Catholic Responsible Investments Funds

N-CSR 1 d658579dncsr.htm CATHOLIC RESPONSIBLE INVESTMENTS FUNDS Catholic Responsible Investments Funds

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

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, 2023

Date of reporting period: October 31, 2023

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

Annual Report		October 31, 2023

CRI Ultra Short Bond Fund		CRI International Equity Fund
Institutional Shares: CRHSX		Investor Shares: CRLVX
CRI Short Duration Bond Fund		Institutional Shares: CRLSX
Institutional Shares: CRDSX		CRI International Small-Cap Fund
CRI Bond Fund		Institutional Shares: CRNSX
Investor Shares: CRBVX		CRI Magnus 45/55 Fund
Institutional Shares: CRBSX		Investor Shares: CMNVX
CRI Opportunistic Bond Fund		Institutional Shares: CMNSX
Investor Shares: CROVX		CRI Magnus 60/40 Alpha Plus Fund
Institutional Shares: CROSX		Investor Shares: CMPVX
CRI Equity Index Fund		Institutional Shares: CMPSX
Institutional Shares: CRQSX		CRI Magnus 60/40 Beta Plus Fund
		Investor Shares: CMMVX
CRI Small-Cap Fund		Institutional Shares: CMMSX
Institutional Shares: CRSSX
		CRI Magnus 75/25 Fund
CRI Multi-Style US Equity Fund		Investor Shares: CMUVX
Investor Shares: CRTVX		Institutional Shares: CMUSX
Institutional Shares: CRTSX



Investment Adviser:

Christian Brothers Investment Services

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TABLE OF CONTENTS



Shareholder Letter			1

Management’s Discussion and Analysis			2

Schedules of Investments			28

Statements of Assets and Liabilities			116

Statements of Operations			119

Statements of Changes in Net Assets			122

Financial Highlights			129

Notes to Financial Statements			131

Report of Independent Registered Public Accounting Firm			150

Disclosure of Fund Expenses			151

Trustees and Officers			154

Approval of Investment Advisory Agreement			158

Review of Liquidity Risk Management Program			162

Notice to Shareholders			163

Additional Information			165

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

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

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Dear Shareholders:

We are pleased to send you the Annual Report for Catholic Responsible Investments Funds (the “CRI Funds”) for the fiscal year ended October 31, 2023.

For the year ended October 31, 2023, the Funds’ Institutional Class and their underlying benchmarks delivered the following returns:


	Fund Return			Underlying Index Return^
Catholic Responsible Investments Ultra Short Bond Fund, Institutional Class		4.76	%		4.88	%
Catholic Responsible Investments Short Duration Bond Fund, Institutional Class		3.62			2.89
Catholic Responsible Investments Bond Fund, Institutional Class		0.57			0.36
Catholic Responsible Investments Opportunistic Bond Fund, Institutional Class		2.94			2.90
Catholic Responsible Investments Equity Index Fund, Institutional Class		10.43			10.14
Catholic Responsible Investments Small-Cap Fund, Institutional Class		-8.15			-7.65
Catholic Responsible Investments Multi-Style US Equity Fund, Institutional Class		11.17			9.48
Catholic Responsible Investments International Equity Fund, Institutional Class		13.24			12.66
Catholic Responsible Investments International Small-Cap Fund, Institutional Class		8.12			9.36
Catholic Responsible Investments Magnus 45/55 Fund, Institutional Class		4.96			4.53	†
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Institutional Class		6.23			5.91	†
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Institutional Class		5.99			5.91	†
Catholic Responsible Investments Magnus 75/25 Fund, Institutional Class		7.09			7.28	†

^ For a definition of each Funds’ benchmark, please refer to each Fund’s Management Discussion and Analysis.

†	These Funds’ underlying benchmark is blended. For a definition of each Funds’ blended benchmark, please refer to each Fund’s Management Discussion and Analysis.

Fiscal Year Report

The global economy navigated a complex landscape in the fiscal year ended October 31, 2023, marked by both challenges and signs of resilience. Central banks worldwide tightened monetary policies, prioritizing inflation reduction over economic growth. While rising interest rates strained economic momentum, labor markets remained robust, contributing to a gradual decline in inflation. Geopolitical tensions, particularly the ongoing conflict in Ukraine, disrupted supply chains and energy markets, further exacerbating inflation concerns. In response, China implemented pro-growth measures to address housing market concerns and bolster economic activity.

The economic outlook remains uncertain, with lingering geopolitical tensions and potential oil price volatility posing risks to inflation and economic growth. Central banks are likely to continue raising interest rates at a more measured pace to curb inflation. Despite these challenges, the global economy is expected to continue expanding, albeit at a slower pace than in recent years.

As the global economy transitions from central bank-induced low-rate environments to a new equilibrium, investors should brace for interest rate stabilization rather than a return to previous lows. While price-to-earnings expansion in the equity market may be limited, returns are anticipated from growing corporate earnings. Emphasis should be placed on companies with a competitive edge, which are well-positioned to deliver sustained earnings growth.

Our fund managers remain committed to navigating the evolving economic landscape. We are confident in our ability to adapt to changing market conditions and create value for our shareholders in the years to come.

Jeffrey A. McCroy

CEO

John W. Geissinger

CIO

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Management’s Discussion and Analysis

Catholic Responsible Investments Ultra Short Bond Fund

The Catholic Responsible Investments Ultra Short Bond Fund (“Fund”) seeks to provide current income consistent with the preservation of capital.

Under normal circumstances, the Ultra Short Bond Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade U.S. dollar-denominated debt instruments, including: (i) commercial paper and other corporate obligations; (ii) certificates of deposit, time deposits, bankers’ acceptances, bank notes, and other obligations of U.S. savings and loan and thrift institutions, U.S. commercial banks (including foreign branches of such banks) and foreign banks that meet certain asset requirements; (iii) U.S. Treasury obligations and obligations issued or guaranteed as to principal and interest by agencies or instrumentalities of the U.S. Government; (iv) mortgage-backed securities; (v) asset-backed securities; (vi) fully collateralized repurchase agreements involving any of the foregoing obligations; (vii) U.S. dollar-denominated instruments of foreign issuers; and (viii) floating rate securities. In addition, the Fund may enter into dollar roll transactions with selected banks and broker dealers and invest in to-be-announced mortgage-backed securities, repurchase agreements, and in municipal securities.

CRI Ultra Short Bond Fund Review

Market news has been dominated by inflation concerns, central bank rate hikes, geopolitical issues, and the specter of a global economic slowdown. The Fed made inflation its priority and raised rates throughout the year, with the pace of hikes slowing in the latter part of the year. Fixed-income returns were negative as yields continued to move higher. Short rates were at their highest levels in decades, but returns for shorter duration bonds held up relatively well as the higher income offset the price declines. The fund provided a positive return and slightly underperformed the benchmark on a net-of-fees basis.



	1 YEAR RETURN	AVERAGE ANNUAL TOTAL RETURN FOR INCEPTION TO DATE*

Catholic Responsible Investments Ultra Short Bond Fund, Institutional Class	4.76%	2.81%

Bloomberg US Treasury Bills 1-3 Month Index	4.88%	2.98%

Growth of a $10,000 Investment

(At Net Asset Value)

LOGO

*Fund commenced operations on December 6, 2021. Returns for periods less than one year are not annualized.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. High short term performance of the fund is unusual and investors should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If

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such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Performance figures for the periods shown may reflect contractual fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements (if applicable), returns would have been lower.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Bloomberg US Treasury Bills (1-3M) Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than 3 months. The Index includes all publicly issued zero coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and at least 1 month, are rated investment grade, and have $300 million or more of outstanding face value.

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Management’s Discussion and Analysis

Catholic Responsible Investments Short Duration Bond Fund

The Catholic Responsible Investments Short Duration Bond Fund (the “Fund”) seeks maximum current income consistent with the preservation of capital.

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities and other debt instruments. For purposes of the Fund’s 80% investment policy, fixed-income securities and debt instruments include U.S. dollar-denominated fixed income securities; U.S. Treasury securities; governmental agency debt; corporate debt securities; collateralized loan obligations; asset-backed securities; municipal bonds; residential and commercial mortgage-backed securities; floating rate notes and adjustable rate mortgages (“ARMs”). Depending on market conditions, the Fund may invest a substantial portion of its assets in mortgage-backed debt securities issued by the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“FNMA”), and the Federal Home Loan Mortgage Corporation (“FHLMC”). The Fund may also invest in other types of U.S. government securities, including collateralized mortgage obligations (“CMO”) issued by U.S. government agencies or instrumentalities thereof, and may also invest in other mortgage-backed and asset-backed securities, as well as enter into repurchase agreements covering the securities described. The Fund’s fixed income investments are primarily of investment grade (rated in one of the four highest rating categories by at least one rating agency). The Fund may invest up to 10% of its assets in debt securities that are rated below investment grade (commonly referred to as “high-yield” or “junk bonds”). In addition, the Fund’s fixed income securities may include unrated securities, if deemed by the Sub-Adviser to be of comparable quality to allowable investment grade and non-investment grade securities.

CRI Short Duration Bond Fund Review

Market news has been dominated by inflation concerns, central bank rate hikes, geopolitical issues, and the specter of a global economic slowdown. The Fed made inflation its priority and raised rates throughout the year, with the pace of hikes slowing in the latter part of the year. Fixed-income returns were negative as yields continued to move higher. Short rates were at their highest levels in decades, but returns for shorter duration bonds held up relatively well as the higher income offset the price declines. The fund outperformed its benchmark through its allocations to non-Treasury sectors.



	1 YEAR RETURN	AVERAGE ANNUAL TOTAL RETURN FOR INCEPTION TO DATE*

Catholic Responsible Investments Short Duration Bond Fund, Institutional Class	3.62%	-0.54%

Bloomberg US Treasury Bills 1-3 Month Index	2.89%	-1.04%

Growth of a $10,000 Investment

(At Net Asset Value)

LOGO

*Fund commenced operations on December 6, 2021. Returns for periods less than one year are not annualized.

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Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Bloomberg U.S. Treasury (1-3 Year) Index measures the performance of the US government bond market and includes public obligations of the U.S. Treasury with a maturity between 1 and up to (but not including) 3 years. Certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. Separate trading of registered interest and principal securities (STRIPS) are excluded from the Index because their inclusion would result in double-counting.

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Management’s Discussion and Analysis

Catholic Responsible Investments Bond Fund

The Catholic Responsible Investments Bond Fund (the “Fund”) seeks current income and long-term capital appreciation.

