | **Health Care — 0.7%** |
| &nbsp;&nbsp; Acutaas Chemicals  | 3182 | 42646 |
| &nbsp;&nbsp; Ajanta Pharma  | 7595 | 243241 |
| &nbsp;&nbsp; Artemis Medicare Services  | 20414 | 61015 |
| &nbsp;&nbsp; Indegene \* | 65620 | 425461 |
|  |  | 772363 |
|  **Industrials — 0.9%** | **Industrials — 0.9%** | **Industrials — 0.9%** |
| &nbsp;&nbsp; Anup Engineering Limited  | 6508 | 230995 |
| &nbsp;&nbsp; BLS International Services  | 10965 | 46073 |
| &nbsp;&nbsp; Force Motors  | 2682 | 283426 |
| &nbsp;&nbsp; Nava  | 74932 | 403365 |
| &nbsp;&nbsp; Shipping Corp of India  | 18503 | 39047 |
|  |  | 1002906 |
|  **Information Technology — 0.0%** | **Information Technology — 0.0%** | **Information Technology — 0.0%** |
| &nbsp;&nbsp; AurionPro Solutions  | 2454 | 41544 |
| &nbsp;&nbsp; Coforge  | 503 | 43730 |
|  |  | 85274 |
|  **Materials — 0.7%** | **Materials — 0.7%** | **Materials — 0.7%** |
| &nbsp;&nbsp; Epigral  | 3172 | 64905 |
| &nbsp;&nbsp; Godawari Power and Ispat  | 231420 | 498503 |
| &nbsp;&nbsp; Gulf Oil Lubricants India  | 3028 | 42603 |
| &nbsp;&nbsp; National Aluminium  | 30785 | 57076 |
|  |  | 663087 |
|  **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp; Mindspace Business Parks REIT <sup>‡</sup> | 15849 | 72288 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **INDIA — continued** | **INDIA — continued** | **INDIA — continued** |
|  **Real Estate— continued** | **Real Estate— continued** | **Real Estate— continued** |
| &nbsp;&nbsp; NESCO  | 5912 | 65982 |
|  |  | 138270 |
|  |  | 3835274 |
|  **INDONESIA — 0.2%** | **INDONESIA — 0.2%** | **INDONESIA — 0.2%** |
|  **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| &nbsp;&nbsp; Elnusa  | 1902100 | 52952 |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp; Pakuwon Jati  | 6139800 | 141127 |
|  |  | 194079 |
|  **IRELAND — 0.2%** | **IRELAND — 0.2%** | **IRELAND — 0.2%** |
|  **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp; Irish Residential Properties REIT <sup>‡</sup> | 186627 | 216611 |
|  **ISRAEL — 1.4%** | **ISRAEL — 1.4%** | **ISRAEL — 1.4%** |
|  **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** |
| &nbsp;&nbsp; Oddity Tech, Cl A \* | 6821 | 419082 |
|  **Industrials — 0.0%** | **Industrials — 0.0%** | **Industrials — 0.0%** |
| &nbsp;&nbsp; El Al Israel Airlines \* | 12995 | 39720 |
| &nbsp;&nbsp; Fiverr International \* | 1586 | 40364 |
|  |  | 80084 |
|  **Information Technology — 0.9%** | **Information Technology — 0.9%** | **Information Technology — 0.9%** |
| &nbsp;&nbsp; Camtek (A) | 836 | 54624 |
| &nbsp;&nbsp; Cellebrite DI \* | 31784 | 629005 |
| &nbsp;&nbsp; Ceragon Networks \* | 36335 | 79210 |
| &nbsp;&nbsp; Innoviz Technologies \* | 46572 | 32326 |
| &nbsp;&nbsp; Tower Semiconductor \* | 4407 | 157683 |
|  |  | 952848 |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp; Isras Investment  | 368 | 79364 |
|  |  | 1531378 |
|  **ITALY — 5.1%** | **ITALY — 5.1%** | **ITALY — 5.1%** |
|  **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** |
| &nbsp;&nbsp; De' Longhi  | 13238 | 411085 |
| &nbsp;&nbsp; OVS  | 10047 | 36387 |
|  |  | 447472 |
|  **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| &nbsp;&nbsp; Orsero  | 5349 | 79654 |
|  **Financials — 1.1%** | **Financials — 1.1%** | **Financials — 1.1%** |
| &nbsp;&nbsp; Azimut Holding  | 22575 | 629500 |

---

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

*91*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **ITALY — continued** | **ITALY — continued** | **ITALY — continued** |
|  **Financials— continued** | **Financials— continued** | **Financials— continued** |
| &nbsp;&nbsp; Banca Monte dei Paschi di Siena  | 65310 | 554214 |
|  |  | 1183714 |
|  **Health Care — 0.4%** | **Health Care — 0.4%** | **Health Care — 0.4%** |
| &nbsp;&nbsp; Amplifon  | 22563 | 433319 |
|  **Industrials — 1.7%** | **Industrials — 1.7%** | **Industrials — 1.7%** |
| &nbsp;&nbsp; Interpump Group  | 20082 | 691140 |
| &nbsp;&nbsp; Iveco Group  | 38232 | 612901 |
| &nbsp;&nbsp; Webuild  | 140922 | 513035 |
|  |  | 1817076 |
|  **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| &nbsp;&nbsp; Reply  | 558 | 99963 |
|  **Materials — 1.3%** | **Materials — 1.3%** | **Materials — 1.3%** |
| &nbsp;&nbsp; Buzzi  | 27362 | 1438789 |
|  |  | 5499987 |
|  **JAPAN — 24.0%** | **JAPAN — 24.0%** | **JAPAN — 24.0%** |
|  **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** |
| &nbsp;&nbsp; Avex  | 5400 | 49944 |
| &nbsp;&nbsp; Japan Communications \* | 41000 | 46151 |
| &nbsp;&nbsp; Macbee Planet  | 2000 | 40046 |
| &nbsp;&nbsp; Sharingtechnology  | 18200 | 145215 |
| &nbsp;&nbsp; Square Enix Holdings  | 1200 | 69553 |
| &nbsp;&nbsp; Toei  | 1300 | 47741 |
|  |  | 398650 |
|  **Consumer Discretionary — 3.8%** | **Consumer Discretionary — 3.8%** | **Consumer Discretionary — 3.8%** |
| &nbsp;&nbsp; Aoyama Trading  | 19500 | 280692 |
| &nbsp;&nbsp; Asahi  | 19900 | 193022 |
| &nbsp;&nbsp; Chiyoda  | 6500 | 55768 |
| &nbsp;&nbsp; DD GROUP \* | 1000 | 8665 |
| &nbsp;&nbsp; Foster Electric  | 26500 | 226143 |
| &nbsp;&nbsp; Fujita Kanko  | 4500 | 284917 |
| &nbsp;&nbsp; Greens  | 5100 | 82603 |
| &nbsp;&nbsp; Intermestic  | 4600 | 53437 |
| &nbsp;&nbsp; JINS Holdings  | 1800 | 113153 |
| &nbsp;&nbsp; Mazda Motor  | 18500 | 110872 |
| &nbsp;&nbsp; McDonald's Holdings Japan  | 8900 | 377219 |
| &nbsp;&nbsp; Mitsubishi Motors  | 72100 | 200078 |
| &nbsp;&nbsp; Open House Group  | 3000 | 133343 |
| &nbsp;&nbsp; Round One  | 5900 | 36711 |
| &nbsp;&nbsp; Sanyo Shokai  | 6400 | 123853 |
| &nbsp;&nbsp; Seiko Group  | 4800 | 127006 |
| &nbsp;&nbsp; Shimamura  | 10300 | 686985 |
| &nbsp;&nbsp; Stanley Electric  | 36600 | 687479 |
| &nbsp;&nbsp; Toyoda Gosei  | 9800 | 188625 |
| &nbsp;&nbsp; Toyota Boshoku  | 2800 | 40272 |
|  |  | 4010843 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **JAPAN — continued** | **JAPAN — continued** | **JAPAN — continued** |
|  **Consumer Staples — 1.8%** | **Consumer Staples — 1.8%** | **Consumer Staples — 1.8%** |
| &nbsp;&nbsp; Earth  | 1400 | $50534 |
| &nbsp;&nbsp; Ezaki Glico  | 12500 | 413387 |
| &nbsp;&nbsp; Lacto Japan  | 9800 | 242070 |
| &nbsp;&nbsp; Maruha Nichiro  | 7000 | 160328 |
| &nbsp;&nbsp; Megmilk Snow Brand  | 8400 | 154825 |
| &nbsp;&nbsp; San-A, Cl A  | 31200 | 621027 |
| &nbsp;&nbsp; Showa Sangyo  | 11200 | 237735 |
| &nbsp;&nbsp; Toho  | 5800 | 133018 |
|  |  | 2012924 |
|  **Financials — 1.6%** | **Financials — 1.6%** | **Financials — 1.6%** |
| &nbsp;&nbsp; 77 Bank  | 4800 | 150795 |
| &nbsp;&nbsp; Aichi Financial Group  | 6723 | 129122 |
| &nbsp;&nbsp; Credit Saison  | 6800 | 159179 |
| &nbsp;&nbsp; Hachijuni Bank  | 9900 | 74903 |
| &nbsp;&nbsp; Hyakugo Bank  | 24800 | 120504 |
| &nbsp;&nbsp; J Trust  | 24700 | 67904 |
| &nbsp;&nbsp; Juroku Financial Group  | 3700 | 125459 |
| &nbsp;&nbsp; Kyoto Financial Group  | 6100 | 104953 |
| &nbsp;&nbsp; Oita Bank  | 2700 | 64598 |
| &nbsp;&nbsp; Shiga Bank  | 2800 | 112857 |
| &nbsp;&nbsp; Shizuoka Financial Group  | 31100 | 346424 |
| &nbsp;&nbsp; Tokyo Century  | 4500 | 47504 |
| &nbsp;&nbsp; Tokyo Kiraboshi Financial Group  | 3200 | 126794 |
| &nbsp;&nbsp; TOMONY Holdings  | 28700 | 110238 |
| &nbsp;&nbsp; Traders Holdings  | 15400 | 95091 |
|  |  | 1836325 |
|  **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** |
| &nbsp;&nbsp; Charm Care  | 4300 | 38053 |
| &nbsp;&nbsp; Pharma Foods International  | 13100 | 84179 |
| &nbsp;&nbsp; Vital KSK Holdings  | 5700 | 52595 |
|  |  | 174827 |
|  **Industrials — 8.4%** | **Industrials — 8.4%** | **Industrials — 8.4%** |
| &nbsp;&nbsp; Chiyoda \* | 24600 | 58987 |
| &nbsp;&nbsp; Daiseki  | 28900 | 738296 |
| &nbsp;&nbsp; Glory  | 49400 | 871894 |
| &nbsp;&nbsp; gremz  | 6200 | 102864 |
| &nbsp;&nbsp; GS Yuasa  | 25500 | 448972 |
| &nbsp;&nbsp; Hamakyorex  | 14000 | 131049 |
| &nbsp;&nbsp; Hoshizaki  | 15300 | 652047 |
| &nbsp;&nbsp; Japan Elevator Service Holdings  | 8700 | 188535 |
| &nbsp;&nbsp; Kamigumi  | 28300 | 694423 |
| &nbsp;&nbsp; Management Solutions  | 8000 | 108579 |
| &nbsp;&nbsp; MEITEC Group Holdings  | 50800 | 1045185 |
| &nbsp;&nbsp; MISUMI Group  | 19500 | 273832 |
| &nbsp;&nbsp; Namura Shipbuilding  | 12900 | 182473 |
| &nbsp;&nbsp; Nankai Electric Railway  | 9100 | 144423 |
| &nbsp;&nbsp; NGK Insulators  | 19900 | 246152 |
| &nbsp;&nbsp; Nishi-Nippon Railroad  | 37800 | 582509 |

---

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

*92*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
|  **JAPAN — continued** | **JAPAN — continued** | **JAPAN — continued** | **JAPAN — continued** |
|  **Industrials— continued** | **Industrials— continued** | **Industrials— continued** | **Industrials— continued** |
| &nbsp;&nbsp; NTN  | 113500 | $| 175220 |
| &nbsp;&nbsp; Sanko Gosei  | 13400 |  | 57414 |
| &nbsp;&nbsp; Sato Holdings  | 20900 |  | 303169 |
| &nbsp;&nbsp; Sohgo Security Services  | 54200 |  | 429400 |
| &nbsp;&nbsp; Sumitomo Warehouse  | 25300 |  | 492604 |
| &nbsp;&nbsp; Taikisha  | 27600 |  | 452833 |
| &nbsp;&nbsp; Toyo Engineering  | 10000 |  | 47326 |
| &nbsp;&nbsp; YAMABIKO  | 32800 |  | 492026 |
|  |  |  | 8920212 |
|  **Information Technology — 3.1%** | **Information Technology — 3.1%** | **Information Technology — 3.1%** | **Information Technology — 3.1%** |
| &nbsp;&nbsp; Change Holdings  | 4300 |  | 40925 |
| &nbsp;&nbsp; Cybozu  | 19700 |  | 409577 |
| &nbsp;&nbsp; DTS  | 32200 |  | 918011 |
| &nbsp;&nbsp; Ferrotec Holdings  | 10100 |  | 174786 |
| &nbsp;&nbsp; Horiba  | 9300 |  | 637188 |
| &nbsp;&nbsp; ISB  | 6600 |  | 62709 |
| &nbsp;&nbsp; Maruwa  | 600 |  | 122238 |
| &nbsp;&nbsp; Oki Electric Industry  | 85700 |  | 572146 |
| &nbsp;&nbsp; Sanken Electric \* | 3100 |  | 137240 |
| &nbsp;&nbsp; Siix  | 35100 |  | 259081 |
|  |  |  | 3333901 |
|  **Materials — 2.6%** | **Materials — 2.6%** | **Materials — 2.6%** | **Materials — 2.6%** |
| &nbsp;&nbsp; Aica Kogyo  | 13100 |  | 304438 |
| &nbsp;&nbsp; Artience  | 4700 |  | 97224 |
| &nbsp;&nbsp; Fuji Seal International  | 31100 |  | 556615 |
| &nbsp;&nbsp; Hodogaya Chemical  | 4800 |  | 50176 |
| &nbsp;&nbsp; Lintec  | 4500 |  | 86285 |
| &nbsp;&nbsp; Nihon Parkerizing  | 43700 |  | 364897 |
| &nbsp;&nbsp; Nippon Light Metal Holdings  | 36500 |  | 381454 |
| &nbsp;&nbsp; Nippon Paper Industries  | 41100 |  | 318526 |
| &nbsp;&nbsp; Sakata INX  | 22000 |  | 286217 |
| &nbsp;&nbsp; Tokai Carbon  | 21100 |  | 136478 |
| &nbsp;&nbsp; Topy Industries  | 5900 |  | 85724 |
|  |  |  | 2668034 |
|  **Real Estate — 2.4%** | **Real Estate — 2.4%** | **Real Estate — 2.4%** | **Real Estate — 2.4%** |
| &nbsp;&nbsp; B-Lot  | 9000 |  | 83355 |
| &nbsp;&nbsp; Global One Real Estate Investment <sup>‡</sup> | 621 |  | 519771 |
| &nbsp;&nbsp; Japan Excellent <sup>‡</sup> | 95 |  | 86038 |
| &nbsp;&nbsp; KDX Realty Investment <sup>‡</sup>(A) | 80 |  | 83508 |
| &nbsp;&nbsp; Leopalace21  | 36900 |  | 151530 |
| &nbsp;&nbsp; Orix JREIT <sup>‡</sup> | 817 |  | 1031445 |
| &nbsp;&nbsp; Sekisui House Reit <sup>‡</sup>(A) | 920 |  | 497504 |
|  |  |  | 2453151 |
|  |  |  | 25808867 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **LUXEMBOURG — 0.1%** | **LUXEMBOURG — 0.1%** | **LUXEMBOURG — 0.1%** |
|  **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| &nbsp;&nbsp; d'Amico International Shipping  | 35181 | $130927 |
|  **MALAYSIA — 1.1%** | **MALAYSIA — 1.1%** | **MALAYSIA — 1.1%** |
|  **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| &nbsp;&nbsp; Dayang Enterprise Holdings  | 170800 | 68186 |
|  **Materials — 0.0%** | **Materials — 0.0%** | **Materials — 0.0%** |
| &nbsp;&nbsp; Scientex  | 76800 | 62276 |
|  **Real Estate — 1.0%** | **Real Estate — 1.0%** | **Real Estate — 1.0%** |
| &nbsp;&nbsp; Eco World Development Group  | 276200 | 120442 |
| &nbsp;&nbsp; Pavilion Real Estate Investment Trust <sup>‡</sup> | 508300 | 170761 |
| &nbsp;&nbsp; Sime Darby Property  | 1898300 | 545229 |
| &nbsp;&nbsp; SP Setia Group  | 801600 | 204148 |
|  |  | 1040580 |
|  |  | 1171042 |
|  **MEXICO — 0.3%** | **MEXICO — 0.3%** | **MEXICO — 0.3%** |
|  **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** |
| &nbsp;&nbsp; Gentera  | 108000 | 188635 |
|  **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| &nbsp;&nbsp; Controladora Vuela Cia de Aviacion, Cl A \* | 429100 | 160460 |
|  |  | 349095 |
|  **NETHERLANDS — 1.0%** | **NETHERLANDS — 1.0%** | **NETHERLANDS — 1.0%** |
|  **Industrials — 0.8%** | **Industrials — 0.8%** | **Industrials — 0.8%** |
| &nbsp;&nbsp; Aalberts  | 9987 | 332777 |
| &nbsp;&nbsp; Arcadis  | 8462 | 411745 |
| &nbsp;&nbsp; Koninklijke Heijmans NorthV  | 2718 | 139693 |
| &nbsp;&nbsp; Signify  | 2295 | 47737 |
|  |  | 931952 |
|  **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp; Wereldhave <sup>‡</sup> | 8503 | 161157 |
|  |  | 1093109 |
|  **NORWAY — 1.8%** | **NORWAY — 1.8%** | **NORWAY — 1.8%** |
|  **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| &nbsp;&nbsp; Solstad Offshore \* | 26038 | 95366 |
|  **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** |
| &nbsp;&nbsp; SpareBank 1 SMN  | 39607 | 721099 |
|  **Industrials — 0.4%** | **Industrials — 0.4%** | **Industrials — 0.4%** |
| &nbsp;&nbsp; Hoegh Autoliners  | 44596 | 360091 |

---

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

*93*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **NORWAY — continued** | **NORWAY — continued** | **NORWAY — continued** |
|  **Industrials— continued** | **Industrials— continued** | **Industrials— continued** |
| &nbsp;&nbsp; Wallenius Wilhelmsen, Cl B  | 13856 | 100745 |
|  |  | 460836 |
|  **Information Technology — 0.5%** | **Information Technology — 0.5%** | **Information Technology — 0.5%** |
| &nbsp;&nbsp; Atea  | 36127 | 495889 |
|  **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| &nbsp;&nbsp; Elopak  | 41518 | 170053 |
|  |  | 1943243 |
|  **PHILIPPINES — 0.5%** | **PHILIPPINES — 0.5%** | **PHILIPPINES — 0.5%** |
|  **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| &nbsp;&nbsp; Converge Information and Communications Technology Solutions  | 207800 | 70994 |
|  **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| &nbsp;&nbsp; AREIT <sup>‡</sup> | 439600 | 310451 |
| &nbsp;&nbsp; Robinsons Land  | 497200 | 103990 |
|  |  | 414441 |
|  |  | 485435 |
|  **POLAND — 0.1%** | **POLAND — 0.1%** | **POLAND — 0.1%** |
|  **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| &nbsp;&nbsp; CCC \* | 1458 | 84690 |
|  **PORTUGAL — 0.6%** | **PORTUGAL — 0.6%** | **PORTUGAL — 0.6%** |
|  **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** |
| &nbsp;&nbsp; Sonae SGPS  | 284786 | 362905 |
|  **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** |
| &nbsp;&nbsp; Banco Comercial Portugues, Cl R  | 376277 | 241495 |
|  |  | 604400 |
|  **SAUDI ARABIA — 0.3%** | **SAUDI ARABIA — 0.3%** | **SAUDI ARABIA — 0.3%** |
|  **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| &nbsp;&nbsp; Al Babtain Power & Telecommunication  | 23792 | 301121 |
|  **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| &nbsp;&nbsp; Sumou Real Estate  | 6257 | 74457 |
|  |  | 375578 |
|  **SINGAPORE — 0.4%** | **SINGAPORE — 0.4%** | **SINGAPORE — 0.4%** |
|  **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| &nbsp;&nbsp; Rex International Holding \* | 1091200 | 99610 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **SINGAPORE — continued** | **SINGAPORE — continued** | **SINGAPORE — continued** |
|  **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| &nbsp;&nbsp; ESR-LOGOS REIT <sup>‡</sup> | 173030 | $291542 |
|  |  | 391152 |
|  **SOUTH AFRICA — 0.7%** | **SOUTH AFRICA — 0.7%** | **SOUTH AFRICA — 0.7%** |
|  **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |
| &nbsp;&nbsp; AVI  | 46225 | 224797 |
|  **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** |
| &nbsp;&nbsp; Investec  | 64796 | 404289 |
|  **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| &nbsp;&nbsp; Omnia Holdings  | 29171 | 107473 |
|  |  | 736559 |
|  **SOUTH KOREA — 2.4%** | **SOUTH KOREA — 2.4%** | **SOUTH KOREA — 2.4%** |
|  **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| &nbsp;&nbsp; SOOP  | 1170 | 67507 |
|  **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| &nbsp;&nbsp; Binggrae  | 1018 | 67654 |
|  **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** |
| &nbsp;&nbsp; Hanwha General Insurance  | 46683 | 133841 |
| &nbsp;&nbsp; Hanwha Life Insurance \* | 26319 | 49095 |
| &nbsp;&nbsp; JB Financial Group  | 22607 | 271624 |
| &nbsp;&nbsp; KIWOOM Securities  | 1594 | 153278 |
|  |  | 607838 |
|  **Industrials — 1.4%** | **Industrials — 1.4%** | **Industrials — 1.4%** |
| &nbsp;&nbsp; Korea Electric Terminal  | 5433 | 246298 |
| &nbsp;&nbsp; Kyung Dong Navien  | 12350 | 632072 |
| &nbsp;&nbsp; S-1, Cl 1  | 14083 | 627687 |
|  |  | 1506057 |
|  **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| &nbsp;&nbsp; Jusung Engineering  | 3829 | 90375 |
|  **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| &nbsp;&nbsp; KCC  | 1029 | 180699 |
| &nbsp;&nbsp; Unid  | 723 | 44669 |
|  |  | 225368 |
|  |  | 2564799 |
|  **SPAIN — 1.8%** | **SPAIN — 1.8%** | **SPAIN — 1.8%** |
|  **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| &nbsp;&nbsp; Gestamp Automocion  | 22308 | 66867 |
|  **Consumer Staples — 1.2%** | **Consumer Staples — 1.2%** | **Consumer Staples — 1.2%** |
| &nbsp;&nbsp; Distribuidora Internacional de Alimentacion \* | 6623 | 171645 |