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities and other debt instruments. The Fund’s assets are allocated across different fixed-income market sectors and maturities. For purposes of the Fund’s 80% investment policy, fixed-income securities and debt instruments include mortgage related securities, including mortgage-backed securities (“MBS”) and adjustable rate mortgages (“ARMs”); U.S. and non-U.S. corporate debt securities; Yankee Bonds (dollar- denominated obligations issued in the U.S. by non-U.S. banks and corporations); fixed income securities issued or guaranteed by the U.S. government, non-U.S. governments, or by any U.S. government or non-U.S. government agency or instrumentality; municipal bonds; asset-backed securities; debt issuances of REITs; convertible bonds; preferred stock; covered bonds and bonds issued by U.S. colleges and universities; leveraged bank loans; commercial paper; floating rate notes and other securities included in the Index (defined below). The Fund may enter into repurchase agreements covering the foregoing securities. The Fund may invest up to 10% of its assets in debt securities that are rated below investment grade (commonly referred to as “high-yield” or “junk bonds”). The Fund’s fixed income securities may include unrated securities, if deemed by the Sub-Advisers to be of comparable quality to allowable investment grade and noninvestment grade securities. A mortgage dollar roll is a transaction in which the Fund sells mortgage-related securities for immediate settlement and simultaneously purchases the same type of securities for forward settlement at a discount. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when issued and delayed-delivery basis and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments), including to be announced MBS (“TBA”). The purchase or sale of securities on a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future. Some of these investments in derivatives will cause the Fund to be, in part, indirectly exposed to companies that would otherwise be screened out by the Adviser’s Catholic Responsible Investments screening criteria. Accordingly, the Fund limits such investments to situations where they (a) do not constitute, in the aggregate, more than 5% of the Fund’s investments at any time, and (b) where the Adviser determines such investments are necessary to achieve the Fund’s investment objective and when the Adviser believes there are no reasonable alternative investments that exist that are consistent with its Catholic Responsible Investing screening criteria.

CRI Bond Fund Review

Market news has been dominated by inflation concerns, central bank rate hikes, geopolitical issues, and the specter of a global economic slowdown. The Fed made inflation its priority and raised rates throughout the year, with the pace of hikes slowing in the latter part of the year. Fixed-income returns were negative as yields continued to move higher. Despite the price declines, the higher income was able to offset the price return. The fund outperformed the index due to a combination of interest rate management strategies and sector allocation.

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	1 YEAR RETURN	AVERAGE ANNUAL TOTAL RETURN FOR INCEPTION TO DATE*

Catholic Responsible Investments Bond Fund, Institutional Class	0.57%	-8.39%

Catholic Responsible Investments Bond Fund, Investor Class	0.41%	-8.54%

Bloomberg U.S. Aggregate Bond Index	0.36%	-8.67%

Growth of a $5,000,000 Investment

(At Net Asset Value)

LOGO

*Fund commenced operations on December 6, 2021. Returns for periods less than one year are not annualized.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Bloomberg U.S. Aggregate Bond Index is a broad based index that measures the investment grade, U.S. dollar denominated, fixed rate, taxable bond market.

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Management’s Discussion and Analysis

Catholic Responsible Investments Opportunistic Bond Fund

The Catholic Responsible Investments Opportunistic Bond Fund (the “Fund”) seeks current income and to provide relatively low correlation to equity assets.

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities and other debt instruments. For purposes of the Fund’s 80% investment policy, fixed-income securities and debt instruments include mortgage related securities, including mortgage-backed securities and adjustable rate mortgages (“ARMs”); U.S. and non-U.S. corporate debt securities; Yankee Bonds (dollar-denominated obligations issued in the U.S. by non-U.S. banks and corporations); fixed income securities issued or guaranteed by the U.S. government, non-U.S. governments, or by any U.S. government or non-U.S. government agency or instrumentality; municipal bonds; asset-backed securities and floating rate notes. The Fund may enter into repurchase agreements covering the foregoing securities. The Fund may invest up to 20% of its assets in debt securities that are rated below investment grade (commonly referred to as “high-yield” or “junk bonds”). The Fund’s fixed income securities may include unrated securities, if deemed by the Sub-Advisers to be of comparable quality to allowable investment grade and non-investment grade securities. The Fund may invest in futures, primarily U.S. Treasury futures. The Fund may buy or sell U.S. Treasury futures to manage the Fund’s portfolio duration, yield curve positioning, or trade execution on a more cost-effective basis than by use of physical securities alone. The Fund may use credit default swaps on a single issuer (CDS) or a credit default swap index (CDX) to hedge credit risk. Some of these investments will cause the Fund to be, in part, indirectly exposed to companies that would otherwise be screened out by the Adviser’s Catholic Responsible Investments screening criteria. Accordingly, the Fund limits such investments to situations where they (a) do not constitute, in the aggregate, more than 5% of the Fund’s investments at any time, and (b) where the Adviser determines such investments are necessary to achieve the Fund’s investment objective and when the Adviser believes there are no reasonable alternative investments that exist that are consistent with its Catholic Responsible Investing screening criteria.

CRI Opportunistic Bond Fund Review

Market news has been dominated by inflation concerns, central bank rate hikes, geopolitical issues, and the specter of a global economic slowdown. The Fed made inflation its priority and raised rates throughout the year, with the pace of hikes slowing in the latter part of the year. Fixed-income returns were negative as yields continued to move higher. Short rates were at their highest levels in decades, but returns for shorter duration bonds held up relatively well as the higher income offset the price declines. The fund outperformed its benchmark through effective interest rate management strategies and positive security selection.

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	1 YEAR RETURN	AVERAGE ANNUAL TOTAL RETURN FOR INCEPTION TO DATE*

Catholic Responsible Investments Opportunistic Bond Fund, Institutional Class	2.94%	-2.65%

Catholic Responsible Investments Opportunistic Bond Fund, Investor Class	2.81%	-2.78%

Bloomberg 1-5 Year Government Credit Index	2.90%	-2.24%

Growth of a $5,000,000 Investment

(At Net Asset Value)

LOGO

*Fund commenced operations on December 6, 2021. Returns for periods less than one year are not annualized.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Bloomberg 1-5 Year Government Credit Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities between 1 and 5 years and are publicly issued.

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Management’s Discussion and Analysis

Catholic Responsible Investments Equity Index Fund

The Catholic Responsible Investments Equity Index Fund (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of the S&P 500^® Index.

The Fund uses a passive optimization process managed by Rhumbline Advisers, the Fund’s Sub-Adviser (“Sub-Adviser”), which is designed to track the performance of the S&P 500^® Index (the “Index”). The Fund is not managed according to traditional methods of “active” investment management, which involve the buying and selling of securities based upon economic, financial and market analysis and investment judgment. Instead, the Fund, using an “indexing” investment approach, attempts to replicate, before expenses, the performance of the Index. The Index is a well-known stock market index that includes common stocks of approximately 500 companies from all major industries representing a significant portion of the market value of all common stocks publicly traded in the United States, most of which are listed on the New York Stock Exchange. Under normal circumstances, the Fund intends to invest at least 95% of its net assets, plus any borrowings for investment purposes, in securities listed in the Index.

CRI Equity Index Fund Review

With increased inflation and the potential for a recession looming throughout 2023, most U.S. equity sectors were down for the year. In early 2023, a small number of companies involved in artificial intelligence did extraordinarily well, pushing the overall market into positive territory. The dominance of the “Magnificent Seven” resulted in the Communication Services, Consumer Discretionary, and Information Technology sectors to be the outperformers for the year. The fund’s performance reflected the performance of the overall market. Additionally, the restrictions on the fund, particularly in Health Care, resulted in outperformance versus the index.



	1 YEAR RETURN	AVERAGE ANNUAL TOTAL RETURN FOR INCEPTION TO DATE*

Catholic Responsible Investments Equity Index Fund, Institutional Class	10.43%	-3.26%

S&P 500^® Index	10.14%	-2.50%

Growth of a $3,000,000 Investment

(At Net Asset Value)

LOGO

*Fund commenced operations on December 6, 2021. Returns for periods less than one year are not annualized.

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Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The S&P 500^® Index is a free-float capitalization-weighted index, published since 1957, of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the Index are those of large publicly held companies that trade on either of the two largest American stock exchanges: the NYSE and the NASDAQ.

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Management’s Discussion and Analysis

Catholic Responsible Investments Small-Cap Fund

The Catholic Responsible Investments Small-Cap Fund (the “Fund”) seeks to replicate the performance of the S&P SmallCap 600^® Index, an index representing small capitalization companies.

The Fund uses a passive optimization process managed by Rhumbline Advisers, the Fund’s Sub-Adviser (“Sub-Adviser”), which is designed to track the performance of the S&P 600^® Index (the “Index”). The Fund is not managed according to traditional methods of “active” investment management, which involve the buying and selling of securities based upon economic, financial and market analysis and investment judgment. Instead, the Fund, using an “indexing” investment approach, attempts to replicate, before expenses, the performance of the Index. The Index is a well-known stock market index that measures the performance of small-capitalization companies in the United States. Under normal circumstances, the Fund intends to invest at least 95% of its net assets, plus any borrowings for investment purposes, in securities listed in the Index.

CRI Small-Cap Fund Review

With increased inflation and the potential for a recession looming throughout 2023, most U.S. equity sectors were down for the year. While large cap stocks benefitted from the performance of the “Magnificent Seven,” small caps did not have a similar performance driver. The fund’s performance reflected the performance of the overall small cap market. Restrictions on the fund resulted in slight underperformance versus the index.



	1 YEAR RETURN	AVERAGE ANNUAL TOTAL RETURN FOR INCEPTION TO DATE*

Catholic Responsible Investments Small-Cap Fund, Institutional Class	-8.15%	-9.43%

S&P SmallCap 600^® Index	-7.65%	-9.06%

Growth of a $3,000,000 Investment

(At Net Asset Value)

LOGO

*Fund commenced operations on December 6, 2021. Returns for periods less than one year are not annualized.

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Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The S&P SmallCap 600^® Index seeks to measure the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable.

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Management’s Discussion and Analysis

Catholic Responsible Investments Multi-Style US Equity Fund

The Catholic Responsible Investments Multi-Style U.S. Equity Fund (the “Fund”) seeks to achieve long-term capital appreciation.