---

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

*94*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **SPAIN — continued** | **SPAIN — continued** | **SPAIN — continued** |
|  **Consumer Staples— continued** | **Consumer Staples— continued** | **Consumer Staples— continued** |
| &nbsp;&nbsp; Viscofan  | 16355 | 1183937 |
|  |  | 1355582 |
|  **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| &nbsp;&nbsp; Mapfre  | 29856 | 106653 |
|  **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| &nbsp;&nbsp; Vidrala  | 3925 | 429290 |
|  |  | 1958392 |
|  **SWEDEN — 4.0%** | **SWEDEN — 4.0%** | **SWEDEN — 4.0%** |
|  **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** |
| &nbsp;&nbsp; Hemnet Group  | 14611 | 502605 |
|  **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| &nbsp;&nbsp; Clas Ohlson, Cl B  | 6768 | 192134 |
|  **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** |
| &nbsp;&nbsp; AAK  | 14207 | 372333 |
|  **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| &nbsp;&nbsp; Hoist Finance \* | 13648 | 122784 |
|  **Health Care — 1.2%** | **Health Care — 1.2%** | **Health Care — 1.2%** |
| &nbsp;&nbsp; Ambea  | 19394 | 234790 |
| &nbsp;&nbsp; Asker Healthcare Group \* | 21649 | 191914 |
| &nbsp;&nbsp; Attendo  | 65229 | 444990 |
| &nbsp;&nbsp; Camurus \* | 6969 | 448833 |
|  |  | 1320527 |
|  **Industrials — 1.1%** | **Industrials — 1.1%** | **Industrials — 1.1%** |
| &nbsp;&nbsp; Beijer Ref, Cl B  | 20698 | 316388 |
| &nbsp;&nbsp; Loomis, Cl B  | 14299 | 596416 |
| &nbsp;&nbsp; Peab, Cl B  | 34839 | 290412 |
|  |  | 1203216 |
|  **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| &nbsp;&nbsp; Fortnox  | 8422 | 76424 |
|  **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** |
| &nbsp;&nbsp; Hexpol  | 57982 | 505257 |
|  |  | 4295280 |
|  **SWITZERLAND — 2.2%** | **SWITZERLAND — 2.2%** | **SWITZERLAND — 2.2%** |
|  **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** |
| &nbsp;&nbsp; Swissquote Group Holding  | 557 | 288782 |
| &nbsp;&nbsp; Vontobel Holding  | 3076 | 223257 |
|  |  | 512039 |
|  **Industrials — 1.0%** | **Industrials — 1.0%** | **Industrials — 1.0%** |
| &nbsp;&nbsp; Bossard Holding  | 2301 | 503977 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **SWITZERLAND — continued** | **SWITZERLAND — continued** | **SWITZERLAND — continued** |
|  **Industrials— continued** | **Industrials— continued** | **Industrials— continued** |
| &nbsp;&nbsp; Bucher Industries  | 915 | 396942 |
| &nbsp;&nbsp; Montana Aerospace \* | 12574 | 252211 |
|  |  | 1153130 |
|  **Information Technology — 0.5%** | **Information Technology — 0.5%** | **Information Technology — 0.5%** |
| &nbsp;&nbsp; Inficon Holding  | 5040 | 537126 |
|  **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp; International Workplace Group  | 81870 | 203166 |
|  |  | 2405461 |
|  **TAIWAN — 3.2%** | **TAIWAN — 3.2%** | **TAIWAN — 3.2%** |
|  **Consumer Discretionary — 0.8%** | **Consumer Discretionary — 0.8%** | **Consumer Discretionary — 0.8%** |
| &nbsp;&nbsp; Depo Auto Parts Industries  | 111000 | 633413 |
| &nbsp;&nbsp; Fulgent Sun International Holding  | 21000 | 66914 |
| &nbsp;&nbsp; Makalot Industrial  | 5100 | 45378 |
| &nbsp;&nbsp; Merry Electronics  | 40000 | 141635 |
|  |  | 887340 |
|  **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |
| &nbsp;&nbsp; Namchow Holdings  | 116000 | 170772 |
|  **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| &nbsp;&nbsp; L&K Engineering  | 25000 | 184779 |
| &nbsp;&nbsp; Sincere Navigation  | 92000 | 66791 |
|  |  | 251570 |
|  **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** |
| &nbsp;&nbsp; Airoha Technology  | 10000 | 158357 |
| &nbsp;&nbsp; Arcadyan Technology  | 18000 | 133200 |
| &nbsp;&nbsp; Asia Optical  | 56000 | 238033 |
| &nbsp;&nbsp; FIT Hon Teng \* | 266000 | 66787 |
| &nbsp;&nbsp; Genius Electronic Optical  | 6000 | 70474 |
| &nbsp;&nbsp; Himax Technologies ADR  | 3664 | 25923 |
| &nbsp;&nbsp; Insyde Software  | 8000 | 64237 |
| &nbsp;&nbsp; ITE Technology  | 22000 | 89497 |
| &nbsp;&nbsp; ITH \* | 38000 | 56889 |
| &nbsp;&nbsp; Lotes  | 8000 | 314558 |
| &nbsp;&nbsp; Pixart Imaging  | 31000 | 208102 |
| &nbsp;&nbsp; Via Technologies  | 17000 | 38587 |
|  |  | 1464644 |
|  **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| &nbsp;&nbsp; Nan Pao Resins Chemical  | 41000 | 436819 |
|  **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp; Advancetek Enterprise  | 94000 | 211871 |
|  |  | 3423016 |

---

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

*95*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **THAILAND — 0.4%** | **THAILAND — 0.4%** | **THAILAND — 0.4%** |
|  **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| &nbsp;&nbsp; Ichitan Group  | 224600 | $80654 |
|  **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| &nbsp;&nbsp; Bangchak NVDR  | 136100 | 145526 |
|  **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| &nbsp;&nbsp; CPN Retail Growth Leasehold REIT <sup>‡</sup> | 227900 | 83898 |
|  **Industrials — 0.0%** | **Industrials — 0.0%** | **Industrials — 0.0%** |
| &nbsp;&nbsp; Bangkok Airways  | 59900 | 28652 |
|  **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** |
| &nbsp;&nbsp; Rojana Industrial Park  | 683300 | 119577 |
|  |  | 458307 |
|  **TÜRKIYE — 0.6%** | **TÜRKIYE — 0.6%** | **TÜRKIYE — 0.6%** |
|  **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| &nbsp;&nbsp; Mavi Giyim Sanayi Ve Ticaret, Cl B  | 111982 | 94383 |
|  **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| &nbsp;&nbsp; Turkiye Sinai Kalkinma Bankasi \* | 217279 | 59328 |
|  **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| &nbsp;&nbsp; Reysas Gayrimenkul Yatirim Ortakligi \*<sup>‡</sup> | 1231447 | 448343 |
|  |  | 602054 |
|  **UNITED KINGDOM — 9.7%** | **UNITED KINGDOM — 9.7%** | **UNITED KINGDOM — 9.7%** |
|  **Communication Services — 0.6%** | **Communication Services — 0.6%** | **Communication Services — 0.6%** |
| &nbsp;&nbsp; Future  | 6732 | 64166 |
| &nbsp;&nbsp; Rightmove  | 42249 | 418198 |
| &nbsp;&nbsp; S4 Capital \* | 170930 | 62099 |
|  |  | 544463 |
|  **Consumer Discretionary — 2.0%** | **Consumer Discretionary — 2.0%** | **Consumer Discretionary — 2.0%** |
| &nbsp;&nbsp; Currys \* | 307746 | 457120 |
| &nbsp;&nbsp; Domino's Pizza Group  | 177218 | 638916 |
| &nbsp;&nbsp; Games Workshop Group  | 3635 | 750287 |
| &nbsp;&nbsp; Mitchells & Butlers \* | 17215 | 57260 |
| &nbsp;&nbsp; SSP Group  | 178180 | 353693 |
|  |  | 2257276 |
|  **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** |
| &nbsp;&nbsp; Cranswick  | 1840 | 127635 |
| &nbsp;&nbsp; Nomad Foods  | 47058 | 940689 |
| &nbsp;&nbsp; Premier Foods  | 158383 | 420853 |

---

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
|  **UNITED KINGDOM — continued** | **UNITED KINGDOM — continued** | **UNITED KINGDOM — continued** |
|  **Consumer Staples— continued** | **Consumer Staples— continued** | **Consumer Staples— continued** |
| &nbsp;&nbsp; Tate & Lyle  | 117731 | 879427 |
|  |  | 2368604 |
|  **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| &nbsp;&nbsp; Harbour Energy  | 52446 | 107427 |
|  **Financials — 1.9%** | **Financials — 1.9%** | **Financials — 1.9%** |
| &nbsp;&nbsp; abrdn  | 17621 | 34880 |
| &nbsp;&nbsp; Beazley  | 31114 | 369490 |
| &nbsp;&nbsp; Man Group  | 35625 | 77932 |
| &nbsp;&nbsp; OSB Group  | 29340 | 186913 |
| &nbsp;&nbsp; Paragon Banking Group  | 68809 | 779091 |
| &nbsp;&nbsp; TBC Bank Group  | 8878 | 562750 |
|  |  | 2011056 |
|  **Industrials — 1.4%** | **Industrials — 1.4%** | **Industrials — 1.4%** |
| &nbsp;&nbsp; Cohort  | 5435 | 100291 |
| &nbsp;&nbsp; IMI  | 40343 | 959609 |
| &nbsp;&nbsp; Johnson Service Group  | 107465 | 201699 |
| &nbsp;&nbsp; Mitie Group  | 42339 | 81829 |
| &nbsp;&nbsp; Mobico Group \* | 128598 | 53519 |
| &nbsp;&nbsp; Stolt-Nielsen  | 7128 | 160555 |
|  |  | 1557502 |
|  **Information Technology — 0.7%** | **Information Technology — 0.7%** | **Information Technology — 0.7%** |
| &nbsp;&nbsp; Spectris  | 28270 | 758501 |
|  **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| &nbsp;&nbsp; Capital  | 89031 | 80229 |
| &nbsp;&nbsp; Elementis  | 194871 | 328282 |
|  |  | 408511 |
|  **Utilities — 0.4%** | **Utilities — 0.4%** | **Utilities — 0.4%** |
| &nbsp;&nbsp; Drax Group  | 51729 | 427671 |
|  |  | 10441011 |
|  **UNITED STATES — 1.2%** | **UNITED STATES — 1.2%** | **UNITED STATES — 1.2%** |
|  **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| &nbsp;&nbsp; Carnival ADR \* | 19228 | 319569 |
|  **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** |
| &nbsp;&nbsp; Primo Brands  | 17135 | 559800 |
|  **Industrials — 0.4%** | **Industrials — 0.4%** | **Industrials — 0.4%** |
| &nbsp;&nbsp; Reliance Worldwide  | 159414 | 428080 |
|  |  | 1307449 |
| &nbsp;&nbsp; Total Common Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $89,393,225)  |  | 100311675 |

---

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

*96*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE TRADED FUNDS — 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE TRADED FUNDS — 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE TRADED FUNDS — 1.7%** |
|  | **Shares** | **Value** |
| **INTERNATIONAL** — **1.7%** | **INTERNATIONAL** — **1.7%** | **INTERNATIONAL** — **1.7%** |
| &nbsp;&nbsp; iShares Core MSCI Emerging Markets ETF | 7531 | $407954 |
| &nbsp;&nbsp; iShares MSCI Canada ETF | 3334 | 141528 |
| &nbsp;&nbsp; iShares MSCI EAFE Small-Capital ETF | 18611 | 1237632 |
| &nbsp;&nbsp; Total Exchange Traded Funds  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,684,103)  |  | 1787114 |
| **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** | **PREFERRED STOCK — 0.0%** |
| **BRAZIL — 0.0%** | **BRAZIL — 0.0%** | **BRAZIL — 0.0%** |
|  **Utilities — 0.0%** | **Utilities — 0.0%** | **Utilities — 0.0%** |
| &nbsp;&nbsp; Cia de Saneamento do Parana (B) | 46800 | $50095 |
| &nbsp;&nbsp; Total Preferred Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $37,419)  |  | 50095 |
| **SHORT-TERM INVESTMENT — 0.9%** | **SHORT-TERM INVESTMENT — 0.9%** | **SHORT-TERM INVESTMENT — 0.9%** |
| &nbsp;&nbsp; State Street Institutional US Government Money Market Fund, Premier Class, 4.290%, (C) |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $984,457)  | 984457 | $984457 |
| &nbsp;&nbsp; Total Short-Term Investment  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $984,457)  |  | 984457 |
| &nbsp;&nbsp; Total Investments in Securities— 95.7% | &nbsp;&nbsp; Total Investments in Securities— 95.7% |  |
| &nbsp;&nbsp;&nbsp; (Cost $92,099,204) |  | $103133341 |

---

Percentages are based on Net Assets of $107,728,912.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration Date** | **Notional Amount** | **Value** | **Unrealized Appreciation/ (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp; CAD Currency | 3 | Jun-2025 | $209213 | $218145 | $8932 |
| &nbsp;&nbsp; MSCI EAFE Index | 14 | Jun-2025 | 1712645 | 1746290 | 33645 |
| &nbsp;&nbsp; MSCI Emerging Markets | 10 | Jun-2025 | 564620 | 555000 | (9620) |
| &nbsp;&nbsp; Russell 2000 Index E-MINI | 2 | Jun-2025 | 201285 | 196980 | (4305) |
| &nbsp;&nbsp; S&P TSX 60 Index | 1 | Jun-2025 | 210397 | 216463 | 6066 |
|  |  |  | $2898160 | $2932878 | $34718 |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| <sup>‡</sup> | Real Estate Investment Trust. |
| (A) | This security or a partial position of this security is on loan at April 30, 2025. The total market value of securities on loan at April 30, 2025 was $938,860. |
| (B) | There is currently no rate available. |
| (C) | This security was purchased with cash collateral received from securities lending. The total was of such securities as of April 30, 2025, was $984,457. |

---

ADR — American Depositary Receipt <br> Cl — Class EAFE — Europe, Australasia, and the Far East ETF — Exchange-Traded Fund MSCI — Morgan Stanley Capital International <br> REIT — Real Estate Investment Trust

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

*97*

**CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND**

**APRIL 30, 2025 (Unaudited)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $– | $4517567 | $– | $4517567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 1391592 |  | 1391592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 1705538 |  | 1705538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bermuda |  | 753832 |  | 753832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 695385 |  |  | 695385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 6044076 |  |  | 6044076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands | 219125 | 26324 |  | 245449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 618838 | 1208506 |  | 1827344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia | 31651 |  |  | 31651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 895250 |  | 895250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 1043600 |  | 1043600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 3099153 |  | 3099153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 4021518 |  | 4021518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 202980 | 1357343 |  | 1560323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 572202 |  | 572202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 3835274 |  | 3835274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 194079 |  | 194079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 216611 |  | 216611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 1412294 | 119084 |  | 1531378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 79654 | 5420333 |  | 5499987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 122238 | 25686629 |  | 25808867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 130927 |  | 130927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia |  | 1171042 |  | 1171042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 349095 |  |  | 349095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 1093109 |  | 1093109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 1943243 |  | 1943243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 485435 |  | 485435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 84690 |  | 84690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 604400 |  | 604400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 375578 |  | 375578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 291542 | 99610 |  | 391152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 736559 |  | 736559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 2564799 |  | 2564799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 171645 | 1786747 |  | 1958392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 191914 | 4103366 |  | 4295280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 2405461 |  | 2405461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 25923 | 3397093 |  | 3423016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 458307 |  | 458307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Türkiye |  | 602054 |  | 602054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 940689 | 9500322 |  | 10441011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 879369 | 428080 | – | 1307449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock | 12276418 | 88035257 | – | 100311675 |
| &nbsp;&nbsp; Exchange Traded Funds | 1787114 |  |  | 1787114 |
| &nbsp;&nbsp; Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 50095 | – | – | 50095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stock | 50095 | – | – | 50095 |
| &nbsp;&nbsp; Short-Term Investment | 984457 | – | – | 984457 |
|  Total Investments in Securities | $15098084 | $88035257 | $– | $103133341 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Futures Contracts\* <br> Unrealized Appreciation | $48643 | $— | $— | $48643 |
| &nbsp;&nbsp; Futures Contracts\* <br> Unrealized Depreciation | (13925) |  |  | (13925) |
|  Total Other Financial Instruments | $34718 | $— | $— | $34718 |

---

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

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

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

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

*98*

**CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 45/55 FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPEN-END MUTUAL FUNDS — 99.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPEN-END MUTUAL FUNDS — 99.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPEN-END MUTUAL FUNDS — 99.6%** |
|  | **Shares** | **Value** |
| **EQUITY — 33.7%** | **EQUITY — 33.7%** | **EQUITY — 33.7%** |
| &nbsp;&nbsp; Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 2422212 | $29139206 |
| &nbsp;&nbsp; Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares<sup>†</sup> | 828783 | 8785095 |
| &nbsp;&nbsp; Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares<sup>†</sup> | 581190 | 5073788 |
|  |  | 42998089 |
| **FIXED INCOME — 54.5%** | **FIXED INCOME — 54.5%** | **FIXED INCOME — 54.5%** |
| &nbsp;&nbsp; Catholic Responsible Investments Bond Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 4092126 | 34701225 |
| &nbsp;&nbsp; Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 1867161 | 17383265 |
| &nbsp;&nbsp; Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 1780298 | 17304501 |
|  |  | 69388991 |
| **INTERNATIONAL — 11.4%** | **INTERNATIONAL — 11.4%** | **INTERNATIONAL — 11.4%** |
| &nbsp;&nbsp; Catholic Responsible Investments International Equity Fund, Cl Institutional Shares<sup>†</sup> | 1152155 | 11567638 |
| &nbsp;&nbsp; Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares<sup>†</sup> | 281997 | 2935587 |
|  |  | 14503225 |
| &nbsp;&nbsp; Total Open-End Mutual Funds  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $110,047,701)  |  | 126890305 |
| &nbsp;&nbsp; Total Investments in Securities— 99.6% | &nbsp;&nbsp; Total Investments in Securities— 99.6% |  |
| &nbsp;&nbsp;&nbsp; (Cost $110,047,701) |  | $126890305 |

---

Percentages are based on Net Assets of $127,422,835.

<sup>†</sup> Investment in Affiliated Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(A) Represents
 greater than 10% of the Fund's total investments. For further financial information, please go to the Fund's website at https://cbisonline.com/us/legal-financial/.

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

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.*

*99*

**CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 45/55 FUND**

**APRIL 30, 2025 (Unaudited)** 

The following is a summary of the transactions with affiliates for the period ended April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value 10/31/2024** | **Purchases at Cost** | **Proceeds from Sales** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation** <br> **(Depreciation)** | **Value 4/30/2025** | **Income** | **Capital Gains** |
|  Catholic Responsible Investments Equity Index Fund | $31416873 | $641110 | $(2356715) | $581649 | $(1143711) | $29139206 | $185486 | $— |
|  Catholic Responsible Investments Multi-Style US Equity Fund | 9591146 | 655939 | (1169653) | 528409 | (820746) | 8785095 | 84382 |  |
|  Catholic Responsible Investments Small-Cap Fund | 6070886 | 131981 | (466978) | 60520 | (722621) | 5073788 | 49494 |  |
|  Catholic Responsible Investments Bond Fund | 36293499 | 950219 | (2533963) | (452249) | 443719 | 34701225 | 765918 |  |
|  Catholic Responsible Investments Opportunistic Bond Fund | 18100374 | 511196 | (1266980) | (42869) | 81544 | 17383265 | 419046 |  |
|  Catholic Responsible Investments Short Duration Bond Fund | 17985547 | 477690 | (1266982) | (56924) | 165170 | 17304501 | 385539 |  |
|  Catholic Responsible Investments International Equity Fund | 11746325 | 838373 | (1484911) | 666091 | (198240) | 11567638 | 122443 |  |
|  Catholic Responsible Investments International Small-Cap Fund | 2932607 | 57430 | (207324) | (987) | 153861 | 2935587 | 42350 |  |
|  Totals | $134137257 | $4263938 | $(10753506) | $1283640 | $(2041024) | $126890305 | $2054658 | $— |

---

Amounts designated as "–" are $0.

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

*100*

**CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 60/40 ALPHA PLUS FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPEN-END MUTUAL FUNDS — 99.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPEN-END MUTUAL FUNDS — 99.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPEN-END MUTUAL FUNDS — 99.9%** |
|  | **Shares** | **Value** |
| **EQUITY — 45.5%** | **EQUITY — 45.5%** | **EQUITY — 45.5%** |
| &nbsp;&nbsp; Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 17158908 | $206421662 |
| &nbsp;&nbsp; Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 31281717 | 331586199 |
| &nbsp;&nbsp; Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares<sup>†</sup> | 9485304 | 82806707 |
|  |  | 620814568 |
| **FIXED INCOME — 38.7%** | **FIXED INCOME — 38.7%** | **FIXED INCOME — 38.7%** |
| &nbsp;&nbsp; Catholic Responsible Investments Bond Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 31173461 | 264350946 |
| &nbsp;&nbsp; Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares<sup>†</sup> | 14126383 | 131516630 |
| &nbsp;&nbsp; Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares<sup>†</sup> | 13493743 | 131159178 |
|  |  | 527026754 |
| **INTERNATIONAL — 15.7%** | **INTERNATIONAL — 15.7%** | **INTERNATIONAL — 15.7%** |
| &nbsp;&nbsp; Catholic Responsible Investments International Equity Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 17073364 | 171416574 |
| &nbsp;&nbsp; Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares<sup>†</sup> | 4079228 | 42464768 |
|  |  | 213881342 |
| &nbsp;&nbsp; Total Open-End Mutual Funds  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,166,941,395)  |  | 1361722664 |
| &nbsp;&nbsp; Total Investments in Securities— 99.9% | &nbsp;&nbsp; Total Investments in Securities— 99.9% |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,166,941,395) |  | $1361722664 |

---

Percentages are based on Net Assets of $1,362,714,548.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> Investment in Affiliated Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(A) Represents
 greater than 10% of the Fund's total investments. For further financial information, please go to the Fund's website at https://cbisonline.com/us/legal-financial/.

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

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

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

*101*

**CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 60/40 ALPHA PLUS FUND**

**APRIL 30, 2025 (Unaudited)** 

The following is a summary of the transactions with affiliates for the period ended April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value 10/31/2024** | **Purchases at Cost** | **Proceeds from Sales** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation** <br> **(Depreciation)** | **Value 4/30/2025** | **Income** | **Capital Gains** |
|  Catholic Responsible Investments Equity Index Fund | $220048924 | $4266976 | $(13364446) | $2204415 | $(6734207) | $206421662 | $1323220 | $— |
|  Catholic Responsible Investments Multi-Style US Equity Fund | 341815591 | 30823171 | (30373394) | 19000420 | (29679589) | 331586199 | 3051597 |  |
|  Catholic Responsible Investments Small-Cap Fund | 84480171 | 10996532 | (3594294) | 773023 | (9848725) | 82806707 | 700514 |  |
|  Catholic Responsible Investments Bond Fund | 275092781 | 6926024 | (17526445) | (3321284) | 3179870 | 264350946 | 5900023 |  |
|  Catholic Responsible Investments Opportunistic Bond Fund | 137183010 | 3736662 | (9659022) | (793515) | 1049495 | 131516630 | 3223661 |  |
|  Catholic Responsible Investments Short Duration Bond Fund | 136316223 | 3479219 | (9449254) | (440351) | 1253341 | 131159178 | 2966218 |  |
|  Catholic Responsible Investments International Equity Fund | 163167332 | 16214108 | (14954176) | 9027123 | (2037813) | 171416574 | 1725950 |  |
|  Catholic Responsible Investments International Small-Cap Fund | 40760298 | 922941 | (1428085) | (6715) | 2216329 | 42464768 | 598166 |  |
|  Totals | $1398864330 | $77365633 | $(100349116) | $26443116 | $(40601299) | $1361722664 | $19489349 | $— |

---

Amounts designated as "–" are $0.

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

*102*

**CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 60/40 BETA PLUS FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPEN-END MUTUAL FUNDS — 99.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPEN-END MUTUAL FUNDS — 99.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPEN-END MUTUAL FUNDS — 99.9%** |
|  | **Shares** | **Value** |
| **EQUITY — 45.5%** | **EQUITY — 45.5%** | **EQUITY — 45.5%** |
| &nbsp;&nbsp; Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 17962067 | $216083666 |
| &nbsp;&nbsp; Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares<sup>†</sup> | 3817668 | 33328242 |
|  |  | 249411908 |
| **FIXED INCOME — 38.7%** | **FIXED INCOME — 38.7%** | **FIXED INCOME — 38.7%** |
| &nbsp;&nbsp; Catholic Responsible Investments Bond Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 12548546 | 106411669 |
| &nbsp;&nbsp; Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares<sup>†</sup> | 5685274 | 52929897 |
| &nbsp;&nbsp; Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares<sup>†</sup> | 5430655 | 52785964 |
|  |  | 212127530 |
| **INTERNATIONAL — 15.7%** | **INTERNATIONAL — 15.7%** | **INTERNATIONAL — 15.7%** |
| &nbsp;&nbsp; Catholic Responsible Investments International Equity Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 6875846 | 69033498 |
| &nbsp;&nbsp; Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares<sup>†</sup> | 1642858 | 17102155 |
|  |  | 86135653 |
| &nbsp;&nbsp; Total Open-End Mutual Funds  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $445,687,037)  |  | 547675091 |
| &nbsp;&nbsp; Total Investments in Securities— 99.9% | &nbsp;&nbsp; Total Investments in Securities— 99.9% |  |
| &nbsp;&nbsp;&nbsp; (Cost $445,687,037) |  | $547675091 |

---

Percentages are based on Net Assets of $548,299,702.

---

| | |
|:---|:---|
| <sup>†</sup> | Investment in Affiliated Security. |
| (A) | Represents greater than 10% of the Fund's total investments. For further financial information, please go to the Fund's website at https://cbisonline.com/us/legal-financial/. |

---

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

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

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

*103*

**CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 60/40 BETA PLUS FUND**

**APRIL 30, 2025 (Unaudited)** 

The following is a summary of the transactions with affiliates for the period ended April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value 10/31/2024** | **Purchases at Cost** | **Proceeds from Sales** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation** <br> **(Depreciation)** | **Value 4/30/2025** | **Income** | **Capital Gains** |
|  Catholic Responsible Investments Equity Index Fund | $198893753 | $37837989 | $(17904269) | $1240612 | $(3984419) | $216083666 | $1227069 | $— |
|  Catholic Responsible Investments Small-Cap Fund | 28290860 | 9199767 | (1166236) | 214626 | (3210775) | 33328242 | 239488 |  |
|  Catholic Responsible Investments Bond Fund | 85564779 | 23799619 | (3064935) | (524084) | 636290 | 106411669 | 1969404 |  |
|  Catholic Responsible Investments Opportunistic Bond Fund | 43090098 | 11256372 | (1532468) | (57635) | 173530 | 52929897 | 1083643 |  |
|  Catholic Responsible Investments Short Duration Bond Fund | 42600301 | 11416585 | (1532468) | (66557) | 368103 | 52785964 | 992588 |  |
|  Catholic Responsible Investments International Equity Fund | 55999278 | 14595110 | (5005464) | 3160892 | 283682 | 69033498 | 600975 |  |
|  Catholic Responsible Investments International Small-Cap Fund | 14147535 | 2876577 | (934771) | (16393) | 1029207 | 17102155 | 211329 |  |
|  Totals | $468586604 | $110982019 | $(31140611) | $3951461 | $(4704382) | $547675091 | $6324496 | $— |

---

Amounts designated as "–" are $0.

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

*104*

**CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 75/25 FUND**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPEN-END MUTUAL FUNDS — 99.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPEN-END MUTUAL FUNDS — 99.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPEN-END MUTUAL FUNDS — 99.7%** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> Shares** | **Value** |
| **EQUITY — 56.4%** | **EQUITY — 56.4%** | **EQUITY — 56.4%** |
| &nbsp;&nbsp; Catholic Responsible Investments Equity Index Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 5836285 | $70210511 |
| &nbsp;&nbsp; Catholic Responsible Investments Multi-Style US Equity Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 2952859 | 31300306 |
| &nbsp;&nbsp; Catholic Responsible Investments Small-Cap Fund, Cl Institutional Shares<sup>†</sup> | 1790214 | 15628570 |
|  |  | 117139387 |
| **FIXED INCOME — 23.9%** | **FIXED INCOME — 23.9%** | **FIXED INCOME — 23.9%** |
| &nbsp;&nbsp; Catholic Responsible Investments Bond Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 2944287 | 24967554 |
| &nbsp;&nbsp; Catholic Responsible Investments Opportunistic Bond Fund, Cl Institutional Shares<sup>†</sup> | 1333952 | 12419093 |
| &nbsp;&nbsp; Catholic Responsible Investments Short Duration Bond Fund, Cl Institutional Shares<sup>†</sup> | 1274285 | 12386054 |
|  |  | 49772701 |
| **INTERNATIONAL — 19.4%** | **INTERNATIONAL — 19.4%** | **INTERNATIONAL — 19.4%** |
| &nbsp;&nbsp; Catholic Responsible Investments International Equity Fund, Cl Institutional Shares<sup>†</sup><sup>(A)</sup> | 3222820 | 32357115 |
| &nbsp;&nbsp; Catholic Responsible Investments International Small-Cap Fund, Cl Institutional Shares<sup>†</sup> | 770598 | 8021927 |
|  |  | 40379042 |
| &nbsp;&nbsp; Total Open-End Mutual Funds  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $155,905,771)  |  | 207291130 |
| &nbsp;&nbsp; Total Investments in Securities— 99.7% | &nbsp;&nbsp; Total Investments in Securities— 99.7% |  |
| &nbsp;&nbsp;&nbsp; (Cost $155,905,771) |  | $207291130 |

---

Percentages are based on Net Assets of $207,920,999.

<sup>†</sup> Investment in Affiliated Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(A) Represents
 greater than 10% of the Fund's total investments. For further financial information, please go to the Fund's website at https://cbisonline.com/us/legal-financial/.

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

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

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

*105*

**CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 75/25 FUND**

**APRIL 30, 2025 (Unaudited)** 

The following is a summary of the transactions with affiliates for the period ended April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value 10/31/2024** | **Purchases at Cost** | **Proceeds from Sales** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation** <br> **(Depreciation)** | **Value 4/30/2025** | **Income** | **Capital Gains** |
|  Catholic Responsible Investments Equity Index Fund | $122018679 | $4956277 | $(53525571) | $14792367 | $(18031241) | $70210511 | $623992 | $— |
|  Catholic Responsible Investments Multi-Style US Equity Fund | 51819186 | 4533000 | (23117920) | 4280773 | (6214733) | 31300306 | 388926 |  |
|  Catholic Responsible Investments Small-Cap Fund | 25379386 | 3075476 | (10539240) | 1020024 | (3307076) | 15628570 | 177641 |  |
|  Catholic Responsible Investments Bond Fund | 38827657 | 3319251 | (17254302) | (2449145) | 2524093 | 24967554 | 682046 |  |
|  Catholic Responsible Investments Opportunistic Bond Fund | 19375264 | 1614582 | (8627151) | (233478) | 289876 | 12419093 | 372885 |  |
|  Catholic Responsible Investments Short Duration Bond Fund | 19067010 | 1841099 | (8627150) | (304940) | 410035 | 12386054 | 339237 |  |
|  Catholic Responsible Investments International Equity Fund | 49705570 | 5159567 | (23029862) | 3568712 | (3046872) | 32357115 | 435895 |  |
|  Catholic Responsible Investments International Small-Cap Fund | 12563575 | 521177 | (5354699) | 395298 | (103424) | 8021927 | 153468 |  |
|  Totals | $338756327 | $25020429 | $(150075895) | $21069611 | $(27479342) | $207291130 | $3174090 | $— |

---

Amounts designated as "–" are $0.

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

*106*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

**Statements of Assets and Liabilities**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp; Investments, at Value (Cost $95,635,957, $489,672,941, $2,383,920,355 and $682,149,206) | $95619484 | $494007864 <sup>\*</sup> | $2330318232 | $685185962 <sup>\*</sup> |
| &nbsp;&nbsp; Repurchase Agreements, at Value (Cost $11,700,000, $21,000,000, $– and $–) | 11700000 | 21000000 |  |  |
| &nbsp;&nbsp; Receivable for Investment Securities Sold | 2403598 | 36773 | 43064895 | 4697437 |
| &nbsp;&nbsp; Dividend and Interest Receivable | 247991 | 3454548 | 17415944 | 4019249 |
| &nbsp;&nbsp; Receivable for Capital Shares Sold | 101000 | 102082 | 1006163 | 1985 |
| &nbsp;&nbsp; Cash and Cash Equivalents | 44377 | 784788 | 48057258 | 11174245 |
| &nbsp;&nbsp; Cash Pledged as Collateral for Futures Contracts |  |  | 6328807 | 616581 |
| &nbsp;&nbsp; Variation Margin Receivable |  | 41063 |  |  |
| &nbsp;&nbsp; Prepaid Expenses | 11738 | 13906 | 33580 | 22373 |
| **Total Assets** | 110128188 | 519441024 | 2446224879 | 705717832 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp; Payable for Investment Securities Purchased | 4773304 | 11143580 | 68525378 | 3489380 |
| &nbsp;&nbsp; Payable Due to Adviser | 17215 | 113073 | 578871 | 191002 |
| &nbsp;&nbsp; Transfer Agent Fees Payable | 11064 | 8863 | 16712 | 11061 |
| &nbsp;&nbsp; Audit Fees Payable | 8239 | 8239 | 9854 | 10173 |
| &nbsp;&nbsp; Payable Due to Administrator | 1873 | 7986 | 37647 | 11666 |
| &nbsp;&nbsp; Chief Compliance Officer Fees Payable | 1003 | 2006 | 4012 | 3009 |
| &nbsp;&nbsp; Payable Upon Return of Securities Loaned |  | 72975 |  | 130313 |
| &nbsp;&nbsp; Payable for Capital Shares Redeemed |  | 6955 | 158722 | 37171 |
| &nbsp;&nbsp; Shareholder Servicing Fees Payable |  |  | 30333 | 37574 |
| &nbsp;&nbsp; Other Accrued Expenses | 28683 | 55510 | 107892 | 55250 |
| **Total Liabilities** | 4841381 | 11419187 | 69469421 | 3976599 |
| **Commitments and Contingencies <sup>†</sup>** |  |  |  |  |
| **Net Assets** | $105286807 | $508021837 | $2376755458 | $701741233 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp; Paid-in Capital | $105205689 | $524209909 | $2604398435 | $732990236 |
| &nbsp;&nbsp; Total Distributable Earnings (Accumulated Losses) | 81118 | (16188072) | (227642977) | (31249003) |
| **Net Assets** | $105286807 | $508021837 | $2376755458 | $701741233 |
| &nbsp;&nbsp; **Institutional Shares:** |  |  |  |  |
| &nbsp;&nbsp; Net Assets | $105286807 | $508021837 | $2271789764 | $627020494 |
| &nbsp;&nbsp; Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value) | 10512261 | 52284143 | 267804409 | 67322236 |
| &nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $10.02 | $9.72 | $8.48 | $9.31 |
| &nbsp;&nbsp; **Investor Shares:** |  |  |  |  |
| &nbsp;&nbsp; Net Assets | $N/A | $N/A | $104965694 | $74720739 |
| &nbsp;&nbsp; Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value) | N/A | N/A | 12377291 | 8022376 |
| &nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $N/A | $N/A | $8.48 | $9.31 |
| \* Includes Market Value of Securities on Loan | $– | $71351 | $– | $127413 |
| <sup>†</sup> See Note 5 in the Notes to Financial Statements |  |  |  |  |

---

 *Amounts designated as "—" are $0.* 

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

*107*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

**Statements of Assets and Liabilities**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Small-Cap Fund** |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp; Investments, at Value (Cost $1,739,026,998, $445,111,391, $598,462,626, $1,489,011,225 and $92,099,204) | $3743263257 <sup>\*</sup> | $494382408 <sup>\*</sup> | $733436723 | $1806957626 <sup>\*</sup> | $103133341 <sup>\*</sup> |
| &nbsp;&nbsp; Foreign Currency, at Value (Cost $–, $–, $–, $1,200,760 and $576,249) |  |  |  | 1210960 | 592963 |
| &nbsp;&nbsp; Cash and Cash Equivalents | 18122394 | 2179957 | 5776208 | 64975466 | 4353129 |
| &nbsp;&nbsp; Dividend and Interest Receivable | 1895635 | 232815 | 130121 | 5389929 | 552031 |
| &nbsp;&nbsp; Cash Pledged as Collateral for Futures Contracts | 1330857 | 335160 |  |  | 249372 |
| &nbsp;&nbsp; Receivable for Capital Shares Sold | 476056 | 83350 |  | 158403 |  |
| &nbsp;&nbsp; Reclaim Receivable | 80083 |  | 137878 | 2256385 | 161095 |
| &nbsp;&nbsp; Receivable for Investment Securities Sold |  |  | 603057 | 9010074 | 133964 |
| &nbsp;&nbsp; Unrealized Appreciation on Spot Currency Contracts |  |  |  | 8304 | 316 |
| &nbsp;&nbsp; Prepaid Expenses | 47935 | 14349 | 23988 | 33297 | 18143 |
| **Total Assets** | 3765216217 | 497228039 | 740107975 | 1890000444 | 109194354 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp; Payable Upon Return of Securities Loaned | 568086 | 7959886 |  | 15414440 | 984457 |
| &nbsp;&nbsp; Payable for Capital Shares Redeemed | 567024 | 88085 | 16206 | 8983846 | 1391 |
| &nbsp;&nbsp; Rating Expense Payable | 172930 |  |  |  |  |
| &nbsp;&nbsp; Payable Due to Adviser | 120180 | 77242 | 351416 | 1058469 | 71897 |
| &nbsp;&nbsp; Payable Due to Administrator | 57309 | 7413 | 11858 | 28071 | 1636 |
| &nbsp;&nbsp; Transfer Agent Fees Payable | 15557 | 9395 | 11040 | 14754 | 5159 |
| &nbsp;&nbsp; Audit Fees Payable | 7183 | 9252 | 8239 | 9790 | 7184 |
| &nbsp;&nbsp; Chief Compliance Officer Fees Payable | 1003 | 1003 | 4012 | 3009 | 3009 |
| &nbsp;&nbsp; Payable for Investment Securities Purchased |  |  | 53582 | 10487901 | 175193 |
| &nbsp;&nbsp; Shareholder Servicing Fees Payable |  |  | 5624 | 39603 |  |
| &nbsp;&nbsp; Accrued Foreign Capital Gains Tax on Appreciated Securities |  |  |  | 1176505 | 136427 |
| &nbsp;&nbsp; Other Accrued Expenses | 53294 | 65250 | 45707 | 116434 | 79089 |
| **Total Liabilities** | 1562566 | 8217526 | 507684 | 37332822 | 1465442 |
| **Commitments and Contingencies <sup>†</sup>** |  |  |  |  |  |
| **Net Assets** | $3763653651 | $489010513 | $739600291 | $1852667622 | $107728912 |
| **Net Assets Consist of:** |  |  |  |  |  |
| &nbsp;&nbsp; Paid-in Capital | $1734763700 | $441088632 | $601110035 | $1538593314 | $96411868 |
| &nbsp;&nbsp; Total Distributable Earnings | 2028889951 | 47921881 | 138490256 | 314074308 | 11317044 |
| **Net Assets** | $3763653651 | $489010513 | $739600291 | $1852667622 | $107728912 |
| &nbsp;&nbsp; **Institutional Shares:** |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets | $3763653651 | $489010513 | $697592914 | $1712049664 | $107728912 |
| &nbsp;&nbsp; Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value) | 312818699 | 56001942 | 65794611 | 170583352 | 10345807 |
| &nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $12.03 | $8.73 | $10.60 | $10.04 | $10.41 |
| &nbsp;&nbsp; **Investor Shares:** |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets | $N/A | $N/A | $42007377 | $140617958 | $N/A |
| &nbsp;&nbsp; Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value) | N/A | N/A | 3961658 | 14003197 | N/A |
| &nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $N/A | $N/A | $10.60 | $10.04 | $N/A |
| \* Includes Market Value of Securities on Loan | $556715 | $7779396 | $– | $14436064 | $938860 |
| <sup>†</sup> See Note 5 in the Notes to Financial Statements |  |  |  |  |  |

---

 *Amounts designated as "—" are $0.* 

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

*108*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

**Statements of Assets and Liabilities**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp; Affiliated Investments, at Value (Cost $110,047,701, $1,166,941,395, $445,687,037 and $155,905,771) | $126890305 | $1361722664 | $547675091 | $207291130 |
| &nbsp;&nbsp; Cash and Cash Equivalents | 538634 | 1054957 | 661939 | 636794 |
| &nbsp;&nbsp; Due from Adviser | 9439 |  | 6360 | 8618 |
| &nbsp;&nbsp; Dividend and Interest Receivable | 1666 | 3264 | 2046 | 1706 |
| &nbsp;&nbsp; Prepaid Expenses | 20282 | 31761 | 9418 | 22294 |
| **Total Assets** | 127460326 | 1362812646 | 548354854 | 207960542 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp; Transfer Agent Fees Payable | 9135 | 13032 | 10822 | 9439 |
| &nbsp;&nbsp; Audit Fees Payable | 7184 | 7184 | 7184 | 7184 |
| &nbsp;&nbsp; Shareholder Servicing Fees Payable | 4474 | 50827 | 16461 | 5761 |
| &nbsp;&nbsp; Legal Fees Payable | 3377 | 3377 | 3377 | 3377 |
| &nbsp;&nbsp; Chief Compliance Officer Fees Payable | 1003 | 1003 | 1003 | 1003 |
| &nbsp;&nbsp; Printing Fees Payable | 615 | 6519 | 2253 | 1424 |
| &nbsp;&nbsp; Other Accrued Expenses | 11703 | 16156 | 14052 | 11355 |
| **Total Liabilities** | 37491 | 98098 | 55152 | 39543 |
| **Commitments and Contingencies <sup>†</sup>** |  |  |  |  |
| **Net Assets** | $127422835 | $1362714548 | $548299702 | $207920999 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp; Paid-in Capital | $109632386 | $1139781840 | $443908333 | $135434726 |
| &nbsp;&nbsp; Total Distributable Earnings | 17790449 | 222932708 | 104391369 | 72486273 |
| **Net Assets** | $127422835 | $1362714548 | $548299702 | $207920999 |
| &nbsp;&nbsp; **Institutional Shares:** |  |  |  |  |
| &nbsp;&nbsp; Net Assets | $98218599 | $989959233 | $439841924 | $167028845 |
| &nbsp;&nbsp; Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value) | 9676783 | 96541794 | 42049511 | 15815735 |
| &nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $10.15 | $10.25 | $10.46 | $10.56 |
| &nbsp;&nbsp; **Investor Shares:** |  |  |  |  |
| &nbsp;&nbsp; Net Assets | $29204236 | $372755315 | $108457778 | $40892154 |
| &nbsp;&nbsp; Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value) | 2877980 | 36365248 | 10367325 | 3875187 |
| &nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $10.15 | $10.25 | $10.46 | $10.55 |
| <sup>†</sup> See Note 5 in the Notes to Financial Statements |  |  |  |  |

---

*Amounts designated as "—" are $0* 

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

*109*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**FOR THE PERIOD ENDED**

**APRIL 30, 2025 (Unaudited)**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp; Interest Income | $2105009 | $12287962 | $56119818 | $18597085 |
| &nbsp;&nbsp; Income from Securities Lending, Net | 212 | 2237 | 2426 | 3743 |
| **Total Investment Income** | 2105221 | 12290199 | 56122244 | 18600828 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp; Investment Advisory Fees | 110769 | 745393 | 3440297 | 1222470 |
| &nbsp;&nbsp; Administration Fees | 8484 | 47578 | 223310 | 70600 |
| &nbsp;&nbsp; Trustees' Fees | 5931 | 11862 | 23723 | 17792 |
| &nbsp;&nbsp; Chief Compliance Officer Fees | 1644 | 3288 | 6576 | 4932 |
| &nbsp;&nbsp; Shareholder Servicing Fees (Investor Shares) |  |  | 61241 | 51877 |
| &nbsp;&nbsp; Transfer Agent Fees | 18292 | 14725 | 28701 | 21581 |
| &nbsp;&nbsp; Pricing Fees | 15520 | 31909 | 73823 | 30992 |
| &nbsp;&nbsp; Registration Fees | 13836 | 19664 | 60491 | 29626 |
| &nbsp;&nbsp; Legal Fees | 8605 | 17210 | 34421 | 25815 |
| &nbsp;&nbsp; Audit Fees  | 8239 | 8239 | 9854 | 10173 |
| &nbsp;&nbsp; Custodian Fees | 5381 | 3669 | 20084 | 7091 |
| &nbsp;&nbsp; Printing Fees | 685 | 4021 | 18599 | 5618 |
| &nbsp;&nbsp; Other Expenses | 7801 | 12418 | 28522 | 15590 |
| **Total Expenses** | 205187 | 919976 | 4029642 | 1514157 |
| **Less:** |  |  |  |  |
| &nbsp;&nbsp; Waiver of Investment Advisory Fees | (50008) | (49603) | – | (29024) |
| **Net Expenses** | 155179 | 870373 | 4029642 | 1485133 |
| **Net Investment Income** | 1950042 | 11419826 | 52092602 | 17115695 |
| **Net Realized Gain (Loss) on:** |  |  |  |  |
| Investments | 2247 | (25275) | (14674564) | (324929) |
|  Futures Contracts | – | (691224) | (4346113) | (1697922) |
|  **Net Realized Gain (Loss)** | 2247 | (716499) | (19020677) | (2022851) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
|  Investments | (101082) | 2627738 | 12570354 | 2525132 |
|  Futures Contracts | – | 959789 | 6188776 | 1273446 |
| **Net Change in Unrealized Appreciation (Depreciation)** | (101082) | 3587527 | 18759130 | 3798578 |
|  **Net Realized and Unrealized Gain (Loss)**  | (98835) | 2871028 | (261547) | 1775727 |
|  **Net Increase in Net Assets Resulting from Operations** | $1851207 | $14290854 | $51831055 | $18891422 |

---

 *Amounts designated as "—" are $0.* 

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

*110*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**FOR THE PERIOD ENDED**

**APRIL 30, 2025 (Unaudited)**

**Statements of Operations**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Small-Cap Fund** |
| **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp; Dividend Income | $25001264 | $4419923 | $4320726 | $17466164 | $1585644 |
| &nbsp;&nbsp; Interest Income |  | 94343 | 236176 | 916944 | 134073 |
| &nbsp;&nbsp; Income from Securities Lending, Net | 438 | 17854 | 4532 | 9816 | 7131 |
| &nbsp;&nbsp; Less: Foreign Taxes Withheld | (4370) | (4795) | (12865) | (1290085) | (131398) |
| **Total Investment Income** | 24997332 | 4527325 | 4548569 | 17102839 | 1595450 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp; Investment Advisory Fees | 1187703 | 544602 | 2463405 | 5992646 | 504352 |
| &nbsp;&nbsp; Administration Fees | 379071 | 52144 | 82340 | 158775 | 10061 |
| &nbsp;&nbsp; Trustees' Fees | 5931 | 5930 | 23723 | 17792 | 19569 |
| &nbsp;&nbsp; Chief Compliance Officer Fees | 1644 | 1644 | 6576 | 4932 | 4932 |
| &nbsp;&nbsp; Shareholder Servicing Fees (Investor Shares) |  |  | 33077 | 73314 |  |
| &nbsp;&nbsp; Rating Fees | 308059 | 84499 |  |  |  |
| &nbsp;&nbsp; Printing Fees | 32293 | 4458 | 6755 | 12910 | 853 |
| &nbsp;&nbsp; Registration Fees | 31027 | 10686 | 30031 | 24345 | 12575 |
| &nbsp;&nbsp; Pricing Fees | 30388 | 6352 | 8134 | 12811 | 3869 |
| &nbsp;&nbsp; Transfer Agent Fees | 26417 | 15570 | 21105 | 26055 | 10841 |
| &nbsp;&nbsp; Custodian Fees | 21575 | 12110 | 15605 | 122845 | 36917 |
| &nbsp;&nbsp; Legal Fees | 8605 | 8605 | 34421 | 25815 | 25815 |
| &nbsp;&nbsp; Audit Fees  | 7184 | 11287 | 8239 | 9790 | 7183 |
| &nbsp;&nbsp; Other Expenses | 36661 | 9822 | 19114 | 57791 | 37037 |
| **Total Expenses** | 2076558 | 767709 | 2752525 | 6539821 | 674004 |
| **Less:** |  |  |  |  |  |
| &nbsp;&nbsp; Waiver of Investment Advisory Fees | (293263) | – | – | – | (69257) |
| **Net Expenses** | 1783295 | 767709 | 2752525 | 6539821 | 604747 |
| **Net Investment Income** | 23214037 | 3759616 | 1796044 | 10563018 | 990703 |
| **Net Realized Gain (Loss) on:** |  |  |  |  |  |
| Investments | 57073375 | 9324914 | 5609862 | 19691348 | 3405941 |
|  Futures Contracts | (1467452) | (113297) |  |  | (108934) |
|  Accrued Foreign Capital Gains Tax |  |  |  | (593353) | (69081) |
|  Foreign Currency Transactions | – | – | – | (30615) | 1570 |
|  **Net Realized Gain (Loss)** | 55605923 | 9211617 | 5609862 | 19067380 | 3229496 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |
|  Investments | (132320462) | (68540727) | (24874646) | 55186310 | 2865951 |
|  Futures Contracts | 856813 | 65735 |  |  | 166866 |
|  Accrued Foreign Capital Gains Tax on Appreciated Securities |  |  |  | 571388 | 23628 |
|  Translation of Other Assets and Liabilities Denominated in Foreign Currencies | – | – | – | 138431 | 39164 |
| **Net Change in Unrealized Appreciation (Depreciation)** | (131463649) | (68474992) | (24874646) | 55896129 | 3095609 |
|  **Net Realized and Unrealized Gain (Loss)**  | (75857726) | (59263375) | (19264784) | 74963509 | 6325105 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(52643689) | $(55503759) | $(17468740) | $85526527 | $7315808 |

---

*Amounts designated as "—" are $0.* 

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

*111*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**FOR THE PERIOD ENDED**

**APRIL 30, 2025 (Unaudited)**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp; Affiliated Dividend Income | $2054658 | $19489349 | $6324496 | $3174090 |
| &nbsp;&nbsp; Interest Income | 9774 | 19602 | 12062 | 11403 |
| **Total Investment Income** | 2064432 | 19508951 | 6336558 | 3185493 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp; Shareholder Servicing Fees (Investor Shares) | 24497 | 282352 | 84316 | 31067 |
| &nbsp;&nbsp; Trustees' Fees | 8048 | 28550 | 14345 | 10102 |
| &nbsp;&nbsp; Chief Compliance Officer Fees | 1644 | 1644 | 1644 | 1644 |
| &nbsp;&nbsp; Transfer Agent Fees | 18516 | 23437 | 20122 | 19082 |
| &nbsp;&nbsp; Registration Fees | 16480 | 29968 | 29712 | 17901 |
| &nbsp;&nbsp; Legal Fees | 8605 | 8605 | 8605 | 8605 |
| &nbsp;&nbsp; Audit Fees  | 7183 | 7184 | 7184 | 7184 |
| &nbsp;&nbsp; Printing Fees | 1066 | 11259 | 3871 | 2433 |
| &nbsp;&nbsp; Pricing Fees | 104 | 100 | 100 | 100 |
| &nbsp;&nbsp; Custodian Fees | 9 | 62 | 9 | 62 |
| &nbsp;&nbsp; Other Expenses | 7727 | 14452 | 9277 | 8525 |
| **Total Expenses** | 93879 | 407613 | 179185 | 106705 |
| **Less:** |  |  |  |  |
| &nbsp;&nbsp; Waiver of Expenses | (63033) | (66462) | (69627) | (63126) |
| **Net Expenses** | 30846 | 341151 | 109558 | 43579 |
| **Net Investment Income** | 2033586 | 19167800 | 6227000 | 3141914 |
| **Net Realized Gain (Loss) on:** |  |  |  |  |
| Affiliated Investments | 1283640 | 26443116 | 3951461 | 21068922 |
|  **Net Realized Gain (Loss)** | 1283640 | 26443116 | 3951461 | 21068922 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
|  Affiliated Investments | (2041026) | (40601300) | (4704380) | (27479341) |
| **Net Change in Unrealized Appreciation (Depreciation)** | (2041026) | (40601300) | (4704380) | (27479341) |
|  **Net Realized and Unrealized Loss**  | (757386) | (14158184) | (752919) | (6410419) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1276200 | $5009616 | $5474081 | $(3268505) |

---

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

*112*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** |
|  | **Six Months Ended <br> April 30, 2025 (Unaudited)** | **Year Ended October 31, 2024** | **Six Months Ended <br> April 30, 2025 (Unaudited)** | **Year Ended October 31, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | $1950042 | $3271009 | $11419826 | $21247977 |
| &nbsp;&nbsp; Net Realized Gain (Loss)  | 2247 | 2781 | (716499) | (2181411) |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (101082) | 53199 | 3587527 | 13336182 |
| &nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | 1851207 | 3326989 | 14290854 | 32402748 |
| **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (2029568) | (3269104) | (11090130) | (20954065) |
| &nbsp;&nbsp; **Total Distributions**  | (2029568) | (3269104) | (11090130) | (20954065) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp; **Institutional**: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 81430334 | 86305592 | 30294416 | 69656278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 2024325 | 3248940 | 11018604 | 20612579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (44170073) | (81887557) | (32628002) | (79070736) |
| &nbsp;&nbsp; **Net Institutional Share Transactions** | 39284586 | 7666975 | 8685018 | 11198121 |
| &nbsp;&nbsp; **Net Increase in Net Assets from Share Transactions** | 39284586 | 7666975 | 8685018 | 11198121 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 39106225 | 7724860 | 11885742 | 22646804 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp; Beginning of Year/Period | 66180582 | 58455722 | 496136095 | 473489291 |
| &nbsp;&nbsp; End of Year/Period  | $105286807 | $66180582 | $508021837 | $496136095 |
|  **Shares Transactions:** |  |  |  |  |
| &nbsp;&nbsp; Institutional: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 8115986 | 8593797 | 3130393 | 7243252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 202001 | 324009 | 1139328 | 2145662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4397969) | (8152072) | (3370022) | (8233464) |
| &nbsp;&nbsp; **Net Institutional Shares Capital Share Transactions** | 3920018 | 765734 | 899699 | 1155450 |
|  **Net Increase in Shares Outstanding from Share Transactions** | 3920018 | 765734 | 899699 | 1155450 |