The Fund seeks to achieve long-term capital appreciation by investing primarily in a broadly diversified portfolio of equity securities of predominantly mid to large capitalization companies included in the Russell 1000^® Index (the “Index”) that are believed to have above-average market appreciation potential. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets plus borrowings for investment purposes in equity securities of companies located in the United States. An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.

CRI Multi-Style U.S. Equity Fund Review

With increased inflation and the potential for a recession looming throughout 2023, most U.S. equity sectors were down for the year. In early 2023, a small number of companies involved in artificial intelligence did extraordinarily well, pushing the overall market into positive territory. The dominance of the “Magnificent Seven” resulted in the Communication Services, Consumer Discretionary, and Information Technology sectors to be the outperformers for the year. The fund is diversified across various return drivers, but in this market environment, the positive impact of stocks with quality or growth characteristics outweighed the underperformance of value stocks, resulting in the fund’s outperformance for the year.



	1 YEAR RETURN	AVERAGE ANNUAL TOTAL RETURN FOR INCEPTION TO DATE*

Catholic Responsible Investments Multi-Style US Equity Fund, Institutional Class	11.17%	-5.58%

Catholic Responsible Investments Multi-Style US Equity Fund, Investor Class	11.00%	-5.72%

Russell 1000^® Index	9.48%	-3.40%

Growth of a $5,000,000 Investment

(At Net Asset Value)

LOGO

*Fund commenced operations on December 6, 2021. Returns for periods less than one year are not annualized.

CATHOLIC RESPONSIBLE INVESTMENTS

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Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Russell 1000^® Index measures the performance of the large-cap segment of the US equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 93% of the Russell 3000^® Index, as of the most recent reconstitution. The Russell 1000^® Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are included.

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Management’s Discussion and Analysis

Catholic Responsible Investments International Equity Fund

The Catholic Responsible Investments International Equity Fund (the “Fund”) seeks to achieve long-term capital appreciation.

The Fund seeks to achieve long-term capital appreciation by investing primarily in a broadly diversified portfolio of equity securities of well-established companies based in those countries included in the MSCI All Country World Ex USA Index (the “Index”) that are believed to have above average market appreciation potential.

CRI International Equity Fund Review

Despite rising inflation and geopolitical conflict, non-U.S. equity markets were up in 2023 with positive results in every sector. Most major countries were positive, although countries in the Middle East were down for the year. The strength of the U.S. dollar detracted from returns for U.S.-based investors. The fund is diversified across various return drivers, but in this market environment, the positive impact of value stocks outweighed those with quality or growth characteristics. The fund outperformed the benchmark for the year.



	1 YEAR RETURN	AVERAGE ANNUAL TOTAL RETURN FOR INCEPTION TO DATE*

Catholic Responsible Investments International Equity Fund, Institutional Class	13.24%	-8.15%

Catholic Responsible Investments International Equity Fund, Investor Class	13.07%	-8.28%

MSCI ACWI ex USA Index	12.66%	-6.12%

Growth of a $5,000,000 Investment

(At Net Asset Value)

LOGO

*Fund commenced operations on December 6, 2021. Returns for periods less than one year are not annualized.

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 developed markets countries (excluding the US) and 27 emerging markets countries. With 2,354 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

Management’s Discussion and Analysis

Catholic Responsible Investments International Small-Cap Fund

The Catholic Responsible Investments International Small-Cap Fund (the “Fund”) seeks to achieve long-term capital appreciation.

The Fund seeks to achieve long-term capital appreciation by investing primarily in a broadly diversified portfolio of equity securities of small capitalization companies based in those countries included in the MSCI All Country World ex USA Small Cap Index (the “Index”) that are believed to have above-average market appreciation potential. Under normal circumstances, the Fund invests at least 80% of the value of its net assets plus borrowings for investment purposes in a broadly diversified portfolio of equity securities of small capitalization companies that are located in countries throughout the world. The Fund generally considers small-cap foreign companies to be those companies with similar market capitalization and located in countries included in the MSCI All Country World ex-U.S. Small Cap Index. For purposes of the Fund’s 80% investment policy, equity securities include international equities traded on recognized global exchanges, private placements of equity securities, rights offerings, warrants, ADRs, new issues of equity securities, ETFs that primarily invest in equity securities, and derivatives, primarily index futures with economic characteristics similar to equity securities. The Fund may at times purchase or sell futures contracts on the Index, or options on those futures, in lieu of investing directly in the stocks making up the Index. The Fund might do so, for example, in order to increase its investment exposure pending investment of cash in the stocks comprising the Index. Alternatively, the Fund might use futures or options on futures to reduce its investment exposure in situations where it intends to sell a portion of the stocks in its portfolio but the sale has not yet been completed. In some circumstances, the Fund may purchase ADRs, rather than foreign shares that are traded on foreign exchanges, because the ADRs have greater liquidity or for other reasons. Some of these investments will cause the Fund to be, in part, indirectly exposed to companies that would otherwise be screened out by the Adviser’s Catholic Responsible Investments screening criteria. Accordingly, the Fund limits such investments to situations where they (a) do not constitute, in the aggregate, more than 5% of the Fund’s investments at any time, and (b) where the Adviser determines such investments are necessary to achieve the Fund’s investment objective and when the Adviser believes there are no reasonable alternative investments that exist that are consistent with its Catholic Responsible Investing screening criteria.

CRI International Small-Cap Fund Review

Despite rising inflation and geopolitical conflict, non-U.S. equity markets were up in 2023 with positive results in most sectors. The major countries had positive returns, although countries in the Middle East were down for the year. The strength of the U.S. dollar detracted from returns for U.S.-based investors. The fund is diversified across various return drivers, but in this market environment, the positive impact of value stocks outweighed those with quality or growth characteristics. On a net-of-fees basis, the fund underperformed the benchmark for the year.

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)



	1 YEAR RETURN	AVERAGE ANNUAL TOTAL RETURN FOR INCEPTION TO DATE*

Catholic Responsible Investments International Small-Cap Fund, Institutional Class	8.12%	-9.13%

MSCI ACWI ex USA Small Cap Index	9.36%	-9.05%

Growth of a $1,000,000 Investment

(At Net Asset Value)

LOGO

*Fund commenced operations on December 6, 2021. Returns for periods less than one year are not annualized.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The MSCI ACWI ex USA Small Cap Index captures small cap representation across 22 of 23 developed markets countries (excluding the US) and 26 emerging markets countries. With 4,391 constituents, the index covers approximately 14% of the global equity opportunity set outside the US.

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

Management’s Discussion and Analysis

Catholic Responsible Investments Magnus 45/55 Fund

The Catholic Responsible Investments Magnus 45/55 Fund (the “Fund”) seeks to achieve current income and long-term capital appreciation.

CRI Magnus 45/55 Fund Review

Despite a year with rising inflation and geopolitical conflict, returns were positive across all asset classes with the exception of U.S. small cap. While the 75/25 Magnus Fund underperformed its benchmark, all four Magnus Funds had similar return drivers. The Magnus Funds benefitted from exposure to shorter duration bond funds within the fixed-income allocation and positive manager selection in both the equity and fixed-income allocations. The Magnus Funds were slightly overweight to fixed income at the end of 2022 and underweight in 2023. The impact of the asset allocation had minimal effect on relative results.



	1 YEAR RETURN	AVERAGE ANNUAL TOTAL RETURN FOR INCEPTION TO DATE*

Catholic Responsible Investments Magnus 45/55 Fund, Institutional Class	4.96%	-5.14%

Catholic Responsible Investments Magnus 45/55 Fund, Investor Class	4.80%	-5.29%

Custom Benchmark**	4.53%	-6.54%

Bloomberg U.S. Aggregate Bond Index	0.36%	-8.67%

Russell 3000^® Index	8.38%	-3.87%

Growth of a $15,000,000 Investment

(At Net Asset Value)

LOGO

* Fund commenced operations on December 6, 2021. Returns for periods less than one year are not annualized.

**The Custom Benchmark is a blended benchmark composed of 55% of the Bloomberg U.S. Aggregate Bond Index, 33.75% of the Russell 3000^® Index, and 11.25% of the MSCI ACWI ex-US Index.

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

should not expect such performance to be repeated. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Russell 3000^® Index measures the performance of the largest 3,000 US companies representing approximately 98% of the investable US equity market. The Russell 3000^® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

The Bloomberg U.S. Aggregate Bond Index is a broad based index that measures the investment grade, U.S. dollar denominated, fixed rate, taxable bond market.

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

Management’s Discussion and Analysis

Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund

The Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund (the “Fund”) seeks to achieve current income and long-term capital appreciation.

The Fund is a “fund of funds,” meaning that it seeks to achieve its objective by investing in other Catholic Responsible Investments Funds mutual funds (the “Underlying Funds”) that represent a variety of asset classes and investment styles. The Fund’s asset allocation strategy emphasizes investments in equity securities (and certain other instruments described below) in an amount equal to 60% of its assets and exposure to fixed income securities in an amount equal to 40% of its assets, with a bias towards “active” management in the equity portion of the portfolio. The portfolios of the Magnus 60/40 Beta Plus Fund and the Magnus 60/40 Alpha Plus Fund reflect the same allocation to stocks and fixed-income securities, but the Magnus 60/40 Beta Plus Fund is more heavily allocated to Underlying Funds that use a “passive” management strategy, and the Magnus 60/40 Alpha Plus Fund is more heavily allocated to Underlying Funds that use an “active” management strategy. Under normal circumstances, the Fund does not make direct investments into assets other than the underlying Catholic Responsible Investments Funds indicated in the chart below, government securities and short-term paper.

CRI Magnus 60/40 Alpha Plus Fund Review



	1 YEAR RETURN	AVERAGE ANNUAL TOTAL RETURN FOR INCEPTION TO DATE*

Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Institutional Class	6.23%	-5.58%

Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Investor Class	6.07%	-5.72%

Custom Benchmark**	5.91%	-5.89%

Bloomberg U.S. Aggregate Bond Index	0.36%	-8.67%

Russell 3000^® Index	8.38%	-3.87%

Growth of a $15,000,000 Investment

(At Net Asset Value)

LOGO

*Fund commenced operations on December 6, 2021. Returns for periods less than one year are not annualized.

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

**The Custom Benchmark is a blended benchmark composed of 40% of the Bloomberg U.S. Aggregate Bond Index, 45% of the Russell 3000^® Index, and 15% of the MSCI ACWI ex-US Index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Bloomberg U.S. Aggregate Bond Index is a broad based index that measures the investment grade, U.S. dollar denominated, fixed rate, taxable bond market.