---

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

*113*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** |
|  | **Six Months Ended <br> April 30, 2025 (Unaudited)** | **Year Ended October 31, 2024** | **Six Months Ended <br> April 30, 2025 (Unaudited)** | **Year Ended October 31, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | $52092602 | $91200469 | $17115695 | $28858295 |
| &nbsp;&nbsp; Net Realized Gain (Loss)  | (19020677) | (14914497) | (2022851) | 579128 |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 18759130 | 135801654 | 3798578 | 22168904 |
| &nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | 51831055 | 212087626 | 18891422 | 51606327 |
| **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (48925379) | (86758144) | (15101945) | (26274147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1822574) | (3014383) | (1631209) | (2454257) |
| &nbsp;&nbsp; **Total Distributions**  | (50747953) | (89772527) | (16733154) | (28728404) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp; **Institutional**: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 153381357 | 400368664 | 31882475 | 122384357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 44822408 | 81066125 | 14525882 | 25192879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees - Note 2 |  | 721 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (116243821) | (127924302) | (52368853) | (36398994) |
| &nbsp;&nbsp; **Net Institutional Share Transactions** | 81959944 | 353511208 | (5960496) | 111178242 |
| &nbsp;&nbsp; **Investor**: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 34846283 | 39051520 | 11770674 | 37971157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 1716406 | 2869228 | 1547641 | 2351810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees - Note 2 |  | 2540 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (8292236) | (25188991) | (3039817) | (4495150) |
| &nbsp;&nbsp; **Net Investor Share Transactions** | 28270453 | 16734297 | 10278498 | 35827825 |
| &nbsp;&nbsp; **Net Increase in Net Assets from Share Transactions** | 110230397 | 370245505 | 4318002 | 147006067 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase in Net Assets** | 111313499 | 492560604 | 6476270 | 169883990 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp; Beginning of Year/Period | 2265441959 | 1772881355 | 695264963 | 525380973 |
| &nbsp;&nbsp; End of Year/Period  | $2376755458 | $2265441959 | $701741233 | $695264963 |
|  **Shares Transactions:** |  |  |  |  |
| &nbsp;&nbsp; Institutional: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 18136185 | 47547935 | 3430598 | 13172549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 5300837 | 9580886 | 1563495 | 2731353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (13739431) | (15168348) | (5625919) | (3945238) |
| &nbsp;&nbsp; **Net Institutional Shares Capital Share Transactions** | 9697591 | 41960473 | (631826) | 11958664 |
| &nbsp;&nbsp; Investor: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 4133948 | 4603970 | 1266389 | 4119763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 203027 | 339176 | 166538 | 254788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (979922) | (2979660) | (326862) | (487303) |
| &nbsp;&nbsp; **Net Investor Shares Capital Share Transactions** | 3357053 | 1963486 | 1106065 | 3887248 |
|  **Net Increase in Shares Outstanding from Share Transactions** | 13054644 | 43923959 | 474239 | 15845912 |

---

 *Amounts designated as "—" are $0.* 

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

*114*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** |
|  | **Six Months Ended <br> April 30, 2025 (Unaudited)** | **Year Ended October 31, 2024** | **Six Months Ended <br> April 30, 2025 (Unaudited)** | **Year Ended October 31, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | $23214037 | $46777822 | $3759616 | $7901222 |
| &nbsp;&nbsp; Net Realized Gain  | 55605923 | 65500830 | 9211617 | 19570959 |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (131463649) | 1012495057 | (68474992) | 99424827 |
| &nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (52643689) | 1124773709 | (55503759) | 126897008 |
| **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (62162142) | (46433637) | (9437665) | (7069815) |
| &nbsp;&nbsp; **Total Distributions**  | (62162142) | (46433637) | (9437665) | (7069815) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp; **Institutional**: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 190727755 | 380418492 | 43487372 | 56161494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 58844301 | 43763993 | 8646585 | 6464219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees - Note 2 |  | 252 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (335897899) | (600703986) | (57725101) | (50656953) |
| &nbsp;&nbsp; **Net Institutional Share Transactions** | (86325843) | (176521249) | (5591144) | 11968780 |
| &nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Share Transactions** | (86325843) | (176521249) | (5591144) | 11968780 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (201131674) | 901818823 | (70532568) | 131795973 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp; Beginning of Year/Period | 3964785325 | 3062966502 | 559543081 | 427747108 |
| &nbsp;&nbsp; End of Year/Period  | $3763653651 | $3964785325 | $489010513 | $559543081 |
|  **Shares Transactions:** |  |  |  |  |
| &nbsp;&nbsp; Institutional: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 15462262 | 33434548 | 4880010 | 6019214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 4626930 | 3814045 | 869579 | 662969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (26814962) | (52863952) | (5954762) | (5394184) |
| &nbsp;&nbsp; **Net Institutional Shares Capital Share Transactions** | (6725770) | (15615359) | (205173) | 1287999 |
|  **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (6725770) | (15615359) | (205173) | 1287999 |

---

 *Amounts designated as "—" are $0.* 

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

*115*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** |
|  | **Six Months Ended <br> April 30, 2025 (Unaudited)** | **Year Ended October 31, 2024** | **Six Months Ended <br> April 30, 2025 (Unaudited)** | **Year Ended October 31, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | $1796044 | $5075196 | $10563018 | $19230577 |
| &nbsp;&nbsp; Net Realized Gain  | 5609862 | 87833181 | 19067380 | 105208511 |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (24874646) | 123568163 | 55896129 | 186850133 |
| &nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (17468740) | 216476540 | 85526527 | 311289221 |
| **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (50935222) | (4226839) | (97899717) | (22472807) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (2772895) | (180457) | (6219091) | (1055263) |
| &nbsp;&nbsp; **Total Distributions**  | (53708117) | (4407296) | (104118808) | (23528070) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp; **Institutional**: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 16464799 | 50806356 | 348916313 | 224522982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 46693319 | 3878800 | 90295650 | 20826400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees - Note 2 |  | 1 |  | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (107644904) | (114098703) | (146805270) | (216147682) |
| &nbsp;&nbsp; **Net Institutional Share Transactions** | (44486786) | (59413546) | 292406693 | 29203105 |
| &nbsp;&nbsp; **Investor**: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1299502 | 478233 | 54707406 | 46715810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 2632239 | 162602 | 6190812 | 1031702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees - Note 2 |  | 17 |  | 4037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4642721) | (8063115) | (13732734) | (12126335) |
| &nbsp;&nbsp; **Net Investor Share Transactions** | (710980) | (7422263) | 47165484 | 35625214 |
| &nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Share Transactions** | (45197766) | (66835809) | 339572177 | 64828319 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (116374623) | 145233435 | 320979896 | 352589470 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp; Beginning of Year/Period | 855974914 | 710741479 | 1531687726 | 1179098256 |
| &nbsp;&nbsp; End of Year/Period  | $739600291 | $855974914 | $1852667622 | $1531687726 |
|  **Shares Transactions:** |  |  |  |  |
| &nbsp;&nbsp; Institutional: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1531998 | 4626007 | 35427638 | 22582232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 4158373 | 354285 | 9592124 | 2075279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (9716778) | (10529132) | (14848966) | (21628301) |
| &nbsp;&nbsp; **Net Institutional Shares Capital Share Transactions** | (4026407) | (5548840) | 30170796 | 3029210 |
| &nbsp;&nbsp; Investor: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 114660 | 41214 | 5532793 | 4665422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 234339 | 14927 | 657863 | 102039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (385425) | (760071) | (1368214) | (1272521) |
| &nbsp;&nbsp; **Net Investor Shares Capital Share Transactions** | (36426) | (703930) | 4822442 | 3494940 |
|  **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (4062833) | (6252770) | 34993238 | 6524150 |

---

 *Amounts designated as "—" are $0.* 

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

*116*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** |
|  | **Six Months Ended <br> April 30, 2025 (Unaudited)** | **Year Ended October 31, 2024** | **Six Months Ended <br> April 30, 2025 (Unaudited)** | **Year Ended October 31, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | $990703 | $1583164 | $2033586 | $3757646 |
| &nbsp;&nbsp; Net Realized Gain  | 3229496 | 5012297 | 1283640 | 670869 |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | 3095609 | 12506567 | (2041026) | 18191245 |
| &nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | 7315808 | 19102028 | 1276200 | 22619760 |
| **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (1556643) | (1977492) | (2954275) | (2355327) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  |  | (958935) | (885252) |
| &nbsp;&nbsp; **Total Distributions**  | (1556643) | (1977492) | (3913210) | (3240579) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp; **Institutional**: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 5961728 | 22470821 | 670048 | 2721544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 1481363 | 1885426 | 2954275 | 2355327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (11762441) | (6341436) | (2329452) | (3593131) |
| &nbsp;&nbsp; **Net Institutional Share Transactions** | (4319350) | 18014811 | 1294871 | 1483740 |
| &nbsp;&nbsp; **Investor**: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  |  | 37546 | 2431801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions |  |  | 948594 | 784095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  | (6837579) | (4837007) |
| &nbsp;&nbsp; **Net Investor Share Transactions** |  |  | (5851439) | (1621111) |
| &nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Share Transactions** | (4319350) | 18014811 | (4556568) | (137371) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | 1439815 | 35139347 | (7193578) | 19241810 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp; Beginning of Year/Period | 106289097 | 71149750 | 134616413 | 115374603 |
| &nbsp;&nbsp; End of Year/Period  | $107728912 | $106289097 | $127422835 | $134616413 |
|  **Shares Transactions:** |  |  |  |  |
| &nbsp;&nbsp; Institutional: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 614574 | 2333344 | 66242 | 261393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 150477 | 192514 | 290775 | 246631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1188520) | (651964) | (226483) | (369650) |
| &nbsp;&nbsp; **Net Institutional Shares Capital Share Transactions** | (423469) | 1873894 | 130534 | 138374 |
| &nbsp;&nbsp; Investor: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  |  | 3675 | 249850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions |  |  | 93274 | 82104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  | (660379) | (486777) |
| &nbsp;&nbsp; **Net Investor Shares Capital Share Transactions** |  |  | (563430) | (154823) |
|  **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (423469) | 1873894 | (432896) | (16449) |

---

 *Amounts designated as "—" are $0.* 

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

*117*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** |
|  | **Six Months Ended <br> April 30, 2025 (Unaudited)** | **Year Ended October 31, 2024** | **Six Months Ended <br> April 30, 2025 (Unaudited)** | **Year Ended October 31, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | $19167800 | $29527658 | $6227000 | $11426968 |
| &nbsp;&nbsp; Net Realized Gain  | 26443116 | 11803906 | 3951461 | 1499633 |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (40601300) | 203107031 | (4704380) | 82274310 |
| &nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | 5009616 | 244438595 | 5474081 | 95200911 |
| **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (34294145) | (18248704) | (11291383) | (7738109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (12276388) | (7054159) | (3060847) | (2885351) |
| &nbsp;&nbsp; **Total Distributions**  | (46570533) | (25302863) | (14352230) | (10623460) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp; **Institutional**: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 3773348 | 140008722 | 83465089 | 22654706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 34294146 | 18248705 | 11291383 | 7738109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (39747695) | (25340833) | (14007645) | (17898632) |
| &nbsp;&nbsp; **Net Institutional Share Transactions** | (1680201) | 132916594 | 80748827 | 12494183 |
| &nbsp;&nbsp; **Investor**: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 2437925 | 8726284 | 27092114 | 7810880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 11858454 | 6779560 | 2968988 | 2825877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (8139970) | (15153294) | (22800585) | (44229572) |
| &nbsp;&nbsp; **Net Investor Share Transactions** | 6156409 | 352550 | 7260517 | (33592815) |
| &nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Share Transactions** | 4476208 | 133269144 | 88009344 | (21098632) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (37084709) | 352404876 | 79131195 | 63478819 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp; Beginning of Year/Period | 1399799257 | 1047394381 | 469168507 | 405689688 |
| &nbsp;&nbsp; End of Year/Period  | $1362714548 | $1399799257 | $548299702 | $469168507 |
|  **Shares Transactions:** |  |  |  |  |
| &nbsp;&nbsp; Institutional: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 358972 | 13917585 | 8410571 | 2161097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 3294000 | 1886891 | 1061464 | 797743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3761667) | (2493896) | (1319788) | (1767027) |
| &nbsp;&nbsp; **Net Institutional Shares Capital Share Transactions** | (108695) | 13310580 | 8152247 | 1191813 |
| &nbsp;&nbsp; Investor: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 232252 | 874074 | 2520469 | 765309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 1138905 | 700998 | 278801 | 291027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (770270) | (1517744) | (2201503) | (4253011) |
| &nbsp;&nbsp; **Net Investor Shares Capital Share Transactions** | 600887 | 57328 | 597767 | (3196675) |
|  **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 492192 | 13367908 | 8750014 | (2004862) |

---

 

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

*118*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** |
|  | **Six Months Ended <br> April 30, 2025 (Unaudited)** | **Year Ended October 31, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp; Net Investment Income | $3141914 | $5950354 |
| &nbsp;&nbsp; Net Realized Gain  | 21068922 | 654381 |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (27479341) | 60181025 |
| &nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (3268505) | 66785760 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (6347464) | (5258918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1034420) | (774184) |
| &nbsp;&nbsp; **Total Distributions**  | (7381884) | (6033102) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp; **Institutional**: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 9831048 | 31701352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 6347465 | 5258918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (137840866) | (11144925) |
| &nbsp;&nbsp; **Net Institutional Share Transactions** | (121662353) | 25815345 |
| &nbsp;&nbsp; **Investor**: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 38329 | 12398998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 1034420 | 774185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (169323) | (14124112) |
| &nbsp;&nbsp; **Net Investor Share Transactions** | 903426 | (950929) |
| &nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Share Transactions** | (120758927) | 24864416 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Increase (Decrease) in Net Assets** | (131409316) | 85617074 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of Year/Period | 339330315 | 253713241 |
| &nbsp;&nbsp; End of Year/Period  | $207920999 | $339330315 |
|  **Shares Transactions:** |  |  |
| &nbsp;&nbsp; Institutional: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 884606 | 2968946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 587776 | 539274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (13100008) | (1081340) |
| &nbsp;&nbsp; **Net Institutional Shares Capital Share Transactions** | (11627626) | 2426880 |
| &nbsp;&nbsp; Investor: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 3544 | 1127102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 95779 | 79390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (15765) | (1360378) |
| &nbsp;&nbsp; **Net Investor Shares Capital Share Transactions** | 83558 | (153886) |
|  **Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (11544068) | 2272994 |

---

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

*119*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**Financial Highlights**

**Selected Per Share Data & Ratios** 

**For the Six Months Ended April 30, 2025 (Unaudited) and the Fiscal Years or Period Ended October 31,** 

**For A Share Outstanding Throughout the Years or Periods**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset Value, Beginning of Year or Period | Net<br> Investment<br> Income\* | Net Realized<br> and<br> Unrealized<br> Gain (Loss)  | Total from<br> Operations | Distributions<br> from Net<br> Investment<br> Income | Distributions<br> from Net<br> Realized<br> Capital Gains | Total Distributions | Redemption Fees\*\* |  | Net Asset Value, End of Year or Period | Total Return<sup>†</sup> | Net Assets, End of Year or Period (000) | Ratio of Expenses to Average Net Assets  | Ratio of Expenses to Average Net Assets (excluding waivers) | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate<sup>‡</sup> |
| **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** | **Catholic Responsible Investments Ultra Short Bond Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **2025@** | $10.04 | $0.22 | $– | $0.22 | $(0.21) | $(0.03) | $(0.24) | $– |  | $10.02 | 2.11% | $105287 | 0.35% | 0.46% | 4.40% | 34% |
| **2024** | $10.03 | $0.52 | $0.02 | $0.54 | $(0.50) | $(0.03) | $(0.53) | $– |  | $10.04 | 5.38% | $66181 | 0.35% | 0.54% | 5.16% | 118% |
| **2023** | $9.99 | $0.45 | $0.01 | $0.46 | $(0.42) | $– | $(0.42) | $– |  | $10.03 | 4.76% | $58456 | 0.35% | 0.54% | 4.46% | 93% |
| **2022<sup>(1)</sup>** | $10.00 | $0.07 | $– <sup>(a)</sup> | $0.07 | $(0.08) | $– | $(0.08) | $– |  | $9.99 | 0.69% | $53159 | 0.35% | 0.58% | 0.80% | 14% |
| **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** | **Catholic Responsible Investments Short Duration Bond Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **2025@** | $9.66 | $0.22 | $0.05 | $0.27 | $(0.21) | $– | $(0.21) | $– |  | $9.72 | 2.88% | $508022 | 0.35% | 0.37% | 4.59% | 26% |
| **2024** | $9.43 | $0.42 | $0.23 | $0.65 | $(0.42) | $– | $(0.42) | $– |  | $9.66 | 6.95% | $496136 | 0.35% | 0.38% | 4.39% | 50% |
| **2023** | $9.41 | $0.31 | $0.03 | $0.34 | $(0.32) | $– | $(0.32) | $– |  | $9.43 | 3.62% | $473489 | 0.35% | 0.38% | 3.25% | 59% |
| **2022<sup>(1)</sup>** | $10.00 | $0.13 | $(0.58) | $(0.45) | $(0.14) | $– | $(0.14) | $– |  | $9.41 | (4.52)% | $473663 | 0.35% | 0.37% | 1.54% | 95% |
| **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** | **Catholic Responsible Investments Bond Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **2025@** | $8.48 | $0.19 | $– | $0.19 | $(0.19) | $– | $(0.19) | $– |  | $8.48 | 2.23% | $2271789 | 0.35% | 0.35% | 4.54% | 42% |
| **2024** | $7.94 | $0.37 | $0.53 | $0.90 | $(0.36) | $– | $(0.36) | $– | # | $8.48 | 11.46% | $2188958 | 0.35% | 0.35% | 4.39% | 97% |
| **2023** | $8.23 | $0.35 | $(0.30) | $0.05 | $(0.34) | $– | $(0.34) | $– |  | $7.94 | 0.57% | $1716839 | 0.36% | 0.36% | 4.11% | 54% |
| **2022<sup>(1)</sup>** | $10.00 | $0.20 | $(1.77) | $(1.57) | $(0.20) | $– | $(0.20) | $– |  | $8.23 | (15.86)% | $1624983 | 0.36% | 0.36% | 2.39% | 86% |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **2025@** | $8.48 | $0.18 | $– | $0.18 | $(0.18) | $– | $(0.18) | $– |  | $8.48 | 2.15% | $104966 | 0.50% | 0.50% | 4.40% | 42% |
| **2024** | $7.94 | $0.36 | $0.53 | $0.89 | $(0.35) | $– | $(0.35) | $– | # | $8.48 | 11.30% | $76484 | 0.50% | 0.50% | 4.24% | 97% |
| **2023** | $8.23 | $0.33 | $(0.29) | $0.04 | $(0.33) | $– | $(0.33) | $– |  | $7.94 | 0.41% | $56043 | 0.51% | 0.51% | 3.96% | 54% |
| **2022<sup>(1)</sup>** | $10.00 | $0.18 | $(1.76) | $(1.58) | $(0.19) | $– | $(0.19) | $– |  | $8.23 | (15.97)% | $50830 | 0.51% | 0.51% | 2.23% | 86% |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using the average shares method.* |
| *\*\** | *See Note 2 in the Notes to Financial Statements.* |
| *<sup>†</sup>* | *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.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized if less than one year. Excludes effect of in-kind transfers.* |
| *#* | *Amount represents less than $0.005 per share.* |
| *(1)* | *Commenced operations on December 6, 2021. All ratios for the period have been annualized.* |
| *(a)* | *Amount is less than $0.005 per share.* |
| *@* | *For the six month period ended April 30, 2025. All ratios for the period have been annualized.* |

---

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

*120*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**Financial Highlights**

**Selected Per Share Data & Ratios** 

**For the Six Months Ended April 30, 2025 (Unaudited) and the Fiscal Years or Period Ended October 31,** 

**For A Share Outstanding Throughout the Years or Periods** 

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset Value, Beginning of Year or Period | Net<br> Investment<br> Income\* | Net Realized<br> and<br> Unrealized<br> Gain (Loss)  | Total from<br> Operations | Distributions<br> from Net<br> Investment<br> Income | Distributions<br> from Net<br> Realized<br> Capital Gains | Total Distributions | Redemption Fees\*\* |  | Net Asset Value, End of Year or Period | Total Return<sup>†</sup> | Net Assets, End of Year or Period (000) | Ratio of Expenses to Average Net Assets  | Ratio of Expenses to Average Net Assets (excluding waivers) | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate<sup>‡</sup> |
| **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** | **Catholic Responsible Investments Opportunistic Bond Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **2025@** | $9.29 | $0.23 | $0.01 | $0.24 | $(0.22) | $– | $(0.22) | $– |  | $9.31 | 2.72% | $627020 | 0.41% | 0.42% | 4.91% | 83% |
| **2024** | $8.90 | $0.45 | $0.38 | $0.83 | $(0.44) | $– | $(0.44) | $– | # | $9.29 | 9.42% | $631035 | 0.41% | 0.43% | 4.83% | 118% |
| **2023** | $9.04 | $0.41 | $(0.14) | $0.27 | $(0.41) | $– | $(0.41) | $– |  | $8.90 | 2.94% | $498415 | 0.41% | 0.44% | 4.45% | 74% |
| **2022<sup>(1)</sup>** | $10.00 | $0.19 | $(0.96) | $(0.77) | $(0.19) | $– | $(0.19) | $– |  | $9.04 | (7.75)% | $462249 | 0.41% | 0.44% | 2.24% | 179% |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **2025@** | $9.29 | $0.22 | $0.02 | $0.24 | $(0.22) | $– | $(0.22) | $– |  | $9.31 | 2.64% | $74721 | 0.56% | 0.57% | 4.77% | 83% |
| **2024** | $8.90 | $0.43 | $0.39 | $0.82 | $(0.43) | $– | $(0.43) | $– | # | $9.29 | 9.25% | $64230 | 0.56% | 0.58% | 4.68% | 118% |
| **2023** | $9.04 | $0.39 | $(0.14) | $0.25 | $(0.39) | $– | $(0.39) | $– |  | $8.90 | 2.81% | $26966 | 0.56% | 0.59% | 4.29% | 74% |
| **2022<sup>(1)</sup>** | $10.00 | $0.18 | $(0.96) | $(0.78) | $(0.18) | $– | $(0.18) | $– |  | $9.04 | (7.88)% | $27438 | 0.56% | 0.60% | 2.10% | 179% |
| **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** | **Catholic Responsible Investments Equity Index Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **2025@** | $12.41 | $0.07 | $(0.25) | $(0.18) | $(0.08) | $(0.12) | $(0.20) | $– |  | $12.03 | (1.51)% | $3763654 | 0.09% | 0.10% | 1.17% | 12% |
| **2024** | $9.14 | $0.14 | $3.27 | $3.41 | $(0.14) | $– | $(0.14) | $– | # | $12.41 | 37.46% | $3964785 | 0.09% | 0.10% | 1.26% | 24% |
| **2023** | $8.40 | $0.13 | $0.74 | $0.87 | $(0.13) | $– | $(0.13) | $– |  | $9.14 | 10.43% | $3062967 | 0.09% | 0.11% | 1.48% | 17% |
| **2022<sup>(1)</sup>** | $10.00 | $0.11 | $(1.61) | $(1.50) | $(0.10) | $– | $(0.10) | $– |  | $8.40 | (15.01)% | $2837203 | 0.09% | 0.11% | 1.34% | 21% |
| **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** | **Catholic Responsible Investments Small-Cap Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **2025@** | $9.96 | $0.07 | $(1.13) | $(1.06) | $(0.08) | $(0.09) | $(0.17) | $– |  | $8.73 | (10.77)% | $489011 | 0.28% | 0.28% | 1.38% | 14% |
| **2024** | $7.79 | $0.14 | $2.16 | $2.30 | $(0.13) | $– | $(0.13) | $– | # | $9.96 | 29.49% | $559543 | 0.28% | 0.28% | 1.51% | 28% |
| **2023** | $8.92 | $0.12 | $(0.82) | $(0.70) | $(0.12) | $(0.31) | $(0.43) | $– |  | $7.79 | (8.15)% | $427747 | 0.29% | 0.29% | 1.41% | 30% |
| **2022<sup>(1)</sup>** | $10.00 | $0.09 | $(1.08) | $(0.99) | $(0.09) | $– | $(0.09) | $– |  | $8.92 | (9.88)% | $462990 | 0.29% | 0.29% | 1.09% | 25% |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using the average shares method.* |
| *\*\** | *See Note 2 in the Notes to Financial Statements.* |
| *<sup>†</sup>* | *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.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized if less than one year. Excludes effect of in-kind transfers.* |
| *#* | *Amount represents less than $0.005 per share.* |
| *(1)* | *Commenced operations on December 6, 2021. All ratios for the period have been annualized.* |
| *@* | *For the six month period ended April 30, 2025. All ratios for the period have been annualized.* |

---

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

*121*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**Financial Highlights**

**Selected Per Share Data & Ratios** 

**For the Six Months Ended April 30, 2025 (Unaudited) and the Fiscal Years or Period Ended October 31,** 

**For A Share Outstanding Throughout the Years or Periods**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset Value, Beginning of Year or Period | Net<br> Investment<br> Income\* | Net Realized<br> and<br> Unrealized<br> Gain (Loss)  | Total from<br> Operations | Distributions<br> from Net<br> Investment<br> Income | Distributions<br> from Net<br> Realized<br> Capital Gains | Total Distributions | Redemption Fees\*\* |  | Net Asset Value, End of Year or Period | Total Return<sup>†</sup> | Net Assets, End of Year or Period (000) | Ratio of Expenses to Average Net Assets  | Ratio of Expenses to Average Net Assets (excluding waivers) | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate<sup>‡</sup> |
| **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** | **Catholic Responsible Investments Multi-Style US Equity Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **2025@** | $11.60 | $0.02 | $(0.27) | $(0.25) | $(0.04) | $(0.71) | $(0.75) | $– |  | $10.60 | (2.43)% | $697593 | 0.66% | 0.66% | 0.45% | 23% |
| **2024** | $8.88 | $0.07 | $2.71 | $2.78 | $(0.06) | $– | $(0.06) | $– | # | $11.60 | 31.33% | $809613 | 0.65% | 0.65% | 0.62% | 178% |
| **2023** | $8.03 | $0.05 | $0.85 | $0.90 | $(0.05) | $– | $(0.05) | $– |  | $8.88 | 11.17% | $669001 | 0.66% | 0.66% | 0.56% | 32% |
| **2022<sup>(1)</sup>** | $10.00 | $0.03 | $(1.97) | $(1.94) | $(0.03) | $– | $(0.03) | $– |  | $8.03 | (19.39)% | $618980 | 0.67% | 0.67% | 0.39% | 33% |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **2025@** | $11.60 | $0.02 | $(0.28) | $(0.26) | $(0.03) | $(0.71) | $(0.74) | $– |  | $10.60 | (2.50)% | $42007 | 0.81% | 0.81% | 0.29% | 23% |
| **2024** | $8.88 | $0.05 | $2.71 | $2.76 | $(0.04) | $– | $(0.04) | $– | # | $11.60 | 31.14% | $46362 | 0.80% | 0.80% | 0.48% | 178% |
| **2023** | $8.03 | $0.04 | $0.85 | $0.89 | $(0.04) | $– | $(0.04) | $– |  | $8.88 | 11.00% | $41740 | 0.81% | 0.81% | 0.41% | 32% |
| **2022<sup>(1)</sup>** | $10.00 | $0.02 | $(1.97) | $(1.95) | $(0.02) | $– | $(0.02) | $– |  | $8.03 | (19.50)% | $42604 | 0.82% | 0.82% | 0.23% | 33% |
| **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** | **Catholic Responsible Investments International Equity Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **2025@** | $10.24 | $0.06 | $0.43 | $0.49 | $(0.10) | $(0.59) | $(0.69) | $– |  | $10.04 | 5.28% | $1712050 | 0.80% | 0.80% | 1.31% | 21% |
| **2024** | $8.24 | $0.13 | $2.03 | $2.16 | $(0.16) | $– | $(0.16) | $– | # | $10.24 | 26.27% | $1437638 | 0.80% | 0.80% | 1.34% | 52% |
| **2023** | $7.40 | $0.13 | $0.85 | $0.98 | $(0.14) | $– | $(0.14) | $– |  | $8.24 | 13.24% | $1132230 | 0.81% | 0.81% | 1.53% | 47% |
| **2022<sup>(1)</sup>** | $10.00 | $0.13 | $(2.61) | $(2.48) | $(0.12) | $– | $(0.12) | $– |  | $7.40 | (24.88)% | $1008309 | 0.82% | 0.82% | 1.68% | 46% |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **2025@** | $10.24 | $0.06 | $0.43 | $0.49 | $(0.10) | $(0.59) | $(0.69) | $– |  | $10.04 | 5.19% | $140618 | 0.95% | 0.95% | 1.21% | 21% |
| **2024** | $8.24 | $0.12 | $2.03 | $2.15 | $(0.15) | $– | $(0.15) | $– | # | $10.24 | 26.14% | $94050 | 0.95% | 0.95% | 1.19% | 52% |
| **2023** | $7.40 | $0.12 | $0.85 | $0.97 | $(0.13) | $– | $(0.13) | $– |  | $8.24 | 13.07% | $46868 | 0.96% | 0.96% | 1.36% | 47% |
| **2022<sup>(1)</sup>** | $10.00 | $0.12 | $(2.61) | $(2.49) | $(0.11) | $– | $(0.11) | $– |  | $7.40 | (24.98)% | $47864 | 0.97% | 0.97% | 1.52% | 46% |
| **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** | **Catholic Responsible Investments International Small-Cap Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **2025@** | $9.87 | $0.09 | $0.60 | $0.69 | $(0.15) | $– | $(0.15) | $– |  | $10.41 | 7.08% | $107729 | 1.15% | 1.28% | 1.88% | 26% |
| **2024** | $8.00 | $0.16 | $1.91 | $2.07 | $(0.20) | $– | $(0.20) | $– | # | $9.87 | 25.88% | $106289 | 1.15% | 1.34% | 1.69% | 135% |
| **2023** | $7.57 | $0.19 | $0.44 | $0.63 | $(0.20) | $– | $(0.20) | $– |  | $8.00 | 8.12% | $71150 | 1.15% | 1.30% | 2.19% | 68% |
| **2022<sup>(1)</sup>** | $10.00 | $0.18 | $(2.47) | $(2.29) | $(0.14) | $– | $(0.14) | $– |  | $7.57 | (22.99)% | $65161 | 1.15% | 1.40% | 2.17% | 69% |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using the average shares method.* |
| *\*\** | *See Note 2 in the Notes to Financial Statements.* |
| *<sup>†</sup>* | *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.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized if less than one year. Excludes effect of in-kind transfers.* |
| *#* | *Amount represents less than $0.005 per share.* |
| *(1)* | *Commenced operations on December 6, 2021. All ratios for the period have been annualized.* |
| *@* | *For the six month period ended April 30, 2025. All ratios for the period have been annualized.* |

---

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

*122*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**Financial Highlights**

**Selected Per Share Data & Ratios** 

**For the Six Months Ended April 30, 2025 (Unaudited) and the Fiscal Years or Period Ended October 31,** 

**For A Share Outstanding Throughout the Years or Periods**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset Value, Beginning of Year or Period | Net<br> Investment<br> Income\* | Net Realized<br> and<br> Unrealized<br> Gain (Loss)  | Total from<br> Operations | Distributions<br> from Net<br> Investment<br> Income | Distributions<br> from Net<br> Realized<br> Capital Gains | Total Distributions | Redemption Fees\*\* | Net Asset Value, End of Year or Period | Total Return<sup>†</sup> | Net Assets, End of Year or Period (000) | Ratio of Expenses to Average Net Assets  | Ratio of Expenses to Average Net Assets (excluding waivers) | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate<sup>‡</sup> |
| **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** | **Catholic Responsible Investments Magnus 45/55 Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **2025@** | $10.37 | $0.16 | $(0.07) | $0.09 | $(0.31) | $– | $(0.31) | $– | $10.15 | 0.91% | $98219 | –%<sup>(1)</sup> | 0.11%<sup>(1)</sup> | 3.16%<sup>(2)</sup> | 3% |
| **2024** | $8.87 | $0.29 | $1.46 | $1.75 | $(0.25) | $– | $(0.25) | $– | $10.37 | 19.91% | $98975 | –%<sup>(1)</sup> | 0.11%<sup>(1)</sup> | 2.96%<sup>(2)</sup> | 10% |
| **2023** | $8.60 | $0.27 | $0.15 | $0.42 | $(0.15) | $– | $(0.15) | $– | $8.87 | 4.96% | $83489 | –%<sup>(1)</sup> | 0.14%<sup>(1)</sup> | 2.94%<sup>(2)</sup> | 8% |
| **2022<sup>(3)</sup>** | $10.00 | $0.15 | $(1.54) | $(1.39) | $(0.01) | $– | $(0.01) | $– | $8.60 | (13.93)% | $42017 | –%<sup>(1)</sup> | 0.20%<sup>(1)</sup> | 1.75%<sup>(2)</sup> | 9% |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **2025@** | $10.36 | $0.15 | $(0.06) | $0.09 | $(0.30) | $– | $(0.30) | $– | $10.15 | 0.83% | $29204 | 0.15%<sup>(1)</sup> | 0.26%<sup>(1)</sup> | 2.94%<sup>(2)</sup> | 3% |
| **2024** | $8.87 | $0.28 | $1.45 | $1.73 | $(0.24) | $– | $(0.24) | $– | $10.36 | 19.73% | $35641 | 0.15%<sup>(1)</sup> | 0.26%<sup>(1)</sup> | 2.81%<sup>(2)</sup> | 10% |
| **2023** | $8.59 | $0.24 | $0.18 | $0.42 | $(0.14) | $– | $(0.14) | $– | $8.87 | 4.80% | $31886 | 0.15%<sup>(1)</sup> | 0.29%<sup>(1)</sup> | 2.69%<sup>(2)</sup> | 8% |
| **2022<sup>(3)</sup>** | $10.00 | $0.13 | $(1.53) | $(1.40) | $(0.01) | $– | $(0.01) | $– | $8.59 | (14.03)% | $29405 | 0.15%<sup>(1)</sup> | 0.35%<sup>(1)</sup> | 1.56%<sup>(2)</sup> | 9% |
| **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **2025@** | $10.57 | $0.15 | $(0.11) | $0.04 | $(0.26) | $(0.10) | $(0.36) | $– | $10.25 | 0.33% | $989959 | –%<sup>(1)</sup> | 0.02%<sup>(1)</sup> | 2.81%<sup>(2)</sup> | 5% |
| **2024** | $8.80 | $0.24 | $1.74 | $1.98 | $(0.21) | $– | $(0.21) | $– | $10.57 | 22.77% | $1022035 | –%<sup>(1)</sup> | 0.02%<sup>(1)</sup> | 2.36%<sup>(2)</sup> | 8% |
| **2023** | $8.43 | $0.20 | $0.32 | $0.52 | $(0.15) | $– | $(0.15) | $– | $8.80 | 6.23% | $733461 | –%<sup>(1)</sup> | 0.02%<sup>(1)</sup> | 2.28%<sup>(2)</sup> | 4% |
| **2022<sup>(3)</sup>** | $10.00 | $0.12 | $(1.68) | $(1.56) | $(0.01) | $– | $(0.01) | $– | $8.43 | (15.63)% | $702135 | –%<sup>(1)</sup> | 0.03%<sup>(1)</sup> | 1.75%<sup>(2)</sup> | 9% |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **2025@** | $10.56 | $0.14 | $(0.11) | $0.03 | $(0.24) | $(0.10) | $(0.34) | $– | $10.25 | 0.26% | $372756 | 0.15%<sup>(1)</sup> | 0.17%<sup>(1)</sup> | 2.66%<sup>(2)</sup> | 5% |
| **2024** | $8.79 | $0.22 | $1.75 | $1.97 | $(0.20) | $– | $(0.20) | $– | $10.56 | 22.59% | $377764 | 0.15%<sup>(1)</sup> | 0.17%<sup>(1)</sup> | 2.21%<sup>(2)</sup> | 8% |
| **2023** | $8.42 | $0.19 | $0.31 | $0.50 | $(0.13) | $– | $(0.13) | $– | $8.79 | 6.07% | $313933 | 0.15%<sup>(1)</sup> | 0.17%<sup>(1)</sup> | 2.13%<sup>(2)</sup> | 4% |
| **2022<sup>(3)</sup>** | $10.00 | $0.10 | $(1.67) | $(1.57) | $(0.01) | $– | $(0.01) | $– | $8.42 | (15.74)% | $296153 | 0.15%<sup>(1)</sup> | 0.18%<sup>(1)</sup> | 1.20%<sup>(2)</sup> | 9% |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using the average shares method.* |
| *\*\** | *See Note 2 in the Notes to Financial Statements.* |
| *<sup>†</sup>* | *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.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized if less than one year. Excludes effect of in-kind transfers.* |
| *(1)* | *The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which is invests. Such expenses are not included in the calculation of this ratio.* |
| *(2)* | *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.*  |
| *(3)* | *Commenced operations on December 6, 2021. All ratios for the period have been annualized.* |
| *@* | *For the six month period ended April 30, 2025. All ratios for the period have been annualized.* |

---

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

*123*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**Financial Highlights**

**Selected Per Share Data & Ratios** 

**For the Six Months Ended April 30, 2025 (Unaudited) and the Fiscal Years or Period Ended October 31,** 

**For A Share Outstanding Throughout the Years or Periods**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset Value, Beginning of Year or Period | Net<br> Investment<br> Income\* | Net Realized<br> and<br> Unrealized<br> Gain (Loss)  | Total from<br> Operations | Distributions<br> from Net<br> Investment<br> Income | Distributions<br> from Net<br> Realized<br> Capital Gains | Total Distributions | Redemption Fees\*\* | Net Asset Value, End of Year or Period | Total Return<sup>†</sup> | Net Assets, End of Year or Period (000) | Ratio of Expenses to Average Net Assets  | Ratio of Expenses to Average Net Assets (excluding waivers) | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate<sup>‡</sup> |
| **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** | **Catholic Responsible Investments Magnus 60/40 Beta Plus Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **2025@** | $10.75 | $0.14 | $(0.09) | $0.05 | $(0.28) | $(0.06) | $(0.34) | $– | $10.46 | 0.42% | $439842 | –%<sup>(1)</sup> | 0.04%<sup>(1)</sup> | 2.60%<sup>(2)</sup> | 5% |
| **2024** | $8.88 | $0.26 | $1.85 | $2.11 | $(0.24) | $– | $(0.24) | $– | $10.75 | 23.92% | $364271 | –%<sup>(1)</sup> | 0.03%<sup>(1)</sup> | 2.53%<sup>(2)</sup> | 11% |
| **2023** | $8.55 | $0.23 | $0.27 | $0.50 | $(0.17) | $– | $(0.17) | $– | $8.88 | 5.99% | $290585 | –%<sup>(1)</sup> | 0.04%<sup>(1)</sup> | 2.52%<sup>(2)</sup> | 8% |
| **2022<sup>(3)</sup>** | $10.00 | $0.15 | $(1.59) | $(1.44) | $(0.01) | $– | $(0.01) | $– | $8.55 | (14.42)% | $274863 | –%<sup>(1)</sup> | 0.06%<sup>(1)</sup> | 1.82%<sup>(2)</sup> | 5% |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **2025@** | $10.74 | $0.13 | $(0.09) | $0.04 | $(0.26) | $(0.06) | $(0.32) | $– | $10.46 | 0.34% | $108458 | 0.15%<sup>(1)</sup> | 0.19%<sup>(1)</sup> | 2.47%<sup>(2)</sup> | 5% |
| **2024** | $8.88 | $0.24 | $1.84 | $2.08 | $(0.22) | $– | $(0.22) | $– | $10.74 | 23.74% | $104898 | 0.15%<sup>(1)</sup> | 0.18%<sup>(1)</sup> | 2.36%<sup>(2)</sup> | 11% |
| **2023** | $8.53 | $0.21 | $0.29 | $0.50 | $(0.15) | $– | $(0.15) | $– | $8.88 | 5.84% | $115105 | 0.15%<sup>(1)</sup> | 0.19%<sup>(1)</sup> | 2.37%<sup>(2)</sup> | 8% |
| **2022<sup>(3)</sup>** | $10.00 | $0.12 | $(1.58) | $(1.46) | $(0.01) | $– | $(0.01) | $– | $8.53 | (14.63)% | $112716 | 0.15%<sup>(1)</sup> | 0.21%<sup>(1)</sup> | 1.47%<sup>(2)</sup> | 5% |
| **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** | **Catholic Responsible Investments Magnus 75/25 Fund** |
| **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **2025@** | $10.87 | $0.12 | $(0.14) | $(0.02) | $(0.25) | $(0.04) | $(0.29) | $– | $10.56 | (0.21)% | $167029 | –%<sup>(1)</sup> | 0.05%<sup>(1)</sup> | 2.20%<sup>(2)</sup> | 9% |
| **2024** | $8.76 | $0.20 | $2.12 | $2.32 | $(0.19) | $(0.02) | $(0.21) | $– | $10.87 | 26.69% | $298182 | –%<sup>(1)</sup> | 0.06%<sup>(1)</sup> | 1.99%<sup>(2)</sup> | 7% |
| **2023** | $8.40 | $0.18 | $0.40 | $0.58 | $(0.14) | $(0.08) | $(0.22) | $– | $8.76 | 7.09% | $219190 | –%<sup>(1)</sup> | 0.07%<sup>(1)</sup> | 2.05%<sup>(2)</sup> | 5% |
| **2022<sup>(3)</sup>** | $10.00 | $0.12 | $(1.71) | $(1.59) | $(0.01) | $– | $(0.01) | $– | $8.40 | (15.94)% | $188299 | –%<sup>(1)</sup> | 0.08%<sup>(1)</sup> | 1.40%<sup>(2)</sup> | 5% |
| **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **2025@** | $10.85 | $0.11 | $(0.13) | $(0.02) | $(0.24) | $(0.04) | $(0.28) | $– | $10.55 | (0.31)% | $40892 | 0.15%<sup>(1)</sup> | 0.20%<sup>(1)</sup> | 2.12%<sup>(2)</sup> | 9% |
| **2024** | $8.75 | $0.18 | $2.12 | $2.30 | $(0.18) | $(0.02) | $(0.20) | $– | $10.85 | 26.53% | $41148 | 0.15%<sup>(1)</sup> | 0.21%<sup>(1)</sup> | 1.78%<sup>(2)</sup> | 7% |
| **2023** | $8.38 | $0.17 | $0.41 | $0.58 | $(0.13) | $(0.08) | $(0.21) | $– | $8.75 | 6.92% | $34523 | 0.15%<sup>(1)</sup> | 0.22%<sup>(1)</sup> | 1.88%<sup>(2)</sup> | 5% |
| **2022<sup>(3)</sup>** | $10.00 | $0.10 | $(1.71) | $(1.61) | $(0.01) | $– | $(0.01) | $– | $8.38 | (16.15)% | $31925 | 0.15%<sup>(1)</sup> | 0.23%<sup>(1)</sup> | 1.23%<sup>(2)</sup> | 5% |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using the average shares method.* |
| *\*\** | *See Note 2 in the Notes to Financial Statements.* |
| *<sup>†</sup>* | *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.* |
| *<sup>‡</sup>* | *Portfolio turnover is for the period indicated and has not been annualized if less than one year. Excludes effect of in-kind transfers.* |
| *(1)* | *The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which is invests. Such expenses are not included in the calculation of this ratio.* |
| *(2)* | *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.*  |
| *(3)* | *Commenced operations on December 6, 2021. All ratios for the period have been annualized.* |
| *@* | *For the six month period ended April 30, 2025. All ratios for the period have been annualized.* |

---

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

*124*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

**Notes to Financial Statements**

**1. Organization:** 

Catholic Responsible Investments Funds (the "Trust") is an open-end management investment company that currently offers shares of thirteen active separate diversified portfolios: the Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Equity Index Fund, Catholic Responsible Investments Small-Cap Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund, Catholic Responsible Investments International Small-Cap Fund, Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, and Catholic Responsible Investments Magnus 75/25 Fund (each, a "Fund" and together, the "Funds"). The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated July 8, 2021 and amended and restated November 17, 2021 (the "Declaration of Trust"). The Declaration of Trust permits the Trust to offer separate series ("portfolios") of units of beneficial interest ("shares") and separate classes of shares of such portfolios. Each share of each portfolio represents an equal proportionate interest in that portfolio with each other share of that portfolio. The Funds are successors to the funds of the Catholic United Investment Trust (the "Predecessor Funds"). The Predecessor Funds were managed by Christian Brothers Investment Services, Inc. ("CBIS," or, the "Adviser") using investment objectives, strategies, policies and restrictions that were in all material respects equivalent to those used in managing the Funds. The Predecessor Funds dissolved and reorganized into the Investor Shares and Institutional Shares of each Fund on December 6, 2021. All of the assets of the Predecessor Funds were transferred to the Funds in connection with the reorganization.

The investment objective of the Catholic Responsible Investments Ultra Short Bond Fund seeks to provide current income consistent with the preservation of capital.

The investment objective of the Catholic Responsible Investments Short Duration Bond Fund seeks maximum current income consistent with the preservation of capital.

The investment objective of the Catholic Responsible Investments Bond Fund seeks current income and long-term capital appreciation.

The investment objective of the Catholic Responsible Investments Opportunistic Bond Fund seeks current income and to provide relatively low correlation to equity assets.

The investment objective of the Catholic Responsible Investments Equity Index Fund seeks to replicate as closely as possible, before expenses, the performance of the S&P500<sup>®</sup> Index.

The investment objective of the Catholic Responsible Investments Small-Cap Fund seeks to replicate the performance of the S&P SmallCap 600<sup>®</sup> Index, an index representing small capitalization companies.

The investment objective of the Catholic Responsible Investments Multi-Style US Equity Fund seeks to achieve long-term capital appreciation.

The investment objective of the Catholic Responsible Investments International Equity Fund seeks to achieve long-term capital appreciation.

The investment objective of the Catholic Responsible Investments International Small-Cap Fund seeks to achieve long-term capital appreciation.

The investment objective of each of the Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund (together, the "Magnus Funds") seeks to achieve current income and long-term capital appreciation.

*125*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

Each Fund's investment objective is not a fundamental policy and may be changed by the Funds' Board of Trustees (the "Board") without shareholder approval.

**2. Significant Accounting Policies:** 

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are presented in U.S. dollars which is the functional currency of the Funds. The Funds are an investment company and therefore applies the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board ("FASB") in Accounting Standards Codification ("ASC") Topic 946, Financial Services -- Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the financial statements.

*Use of Estimates* — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

*Security Valuation* — The Funds record the investments at fair valuing using the following methodologies. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (the "NASDAQ")), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts' Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Futures are valued at the final settled price or in lieu of a settled price at the last sale price on the day of valuation. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share. Repurchase agreements are valued using the repurchase price to be paid.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Trust's Board of Trustees (the "Board") becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, it may request that a Fair Value Committee (the "Committee") meeting be called.

*126*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by the Adviser and approved by the Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Committee of the Adviser.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below:

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

Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with the Adviser's pricing procedures, etc.)

Level 3 — Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

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

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended April 30, 2025, there have been no significant changes to the Funds' fair value methodologies.

*Federal Income Taxes* — It is each Fund's intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its income to shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more likely- than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit in the current period. The Funds did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the open tax year ends, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

*127*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

As of and during the period ended April 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year the Funds did not incur any interest or penalties.

Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. The Funds or their agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statements of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser's expense limitation agreement.

*Foreign Taxes* — The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. For the period ended April 30, 2025, the Catholic Responsible Investments International Equity Fund and the Catholic Responsible Investments International Small-Cap Fund have accrued foreign tax in the amount of $1,176,505 and $136,427, respectively, presented on the Statements of Assets and Liabilities.

*Security Transactions and Investment Income* — Security transactions are accounted for on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date and interest income is recognized on the accrual basis. Costs used in determining realized gains and losses on the sales of investment securities are based on specific identification. Interest income is recognized on an accrual basis from settlement date. Discounts and premiums on securities purchased are accreted and amortized using the effective interest method. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

*Futures Contracts* — A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Funds may invest in exchange traded futures. These contracts are generally used to provide the return of a type of security without purchasing the securities of the underlying futures contract or to manage the Fund's overall exposure to the market risk of the fixed income and equity markets. Upon entering into futures contracts, the Fund maintains an amount of cash or liquid securities, with a value equal to a percentage of the contract amount, with either a futures commission merchant or with its custodian in an account in the broker's name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon the changes in the value of the contract (the variation margin).

A margin deposit held at one counterparty for the futures contracts is included in "Cash pledged as Collateral for Futures Contracts" on the Statements of Assets and Liabilities and would be noted on the Schedule of Investments, if applicable. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

*128*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

For the period ended April 30, 2025, the quarterly average notional value of futures contracts held was as follows (000):

---

| | |
|:---|:---|
| **Catholic Responsible Investments Short Duration Bond Fund** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Quarterly Notional Value Long | $55928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Quarterly Notional Value Short | $(1590) |
| **Catholic Responsible Investments Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Quarterly Notional Value Long | $142685 |
| **Catholic Responsible Investments Opportunistic Bond Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Quarterly Notional Value Long | $29279 |
| **Catholic Responsible Investments Equity Index Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Quarterly Notional Value Long | $11081 |
| **Catholic Responsible Investments Small-Cap Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Quarterly Notional Value Long | $2936 |
| **Catholic Responsible Investments International Small-Cap Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average Quarterly Notional Value Long | $4063 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Catholic Responsible Investments Short Duration Bond Fund <br> Statements of Assets and Liabilities Location** | **Catholic Responsible Investments Short Duration Bond Fund <br> Statements of Assets and Liabilities Location** | **Asset** <br> **Derivatives** | **Liability** <br> **Derivatives** |
|  Interest Risk<br> Futures contracts | Unrealized appreciation (depreciation)<br> on futures contracts\* | $492817 | $— |
|  |  | $492817 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **Catholic Responsible Investments Bond Fund <br> Statements of Assets and Liabilities Location** | **Catholic Responsible Investments Bond Fund <br> Statements of Assets and Liabilities Location** | **Asset** <br> **Derivatives** | **Liability** <br> **Derivatives** |
|  Interest Risk<br> Futures contracts | Unrealized appreciation (depreciation)<br> on futures contracts\* | $2677666 | $— |
|  |  | $2677666 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **Catholic Responsible Investments Opportunistic Bond Fund<br> Statements of Assets and Liabilities Location** | **Catholic Responsible Investments Opportunistic Bond Fund<br> Statements of Assets and Liabilities Location** | **Asset** <br> **Derivatives** | **Liability** <br> **Derivatives** |
|  Interest Risk<br> Futures contracts | Unrealized appreciation (depreciation)<br> on futures contracts\* | $218568 | $— |
|  |  | $218568 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **Catholic Responsible Investments Equity Index Fund<br> Statements of Assets and Liabilities Location** | **Catholic Responsible Investments Equity Index Fund<br> Statements of Assets and Liabilities Location** | **Asset** <br> **Derivatives** | **Liability** <br> **Derivatives** |
|  Equity Risk<br> Futures contracts | Unrealized appreciation (depreciation)<br> on futures contracts\* | $732313 | $— |
|  |  | $732313 | $— |

---

*129*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **Catholic Responsible Investments Small-Cap Fund<br> Statements of Assets and Liabilities Location** | **Catholic Responsible Investments Small-Cap Fund<br> Statements of Assets and Liabilities Location** | **Asset** <br> **Derivatives** | **Liability** <br> **Derivatives** |
|  Equity Risk<br> Futures contracts | Unrealized appreciation (depreciation)<br> on futures contracts\* | $68095 | $— |
|  |  | $68095 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **Catholic Responsible Investments International Small-Cap Fund<br> Statements of Assets and Liabilities Location** | **Catholic Responsible Investments International Small-Cap Fund<br> Statements of Assets and Liabilities Location** | **Asset** <br> **Derivatives** | **Liability** <br> **Derivatives** |
|  Equity Risk<br> Futures contracts | Unrealized appreciation (depreciation)<br> on futures contracts\* | $48643 | $(13925) |
|  |  | $48643 | $(13925) |

---

\* Unrealized appreciation (depreciation) on Futures Contracts is included in distributable earnings (accumulated losses).