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

Management’s Discussion and Analysis

Catholic Responsible Investments Magnus 60/40 Beta Plus Fund

The Catholic Responsible Investments Magnus 60/40 Beta Plus Fund (the “Fund”) seeks to achieve current income and long-term capital appreciation.

The Fund is a “fund of funds,” meaning that it seeks to achieve its objective by investing in other Catholic Responsible Investments Funds mutual funds (the “Underlying Funds”) that represent a variety of asset classes and investment styles. The Fund’s asset allocation strategy emphasizes investments in equity securities (and certain other instruments described below) in an amount equal to 60% of its assets and exposure to fixed income securities in an amount equal to 40% of its assets, with a bias towards “passive” management in the equity portion of the portfolio. The portfolios of the Magnus 60/40 Beta Plus Fund and the Magnus 60/40 Alpha Plus Fund reflect the same allocation to stocks and fixed-income securities, but the Magnus 60/40 Beta Plus Fund is more heavily allocated to Underlying Funds that use a “passive” management strategy, and the Magnus 60/40 Alpha Plus Fund is more heavily allocated to Underlying Funds that use an “active” management strategy. Under normal circumstances, the Fund does not make direct investments into assets other than the underlying Catholic Responsible Investments Funds indicated in the chart below, government securities and short-term paper.

CRI Magnus 60/40 Beta Plus Fund Review



	1 YEAR RETURN	AVERAGE ANNUAL TOTAL RETURN FOR INCEPTION TO DATE*

Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Institutional Class	5.99%	-5.01%

Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, Investor Class	5.84%	-5.14%

Custom Benchmark**	5.91%	-5.89%

Bloomberg U.S. Aggregate Bond Index	0.36%	-8.67%

Russell 3000^® Index	8.38%	-3.87%

Growth of a $15,000,000 Investment

(At Net Asset Value)

LOGO

*Fund commenced operations on December 6, 2021. Returns for periods less than one year are not annualized.

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

** The Custom Benchmark is a blended benchmark composed of 40% of the Bloomberg U.S. Aggregate Bond Index, 45% of the Russell 3000^® Index, and 15% of the MSCI ACWI ex-US Index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Bloomberg U.S. Aggregate Bond Index is a broad based index that measures the investment grade, U.S. dollar denominated, fixed rate, taxable bond market.

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

Management’s Discussion and Analysis

Catholic Responsible Investments Magnus 75/25 Fund

The Catholic Responsible Investments Magnus 75/25 Fund (the “Fund”) seeks to achieve current income and long-term capital appreciation.

CRI Magnus 75/25 Fund Review



	1 YEAR RETURN	AVERAGE ANNUAL TOTAL RETURN FOR INCEPTION TO DATE*

Catholic Responsible Investments Magnus 75/25 Fund, Institutional Class	7.09%	-5.38%

Catholic Responsible Investments Magnus 75/25 Fund, Investor Class	6.92%	-5.53%

Custom Benchmark**	7.28%	-5.29%

Bloomberg U.S. Aggregate Bond Index	0.36%	-8.67%

Russell 3000^® Index	8.38%	-3.87%

Growth of a $15,000,000 Investment

(At Net Asset Value)

LOGO

*Fund commenced operations on December 6, 2021. Returns for periods less than one year are not annualized.

**The Custom Benchmark is a blended benchmark composed of 25% of the Bloomberg U.S. Aggregate Bond Index, 56.25% of the Russell 3000^® Index, and 18.75% of the MSCI ACWI ex-US Index.

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Bloomberg U.S. Aggregate Bond Index is a broad based index that measures the investment grade, U.S. dollar denominated, fixed rate, taxable bond market.

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

OCTOBER 31, 2023

SECTOR WEIGHTINGS (unaudited)†

LOGO

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


SCHEDULE OF INVESTMENTS U.S. TREASURY OBLIGATIONS — 33.9%

	Face Amount		Value

U.S. Treasury Bills
5.488%, 04/04/24(A)	$	1,000,000	$	977,111
5.452%, 02/13/24(A)		929,000		914,716
5.451%, 02/20/24(A)		575,000		565,568
5.446%, 02/06/24(A)		1,150,000		1,133,523
5.441%, 01/30/24(A)		1,075,000		1,060,692
5.436%, 01/23/24(A)		1,100,000		1,086,517
5.429%, 02/27/24(A)		1,725,000		1,694,821
5.425%, 01/02/24(A)		275,000		272,487
5.418%, 01/04/24(A)		1,000,000		990,578
5.413%, 01/11/24(A)		1,175,000		1,162,724
5.413%, 01/18/24(A)		2,000,000		1,976,979
5.410%, 12/26/23(A)		550,000		545,528
5.405%, 12/12/23(A)		1,075,000		1,068,523
5.400%, 12/19/23(A)		500,000		496,459
5.394%, 11/28/23(A)		1,000,000		996,032
5.387%, 12/21/23(A)		500,000		496,318
5.373%, 11/24/23(A)		1,100,000		1,096,284
5.367%, 11/16/23(A)		750,000		748,353
5.318%, 11/02/23(A)		550,000		549,920
5.110%, 11/09/23(A)		1,997,200		1,994,850

Total U.S. Treasury Obligations (Cost $19,827,312)				19,827,983


ASSET-BACKED SECURITIES — 25.4%

Automotive — 20.6%
Ally Auto Receivables Trust,
Ser 2022-3, Cl A2 5.290%, 06/16/25	$	52,407	$	52,314


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
American Credit Acceptance Receivables Trust, Ser 2022-3, Cl A
4.120%, 02/13/26 (B)	$	614	$	613
American Credit Acceptance Receivables Trust, Ser 2023-1, Cl A
5.450%, 09/14/26 (B)		105,005		104,705
American Credit Acceptance Receivables Trust, Ser 2023-2, Cl A
5.890%, 10/13/26 (B)		69,580		69,350
American Credit Acceptance Receivables Trust, Ser 2023-3, Cl A
6.000%, 03/12/27 (B)		78,538		78,464
AmeriCredit Automobile Receivables Trust, Ser 2021-1, Cl A3
0.370%, 08/18/25		3,357		3,351
AmeriCredit Automobile Receivables Trust, Ser 2021-3, Cl A3
0.760%, 08/18/26		160,189		155,567
AmeriCredit Automobile Receivables Trust, Ser 2022-2, Cl A2A
4.200%, 12/18/25		179,648		178,783
AmeriCredit Automobile Receivables Trust, Ser 2023-2, Cl A1
5.723%, 09/18/24		249,388		249,379
ARI Fleet Lease Trust, Ser 2021-A, Cl A2
0.370%, 03/15/30 (B)		75,734		75,397
ARI Fleet Lease Trust, Ser 2023-A, Cl A1
5.426%, 04/15/24 (B)		23,118		23,114
ARI Fleet Lease Trust, Ser 2023-B, Cl A1
5.924%, 10/15/24 (B)		150,000		150,034
BMW Vehicle Lease Trust, Ser 2021-2, Cl A4
0.430%, 01/27/25		400,000		395,566
BMW Vehicle Lease Trust, Ser 2023-2, Cl A1
5.687%, 10/25/24		260,000		260,065
BMW Vehicle Owner Trust, Ser 2022-A, Cl A2B
5.841%, SOFR30A + 0.520%, 12/26/24 (C)		6,832		6,832
BMW Vehicle Owner Trust, Ser 2023-A, Cl A1
5.593%, 07/25/24		111,110		111,108

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

OCTOBER 31, 2023


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Bridgecrest Lending Auto Securitization Trust, Ser 2023- 1, Cl A1
5.776%, 11/15/24	$	160,000	$	160,017
CarMax Auto Owner Trust, Ser 2022-2, Cl A2B
5.920%, SOFR30A + 0.600%, 05/15/25 (C)		5,268		5,268
CarMax Auto Owner Trust, Ser 2023-2, Cl A1
5.508%, 05/15/24		11,957		11,956
Carmax Auto Owner Trust, Ser 2023-3, Cl A1
5.631%, 07/15/24		63,588		63,555
Carvana Auto Receivables Trust, Ser 2023-P3, Cl A1
5.663%, 08/10/24 (B)		47,565		47,561
Carvana Auto Receivables Trust, Ser 2023-P4, Cl A1
5.747%, 10/10/24 (B)		111,483		111,488
Chase Auto Owner Trust, Ser 2023-AA, Cl A1
5.698%, 09/25/24 (B)		128,029		128,032
Chesapeake Funding II, Ser 2020-1A, Cl A1
0.870%, 08/15/32 (B)		207,805		205,813
Citizens Auto Receivables Trust, Ser 2023-2, Cl A1
5.739%, 09/16/24 (B)		269,615		269,641
CPS Auto Receivables Trust, Ser 2022-C, Cl A
4.180%, 04/15/30 (B)		28,274		28,113
CPS Auto Receivables Trust, Ser 2023-A, Cl A
5.540%, 03/16/26 (B)		115,804		115,488
CPS Auto Receivables Trust, Ser 2023-C, Cl A
6.130%, 09/15/26 (B)		100,054		99,864
Credit Acceptance Auto Loan Trust, Ser 2021-3A, Cl A
1.000%, 05/15/30 (B)		220,169		216,175
Donlen Fleet Lease Funding 2, Ser 2021-2, Cl A1
5.786%, TSFR1M + 0.444%, 12/11/34 (B)(C)		51,917		51,838
Drive Auto Receivables Trust, Ser 2021-1, Cl C
1.020%, 06/15/27		49,480		48,960
Drive Auto Receivables Trust, Ser 2021-3, Cl B
1.110%, 05/15/26		64,215		63,926
DT Auto Owner Trust, Ser 2022- 1A, Cl A
1.580%, 04/15/26 (B)		90,682		90,358