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 2025, was as follows:

---

| | | |
|:---|:---|:---|
| **Catholic Responsible Investments Short Duration Bond Fund** | **Net Realized** <br> **Gain (Loss)\*** | **Change in** <br> **Unrealized** <br> **Appreciation** <br> **(Depreciation)\*\*** |
|  Interest Risk<br> Futures contracts | $(691224) | $959789 |
|  | $(691224) | $959789 |

---

---

| | | |
|:---|:---|:---|
| **Catholic Responsible Investments Bond Fund** | **Net Realized** <br> **Gain (Loss)\*** | **Change in** <br> **Unrealized** <br> **Appreciation** <br> **(Depreciation)\*\*** |
|  Interest Risk<br> Futures contracts | $(4346413) | $6188776 |
|  | $(4346413) | $6188776 |

---

---

| | | |
|:---|:---|:---|
| **Catholic Responsible Investments Opportunistic Bond Fund** | **Net Realized** <br> **Gain (Loss)\*** | **Change in** <br> **Unrealized** <br> **Appreciation** <br> **(Depreciation)\*\*** |
|  Interest Risk<br> Futures contracts | $(1697922) | $1273446 |
|  | $(1697922) | $1273446 |

---

---

| | | |
|:---|:---|:---|
| **Catholic Responsible Investments Equity Index Fund** | **Net Realized** <br> **Gain (Loss)\*** | **Change in** <br> **Unrealized** <br> **Appreciation** <br> **(Depreciation)\*\*** |
|  Equity Risk<br> Futures contracts | $(1467452) | $856813 |
|  | $(1467452) | $856813 |

---

*130*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Catholic Responsible Investments Small-Cap Fund** | **Net Realized** <br> **Gain (Loss)\*** | **Change in** <br> **Unrealized** <br> **Appreciation** <br> **(Depreciation)\*\*** |
|  Equity Risk<br> Futures contracts | $(113297) | $65735 |
|  | $(113297) | $65735 |

---

---

| | | |
|:---|:---|:---|
| **Catholic Responsible Investments International Small-Cap Fund** | **Net Realized** <br> **Gain (Loss)\*** | **Change in** <br> **Unrealized** <br> **Appreciation** <br> **(Depreciation)\*\*** |
|  Equity Risk<br> Futures contracts | $(108934) | $166866 |
|  | $(108934) | $166866 |

---

\* Futures contracts are included in net realized gain (loss) on Futures Contracts.

\*\* Futures contracts are included in change in unrealized appreciation (depreciation) on Futures Contracts.

*Cash and Cash Equivalents* — Idle cash may be swept into various time deposit accounts and money market sweep accounts and is classified as cash on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.

*Foreign Currency Translation* — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statements of Operations.Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid.

*Expenses* — Expenses of the Trust that can be directly attributed to a particular Fund are borne by that Fund. Expenses which cannot be directly attributed to a Fund are apportioned among the Funds of the Trust based on the number of funds and/or relative net assets.

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

*Dividends and Distributions to Shareholders* — The Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund distribute their net investment income and make distributions of their net realized capital gains, if any, at least annually. The Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund distribute their net investment income monthly and make distributions of their net realized capital gains, if any, at least annually. The Catholic Responsible Investments Equity Index Fund, Catholic Responsible Investments Multi- Style US Equity Fund, Catholic Responsible Investments International Equity Fund, Catholic Responsible Investments Small-Cap Fund and Catholic Responsible Investments International Small-Cap Fund distribute their net investment income quarterly and make distributions or their net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.

*131*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

*Investments in REITs* — Dividend income from Real Estate Investment Trusts ("REIT") is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

*Redemption Fees* — A redemption fee of 2.00% of the value of the shares sold will be imposed on shares of the Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Equity Index Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund, Catholic Responsible Investments Small-Cap Fund and Catholic Responsible Investments International Small-Cap Fund redeemed within 30 days or less after their date of purchase (subject to certain exceptions as discussed below in "Redemption Fees"). Such fees are retained by the Funds for the benefit of the remaining shareholders and are recorded as additions to fund capital.

*Securities Lending* — Each Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 33 1⁄3% of the total asset value of the Fund (including the loan collateral). Each Fund will not lend portfolio securities to its Adviser or its affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. Government securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral of 102% and 105% of the market value of borrowed securities for domestic and foreign issuers, respectively. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Fund. The investment of cash collateral subjects a Fund to market risk. A Fund remains obligated to return all collateral to the borrower under the terms of its securities lending arrangements even if the value of the investments made with the collateral has declined. Accordingly, if the value of a security in which the cash collateral has been invested declines, the loss would be borne by the Fund, and the Fund may be required to liquidate other investments in order to return collateral to the borrower at the end of a loan. Income from securities lending is determined by the amount of interest earned on collateral, net of any rebate and securities lending agent fees. The following table discloses the securities on loan as of April 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Market Value<br> Securities on Loan** | **Cash Collateral for<br> Securities on Loan** |
| Catholic Responsible Investments Short Duration Bond Fund | $71351 | $72975 |
| Catholic Responsible Investments Opportunistic Bond Fund | 127413 | 130313 |
| Catholic Responsible Investments Equity Index Fund | 556715 | 568086 |
| Catholic Responsible Investments Small-Cap Fund | 7779396 | 7959886 |
| Catholic Responsible Investments International Equity Fund | 14436064 | 15414440 |
| Catholic Responsible Investments International Small Cap Fund | 938860 | 984457 |

---

*132*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

*Repurchase Agreements* — A repurchase agreement is an agreement in which one party sells securities to another party in return for cash with an agreement to repurchase equivalent securities at an agreed-upon price and on an agreed-upon future date. A Fund may enter into repurchase agreements with financial institutions and follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions deemed creditworthy by the Adviser. The repurchase agreements entered into by a Fund will provide that the underlying collateral shall have a value equal to at least 102% of the resale price stated in the agreement at all times. The Adviser monitors compliance with this requirement as well as the ongoing financial condition and creditworthiness of the counterparty. Under all repurchase agreements entered into by a Fund, the Fund's custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, a Fund will seek to liquidate such collateral. However, the exercising of each Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. At times, the investments of each of the Funds in repurchase agreements may be substantial when, in the view of the Adviser, liquidity or other considerations so warrant.

**3. Transactions with Affiliates:** 

Certain officers of the Trust are also employees of SEI Investments Global Funds Services (the "Administrator"), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the "Distributor"). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer ("CCO") as described below, for serving as officers of the Trust.

A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's Advisors and service providers as required by SEC regulations. The CCO's services and fees have been approved by and are reviewed by the Board.

The Magnus Funds invest solely in underlying CRI funds.

**4. Administration, Distribution, Shareholder Servicing, Transfer Agent and Custody Agreements:** 

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds.

For the period ended April 30, 2025, the Funds were charged the following for these services:

---

| | |
|:---|:---|
|  | **Administration Fees** |
| Catholic Responsible Investments Ultra Short Bond Fund | $8484 |
| Catholic Responsible Investments Short Duration Bond Fund | 47578 |
| Catholic Responsible Investments Bond Fund | 223310 |
| Catholic Responsible Investments Opportunistic Bond Fund | 70600 |
| Catholic Responsible Investments Equity Index Fund | 379071 |
| Catholic Responsible Investments Small-Cap Fund | 52144 |
| Catholic Responsible Investments Multi-Style US Equity Fund | 82340 |
| Catholic Responsible Investments International Equity Fund | 158775 |
| Catholic Responsible Investments International Small-Cap Fund | 10061 |

---

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

*133*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

The Funds have adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.15% based on the average daily net assets of the Funds' Investor Shares. The Funds do not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Funds, the Adviser or its affiliates may, at their own expense, pay financial intermediaries for these and other services to the Funds' shareholders. For the period ended April 30, 2025, these amounts can be found on the Statements of Operations under Shareholder Servicing Fees.

Atlantic Shareholder Services, LLC serves as the Transfer Agent and dividend disbursing agent for the Funds under a transfer agency agreement.

Brown Brothers Harriman & Co. serves as custodian (the "Custodian") for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased and sold by the Funds.

**5. Investment Advisory and Sub-Advisory Agreements:** 

The Trust and the Adviser have entered into an investment advisory agreement (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Adviser provides investment advisory services to the Funds and oversees the investment sub-advisory services provided to the Funds. Pursuant to separate sub-advisory agreements (the "Sub-Advisory Agreements" and, together with the Advisory Agreement, the "Investment Advisory Agreements") with the Adviser, and under the supervision of the Adviser and the Board, one or more Sub-Advisers are responsible for the day-to-day investment management of all or a distinct portion of the assets of the Funds. The Adviser pays each Fund's Sub-Advisers out of the fee it receives from such Fund.

After its initial two year term, the continuance of each Investment Advisory Agreement with respect to each Fund must be specifically approved at least annually: (i) by the vote of a majority of the outstanding voting securities of that Fund or by the Trustees; and (ii) by the vote of a majority of the Trustees who are not parties to such Investment Advisory Agreement or "interested persons" (as defined under the 1940 Act) of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement will terminate automatically in the event of its assignment and is terminable at any time without penalty by the Board or, with respect to a Fund, by a majority of the outstanding voting securities of that Fund, or by the Adviser on not less than 30 days' nor more than 60 days' written notice to the Trust. Each Sub-Advisory Agreement will terminate automatically in the event of its assignment or in the event of the termination of the Advisory Agreement and is terminable at any time without penalty by the Board or, with respect to a Fund, by a majority of the outstanding voting securities of that Fund, or by the Adviser or Sub-Adviser on not less than 30 days' nor more than 60 days' written notice to the other party.

For its services under the Advisory Agreement, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following annual rates based on the average daily net assets of each Fund:

---

| | |
|:---|:---|
|  | **Advisory <br> Fee** |
| Catholic Responsible Investments Ultra Short Bond Fund | 0.25% |
| Catholic Responsible Investments Short Duration Bond Fund | 0.30% |
| Catholic Responsible Investments Bond Fund | 0.30% |
| Catholic Responsible Investments Opportunistic Bond Fund | 0.35% |
| Catholic Responsible Investments Equity Index Fund | 0.06% |
| Catholic Responsible Investments Small-Cap Fund | 0.20% |
| Catholic Responsible Investments Multi-Style US Equity Fund | 0.60% |
| Catholic Responsible Investments International Equity Fund | 0.74% |
| Catholic Responsible Investments International Small-Cap | 0.96% |
| Catholic Responsible Investments Magnus 45/55 Fund | 0.00% |
| Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund | 0.00% |
| Catholic Responsible Investments Magnus 60/40 Beta Plus Fund | 0.00% |
| Catholic Responsible Investments Magnus 75/25 Fund | 0.00% |

---

The Magnus Funds do not pay an advisory fee due to the fact their sole investments are in CRI underlying funds.

*134*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

For each Fund, the Adviser has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep the Fund's total annual Fund operating expenses (excluding shareholder servicing fees, interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividend and interest expenses on securities sold short, acquired fund fees and expenses, fees and expenses incurred in connection with tax reclaim recovery services, other expenditures which are capitalized in accordance with U.S. GAAP, and other non-routine expenses (collectively, "excluded expenses")) for each of that Fund's share class(es) from exceeding certain levels as set forth below until February 28, 2026 (each, a "contractual expense limit").

In addition, the Adviser may receive from a Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the Fund's contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2026.

---

| | |
|:---|:---|
|  | **Contractual<br> Expense Limit** |
| Catholic Responsible Investments Ultra Short Bond Fund | 0.35% |
| Catholic Responsible Investments Short Duration Bond Fund | 0.35% |
| Catholic Responsible Investments Bond Fund | 0.37% |
| Catholic Responsible Investments Opportunistic Bond Fund | 0.41% |
| Catholic Responsible Investments Equity Index Fund | 0.09% |
| Catholic Responsible Investments Small-Cap Fund | 0.31% |
| Catholic Responsible Investments Multi-Style US Equity Fund | 0.69% |
| Catholic Responsible Investments International Equity Fund | 0.84% |
| Catholic Responsible Investments International Small-Cap | 1.15% |
| Catholic Responsible Investments Magnus 45/55 Fund | 0.03%\* |
| Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund | 0.03%\* |
| Catholic Responsible Investments Magnus 60/40 Beta Plus Fund | 0.03%\* |
| Catholic Responsible Investments Magnus 75/25 Fund | 0.03%\* |

---

\* Prior to March 1, 2025, the contractual expense limit for the Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund was 0.00%.

As of April 30, 2025, the Adviser may seek as reimbursement of previously reduced fees for the Funds as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiring <br> 2026** | **Expiring <br> 2027** | **Expiring <br> 2028** | **Total** |
|  Catholic Responsible Investments Ultra Short Bond Fund | $131462 | $123749 | $242269 | $497480 |
|  Catholic Responsible Investments Short Duration Bond Fund | 115606 | 102107 | 242398 | 460111 |
|  Catholic Responsible Investments Opportunistic Bond Fund | 167917 | 99120 | 182802 | 449839 |
|  Catholic Responsible Investments Equity Index Fund | 809952 | 547055 | 1139505 | 2496512 |
|  Catholic Responsible Investments International Small-Cap Fund | 179731 | 98650 | 289154 | 567535 |
|  Catholic Responsible Investments Magnus 45/55 Fund | 162500 | 146143 | 286784 | 595427 |
|  Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund | 291882 | 189351 | 383143 | 864376 |
|  Catholic Responsible Investments Magnus 60/40 Beta Plus Fund | 189447 | 165612 | 325176 | 680235 |
|  Catholic Responsible Investments Magnus 75/25 Fund | 180501 | 191630 | 344582 | 716713 |

---

During the period ended April 30, 2025, the Funds did not recapture any previously waived fees and/or reimbursed expenses.

*135*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

The Adviser has entered into a sub-advisory agreement with each of its sub-advisers. Each sub-adviser makes investment decisions for the assets it has been allocated to manage. The Adviser oversees the sub-advisers for compliance with each Fund's investment objective, policies, strategies and restrictions, and monitors each sub-adviser's adherence to its investment style. The Board oversees the Adviser and the Sub-advisers, establishes policies that they must follow in their management activities, and oversees the hiring, termination, and replacement of

The Adviser has engaged Mercer Investments LLC as the primary sub-adviser to each Fund. Additionally, the Adviser has engaged the following sub-advisers to manage a portion of the assets of each Fund, as follows:

---

| | |
|:---|:---|
| **Fund**  | **Sub-Adviser(s) managing a portion of Fund assets** |
| Catholic Responsible Investments Ultra Short Bond Fund  | Wellington Management Company LLP |
| Catholic Responsible Investments Short Duration Bond Fund  | Teachers Advisors, LLC <br> Wellington Management Company LLP |
| Catholic Responsible Investments Bond Fund  | Brandywine Global Investment Management, LLC <br> Loomis, Sayles & Company, L.P. <br> Sun Life Capital Management (U.S.) LLC <br> Teachers Advisors, LLC  |
| Catholic Responsible Investments Opportunistic Bond Fund  | Brandywine Global Investment Management, LLC <br> Sun Life Capital Management (U.S.) LLC <br> Teachers Advisors, LLC  |
| Catholic Responsible Investments Equity Index Fund  | RhumbLine Advisers |
| Catholic Responsible Investments Small-Cap Fund  | RhumbLine Advisers |
| Catholic Responsible Investments Multi-Style US Equity Fund  | Boston Partners Global Investors, Inc. <br> Mar Vista Investment Partners, LLC <br> T. Rowe Price Associates, Inc. <br> William Blair Investment Management, LLC  |
| Catholic Responsible Investments International Equity Fund  | Causeway Capital Management LLC <br> Principal Global Investors, LLC <br> WCM Investment Management, LLC  |
| Catholic Responsible Investments International Small-Cap  | Allspring Global Investments, LLC <br> Lazard Asset Management LLC <br> Parametric Portfolio Associates LLC  |

---

*136*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

 **6. Investment Transactions:**

For the period ended April 30, 2025, the purchases and sales of investment securities other than short-term investments and in-kind transactions, if applicable, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S. Government** | **Other** | **Total** |
| Catholic Responsible Investments Ultra Short Bond Fund | Catholic Responsible Investments Ultra Short Bond Fund | Catholic Responsible Investments Ultra Short Bond Fund | Catholic Responsible Investments Ultra Short Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | $— | $8988797 | $8988797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | 64214 | 3448731 | 3512945 |
| Catholic Responsible Investments Short Duration Bond Fund | Catholic Responsible Investments Short Duration Bond Fund | Catholic Responsible Investments Short Duration Bond Fund | Catholic Responsible Investments Short Duration Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 59693062 | 64386666 | 124079728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | 57284142 | 68712151 | 125996293 |
| Catholic Responsible Investments Bond Fund | Catholic Responsible Investments Bond Fund | Catholic Responsible Investments Bond Fund | Catholic Responsible Investments Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 566558337 | 403136343 | 969694680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | 604355269 | 291777019 | 896132288 |
| Catholic Responsible Investments Opportunistic Bond Fund | Catholic Responsible Investments Opportunistic Bond Fund | Catholic Responsible Investments Opportunistic Bond Fund | Catholic Responsible Investments Opportunistic Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 378551317 | 91673107 | 470224424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | 376160281 | 83223795 | 459384076 |
| Catholic Responsible Investments Equity Index Fund | Catholic Responsible Investments Equity Index Fund | Catholic Responsible Investments Equity Index Fund | Catholic Responsible Investments Equity Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 457689544 | 457689544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales |  | 600240423 | 600240423 |
| Catholic Responsible Investments Small-Cap Fund | Catholic Responsible Investments Small-Cap Fund | Catholic Responsible Investments Small-Cap Fund | Catholic Responsible Investments Small-Cap Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 78119674 | 78119674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales |  | 83777643 | 83777643 |
| Catholic Responsible Investments Multi-Style US Equity Fund | Catholic Responsible Investments Multi-Style US Equity Fund | Catholic Responsible Investments Multi-Style US Equity Fund | Catholic Responsible Investments Multi-Style US Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 189830641 | 189830641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales |  | 274490368 | 274490368 |
| Catholic Responsible Investments International Equity Fund | Catholic Responsible Investments International Equity Fund | Catholic Responsible Investments International Equity Fund | Catholic Responsible Investments International Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 552168053 | 552168053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales |  | 337353679 | 337353679 |
| Catholic Responsible Investments International Small-Cap Fund | Catholic Responsible Investments International Small-Cap Fund | Catholic Responsible Investments International Small-Cap Fund | Catholic Responsible Investments International Small-Cap Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 26179631 | 26179631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales |  | 28107222 | 28107222 |
| Catholic Responsible Investments Magnus 45/55 Fund | Catholic Responsible Investments Magnus 45/55 Fund | Catholic Responsible Investments Magnus 45/55 Fund | Catholic Responsible Investments Magnus 45/55 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 4263938 | 4263938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales |  | 9214411 | 9214411 |
| Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund | Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund | Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund | Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 77365633 | 77365633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales |  | 69246188 | 69246188 |
| Catholic Responsible Investments Magnus 60/40 Beta Plus Fund | Catholic Responsible Investments Magnus 60/40 Beta Plus Fund | Catholic Responsible Investments Magnus 60/40 Beta Plus Fund | Catholic Responsible Investments Magnus 60/40 Beta Plus Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 110982017 | 110982017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales |  | 25764650 | 25764650 |
| Catholic Responsible Investments Magnus 75/25 Fund | Catholic Responsible Investments Magnus 75/25 Fund | Catholic Responsible Investments Magnus 75/25 Fund | Catholic Responsible Investments Magnus 75/25 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 25020428 | 25020428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales |  | 144128759 | 144128759 |

---

**7. Federal Tax Information:** 

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain/(loss) on investment transactions for a reporting period may differ significantly from distributions during the period. The book/tax differences may be temporary or permanent. The permanent differences are primarily related to GAAP amortization adjustments, reclass of distributions, passive foreign investment company gain reclass, GAAP reclass for foreign tax, gains and losses on paydowns of mortgage and asset backed securities for tax purposes and redemption-in-kind. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings (accumulated losses) or paid-in capital as appropriate, in the period that the difference arises.

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**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

The tax character of dividends and distributions declared during the fiscal period ended October 31, 2024 and the year ended October 31, 2023, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of<br> Capital** | **Total** |
| Catholic Responsible Investments Ultra Short Bond Fund | Catholic Responsible Investments Ultra Short Bond Fund | Catholic Responsible Investments Ultra Short Bond Fund | Catholic Responsible Investments Ultra Short Bond Fund | Catholic Responsible Investments Ultra Short Bond Fund |
| &nbsp;&nbsp; 2024 | $3268453 | $651 | $— | $3269104 |
| &nbsp;&nbsp; 2023 | 2767156 |  |  | 2767156 |
| Catholic Responsible Investments Short Duration Bond Fund | Catholic Responsible Investments Short Duration Bond Fund | Catholic Responsible Investments Short Duration Bond Fund | Catholic Responsible Investments Short Duration Bond Fund | Catholic Responsible Investments Short Duration Bond Fund |
| &nbsp;&nbsp; 2024 | 20954065 |  |  | 20954065 |
| &nbsp;&nbsp; 2023 | 15562537 |  |  | 15562537 |
| Catholic Responsible Investments Bond Fund | Catholic Responsible Investments Bond Fund | Catholic Responsible Investments Bond Fund | Catholic Responsible Investments Bond Fund | Catholic Responsible Investments Bond Fund |
| &nbsp;&nbsp; 2024 | 89772527 |  |  | 89772527 |
| &nbsp;&nbsp; 2023 | 72490356 |  |  | 72490356 |
| Catholic Responsible Investments Opportunistic Bond Fund | Catholic Responsible Investments Opportunistic Bond Fund | Catholic Responsible Investments Opportunistic Bond Fund | Catholic Responsible Investments Opportunistic Bond Fund | Catholic Responsible Investments Opportunistic Bond Fund |
| &nbsp;&nbsp; 2024 | 28728404 |  |  | 28728404 |
| &nbsp;&nbsp; 2023 | 23163030 |  |  | 23163030 |
| Catholic Responsible Investments Equity Index Fund | Catholic Responsible Investments Equity Index Fund | Catholic Responsible Investments Equity Index Fund | Catholic Responsible Investments Equity Index Fund | Catholic Responsible Investments Equity Index Fund |
| &nbsp;&nbsp; 2024 | 46433637 |  |  | 46433637 |
| &nbsp;&nbsp; 2023 | 45202137 |  |  | 45202137 |
| Catholic Responsible Investments Small-Cap Fund | Catholic Responsible Investments Small-Cap Fund | Catholic Responsible Investments Small-Cap Fund | Catholic Responsible Investments Small-Cap Fund | Catholic Responsible Investments Small-Cap Fund |
| &nbsp;&nbsp; 2024 | 7069815 |  |  | 7069815 |
| &nbsp;&nbsp; 2023 | 6741444 | 15813737 |  | 22555181 |
| Catholic Responsible Investments Multi-Style US Equity Fund | Catholic Responsible Investments Multi-Style US Equity Fund | Catholic Responsible Investments Multi-Style US Equity Fund | Catholic Responsible Investments Multi-Style US Equity Fund | Catholic Responsible Investments Multi-Style US Equity Fund |
| &nbsp;&nbsp; 2024 | 4407296 |  |  | 4407296 |
| &nbsp;&nbsp; 2023 | 3903550 |  |  | 3903550 |
| Catholic Responsible Investments International Equity Fund | Catholic Responsible Investments International Equity Fund | Catholic Responsible Investments International Equity Fund | Catholic Responsible Investments International Equity Fund | Catholic Responsible Investments International Equity Fund |
| &nbsp;&nbsp; 2024 | 23528070 |  |  | 23528070 |
| &nbsp;&nbsp; 2023 | 20009691 |  |  | 20009691 |
| Catholic Responsible Investments International Small-Cap Fund | Catholic Responsible Investments International Small-Cap Fund | Catholic Responsible Investments International Small-Cap Fund | Catholic Responsible Investments International Small-Cap Fund | Catholic Responsible Investments International Small-Cap Fund |
| &nbsp;&nbsp; 2024 | 1977492 |  |  | 1977492 |
| &nbsp;&nbsp; 2023 | 1762029 |  |  | 1762029 |
| Catholic Responsible Investments Magnus 45/55 Fund | Catholic Responsible Investments Magnus 45/55 Fund | Catholic Responsible Investments Magnus 45/55 Fund | Catholic Responsible Investments Magnus 45/55 Fund | Catholic Responsible Investments Magnus 45/55 Fund |
| &nbsp;&nbsp; 2024 | 3240579 |  |  | 3240579 |
| &nbsp;&nbsp; 2023 | 1753798 |  |  | 1753798 |
| Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund | Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund | Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund | Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund | Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund |
| &nbsp;&nbsp; 2024 | 25058053 | 244810 |  | 25302863 |
| &nbsp;&nbsp; 2023 | 17053393 |  |  | 17053393 |
| Catholic Responsible Investments Magnus 60/40 Beta Plus Fund | Catholic Responsible Investments Magnus 60/40 Beta Plus Fund | Catholic Responsible Investments Magnus 60/40 Beta Plus Fund | Catholic Responsible Investments Magnus 60/40 Beta Plus Fund | Catholic Responsible Investments Magnus 60/40 Beta Plus Fund |
| &nbsp;&nbsp; 2024 | 10623460 |  |  | 10623460 |
| &nbsp;&nbsp; 2023 | 7127888 |  |  | 7127888 |
| Catholic Responsible Investments Magnus 75/25 Fund | Catholic Responsible Investments Magnus 75/25 Fund | Catholic Responsible Investments Magnus 75/25 Fund | Catholic Responsible Investments Magnus 75/25 Fund | Catholic Responsible Investments Magnus 75/25 Fund |
| &nbsp;&nbsp; 2024 | 5427018 | 606084 |  | 6033102 |
| &nbsp;&nbsp; 2023 | 5754881 |  |  | 5754881 |

---

*138*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

As of October 31, 2024, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed <br> Ordinary <br> Income** | **Undistributed<br> Long-Term<br> Capital Gain** | **Capital<br> Loss<br> Carryforwards** | **Unrealized<br> Appreciation (Depreciation)** | **Other<br> Temporary<br> Differences** | **Total Distributable Earnings (Accumulated Losses)** |
|  Catholic Responsible Investments Ultra Short Bond Fund | $156618 | $18253 | $— | $84609 | $(1) | $259479 |
|  Catholic Responsible Investments Short Duration Bond Fund | 38948 |  | (20906163) | 1757860 | (279441) | (19388796) |
|  Catholic Responsible Investments Bond Fund | 229998 |  | (157575477) | (71483761) | 103161 | (228726079) |
|  Catholic Responsible Investments Opportunistic Bond Fund | 75295 |  | (33863124) | 380555 | 3 | (33407271) |
|  Catholic Responsible Investments Equity Index Fund | 3424922 | 38528347 |  | 2101742514 | (1) | 2143695782 |
|  Catholic Responsible Investments Small-Cap Fund | 1814869 | 4851854 |  | 106196583 | (1) | 112863305 |
|  Catholic Responsible Investments Multi-Style US Equity Fund | 5561591 | 46337826 |  | 157767696 |  | 209667113 |
|  Catholic Responsible Investments International Equity Fund | 11310365 | 87451369 |  | 233904238 | 617 | 332666589 |
|  Catholic Responsible Investments International Small-Cap Fund | 829933 |  | (2554091) | 7282039 | (2) | 5557879 |
|  Catholic Responsible Investments Magnus 45/55 Fund | 3046828 |  | (175048) | 17555679 |  | 20427459 |
|  Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund | 24643369 | 12284428 |  | 227565831 | (3) | 264493625 |
|  Catholic Responsible Investments Magnus 60/40 Beta Plus Fund | 9081314 | 2597859 |  | 101590346 | (1) | 113269518 |
|  Catholic Responsible Investments Magnus 75/25 Fund | 4657847 | 960855 |  | 77517956 | 4 | 83136662 |

---

*139*

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**APRIL 30, 2025 (Unaudited)** 

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Losses carried forward are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term Loss** | **Long-Term Loss** | **Total** |
|  Catholic Responsible Investments Short Duration Bond Fund | $7316437 | $13589726 | $20906163 |
|  Catholic Responsible Investments Bond Fund | 54890271 | 102685206 | 157575477 |
|  Catholic Responsible Investments Opportunistic Bond Fund | 15743793 | 18119331 | 33863124 |
|  Catholic Responsible Investments International Small-Cap Fund | 2554091 |  | 2554091 |
|  Catholic Responsible Investments Magnus 45/55 Fund | 175048 |  | 175048 |

---

During the year ended October 31, 2024, the Catholic Responsible Investments Opportunistic Bond Fund utilized $1,284,274, the Catholic Responsible Investments Equity Index Fund utilized $33,521,653, the Catholic Responsible Investments Small-Cap Index Fund utilized $17,579,531, the Catholic Responsible Investments Multi-Style US Equity Fund utilized $29,837,860, the Catholic Responsible Investments International Equity Fund utilized $17,599,099, the Catholic Responsible Investments International Small-Cap Equity Fund utilized $4,264,023, the Catholic Responsible Investments Magnus 45/55 Fund utilized $1,062,684 and the Catholic Responsible Investments Magnus 60/40 Beta Plus Fund utilized $343,011, respectively, of capital loss carryforward to offset capital gains.

The differences between book and tax-basis unrealized appreciation and depreciation are attributable primarily to the tax deferral of losses on wash sales, passive foreign investment companies and perpetual bonds. The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br> Tax Cost** | **Aggregate Gross Unrealized Appreciation**  | **Aggregate Gross Unrealized Depreciation** | **Net Unrealized Appreciation (Depreciation)** |
| Catholic Responsible Investments Ultra Short Bond Fund | $107335957 | $36253 | $(52726) | $(16473) |
| Catholic Responsible Investments Short Duration Bond Fund | 510672941 | 5180249 | (845326) | 4334923 |
| Catholic Responsible Investments Bond Fund | 2383920355 | 18032003 | (71634126) | (53602123) |
| Catholic Responsible Investments Opportunistic Bond Fund | 682149206 | 7408583 | (4371827) | 3036756 |
| Catholic Responsible Investments Equity Index Fund | 1739026998 | 2067798784 | (63562525) | 2004236259 |
| Catholic Responsible Investments Small-Cap Fund | 445111391 | 116239685 | (66968668) | 49271017 |
| Catholic Responsible Investments Multi-Style US Equity Fund | 598462626 | 161056305 | (26082208) | 134974097 |
| Catholic Responsible Investments International Equity Fund | 1489011225 | 395660237 | (77713836) | 317946401 |
| Catholic Responsible Investments International Small-Cap Fund | 92099204 | 15821733 | (4787596) | 11034137 |
| Catholic Responsible Investments Magnus 45/55 Fund | 110047701 | 18120848 | (1278244) | 16842604 |
| Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund | 1166941395 | 255744353 | (60963084) | 194781269 |
| Catholic Responsible Investments Magnus 60/40 Beta Plus Fund | 445687037 | 106567373 | (4579319) | 101988054 |
| Catholic Responsible Investments Magnus 75/25 Fund | 155905771 | 52206934 | (821575) | 51385359 |

---

*140*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

**8. Concentration of Shareholders:** 

At April 30, 2025, the percentage of total shares outstanding over 5% held by each Class, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders, was as follows:

---

| | | |
|:---|:---|:---|
|  | **No. of Shareholders** | **% Ownership** |
|  Catholic Responsible Investments Ultra Short Bond Fund, Institutional Class  | 3 | 32 |
|  Catholic Responsible Investments Short Duration Bond Fund , Institutional Class  | 4 | 50 |
|  Catholic Responsible Investments Bond Fund, Institutional Class  | 2 | 25 |
|  Catholic Responsible Investments Bond Fund, Investor Class  | 2 | 52 |
|  Catholic Responsible Investments Opportunistic Bond Fund, Institutional Class  | 5 | 55 |
|  Catholic Responsible Investments Opportunistic Bond Fund, Investor Class  | 1 | 67 |
|  Catholic Responsible Investments Equity Index Fund, Institutional Class  | 3 | 25 |
|  Catholic Responsible Investments Small-Cap Fund, Institutional Class  | 3 | 35 |
|  Catholic Responsible Investments Multi-Style US Equity Fund, Institutional Class  | 3 | 59 |
|  Catholic Responsible Investments Multi-Style US Equity Fund, Investor Class | 4 | 30 |
|  Catholic Responsible Investments International Equity Fund, Institutional Class  | 3 | 35 |
|  Catholic Responsible Investments International Equity Fund, Investor Class  | 1 | 61 |
|  Catholic Responsible Investments International Small-Cap Fund, Institutional Class  | 5 | 80 |
|  Catholic Responsible Investments Magnus 45/55 Fund, Institutional Class  | 4 | 66 |
|  Catholic Responsible Investments Magnus 45/55 Fund, Investor Class  | 6 | 61 |
|  Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Institutional Class  | 5 | 39 |
|  Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Investor Class  | N/A | N/A |
|  Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Institutional Class  | 3 | 23 |
|  Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Investor Class  | 2 | 17 |
|  Catholic Responsible Investments Magnus 75/25 Fund, Institutional Class  | 8 | 72 |
|  Catholic Responsible Investments Magnus 75/25 Fund, Investor Class  | 4 | 79 |

---

**9. Indemnifications:** 

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.

**10. Concentration of Risks:** 

As with all mutual funds, there is no guarantee that the Funds will achieve their investment objectives. You could lose money by investing in the Funds. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. The principal risk factors affecting shareholders' investments in the Funds are set forth below.

*Active Management Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund and Catholic Responsible Investments International Small-Cap Fund)* — Each Fund is subject to the risk that the Adviser's or the sub-advisers' judgments, as applicable, about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the investments selected and strategies employed by a Fund fail to produce the intended results, an investment in the Fund could decline in value or the Fund could underperform in comparison to its benchmark index or other funds with similar objectives and investment strategies.

*Adjustable Rate Mortgages Risk (Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* — Adjustable Rate Mortgages ("ARMs") contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the lifetime of the security. In addition, many ARMs provide for additional limitations on the maximum amount by which the mortgage interest rate may adjust for any single adjustment period. Alternatively, certain ARMs contain limitations on changes in

*141*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

the required monthly payment. In the event that a monthly payment is not sufficient to pay the interest accruing on an ARM, any excess interest is added to the principal balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the excess is used to reduce the then-outstanding principal balance of the ARM.

In addition, certain ARMs may provide for an initial fixed, below-market or teaser interest rate. During this initial fixed-rate period, the payment due from the related mortgagor may be less than that of a traditional loan. However, after the teaser rate expires, the monthly payment required to be made by the mortgagor may increase dramatically when the interest rate on the mortgage loan adjusts. This increased burden on the mortgagor may increase the risk of delinquency or default on the mortgage loan and in turn, losses on the mortgage-backed securities into which that loan has been bundled.

*Affiliated Fund Risk (Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund) —* In managing each Fund, the Adviser will have authority to select and substitute Underlying Funds. The Adviser may be subject to potential conflicts of interest in selecting Underlying Funds because the fees paid to the Adviser by some Underlying Funds are higher than the fees paid by other underlying funds. However, the Adviser is a fiduciary to the Funds and is legally obligated to act in the Funds' best interests when selecting Underlying Funds. If an Underlying Fund holds interests in an affiliated fund, a Fund may be prohibited from purchasing shares of that Underlying Fund.

*Asset Allocation Risk (Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund)* — Each Fund is subject to asset allocation risk, which is the risk that the selection of the Underlying Funds and the allocation of the Fund's assets among the various asset classes and market segments will cause the Fund to underperform other funds with a similar investment objective. The value of an investment in a Fund is based primarily on the prices of the Underlying Funds in which the Fund invests. In turn, the price of each Underlying Fund is based on the value of its assets. The ability of a Fund to meet its investment objective is directly related to its asset allocation among the Underlying Funds and its direct investments and the ability of the Underlying Funds to meet their investment objectives and for the direct investments to perform positively. If the Adviser's asset allocation strategy does not work as intended, a Fund may not achieve its objective.

*Asset-Backed Securities Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* — Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Asset-backed securities may also be debt instruments, which are also known as collateralized obligations and are generally issued as the debt of a special purpose entity, such as a trust, organized solely for the purpose of owning such assets and issuing debt obligations. Repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities, which is discussed below. Asset-backed securities present credit risks that are not presented by mortgage-backed securities. This is because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, a Fund will be unable to possess and sell the underlying collateral and that the Fund's recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, a Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.

*Bank Loans Risk (Catholic Responsible Investments Opportunistic Bond Fund)* — The Fund may purchase assignments of portions of bank loans from third parties or by investing in participations in bank loans. With respect to loans purchased by assignment, the Fund generally has a contractual relationship with the borrower and, therefore, direct rights against the borrower in the event of a default. With respect to participations, the Fund typically has a contractual right with the lender, generally a bank selling the participation, and, therefore, assumes the credit risk of the lender in addition to the

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**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

credit risk of the borrower. In the event of an insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender but may not have a senior claim to the lender's loan to the borrower. Certain bank loans, including certain participations in bank loans, may be illiquid and the Fund may not be able to sell such loans quickly for a fair price. While a liquid secondary market for bank loans has increased over the years, particularly with respect to loans held directly, the secondary market for such instruments is not as liquid as for other types of investments. Loans continue to trade in an unregulated inter-dealer or inter-bank secondary market. Purchases and sales of bank loans are generally subject to the contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell bank loans, may negatively impact the transaction price, may result in delayed settlement of bank loan transactions, and/or may delay the Fund's ability to make timely redemptions of Fund shares. In addition, the lack of a highly liquid secondary market may have an adverse impact on the value of such investments and on the Fund's ability to dispose of such investments quickly, particularly in response to a specific economic event or the sudden deterioration in the creditworthiness of the borrower. Additionally, in the event of an insolvency, a court could subordinate a bank loan to presently existing or future indebtedness of the borrower to take other action detrimental to the lenders.

*Capital Gain Risk (Catholic Responsible Investments Equity Index Fund and Catholic Responsible Investments Small-Cap Fund)* — A substantial portion of each Fund's net asset value is attributable to net unrealized capital gains on portfolio securities. If a Fund realizes capital gains in excess of realized capital losses in any fiscal year, it makes capital gain distributions to shareholders. You may receive distributions that are attributable to appreciation of portfolio securities that happened before you made your investment. Unless you purchase shares through a tax-advantaged account (such as an IRA or 401(k) plan), these distributions will be taxable to you even though they economically represent a return of a portion of your investment. You should consult your tax adviser about your investment in the Funds.

*Catholic Values Investing Risk (All Funds)* — Each Fund considers the Adviser's Catholic Responsible Investment criteria in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the Adviser's Catholic Responsible Investment criteria. This means that a Fund may underperform other similar mutual funds that do not consider these criteria when making investment decisions. In addition, there can be no guarantee that the activities of the companies identified by each Fund's investment process will align (or be perceived to align) with the principles contained in the Adviser's Catholic Responsible Investment criteria.

*Collateralized Loan Obligations Risk (Catholic Responsible Investments Short Duration Bond Fund and Catholic Responsible Investments Opportunistic Bond Fund)* — Collateralized loan obligations are investment vehicles typically collateralized by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Collateralized loan obligations are subject to the risks of substantial losses due to actual defaults by borrowers of the loans underlying the collateralized loan obligations, which will be greater during periods of economic or financial stress. Collateralized loan obligations may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to collateralized loan obligation securities as a class. The Funds may invest in collateralized loan obligations that hold loans of non-creditworthy borrowers or in subordinate tranches of a collateralized loan obligation, which may absorb losses from underlying borrower defaults before senior tranches. Investments in such collateralized loan obligations present a greater risk of loss. In addition, collateralized loan obligations are subject to interest rate risk and credit risk.

Legislation such as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), which was signed into law on July 21, 2010, together with uncertainty about the nature and timing of regulations that will be promulgated to implement such legislation, may continue to create uncertainty in the credit and other financial markets. Given that all applicable final implementing rules and regulations have not yet been published or are not yet in effect, the potential impact of these actions on collateralized loan obligations that may be owned by the Funds is unknown. If existing transactions are not exempted from the new rules or regulations, compliance with those rules and regulations could impose significant costs on the issuers of collateralized loan obligations and ultimately adversely impact the holders (including the Funds) of those types of securities.

*Commercial Paper Risk (Catholic Responsible Investments Ultra Short Bond Fund)* — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other

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**CATHOLIC RESPONSIBLE INVESTMENTS**

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entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

*Corporate Fixed Income Securities Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* — The Funds may invest in corporate fixed income securities. Corporate fixed income securities are fixed income securities issued by public and private businesses. Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Corporate fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to repay principal upon maturity. Interruptions or delays of these payments could adversely affect the market value of the security. In addition, due to lack of uniformly available information about issuers or differences in the issuers' sensitivity to changing economic conditions, it may be difficult to measure the credit risk of corporate securities.

*Credit Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* — Credit risk is the risk that a decline in the credit quality of an investment could cause a Fund to lose money. A Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a derivative contract fails to make timely payment or otherwise honor its obligations. Fixed income securities rated below investment grade (junk bonds) (described elsewhere in this section) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Discontinuation of these payments could substantially adversely affect the market value of the security.

*Credit Spread Risk (Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* – Credit spread is the difference in yield between securities that results from differences in each security's respective credit quality. Credit spreads may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund's debt securities.

*Derivatives Risk (Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund and Catholic Responsible Investments International Small-Cap Fund) – Derivatives are instruments that derive their value from an underlying security, financial asset or an index. Examples of derivative instruments include futures contracts, forward contracts, options and swaps. Changes in the market value of a security that is a reference asset for a derivative instrument may not be proportionate to changes in the market value of the derivative instrument itself. There may not be a liquid market for a Fund to sell a derivative instrument, which could result in difficulty in closing the position. Moreover,* certain derivative instruments can magnify the extent of losses incurred due to changes in the market value of the securities to which they relate. Some derivative instruments are subject to counterparty risk. A default by the counterparty on its payments to a Fund will cause the value of your investment in the Fund to decrease. A Fund's use of derivatives is also subject to credit risk, leverage risk, lack of availability risk, valuation risk, correlation risk and tax risk. Credit risk is described elsewhere in this section. Leverage risk is the risk that a small percentage of assets invested in derivatives can have a disproportionately larger impact on a Fund's performance. A Fund's counterparties to its derivative contracts present the same types of credit risk as issuers of fixed income securities. Lack of availability risk is the risk that suitable derivative transactions, such as roll-forward contracts, may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause a Fund to realize higher amounts of short-term capital gains, thereby increasing the amount of taxes payable by some shareholders. These risks could cause a Fund to lose more than the principal amount invested.

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Some derivatives have the potential for unlimited loss, regardless of the size of a Fund's initial investment. Derivatives are also subject to a number of other risks described elsewhere in this prospectus.

Derivatives transactions conducted outside of the U.S. may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures. Derivatives transactions conducted outside the U.S. also are subject to the risks affecting foreign securities, currencies and other instruments, in addition to other risks.

Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, including Rule 18f-4 under the Investment Company Act of 1940, as amended (the "1940 Act"). The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, limit or restrict their use by a Fund, otherwise adversely affect their performance or disrupt markets. Additionally, regulation relating to the Funds' use of derivatives and related instruments, including Rule 18f-4, could potentially limit or impact the Funds' ability to invest in derivatives, limit the Funds' ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Funds' performance.

*Forward Contracts* – A forward contract, also called a "forward," involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for a Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage.

*Futures Contracts* – Futures contracts, or "futures," provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price (with or without delivery required). The risks of futures include: (i) leverage risk; (ii) correlation or tracking risk; and (iii) liquidity risk. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, a Fund may experience losses that exceed losses experienced by funds that do not use futures contracts and which may be unlimited, depending on the structure of the contract. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge.

Lack of correlation (or tracking) may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are traded. Consequently, the effectiveness of futures as a security substitute or as a hedging vehicle will depend, in part, on the degree of correlation between price movements in the futures and price movements in underlying securities or assets. While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. Futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading.

Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, a Fund may be unable to close out its futures contracts at a time that is advantageous. If movements in the markets for security futures contracts or the underlying security decrease the value of a Fund's positions in security futures contracts, the Fund may be required to have or make additional funds available to its brokerage firm as margin. If a Fund's account is under the minimum margin requirements set by the exchange or the brokerage firm, its position may be liquidated at a loss, and the Fund will be liable for the deficit, if any, in its account. A Fund may also experience losses due to systems failures or inadequate system back-up or procedures at the brokerage firm(s) carrying the Fund's positions. The successful use of futures depends upon a variety of factors, particularly the ability of the Adviser to predict movements of the underlying securities markets, which

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requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular futures strategy adopted will succeed.

*Options –* An option is a contract between two parties for the purchase and sale of a financial instrument for a specified price at any time during the option period. Unlike a futures contract, an option grants the purchaser, in exchange for a premium payment, a right (not an obligation) to buy or sell a financial instrument. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. The seller of an uncovered call (buy) option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of the securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. The buyer of a call option assumes the risk of losing an entire premium in the call option without ever getting the opportunity to exercise the option. The seller (writer) of a put (sell) option that is covered (e.g., the writer has a short position in the underlying security) assumes the risk of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying security plus the premium received and gives up the opportunity for gain on the underlying security below the exercise price of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of losing an entire premium in the put option without ever getting the opportunity to exercise the option. An option's time value (i.e., the component of the option's value that exceeds the in-the-money amount) tends to diminish over time. Even though an option may be in-the-money to the buyer at various times prior to its expiration date, the buyer's ability to realize the value of an option depends on when and how the option may be exercised. For example, the terms of a transaction may provide for the option to be exercised automatically if it is in-the-money on the expiration date. Conversely, the terms may require timely delivery of a notice of exercise, and exercise may be subject to other conditions (such as the occurrence or non-occurrence of certain events, such as knock-in, knock-out or other barrier events) and timing requirements, including the "style" of the option.

*Swap Agreements – Swaps are agreements whereby two parties agree to exchange payment streams calculated by reference to an underlying asset, such as a rate, index, currency, instrument or securities. Swaps typically involve credit risk, market risk, liquidity risk, funding risk, operational risk, legal and documentation risk, regulatory risk and/or tax risk. Interest rate swaps involve one party, in return for a premium, agreeing to make payments to another party to the extent that interest rates exceed or fall below a specified rate (a "cap" or "floor," respectively). Swap agreements involve the risk that the party with whom a Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to the other party to the agreement. Certain* derivatives, including swaps, may be subject to fees and expenses, and by investing in such derivatives indirectly through a Fund, a shareholder will bear the expenses of such derivatives in addition to expenses of the Fund.

Total return swaps are contracts that obligate a party to pay interest in exchange for payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. Total return swaps give a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset in a total return swap declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

A credit default swap enables a Fund to buy or sell protection against a defined credit event of an issuer or a basket of securities. The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. If a Fund is a seller of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will generally either: (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Fund is a buyer of protection

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

*Credit default swaps involve special risks in addition to those mentioned above because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). Like a long or short position in a physical security, credit default swaps are subject to the same factors that cause changes in the market value of the underlying asset.* 

*The Dodd-Frank Act created a new statutory framework that comprehensively regulated the OTC derivatives markets for the first time. Key Dodd-Frank Act provisions relating to OTC derivatives require rulemaking by the U.S. Securities and Exchange Commission (the "SEC") and the Commodity Futures Trading Commission (the "CFTC"), not all of which has been proposed or finalized as of the date of this prospectus. Prior to the Dodd-Frank Act, the OTC derivatives markets were traditionally traded on a bilateral basis (so-called "bilateral OTC transactions"). Under the Dodd-Frank Act, certain OTC derivatives transactions are now required to be centrally cleared and traded on exchanges or electronic trading platforms called swap execution facilities. Bilateral OTC transactions differ from exchange-traded or cleared derivatives transactions in several respects. Bilateral OTC transactions are transacted directly with dealers and not with a clearing corporation. As bilateral OTC transactions are entered into directly with a dealer, there is a risk of nonperformance by the dealer as a result of its insolvency or otherwise. Under regulations adopted by the CFTC and federal banking regulators (commonly referred to as "Margin Rules"), a Fund is required to post collateral (known as variation margin) to cover the mark-to-market exposure in respect of its uncleared swaps. These rules also mandate that collateral in the form of initial margin be posted to cover potential future exposure attributable to uncleared swap transactions for certain entities, which may include the Funds.* 

*Dividend-Paying Investments Risk (Catholic Responsible Investments International Equity Fund)* – The Fund's investments in dividend-paying securities could cause the Fund to underperform other funds that invest in similar asset classes but employ a different investment style. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. To the extent that dividend-paying securities are concentrated in only a few market sectors, the Fund may be subject to the risks of volatile economic cycles and/or conditions or developments that may be particular to a sector to a greater extent than if its investments were diversified across different sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. A sharp rise in interest rates or an economic downturn could cause an issuer to abruptly reduce or eliminate its dividend. This may limit the ability of the Fund to produce current income.

*Duration Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* – Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility. Longer-term fixed income securities in which a portfolio may invest are more volatile than shorter-term fixed income securities. A portfolio with a longer average portfolio duration is typically more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

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*Emerging Markets Securities Risk (Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund and Catholic Responsible Investments International Small-Cap Fund)* – Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting and reporting requirements and unreliable securities valuation. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with a Fund's investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

*Equity Risk (Catholic Responsible Investments Equity Index Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund, Catholic Responsible Investments Small-Cap Fund and Catholic Responsible Investments International Small-Cap Fund)* – Equity securities include common and preferred stocks, convertible securities, rights and warrants, depositary receipts, private placements, "new issues" and shares of exchange-traded funds ("ETFs"). Common stock represents an equity or ownership interest in an issuer. Preferred stock provides a fixed dividend that is paid before any dividends are paid to common stockholders, and which takes precedence over common stock in the event of a liquidation. Like common stock, preferred stocks represent partial ownership in a company, although preferred stock shareholders do not enjoy any of the voting rights of common stockholders. Also, unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a Fund invests will cause the Fund's NAV to fluctuate.