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
DT Auto Owner Trust, Ser 2023- 2A, Cl A
5.880%, 04/15/27 (B)	$	253,916	$	253,244
DT Auto Owner Trust, Ser 2023- 3A, Cl A
6.290%, 08/16/27 (B)		88,118		88,142
Enterprise Fleet Financing, Ser 2020-2, Cl A2
0.610%, 07/20/26 (B)		145,755		144,559
Enterprise Fleet Financing, Ser 2021-2, Cl A2
0.480%, 05/20/27 (B)		241,768		234,999
Enterprise Fleet Financing, Ser 2023-1, Cl A1
5.330%, 03/20/24 (B)		33,620		33,610
Enterprise Fleet Financing, Ser 2023-2, Cl A1
5.793%, 06/20/24 (B)		110,410		110,413
Enterprise Fleet Financing, Ser 2023-3, Cl A1
5.906%, 10/21/24 (B)		250,000		250,171
Exeter Automobile Receivables Trust, Ser 2022-1A, Cl B
2.180%, 06/15/26		181,750		180,746
Exeter Automobile Receivables Trust, Ser 2022-4A, Cl A3
4.330%, 02/17/26		87,076		86,954
Exeter Automobile Receivables Trust, Ser 2023-1A, Cl A2
5.610%, 06/16/25		32,895		32,876
Exeter Automobile Receivables Trust, Ser 2023-2A, Cl A2
5.870%, 11/17/25		81,356		81,305
Exeter Automobile Receivables Trust, Ser 2023-3A, Cl A2
6.110%, 09/15/25		130,000		129,940
Exeter Automobile Receivables Trust, Ser 2023-4A, Cl A1
5.608%, 09/16/24		125,014		124,997
Fifth Third Auto Trust, Ser 2023-1, Cl A1
5.618%, 08/15/24		173,195		173,163
Flagship Credit Auto Trust, Ser 2021-2, Cl A
0.370%, 12/15/26 (B)		2,013		2,010
Flagship Credit Auto Trust, Ser 2022-1, Cl A
1.790%, 10/15/26 (B)		122,716		120,220
Flagship Credit Auto Trust, Ser 2023-3, Cl A1
5.642%, 08/15/24 (B)		68,971		68,964
Ford Credit Auto Lease Trust, Ser 2021-B, Cl B
0.660%, 01/15/25		200,000		198,599

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

OCTOBER 31, 2023


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Ford Credit Auto Owner Trust, Ser 2023-B, Cl A1
5.517%, 07/15/24	$	170,480	$	170,464
Foursight Capital Automobile Receivables Trust, Ser 2023-2, Cl A1
5.624%, 07/15/24 (B)		63,121		63,116
GLS Auto Receivables Issuer Trust, Ser 2023-3A, Cl A1
5.715%, 08/15/24 (B)		151,440		151,427
GLS Auto Select Receivables Trust, Ser 2023-2A, Cl A1
5.857%, 10/15/24 (B)		120,000		120,035
GM Financial Automobile Leasing Trust, Ser 2021-3, Cl A3
0.390%, 10/21/24		123,363		122,771
GM Financial Automobile Leasing Trust, Ser 2022-2, Cl A2
2.930%, 10/21/24		13,818		13,789
GM Financial Automobile Leasing Trust, Ser 2023-3, Cl A1
5.634%, 08/20/24		77,965		77,973
GM Financial Consumer Automobile Receivables Trust, Ser 2020-2, Cl A4
1.740%, 08/18/25		174,161		172,879
GM Financial Consumer Automobile Receivables Trust, Ser 2023-3, Cl A1
5.560%, 07/16/24		97,253		97,253
Honda Auto Receivables Owner Trust, Ser 2021-1, Cl A3
0.270%, 04/21/25		167,665		164,966
Hyundai Auto Lease Securitization Trust, Ser 2022- A, Cl A4
1.320%, 12/15/25 (B)		275,000		268,494
Hyundai Auto Lease Securitization Trust, Ser 2022- B, Cl A2B
5.940%, SOFR30A + 0.620%, 10/15/24 (B)(C)		9,112		9,112
Hyundai Auto Lease Securitization Trust, Ser 2023- A, Cl A2A
5.200%, 04/15/25 (B)		170,550		170,010
Hyundai Auto Receivables Trust, Ser 2019-B, Cl B
2.210%, 04/15/25		32,522		32,470


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Hyundai Auto Receivables Trust, Ser 2020-C, Cl A4
0.490%, 11/16/26	$	200,000	$	192,250
Hyundai Auto Receivables Trust, Ser 2023-B, Cl A1
5.581%, 07/15/24		87,010		87,013
LAD Auto Receivables Trust, Ser 2023-3A, Cl A1
5.632%, 08/15/24 (B)		39,166		39,164
Mercedes-Benz Auto Lease Trust, Ser 2021-B, Cl A3
0.400%, 11/15/24		78,134		77,647
Nissan Auto Lease Trust, Ser 2023-B, Cl A1
5.475%, 07/15/24		104,776		104,768
Nissan Auto Receivables Owner Trust, Ser 2020-A, Cl A3
1.380%, 12/16/24		15,709		15,678
Nissan Auto Receivables Owner Trust, Ser 2023-A, Cl A1
5.424%, 05/15/24		24,934		24,930
Nissan Auto Receivables Owner Trust, Ser 2023-B, Cl A1
5.709%, 11/15/24		295,000		295,081
Prestige Auto Receivables Trust, Ser 2023-2A, Cl A1
5.863%, 11/15/24 (B)		155,000		155,000
Santander Drive Auto Receivables Trust, Ser 2021- 1, Cl C
0.750%, 02/17/26		1,684		1,681
Santander Drive Auto Receivables Trust, Ser 2021- 3, Cl C
0.950%, 09/15/27		101,426		99,993
Santander Drive Auto Receivables Trust, Ser 2022-2, Cl A3
2.980%, 10/15/26		144,239		142,986
Santander Drive Auto Receivables Trust, Ser 2022-5, Cl A3
4.110%, 08/17/26		171,504		170,393
Santander Drive Auto Receivables Trust, Ser 2023-1, Cl A2
5.360%, 05/15/26		176,582		176,294
Santander Drive Auto Receivables Trust, Ser 2023-3, Cl A2
6.080%, 08/17/26		40,000		39,964

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

OCTOBER 31, 2023


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Santander Drive Auto Receivables Trust, Ser 2023-4, Cl A2
6.180%, 02/16/27	$	275,000	$	274,909
Santander Retail Auto Lease Trust, Ser 2021-A, Cl A4
0.600%, 03/20/26 (B)		275,000		273,374
Santander Retail Auto Lease Trust, Ser 2022-B, Cl A2
2.840%, 05/20/25 (B)		160,883		160,073
SBNA Auto Lease Trust, Ser 2023-A, Cl A1
5.754%, 10/21/24 (B)		115,000		114,984
SFS Auto Receivables Securitization Trust, Ser 2023- 1A, Cl A1
5.566%, 07/22/24 (B)		39,803		39,800
Tesla Auto Lease Trust, Ser 2023-A, Cl A1
5.634%, 07/22/24 (B)		38,377		38,377
Tesla Auto Lease Trust, Ser 2023-B, Cl A1
5.676%, 09/20/24 (B)		75,242		75,247
Toyota Auto Receivables Owner Trust, Ser 2020-C, Cl A4
0.570%, 10/15/25		237,177		232,742
Toyota Auto Receivables Owner Trust, Ser 2023-B, Cl A1
5.225%, 05/15/24		48,880		48,873
Toyota Auto Receivables Owner Trust, Ser 2023-C, Cl A1
5.604%, 08/15/24		131,014		131,012
Toyota Lease Owner Trust, Ser 2021-B, Cl A3
0.420%, 10/21/24 (B)		53,766		53,548
United Auto Credit Securitization Trust, Ser 2022- 2, Cl A
4.390%, 04/10/25 (B)		12,192		12,183
United Auto Credit Securitization Trust, Ser 2023- 1, Cl A
5.570%, 07/10/25 (B)		47,503		47,431
Volkswagen Auto Lease Trust, Ser 2022-A, Cl A3
3.440%, 07/21/25		275,000		271,411
Volkswagen Auto Lease Trust, Ser 2023-A, Cl A1
5.633%, 09/20/24		166,013		166,016
Volkswagen Auto Lease Trust, Ser 2023-A, Cl A3
5.810%, 10/20/26		275,000		274,262


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Volkswagen Auto Loan Enhanced Trust, Ser 2023-1, Cl A1
5.498%, 06/20/24	$	52,178	$	52,169
Westlake Automobile Receivables Trust, Ser 2023- 1A, Cl A2A
5.510%, 06/15/26 (B)		224,665		223,940
Westlake Automobile Receivables Trust, Ser 2023- 3A, Cl A1
5.781%, 08/15/24 (B)		270,641		270,661
Westlake Automobile Receivables Trust, Ser 2023- P1, Cl A1
5.644%, 08/15/24 (B)		52,143		52,135
World Omni Auto Receivables Trust, Ser 2022-B, Cl A2B
5.890%, SOFR30A + 0.570%, 10/15/25 (C)		19,249		19,248
				12,037,603
Other Asset-Backed Securities — 4.8%
BHG Securitization Trust, Ser 2022-C, Cl A
5.320%, 10/17/35 (B)		51,364		50,973
CCG Receivables Trust, Ser 2023-1, Cl A1
5.395%, 03/14/24 (B)		38,958		38,952
CNH Equipment Trust, Ser 2023-A, Cl A1
5.425%, 05/15/24		84,926		84,912
Daimler Trucks Retail Trust, Ser 2023-1, Cl A2
6.030%, 09/15/25		110,000		109,951
Dell Equipment Finance Trust, Ser 2021-2, Cl A3
0.530%, 12/22/26 (B)		182,632		180,205
Dell Equipment Finance Trust, Ser 2023-1, Cl A1
5.456%, 03/22/24 (B)		44,695		44,690
Dell Equipment Finance Trust, Ser 2023-2, Cl A1
5.643%, 06/24/24 (B)		54,871		54,862
Dell Equipment Finance Trust, Ser 2023-3, Cl A1
5.759%, 10/22/24 (B)		100,000		99,987
DLLAA, Ser 2023-1A, Cl A1 5.631%, 08/20/24 (B)		63,534		63,531
DLLMT, Ser 2023-1A, Cl A1 5.533%, 05/20/24 (B)		70,858		70,837
Granite Park Equipment Leasing, Ser 2023-1A, Cl A1
5.884%, 10/21/24 (B)		180,000		180,033

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

OCTOBER 31, 2023


ASSET-BACKED SECURITIES — continued

	Face Amount		Value
GreatAmerica Leasing Receivables, Ser 2023-1, Cl A1
5.519%, 06/14/24 (B)	$	67,051	$	67,034
HPEFS Equipment Trust, Ser 2023-1A, Cl A1
5.450%, 03/20/24 (B)		30,069		30,062
HPEFS Equipment Trust, Ser 2023-2A, Cl A1
5.758%, 10/18/24 (B)		227,445		227,481
John Deere Owner Trust, Ser 2020-B, Cl A4
0.720%, 06/15/27		275,000		272,293
Kubota Credit Owner Trust, Ser 2023-1A, Cl A1
5.292%, 03/15/24 (B)		9,280		9,278
Kubota Credit Owner Trust, Ser 2023-2A, Cl A1
5.622%, 07/15/24 (B)		53,165		53,167
MMAF Equipment Finance, Ser 2020-BA, Cl A3
0.490%, 08/14/25 (B)		269,569		262,278
MMAF Equipment Finance, Ser 2023-A, Cl A1
5.713%, 08/09/24 (B)		271,540		271,550
PFS Financing, Ser 2021-A, Cl A 0.710%, 04/15/26 (B)		350,000		341,270
Verdant Receivables, Ser 2023- 1A, Cl A1
5.822%, 08/12/24 (B)		58,197		58,201
Verizon Owner Trust, Ser 2020- B, Cl B
0.680%, 02/20/25		243,111		242,664
				2,814,211

Total Asset-Backed Securities (Cost $14,814,986)				14,851,814

COMMERCIAL PAPER — 19.5%

AT&T Inc
6.036%, 03/19/24(A)	$	550,000	$	537,723
Australia & New Zealand Bank Group
5.847%, 04/22/24(A)		750,000		729,651
5.744%, 08/08/24(A)		300,000		287,060
Banco Santander S.A.
5.715%, 02/22/24(A)		200,000		196,477
5.533%, 11/27/23(A)		200,000		199,190
BNP Paribas
5.354%, 12/05/23(A)		400,000		397,940
BPC Disc
5.637%, 01/31/24(A)		300,000		295,705
5.515%, 03/06/24(A)		400,000		392,051


COMMERCIAL PAPER — continued

	Face Amount		Value
Deere John
5.529%, 01/17/24(A)	$	300,000	$	296,503
DNB Nordbank ASA
5.629%, 02/23/24(A)		300,000		294,778
HSBC USA Inc
5.734%, 01/05/24(A)		300,000		296,938
ING US FDG LLC
5.824%, 04/01/24(A)		300,000		292,870
5.506%, 12/14/23(A)		350,000		347,681
KFW Disc
5.569%, 02/13/24(A)		300,000		295,209
Lloyds Bank PLC
5.807%, 04/03/24(A)		250,000		243,912
Macquarie Bank Ltd
5.521%, 01/17/24(A)		250,000		246,985
5.374%, 11/15/23(A)		250,000		249,438
Metlife
5.580%, 01/19/24(A)		300,000		296,416
MUFG Bank LTD
5.694%, 02/02/24(A)		300,000		295,593
National Australia Bank Ltd
5.733%, 03/04/24(A)		300,000		294,198
NRW Bank
5.641%, 02/16/24(A)		300,000		295,037
Skandinaviska Enskilda Banken
5.765%, 03/26/24(A)		405,000		395,694
5.534%, 11/29/23(A)		550,000		547,675
Societe Generale
5.715%, 01/31/24(A)		300,000		295,762
5.632%, 02/12/24(A)		250,000		246,013
5.433%, 01/18/24(A)		370,000		365,568
Standard Chartered Bank
5.811%, 03/07/24(A)		550,000		539,253
5.405%, 11/15/23(A)		250,000		249,448
Sumitomo Mitsui Bank
5.679%, 02/07/24(A)		300,000		295,377
Svenska Handelsbanked
5.887%, 06/14/24(A)		275,000		265,234
5.752%, 01/24/24(A)		250,000		246,819
Swedbank Foreningssparbnk AB
5.524%, 11/13/23(A)		500,000		499,048
Thunder Bay
5.623%, 01/23/24(A)		300,000		296,156
Westpav Banking
5.794%, 04/18/24(A)		350,000		340,845

Total Commercial Paper (Cost $11,366,577)				11,364,247

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

OCTOBER 31, 2023


REPURCHASE AGREEMENTS — 10.3%

	Face Amount		Value
Citi Treas 5.280%, dated 10/31/23, to be repurchased on 11/01/23, repurchase price $2,000,293, (collateralized by U.S. Treasury Obligations, par values ranging from $100- $2,342,400, 2.750%-4.000%, 07/31/2024-05/15/2043; with total market value $2,040,076)	$	2,000,000	$	2,000,000
Goldman Triparty Mortgage 5.280%, dated 10/31/23, to be repurchased on 11/01/23, repurchase price $2,000,293, (collateralized by U.S. Treasury Obligations, par values ranging from $807,500- $1,096,579, 3.500%-6.000%, 03/01/2047-09/20/2053; with total market value $2,040,000)		2,000,000		2,000,000
Socgen Triparty Tsy 5.270%, dated 10/31/23, to be repurchased on 11/01/23, repurchase price $2,000,293, (collateralized by a U.S. Treasury Obligation, par value $2,033,700, 4.875%, 10/31/2028; with total market value $2,040,004)		2,000,000		2,000,000

Total Repurchase Agreements (Cost $6,000,000)				6,000,000

CORPORATE OBLIGATIONS — 10.3%

CONSUMER DISCRETIONARY — 0.6%
Daimler Truck Finance North America
6.352%, SOFRRATE + 1.000%, 04/05/24(B)(C)	$	175,000	$	175,205
Starbucks
5.763%, SOFRINDX + 0.420%, 02/14/24(C)		175,000		175,002
				350,207


CORPORATE OBLIGATIONS —continued

	Face Amount		Value

ENERGY — 0.4%
Enbridge
5.974%, SOFRINDX + 0.630%, 02/16/24(C)	$	250,000	$	250,164

FINANCIALS — 8.4%
American Express
6.076%, SOFRINDX + 0.720%, 05/03/24(C)		150,000		150,120
Bank of Montreal MTN
6.058%, SOFRINDX + 0.710%, 03/08/24(C)		300,000		300,221
3.300%, 02/05/24		300,000		297,823
Credit Suisse NY
4.750%, 08/09/24		300,000		296,037
Deutsche Bank NY
5.843%, SOFRRATE + 0.500%, 11/08/23(C)		225,000		224,990
0.962%, 11/08/23		250,000		249,747
Five Corners Funding Trust
4.419%, 11/15/23(B)		425,000		424,659
Goldman Sachs Group
1.217%, 12/06/23		275,000		273,799
New York Life Global Funding MTN
5.779%, SOFRINDX + 0.430%, 06/06/24(B)(C)		300,000		300,083
Pacific Life Global Funding II
6.149%, SOFRRATE + 0.800%, 12/06/24(B)(C)		300,000		298,157
Protective Life Global Funding
6.398%, SOFRRATE + 1.050%, 12/11/24(B)(C)		150,000		150,405
Royal Bank of Canada MTN
2.550%, 07/16/24		175,000		170,904
Toronto-Dominion Bank MTN
5.870%, SOFRRATE + 0.550%, 09/20/24(C)		250,000		250,012
5.702%, SOFRRATE + 0.355%, 03/04/24(C)		175,000		174,957
3.250%, 03/11/24		217,000		214,934
2.350%, 03/08/24		475,000		469,116
Truist Bank
5.553%, SOFRRATE + 0.200%, 01/17/24(C)		650,000		648,953
				4,894,917

INDUSTRIALS — 0.6%
Caterpillar Financial Services MTN
5.792%, SOFRRATE + 0.450%, 11/13/23(C)		200,000		200,018

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

CATHOLIC RESPONSIBLE INVESTMENTS ULTRA SHORT BOND FUND

OCTOBER 31, 2023


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

INDUSTRIALS — continued
5.524%, SOFRRATE +
0.170%, 01/10/24(C)	$	175,000	$	174,980
				374,998

UTILITIES — 0.3%
ONE Gas
3.610%, 02/01/24		160,000		158,916

Total Corporate Obligations (Cost $6,032,957)				6,029,202

CERTIFICATE OF DEPOSIT — 0.4%

Natixis
5.150%, 11/02/23		250,000		249,995

Total Certificate of Deposit (Cost $249,999)				249,995
Total Investments in Securities— 99.8% (Cost $58,291,831)				$58,323,241

Percentages are based on Net Assets of $58,455,722.

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

(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 October 31, 2023 was $8,963,391 and represented 15.3% of Net Assets.

(C)

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.

Cl — Class

LLC — Limited Liability Company

Ltd. — Limited

MTN — Medium Term Note

PLC — Public Limited Company

Ser — Series

SOFRINDX — Secured Overnight Financing Rate Index

SOFRRATE — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

TSFR1M — Term Secured Overnight Financing Rate 1 Month

As of October 31, 2023, all of the Fund’s investments in securities were considered Level 2, in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

OCTOBER 31, 2023

SECTOR WEIGHTINGS (unaudited)†

LOGO

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


SCHEDULE OF INVESTMENTS CORPORATE OBLIGATIONS — 36.8%
	Face Amount		Value

COMMUNICATION SERVICES — 0.3%
Sprint Spectrum
4.738%, 03/20/25(A)	$	960,000	$	949,109
Take-Two Interactive Software
5.000%, 03/28/26		725,000		710,469
				1,659,578

CONSUMER DISCRETIONARY — 2.2%
AutoZone
5.050%, 07/15/26		1,000,000		982,469
Daimler Truck Finance North America
5.600%, 08/08/25(A)		500,000		496,460
DR Horton
2.600%, 10/15/25		2,575,000		2,414,673
Ford Motor Credit
2.300%, 02/10/25		2,500,000		2,359,905
Hyatt Hotels
5.750%, 01/30/27		750,000		741,546
Hyundai Capital America
5.950%, 09/21/26(A)		750,000		743,379
Lennar
4.750%, 05/30/25		1,825,000		1,786,612
Marriott International
5.450%, 09/15/26		925,000		913,143
				10,438,187

CONSUMER STAPLES — 0.9%
Bunge Finance
1.630%, 08/17/25		2,200,000		2,036,675
CVS Pass-Through Trust
6.036%, 12/10/28		2,173,795		2,149,973
				4,186,648


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

ENERGY — 2.0%
Columbia Pipelines Holding
6.055%, 08/15/26(A)	$	290,000	$	289,563
Continental Resources
3.800%, 06/01/24		1,695,000		1,669,366
Energy Transfer
6.050%, 12/01/26		925,000		923,084
MidAmerican Energy
3.100%, 05/01/27		2,000,000		1,836,152
ONEOK
5.550%, 11/01/26		1,325,000		1,308,911
Ovintiv
5.650%, 05/15/25		1,125,000		1,118,748
Petroleos Mexicanos
2.830%, 02/15/24		92,250		91,401
Plains All American Pipeline
4.650%, 10/15/25		2,250,000		2,179,233
Williams
5.400%, 03/02/26		300,000		296,580
				9,713,038