*Fixed Income Market Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* — The prices of a Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, a Fund's fixed income securities will decrease in value if interest rates rise and vice versa. Fixed income securities may have fixed-, variable- or floating-rates. There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates. Also, longer-term securities are generally more sensitive to changes in the level of interest rates, so the average maturity or duration of these securities affects risk. Changes in government policy, including the Federal Reserve's decisions with respect to raising interest rates or terminating certain programs such as quantitative easing, could increase the risk that interest rates will rise. Rising interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by a Fund. These risks may be heightened in a low interest rate environment. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. As a result of these market conditions, a Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market. Broad movements in financial markets may adversely affect the price of a Fund's investments, regardless of how well the companies in which the Fund invests perform. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

*Floating Rate Securities Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* — Each Fund may invest in obligations with interest rates that are reset periodically. Although

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floating rate securities are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Floating rate securities are issued by a wide variety of issuers and may be issued for a wide variety of purposes, including as a method of reconstructing cash flows. Issuers of floating rate securities may include, but are not limited to, financial companies, merchandising entities, bank holding companies, and other entities. In addition to the risks associated with the floating nature of interest payments, investors remain exposed to other underlying risks associated with the issuer of the floating rate security, such as credit risk.

*Foreign Company Risk (Catholic Responsible Investments Short-Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund and Catholic Responsible Investments International Small-Cap Fund)* — Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. More specifically, investing in foreign issuers includes risks of adverse changes in foreign economic, political, regulatory and other conditions, changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges), differing accounting, auditing, financial reporting and legal standards and practices, differing securities market structures, and higher transaction costs. In certain countries, legal remedies available to investors may be more limited than those available with respect to investments in the U.S. In addition, the securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies. A Fund may also experience more rapid or extreme changes in value as compared to a fund that invests solely in securities of U.S. companies because the securities markets of many foreign countries are relatively small and consist of a limited number of companies representing a small number of industries. Investing in foreign issuers also poses the risk that the cost of buying, selling and holding foreign securities, including brokerage, tax and custody costs, may be higher than the costs involved in domestic transactions. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of a Fund's investments. These currency movements may happen separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause a Fund to incur losses.

*Foreign Currency Risk (Catholic Responsible Investments International Equity Fund and Catholic Responsible Investments International Small-Cap Fund)* — Because non-U.S. securities are usually denominated in currencies other than the dollar, the value of a Fund's portfolio may be influenced by currency exchange rates and exchange control regulations. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by a Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

*Foreign Sovereign Debt Securities Risk (Catholic Responsible Investments Short-Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* – The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. These risks are typically heightened with respect to emerging market countries.

*Geographic Focus Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Multi-Style US Equity Fund and Catholic Responsible Investments International Small-Cap Fund)* — To the extent that it focuses its investments in a particular country or geographic region, a Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region.

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As a result, such Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

*Investing in the United States Risk.* A Fund that focuses its investments in the United States may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers within the United States, and may be subject to greater price volatility and risk of loss, than a fund holding more geographically diverse investments.

*Growth Investment Style Risk (Catholic Responsible Investments Multi-Style US Equity Fund and Catholic Responsible Investments International Small-Cap Fund)* — The Fund may invest in securities of companies that the Adviser or a sub-adviser believes have superior prospects for robust and sustainable growth of revenues and earnings. An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer. In addition, these may be companies with new, limited or cyclical product lines, markets or financial resources, and the management of such companies may be dependent upon one or a few key people. The stocks of such companies can therefore be subject to more abrupt or erratic market movements than stocks of larger, more established companies or the stock market in general.

*High Yield Bond Risk (Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* — High yield, or "junk," bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the issuers of these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.

*Impact Investing Risk (Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* – Each Fund invests part of its portfolio in securities that align with a proprietary impact investing framework for public fixed-income markets, which may exclude securities of certain issuers for nonfinancial reasons. Because of this, the Funds may forgo some market opportunities available to funds that do not use these criteria.

*Indexing Strategy/Index Tracking Risk (Catholic Responsible Investments Equity Index Fund and Catholic Responsible Investments Small-Cap Fund)* – A Fund that is managed with an indexing investment strategy attempts to track the performance of an unmanaged index of securities, which differs from an actively-managed fund, which typically seeks to outperform a benchmark index. Such Fund generally will buy and will not sell a security included in the benchmark index as long as the security is part of the benchmark index regardless of any sudden or material decline in value or foreseeable material decline in value of the security, even though the Adviser or a sub-adviser may make a different investment decision for other actively managed accounts or portfolios that hold the security. As a result, such Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the benchmark index will affect the performance, volatility, and risk of the index (in absolute terms and by comparison with other indices) and, consequently, the performance, volatility, and risk of the Fund. Such Fund's performance may not match the performance of the benchmark index for a number of reasons. For example, the Fund incurs a number of operating expenses, including taxes, not applicable to the index and incurs costs associated with buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in the composition of the index. As discussed elsewhere in this section, the performance of a Fund managed pursuant to an indexing investment strategy may also be affected because of the impact of the Adviser's Catholic Responsible Investment criteria on the portfolio holdings of the Fund. In addition, the Fund may not be fully invested at times, either as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. Changes in the composition of the index and regulatory requirements also may impact a Fund's ability to match the return of the index. Index tracking risk may be heightened during times of increased market volatility or other unusual market conditions.

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*Index Correlation Risk (Catholic Responsible Investments Multi-Style US Equity Fund)* – Because a portion of the Fund weighs each sector and industry approximately the same as its index, the Fund's ability to broadly reallocate this portion of its portfolio due to changes in outlook for a particular sector or industry is more limited than other actively-managed funds with greater flexibility to overweight or underweight certain sectors and industries due to changes in market conditions. As a result, the Fund's performance may lag the performance of other actively-managed funds with more flexible investment programs.

*Industry Concentration Risk (Catholic Responsible Investments Equity Index Fund and Catholic Responsible Investments Small-Cap Fund)* – Each Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that its underlying index is so concentrated. Concentrating Fund investments in companies conducting business in the same industry will subject a Fund to a greater risk of loss as a result of adverse economic, business or other developments affecting that industry than if its investments were not so concentrated.

*Inflation Protected Securities Risk (Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* – The value of inflation protected securities, generally will fluctuate in response to changes in "real" interest rates. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. The value of an inflation protected security generally decreases when real interest rates rise and generally increases when real interest rates fall. In addition, the principal value of an inflation protected security is periodically adjusted up or down along with the rate of inflation. If the measure of inflation falls, the principal value of the inflation protected security will be adjusted downwards, and consequently, the interest payable on the security will be reduced.

*Initial Public Offering Risk (Catholic Responsible Investments Multi-Style US Equity Fund) — The Fund may invest in initial public offerings ("IPOs"). An IPO is a company's first offering of stock to the public. IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about a company's* business model, quality of management, earnings growth potential, and other criteria used to evaluate its investment prospects. Accordingly, investments in IPO shares involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. Investments in IPO shares may also involve high transaction costs, and are subject to market risk and liquidity risk, which are described elsewhere in this section.

Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund's portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. By selling IPO shares, the Fund may realize taxable gains it will subsequently distribute to shareholders. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. There is no assurance that the Fund will be able to obtain allocable portions of IPO shares. The limited number of shares available for trading in some IPOs may make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Investors in IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

*Interest Rate Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* — Interest rate risk is the risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. In a low interest rate environment, the risk of a decline in value of a Fund's portfolio securities associated with rising rates is heightened because there may be a greater likelihood of rates increasing, potentially rapidly. In a declining interest rate environment, a Fund generally will be required to invest available cash in instruments with lower interest rates than those of the current portfolio securities. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, whereas others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. Interest rate risk may be heightened for investments in emerging market countries.

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*Investment in Underlying Funds Risk (Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund and Catholic Responsible Investments Magnus 75/25 Fund)* — The value of an investment in the Funds is based primarily on the prices of the Underlying Funds in which the Funds invest. In turn, the price of each Underlying Fund is based on the value of its assets. Each Fund, and thus its shareholders, bears its own direct expenses in addition to bearing a proportionate share of expenses of the Underlying Funds, which may make owning shares of such Fund more costly than owning shares of the Underlying Funds directly. Before investing in the Funds, investors should assess the risks associated with the Underlying Funds and the types of investments made by those Underlying Funds. These risks include any combination of the risks described elsewhere in this section, although a Fund's exposure to a particular risk will be proportionate to the Fund's overall asset allocation and Underlying Fund allocation.

*Large-Capitalization Company Risk (Catholic Responsible Investments Equity Index Fund, Catholic Responsible Investments Multi-Style US Equity Fund and Catholic Responsible Investments International Equity Fund)* — If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of small- or medium-capitalization companies, investors may migrate to the stocks of small- and medium-sized companies. Additionally, larger, more-established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Liquidity Risk (Catholic Responsible Investments Short-Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund and Catholic Responsible Investments Multi-Style US Equity Fund)* – An illiquid investment is an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in 7 calendar days or less without the sale or disposition significantly changing the market value of the investment. Pursuant to Rule 22e-4 under the 1940 Act, a Fund may invest up to 15% of its net assets in illiquid investments. Certain restricted securities that may be resold to institutional investors under Rule 144A under the Securities Act of 1933 and Section 4(2) commercial paper may be deemed liquid under guidelines approved by the Board. The Trust has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4.

Although the Funds will invest primarily in liquid, publicly traded securities, the Funds may make investments that trade in lower volumes or that otherwise may be illiquid. Also, the Funds may make investments that may become less liquid in response to market developments or adverse investor perceptions. Less liquid or illiquid investments may be difficult to value. An inability to sell one or more portfolio positions can adversely affect the Funds' value or prevent the Funds from being able to take advantage of other investment opportunities.

Liquidity risk may also refer to the risk that the Funds will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. Although the Funds retain the ability to meet redemption requests through in-kind exchanges, subject to certain conditions, the Funds may need to raise cash to meet redemption requests through sales of portfolio securities or permissible borrowings. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, the Fund may have to lower the selling price, sell other investments, or forgo another, more appealing investment opportunity. Such sales may adversely affect a Fund's NAV*.*

*Market Risk (Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Multi-Style US Equity Fund and Catholic Responsible Investments International Small-Cap Fund)* — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. A Fund's NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which a Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Recent examples include pandemic risks related to

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**CATHOLIC RESPONSIBLE INVESTMENTS**

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COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

*Money Market Securities Risk (Catholic Responsible Investments Ultra Short Bond Fund)* — The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. Under certain circumstances where a money market fund experiences heightened redemptions, it may be required to impose a mandatory liquidity fee on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). In addition, a money market fund may impose a liquidity fee of up to 2% on amounts the Fund redeems from the money market fund during circumstances where the money market fund's board of directors determines such fee would be in the money market fund's best interests. These measures may result in an investment loss. Money market funds and the securities they invest in are subject to comprehensive regulations. The regulations governing money market funds were recently amended in July 2023, and their implementation and interpretation, as well as enforcement, may affect the manner of operation, performance and/or yield of money market funds.

*Mortgage-Backed Securities Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* — Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancing, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates.

*Non-Diversification Risk (Catholic Responsible Investments Equity Index Fund and Catholic Responsible Investments Small-Cap Fund)* —To the extent the Funds become non-diversified, the Funds may invest a relatively high percentage of their assets in a limited number of issuers. Therefore, when the Funds are non-diversified, the Funds' performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than when the Funds' invested assets are diversified.

*Operational and Cybersecurity Risk (Catholic Responsible Investments Multi-Style US Equity Fund)* — The Fund, its service providers, including the Adviser and Sub-Advisers, and other market participants increasingly depend on complex information technology and communications systems to conduct business functions. These systems are subject to a number of different threats or risks that could adversely affect the Fund and its shareholders, despite the efforts of the Fund and its service providers to adopt technologies, processes and practices intended to mitigate these risks.

For example, unauthorized third parties may attempt to improperly access, modify, disrupt the operations of or prevent access to these systems or data within them (a "cyber-attack"), whether systems of the Fund, its service providers, counterparties or other market participants. Power or communications outages, acts of god, information technology equipment malfunctions, operational errors and inaccuracies within software or data processing systems may also disrupt business operations or impact critical data. Market events also may occur at a pace that overloads current information technology and communication systems and processes of the Fund, its service providers or other market participants, impacting the ability to conduct the Fund's operations. Cyber-attacks, disruptions or failures that affect the Fund's service providers or counterparties may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. For example, the Fund's service providers' assets or sensitive or confidential information may be misappropriated, data may be corrupted and operations may be disrupted (e.g., cyber-attacks or

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operational failures may cause the release of private shareholder information or confidential Fund information, interfere with the processing of shareholder transactions, impact the ability to calculate the Fund's NAV and impede trading). In addition, cyber-attacks, disruptions or failures may cause reputational damage and subject the Fund's service providers to regulatory fines, litigation costs, penalties or financial losses, reimbursement or other compensation costs and/or additional compliance costs. While the Fund and its service providers may establish business continuity and other plans and processes to address the possibility of cyber-attacks, disruptions or failures, there are inherent limitations in such plans and systems, including that they do not apply to third parties, such as other market participants, as well as the possibility that certain risks have not been identified or that unknown threats may emerge in the future. The Fund's service providers may also incur substantial costs for cybersecurity risk management, including insurance, in order to prevent or mitigate future cyber security incidents, and the Fund and its shareholders could be negatively impacted as a result of such costs. The Fund, the Adviser and the Sub-Advisers have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund, the Adviser or the Sub-Advisers. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.Similar types of operational and technology risks are also present for issuers of securities or other instruments in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investments to lose value. In addition, cyber-attacks involving the Fund's counterparties could affect such counterparties' ability to meet their obligations to the Fund, which may result in losses to the Fund and its shareholders. Furthermore, as a result of cyber-attacks, disruptions or failures, an exchange or market may close or issue trading halts on specific securities or the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or unable to accurately price its investments. The Fund cannot directly control any cybersecurity plans and systems put in place by its service providers, Fund counterparties, issuers in which the Fund invests or securities markets and exchanges.

*Portfolio Turnover Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short-Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund and Catholic Responsible Investments Multi-Style US Equity Fund)* — Due to its investment strategy, a Fund may buy and sell securities frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term capital gains) realized by a Fund. Shareholders may pay tax on such capital gains.

*Prepayment and Extension Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* — When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and a Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping a Fund's assets tied up in lower interest debt obligations.

*Quantitative Strategy Risk (Catholic Responsible Investments International Equity Fund)* — A quantitative investment strategy generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. These issues or flaws, which can be difficult to identify, may result in the implementation of a portfolio that is different from that which was intended, and could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon quantitative models and computerization.

*Repurchase Agreement Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* — Under a repurchase agreement, the seller of a security to a Fund agrees to repurchase the security at a mutually agreed-upon time and price. If the seller in a repurchase agreement transaction defaults on its obligation under the agreement, a Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement.

*154*

**CATHOLIC RESPONSIBLE INVESTMENTS**

**APRIL 30, 2025 (Unaudited)** 

*Sector and Industry Focus Risk (Catholic Responsible Investments Multi-Style US Equity Fund) — Because the Fund may, from time to time, be more heavily invested in particular sectors or industries, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors or industries. As a result, the Fund's share price may at times fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors or industries.* 

*Small- and Mid-Capitalization Company Risk (Catholic Responsible Investments Multi-Style US Equity Fund and Catholic Responsible Investments International Equity Fund)* — Investing in equity securities of small- and mid-capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size companies, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements. The securities of smaller companies are often traded over-the-counter ("OTC") and, even if listed on a national securities exchange, may not be traded in volumes typical for that exchange. Consequently, the securities of smaller companies may be less liquid, may have limited market stability and may be subject to more severe, abrupt or erratic market movements than securities of larger, more established companies or the market averages in general. Further, smaller companies may have less publicly available information and, when available, it may be inaccurate or incomplete.

*Small-Capitalization Company Risk (Catholic Responsible Investments Small-Cap Fund and Catholic Responsible Investments International Small-Cap Fund)* — The small-capitalization companies in which a Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-capitalization stocks may be more volatile than those of larger companies. These securities may be traded OTC or listed on an exchange.

*U.S. Government Securities Risk (Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund and Catholic Responsible Investments Bond Fund)* — A Fund's investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Obligations issued by some U.S. government agencies are backed by the U.S. Treasury, whereas others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

*Value Investment Style Risk (Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund and Catholic Responsible Investments International Small-Cap Fund)* — Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company's earnings, book value, revenues or cash flow. If the Adviser's or a sub-adviser's assessment of a company's value or prospects for exceeding earnings expectations or market conditions is wrong, a Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

*When-Issued and Delayed Delivery Securities Risk (Catholic Responsible Investments Ultra Short Bond Fund)* — When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.

**11. In-Kind Transfers of Securities:** 

The Funds may issue or redeem shares in-kind. These securities and cash, if any, are transferred at their current value on the date of such transactions. Any recognized gain is included on the Statements of Operations under Net Realized Gain (Loss) on Investments. There were no in-kind transfers during the period ended April 30, 2025.

*155*

**CATHOLIC RESPONSIBLE INVESTMENTS**

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**12. Recent Accounting Pronouncement:** 

In this reporting period, the Funds adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) – "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. SIMC acts as the Funds' CODM. The CODM has determined that the Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of the Funds' schedules of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

**13. Subsequent Events:** 

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments, other than that listed below, were required to the financial statements.

*156*

**CATHOLIC RESPONSIBLE INVESTMENTS**

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**OTHER INFORMATION (FORM N-CSRS ITEMS 8-11)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included within the Statement(s) of Operations of the financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Funds' sub-advisory agreements must be renewed at least annually after their initial two-year term: (i) by the vote of the Board of Trustees (the "Board" or the "Trustees") of Catholic Responsible Investments Funds (the "Trust") or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the agreements or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on November 19–20, 2024 to decide whether to renew the sub-advisory agreements (the "Agreements") between Christian Brothers Investment Services, Inc. (the "Adviser") and certain sub-advisers on behalf of the Funds shown in the following table (each, a "Sub-Adviser" and together, the "Sub-Advisers"), pursuant to which the Sub-Advisers serve as investment sub-advisers to the Funds, for additional one-year terms:

---

| | |
|:---|:---|
| **Sub-Adviser**  | **Fund(s)** |
| RhumbLine Advisers | Catholic Responsible Investments Equity Index Fund |
| | Catholic Responsible Investments Small-Cap Fund |
| Sun Life Capital Management (U.S.) LLC | Catholic Responsible Investments Bond Fund |
| | Catholic Responsible Investments Opportunistic Bond Fund |
| Teachers Advisors, LLC | Catholic Responsible Investments Bond Fund |
|  | Catholic Responsible Investments Opportunistic Bond Fund |
| | Catholic Responsible Investments Short-Duration Bond Fund |
| Mar Vista Investment Partners, LLC | Catholic Responsible Investments Multi-Style US Equity Fund |
| WCM Investment Management, LLC | Catholic Responsible Investments International Equity Fund |

---

In preparation for the meeting, the Trustees requested that the Sub-Advisers furnish information necessary to evaluate the terms of the Agreements. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Sub-Advisers, and information was provided in response to this request. The Trustees used this information, as well as other information that the Sub-Advisers and other service providers of the Funds presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreements for an additional year.

Specifically, the Board requested and received written materials from the Sub-Advisers and other service providers of the Funds regarding: (i) the nature, extent and quality of the Sub-Advisers' services; (ii) the Sub-Advisers' investment

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management personnel; (iii) the Sub-Advisers' operations and information about their financial condition, capitalization, profitability or financial viability to sub-advise the Funds; (iv) the Sub-Advisers' brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the advisory fees paid by the Adviser to the Sub-Advisers and the Funds' overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Sub-Advisers' profitability from their relationships with the Funds, including both direct and indirect benefits accruing to the Sub-Advisers and their affiliates; (vii) the Sub-Advisers' potential economies of scale; (viii) the Sub-Advisers' compliance programs, including a description of material compliance matters and material compliance violations; (ix) the Sub-Advisers' policies on and compliance procedures for personal securities transactions; and (x) the Funds' performance attributable to the Sub-Advisers and overall performance compared with peer groups of mutual funds and the Funds' benchmark indices.

Representatives from the Adviser and the Sub-Advisers, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Sub-Advisers' services, fees and other aspects of the Agreements. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management, the Adviser and the Sub-Advisers.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser, the Sub-Advisers and other service providers of the Funds, renewed the Agreements. In considering the renewal of the Agreements, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Sub-Advisers; (ii) the investment performance of the Funds and the Sub-Advisers; (iii) the costs of the services provided and profits realized by the Sub-Advisers from their relationships with the Funds, including both direct and indirect benefits accruing to the Sub-Advisers and their affiliates; (iv) the extent to which economies of scale are being realized by the Sub-Advisers; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

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

In considering the nature, extent and quality of the services provided by the Sub-Advisers, the Board reviewed the portfolio management services provided by the Sub-Advisers to the Funds, including the quality and continuity of the Sub-Advisers' portfolio management personnel, the resources of the Sub-Advisers, and the Sub-Advisers' compliance histories and compliance programs. The Trustees reviewed the terms of the Agreements. The Trustees also reviewed the Sub-Advisers' investment and risk management approaches for the Funds. The Trustees considered that the Adviser supervises and monitors the performance of the Sub-Advisers. The most recent investment adviser registration forms ("Form ADV") for the Sub-Advisers were available to the Board, as were the responses of the Sub-Advisers to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Sub-Advisers to the Funds.

The Trustees also considered other services provided to the Funds by the Sub-Advisers such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds' investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Sub-Advisers were sufficient to support renewal of the Agreements.

Investment Performance of the Funds and the Sub-Advisers

The Board was provided with regular reports regarding the Funds' performance over various time periods. The Trustees also reviewed reports prepared by the Funds' administrator comparing the Funds' performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Sub-Advisers provided information regarding and led discussions of factors impacting the performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds' performance was satisfactory, or, where the Funds' performance was materially below their benchmarks and/or peer groups, the Trustees were satisfied by the reasons for

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the underperformance and/or the steps taken by the Sub-Advisers in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Sub-Advisers had been able to achieve for the Funds were sufficient to support renewal of the Agreements.

Costs of Sub-Advisory Services, Profitability and Economies of Scale

In considering the advisory fees payable by the Adviser to the Sub-Advisers, the Trustees reviewed, among other things, a report of the advisory fees paid to the Sub-Advisers. The Trustees also reviewed reports prepared by the Funds' administrator comparing the Funds' net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the applicable Sub-Advisers to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Trustees also considered that the Adviser, not the Funds, paid the Sub-Advisers pursuant to the sub-advisory agreements and that the fees payable to the Sub-Advisers reflected arms-length negotiations between the Adviser and the Sub-Advisers. The Trustees evaluated both the fee under the sub-advisory agreements and the portion of the fee under the advisory agreement retained by the Adviser. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Sub-Advisers.

The Trustees reviewed the costs of services provided by and the profits realized by the Sub-Advisers from their relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Sub-Advisers and their affiliates. The Trustees considered how the Sub-Advisers' profitability was affected by factors such as their organizational structures and methods for allocating expenses. The Trustees concluded that the profit margins of the Sub-Advisers with respect to the management of the Funds were not unreasonable. The Board also considered the Sub-Advisers' commitment to managing the Funds.

The Trustees considered the Sub-Advisers' views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds' shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fees were reasonable in light of the information that was provided to the Trustees by the Sub-Advisers with respect to economies of scale.

Renewal of the Agreements

Based on the Board's deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees' counsel, unanimously concluded that the terms of the Agreements, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreements for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

*159*

**NOTES**

**NOTES**

**Catholic Responsible Investments Funds**

**Investment Adviser:** 

Christian Brothers Investment Services, Inc.

125 S. Wacker Drive

Suite 2400

Chicago, Illinois 60606

**Administrator:** 

SEI Investments Global Fund Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

**Distributor:** 

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

**Legal Counsel:** 

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

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

CRI-SA-001-0400

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under item 7.

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

Not applicable to open-end management investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR § 240.13a-15(b) or §240.15d-15(b)).

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

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

Not applicable to open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) Separate certifications for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)) are filed herewith.](fp0093740-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Officer certifications as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)) also accompany this filing as exhibits.](fp0093740-1_ex99906cert.htm)

**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.

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| | |
|:---|:---|
| (Registrant) | Catholic Responsible Investments Funds |
| By: | /s/ Michael Beattie |
|  | Michael Beattie, Principal Executive Officer |
| Date: | July 7, 2025 |

---

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

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| | |
|:---|:---|
| By: | /s/ Michael Beattie |
|  | Michael Beattie, Principal Executive Officer |
| Date: | July 7, 2025 |
| By: | /s/ Andrew Metzger |
|  | Andrew Metzger, Principal Financial Officer |
| Date: | July 7, 2025 |

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## Ex-99.Cert

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Michael Beattie, certify that:

1. I have reviewed this report on Form N-CSRS of the Catholic Responsible Investments Funds (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Registrant's internal control over financial reporting.

Date: July 7, 2025

/s/ Michael Beattie

Michael Beattie

Principal Executive Officer

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Andrew Metzger, certify that:

1. I have reviewed this report on Form N-CSRS of the Catholic Responsible Investments Funds (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Registrant's internal control over financial reporting.

Date: July 7, 2025

/s/ Andrew Metzger

Andrew Metzger

Principal Financial Officer

## Exhibit 99.906

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Michael Beattie, the Principal Executive Officer of the Catholic Reponsible Investments Funds (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended April 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material respects,
the financial condition and results of operations of the Fund.

Dated: July 7, 2025

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Andrew Metzger, the Principal Financial Officer of the Catholic Responsible Investments Funds (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended April 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material respects,
the financial condition and results of operations of the Fund.

Dated: July 7, 2025

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---