FINANCIALS — 25.7%
ABN AMRO Bank
6.339%, H15T1Y +
1.650%, 09/18/27(A)(B)		1,200,000		1,186,707
Aflac
1.125%, 03/15/26		900,000		808,029
AIB Group
7.583%, SOFRRATE +
3.456%, 10/14/26(A)(B)		750,000		759,124
American Express
5.389%, SOFRRATE +
0.970%, 07/28/27(B)		550,000		538,606
4.990%, SOFRRATE +
0.999%, 05/01/26(B)		1,250,000		1,226,048
Arab Petroleum Investments
1.483%, 10/06/26		930,000		825,226
Asian Development Bank MTN
1.750%, 08/14/26		2,387,000		2,186,302
Athene Global Funding
2.514%, 03/08/24(A)		1,570,000		1,548,446
Bank of America MTN
5.933%, SOFRRATE +
1.340%, 09/15/27(B)		1,500,000		1,485,253
5.526%, 08/18/26		750,000		744,166
5.080%, SOFRRATE +
1.290%, 01/20/27(B)		1,000,000		973,640
2.456%, TSFR3M +
0.870%, 10/22/25(B)		1,464,000		1,406,901
1.530%, SOFRRATE +
0.650%, 12/06/25(B)		1,000,000		944,248

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

OCTOBER 31, 2023


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

FINANCIALS — continued
Bank of Ireland Group
6.253%, H15T1Y +
2.650%, 09/16/26(A)(B)	$	815,000	$	807,356
Bank of New York Mellon
4.947%, SOFRRATE +
1.026%, 04/26/27(B)		470,000		456,583
Bank of Nova Scotia
4.750%, 02/02/26		750,000		730,858
Bank One Michigan
8.250%, 11/01/24		1,925,000		1,963,103
Banque Federative du Credit Mutuel
4.935%, 01/26/26(A)		750,000		729,346
4.524%, 07/13/25(A)		1,225,000		1,192,301
Barclays
6.496%, SOFRRATE +
1.880%, 09/13/27(B)		500,000		495,272
5.829%, SOFRRATE +
2.210%, 05/09/27(B)		550,000		537,391
5.304%, H15T1Y +
2.300%, 08/09/26(B)		1,450,000		1,414,616
BB Blue Financing DAC
4.395%, 09/20/29		2,500,000		2,413,243
BNP Paribas
1.675%, SOFRRATE +
0.912%, 06/30/27(A)(B)		1,000,000		882,575
BPCE
6.612%, SOFRRATE +
1.980%, 10/19/27(A)(B)		1,125,000		1,119,270
Brighthouse Financial Global Funding MTN
1.200%, 12/15/23(A)		1,720,000		1,710,334
1.000%, 04/12/24(A)		594,000		580,511
CaixaBank
6.684%, SOFRRATE +
2.080%, 09/13/27(A)(B)		750,000		742,151
Capital One Financial
4.985%, SOFRRATE +
2.160%, 07/24/26(B)		825,000		795,327
4.166%, SOFRRATE +
1.370%, 05/09/25(B)		1,185,000		1,160,985
Central American Bank for Economic Integration
5.000%, 02/09/26(A)		500,000		491,222
Charles Schwab
5.875%, 08/24/26		1,125,000		1,116,822
Citigroup
6.049%, SOFRRATE +
0.694%, 01/25/26(B)		2,117,000		2,098,282
6.042%, SOFRRATE +
0.686%, 10/30/24(B)		1,000,000		997,280


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

FINANCIALS — continued
5.610%, SOFRRATE +
1.546%, 09/29/26(B)	$	1,250,000	$	1,233,816
2.014%, SOFRRATE +
0.694%, 01/25/26(B)		1,000,000		944,120
Citizens Bank
6.064%, SOFRRATE +
1.450%, 10/24/25(B)		250,000		239,027
5.284%, SOFRRATE +
1.020%, 01/26/26(B)		540,000		508,616
4.119%, SOFRRATE +
1.395%, 05/23/25(B)		250,000		241,178
Corebridge Global Funding
5.750%, 07/02/26(A)		635,000		626,152
Council of Europe Development Bank
3.000%, 06/16/25		1,000,000		963,237
Credit Agricole MTN
1.907%, SOFRRATE +
1.676%, 06/16/26(A)(B)		2,525,000		2,349,049
Credit Suisse NY
4.750%, 08/09/24		625,000		616,735
Daimler Truck Finance North America
5.150%, 01/16/26(A)		710,000		699,381
Danske Bank
6.466%, H15T1Y +
2.100%, 01/09/26(A)(B)		875,000		871,117
6.259%, H15T1Y +
1.180%, 09/22/26(A)(B)		500,000		498,627
Deutsche Bank NY
1.686%, 03/19/26		1,000,000		901,329
European Investment Bank
2.875%, 06/13/25(A)		2,000,000		1,925,207
2.125%, 04/13/26		447,000		416,921
0.625%, 10/21/27		2,000,000		1,695,321
Federation des Caisses Desjardins du Quebec
0.700%, 05/21/24(A)		1,500,000		1,455,989
Fifth Third Bank
5.852%, SOFRRATE +
1.230%, 10/27/25(B)		1,130,000		1,100,735
GATX Financial 2005-1 Pass Through Trust
5.697%, 01/02/25(A)		156,537		155,590
Goldman Sachs Group
4.387%, SOFRRATE +
1.510%, 06/15/27(B)		1,000,000		955,352
3.850%, 01/26/27		1,175,000		1,094,772
0.855%, SOFRRATE +
0.609%, 02/12/26(B)		579,000		537,016

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

OCTOBER 31, 2023


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

FINANCIALS — continued
HSBC Holdings
7.336%, SOFRRATE +
3.030%, 11/03/26(B)	$	1,000,000	$	1,017,158
5.887%, SOFRRATE +
1.570%, 08/14/27(B)		1,410,000		1,385,102
ING Groep
6.083%, SOFRRATE +
1.560%, 09/11/27(B)		735,000		727,918
1.400%, H15T1Y +
1.100%, 07/01/26(A)(B)		1,000,000		918,200
Inter-American Investment
4.125%, 02/15/28		500,000		480,057
International Bank for Reconstruction & Development MTN
0.250%, 11/24/23		1,341,000		1,336,697
0.000%, 03/31/28(C)		1,000,000		952,943
0.000%, 03/31/27(C)		2,500,000		2,221,420
International Development Association
0.875%, 04/28/26(A)		1,000,000		899,777
International Finance MTN
5.442%, SOFRRATE +
0.090%, 04/03/24(B)		2,000,000		2,000,156
International Finance Facility for Immunisation MTN
1.000%, 04/21/26		1,000,000		901,931
JPMorgan Chase
1.045%, SOFRRATE +
0.800%, 11/19/26(B)		1,500,000		1,348,879
0.768%, SOFRRATE +
0.490%, 08/09/25(B)		1,000,000		955,295
Kansas City Southern
3.850%, 11/15/23		1,975,000		1,973,332
KBC Group
5.796%, H15T1Y +
2.100%, 01/19/29(A)(B)		295,000		284,865
Lloyds Banking Group
5.985%, H15T1Y +
1.480%, 08/07/27(B)		750,000		739,331
Macquarie Group
5.108%, SOFRRATE +
2.208%, 08/09/26(A)(B)		1,450,000		1,426,123
Manufacturers & Traders Trust
5.400%, 11/21/25		1,000,000		967,619
4.650%, 01/27/26		1,650,000		1,558,292
Massachusetts Mutual Life Insurance
7.625%, 11/15/23(A)		1,250,000		1,250,674
Metropolitan Tower Life Insurance
7.625%, 01/15/24(A)		2,000,000		2,003,824


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

FINANCIALS — continued
Mitsubishi UFJ Financial Group
5.063%, H15T1Y +
1.550%, 09/12/25(B)	$	1,000,000	$	989,200
4.788%, H15T1Y +
1.700%, 07/18/25(B)		1,000,000		988,585
Morgan Stanley MTN
5.449%, SOFRRATE +
1.630%, 07/20/29(B)		205,000		197,291
5.000%, 11/24/25		3,425,000		3,346,422
0.864%, SOFRRATE +
0.745%, 10/21/25(B)		1,000,000		944,200
National Bank of Canada MTN
0.550%, H15T1Y +
0.400%, 11/15/24(B)		2,000,000		1,995,407
Nationwide Building Society
6.557%, SOFRRATE +
1.910%, 10/18/27(A)(B)		1,125,000		1,123,211
NatWest Group
5.847%, H15T1Y +
1.350%, 03/02/27(B)		435,000		427,669
NatWest Markets
3.479%, 03/22/25(A)		1,585,000		1,529,389
NongHyup Bank MTN
4.875%, 07/03/28(A)		555,000		534,093
OPEC Fund for International Development
4.500%, 01/26/26(A)		1,000,000		975,703
Pacific Life Global Funding II
5.500%, 08/28/26(A)		1,000,000		992,792
PNC Financial Services Group
6.615%, SOFRRATE +
1.730%, 10/20/27(B)		750,000		751,871
5.812%, SOFRRATE +
1.322%, 06/12/26(B)		750,000		740,013
Royal Bank of Canada MTN
5.200%, 07/20/26		750,000		737,828
4.950%, 04/25/25		750,000		738,729
1.200%, 04/27/26		1,000,000		891,770
1.150%, 07/14/26		500,000		440,629
Santander Holdings USA
5.807%, SOFRRATE +
2.328%, 09/09/26(B)		1,000,000		979,131
Societe Generale MTN
6.447%, H15T1Y +
2.300%, 01/12/27(A)(B)		875,000		866,537
Standard Chartered
7.776%, H15T1Y +
3.100%, 11/16/25(A)(B)		1,000,000		1,013,884
6.170%, H15T1Y +
2.050%, 01/09/27(A)(B)		700,000		695,000
Toronto-Dominion Bank
5.532%, 07/17/26		650,000		643,103

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

OCTOBER 31, 2023


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

FINANCIALS — continued
1.250%, 12/13/24	$	2,500,000	$	2,376,240
Truist Financial MTN
4.260%, SOFRRATE +
1.456%, 07/28/26(B)		1,025,000		981,603
UBS Group
2.593%, SOFRRATE +
1.560%, 09/11/25(A)(B)		3,050,000		2,941,292
USAA Capital MTN
0.500%, 05/01/24(A)		2,500,000		2,431,523
Wells Fargo MTN
4.540%, SOFRRATE +
1.560%, 08/15/26(B)		2,500,000		2,422,500
2.406%, TSFR3M +
0.825%, 10/30/25(B)		2,500,000		2,398,781
0.805%, SOFRRATE +
0.510%, 05/19/25(B)		1,000,000		968,301
Wells Fargo Bank
5.450%, 08/07/26		750,000		742,896
WLB Asset II D Pte
6.500%, 12/21/26(A)		1,000,000		942,776
				121,194,773

HEALTH CARE — 0.9%
Adventist Health System
2.433%, 09/01/24		1,415,000		1,368,624
CommonSpirit Health
1.547%, 10/01/25		1,000,000		915,014
GE HealthCare Technologies
5.600%, 11/15/25(A)		950,000		944,743
Quest Diagnostics
3.450%, 06/01/26		910,000		857,779
				4,086,160

INDUSTRIALS — 1.1%
AerCap Ireland Capital DAC
6.100%, 01/15/27		1,000,000		983,937
4.875%, 01/16/24		1,000,000		996,870
Burlington Northern and Santa Fe Railway Pass Through Trust, Ser 2006-1
5.720%, 01/15/24		180,734		184,201
HEICO
5.250%, 08/01/28		270,000		260,585
Mileage Plus Holdings
6.500%, 06/20/27(A)		1,012,500		1,000,273
Penske Truck Leasing Lp
5.750%, 05/24/26(A)		1,000,000		983,641
Regal Rexnord
6.050%, 02/15/26(A)		715,000		703,293
				5,112,800


CORPORATE OBLIGATIONS — continued
	Face Amount		Value

INFORMATION TECHNOLOGY — 0.2%
Flex
6.000%, 01/15/28	$	550,000	$	544,710
Open Text
6.900%, 12/01/27(A)		570,000		567,209
				1,111,919

MATERIALS — 0.9%
Berry Global
4.875%, 07/15/26(A)		1,250,000		1,192,482
Celanese US Holdings
6.050%, 03/15/25		278,000		277,123
Graphic Packaging International
0.821%, 04/15/24(A)		1,025,000		999,074
Nutrien
5.950%, 11/07/25		370,000		369,899
Steel Dynamics
5.000%, 12/15/26		1,550,000		1,496,438
				4,335,016

REAL ESTATE — 0.1%
Corporate Office Properties
2.250%, 03/15/26‡		550,000		497,257

UTILITIES — 2.5%
Avangrid
3.200%, 04/15/25		2,500,000		2,392,396
3.150%, 12/01/24		1,000,000		966,175
Edison International
4.700%, 08/15/25		1,450,000		1,408,685
Electricite de France
3.625%, 10/13/25(A)		500,000		480,417
NextEra Energy Capital Holdings
6.051%, 03/01/25		515,000		514,684
5.749%, 09/01/25		290,000		288,607
Pacific Gas and Electric
5.450%, 06/15/27		725,000		692,980
Pennsylvania Electric
5.150%, 03/30/26(A)		500,000		488,923
San Diego Gas & Electric
4.950%, 08/15/28		1,000,000		964,568
Sempra
5.400%, 08/01/26		1,330,000		1,311,055
Southern California Edison
4.900%, 06/01/26		580,000		565,929
Southern Power
4.150%, 12/01/25		1,000,000		965,394
0.900%, 01/15/26		1,000,000		895,755
				11,935,568

Total Corporate Obligations (Cost $179,127,735)				174,270,944

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

OCTOBER 31, 2023


U.S. TREASURY OBLIGATIONS — 26.5%
	Face Amount		Value
U.S. Treasury Notes
5.000%, 10/31/25	$	480,000	$	479,362
4.875%, 10/31/28		37,000		37,098
4.250%, 10/15/25		7,000,000		6,889,531
4.000%, 12/15/25		5,000,000		4,894,336
4.000%, 02/15/26		19,800,000		19,368,422
3.000%, 10/31/25		2,450,000		2,353,340
2.875%, 06/15/25		28,000,000		26,995,937
2.750%, 02/28/25		7,240,000		7,003,286
2.625%, 03/31/25		3,640,000		3,509,188
2.500%, 05/31/24		705,000		692,883
1.875%, 06/30/26		33,900,000		31,358,824
1.875%, 07/31/26		3,150,000		2,905,383
1.750%, 12/31/24		10,995,000		10,548,328
0.250%, 06/30/25		9,150,000		8,438,373


Total U.S. Treasury Obligations

(Cost $129,815,256)				125,474,291


ASSET-BACKED SECURITIES — 24.9%

Automotive — 15.6%
American Credit Acceptance Receivables Trust, Ser 2022- 3, Cl A
4.120%, 02/13/26 (A)	$	4,025	$	4,021
American Credit Acceptance Receivables Trust, Ser 2023- 2, Cl A
5.890%, 10/13/26 (A)		344,589		343,451
AmeriCredit Automobile Receivables Trust, Ser 2020- 2, Cl C
1.480%, 02/18/26		1,350,000		1,319,788
Americredit Automobile Receivables Trust, Ser 2022-1, Cl A3
2.450%, 11/18/26		933,209		912,146
Americredit Automobile Receivables Trust, Ser 2023-1, Cl A3
5.620%, 11/18/27		1,000,000		992,052
ARI Fleet Lease Trust,
Ser 2022-A, Cl A2
3.120%, 01/15/31 (A)		440,887		435,498
ARI Fleet Lease Trust,
Ser 2023-B, Cl A2
6.050%, 07/15/32 (A)		340,000		339,513
Bank of America Auto Trust,
Ser 2023-1A, Cl A3
5.530%, 02/15/28 (A)		785,000		778,728


ASSET-BACKED SECURITIES — continued
	Face Amount		Value
BMW Vehicle Lease Trust,
Ser 2023-1, Cl A3
5.160%, 11/25/25	$	265,000	$	262,543
BMW Vehicle Lease Trust,
Ser 2023-1, Cl A4
5.070%, 06/25/26		480,000		474,818
BMW Vehicle Lease Trust,
Ser 2023-2, Cl A3
5.990%, 09/25/26		1,175,000		1,175,800
BMW Vehicle Owner Trust,
Ser 2023-A, Cl A3
5.470%, 02/25/28		460,000		458,157
CarMax Auto Owner Trust,
Ser 2023-1, Cl A2A
5.230%, 01/15/26		424,028		422,457
CarMax Auto Owner Trust,
Ser 2023-1, Cl A3
4.750%, 10/15/27		500,000		488,714
Carmax Auto Owner Trust,
Ser 2023-3, Cl A3
5.280%, 05/15/28		735,000		724,422
Carvana Auto Receivables Trust,
Ser 2021-N3, Cl B
0.660%, 06/12/28		161,982		149,026
Carvana Auto Receivables Trust,
Ser 2022-P3, Cl A2
4.420%, 12/10/25		312,097		310,833
Carvana Auto Receivables Trust,
Ser 2023-P3, Cl A2
6.090%, 11/10/26 (A)		275,000		274,575
Carvana Auto Receivables Trust,
Ser 2023-P4, Cl A2
6.230%, 01/11/27 (A)		840,000		839,352
Chesapeake Funding II,
Ser 2023-1A, Cl A1
5.650%, 05/15/35 (A)		961,476		954,229
Citizens Auto Receivables Trust,
Ser 2023-2, Cl A3
5.830%, 02/15/28 (A)		1,055,000		1,048,576
CPS Auto Receivables Trust,
Ser 2022-C, Cl A
4.180%, 04/15/30 (A)		195,089		193,980
Drive Auto Receivables Trust,
Ser 2021-2, Cl C
0.870%, 10/15/27		854,591		841,144
DT Auto Owner Trust, Ser 2023- 3A, Cl A
6.290%, 08/16/27 (A)		776,275		776,502
Enterprise Fleet Financing,
Ser 2022-3, Cl A2
4.380%, 07/20/29 (A)		237,134		232,516
Enterprise Fleet Financing,
Ser 2023-1, Cl A2
5.510%, 01/22/29 (A)		545,000		539,959

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

OCTOBER 31, 2023


ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Enterprise Fleet Financing,
Ser 2023-2, Cl A2
5.560%, 04/22/30 (A)	$	1,980,000	$	1,962,627
Enterprise Fleet Financing,
Ser 2023-3, Cl A2
6.400%, 03/20/30 (A)		2,730,000		2,732,678
Exeter Automobile Receivables
Trust, Ser 2023-3A, Cl A3
6.040%, 07/15/26		565,000		563,395
Exeter Automobile Receivables
Trust, Ser 2023-4A, Cl A2
6.070%, 12/15/25		340,000		339,655
Flagship Credit Auto Trust,
Ser 2022-2, Cl A2
3.280%, 08/15/25 (A)		260,825		260,320
Flagship Credit Auto Trust,
Ser 2022-3, Cl A2
4.060%, 10/15/25 (A)		237,543		236,802
Flagship Credit Auto Trust,
Ser 2023-2, Cl A2
5.760%, 04/15/27 (A)		665,618		661,842
Flagship Credit Auto Trust,
Ser 2023-2, Cl A3
5.220%, 12/15/27 (A)		599,000		589,050
Flagship Credit Auto Trust,
Ser 2023-3, Cl A3
5.440%, 04/17/28 (A)		761,000		754,131
Ford Credit Auto Lease Trust,
Ser 2021-B, Cl B
0.660%, 01/15/25		1,250,000		1,241,246
Ford Credit Auto Lease Trust,
Ser 2023-A, Cl A3
4.940%, 03/15/26		1,495,000		1,479,308
Ford Credit Floorplan Master Owner Trust, Ser 2023-1, Cl A1
4.920%, 05/15/28 (A)		730,000		714,362
Foursight Capital Automobile Receivables Trust, Ser 2022-2, Cl A2
4.490%, 03/16/26 (A)		640,542		637,892
Foursight Capital Automobile Receivables Trust, Ser 2023-1, Cl A2
5.430%, 10/15/26 (A)		386,412		384,213
Foursight Capital Automobile Receivables Trust, Ser 2023-1, Cl A3
5.390%, 12/15/27 (A)		900,000		887,839
Foursight Capital Automobile Receivables Trust, Ser 2023-2, Cl A2
5.990%, 05/15/28 (A)		560,000		556,878


ASSET-BACKED SECURITIES — continued
	Face Amount		Value
GLS Auto Select Receivables
Trust, Ser 2023-2A, Cl A2
6.370%, 06/15/28 (A)	$	885,000	$	884,026
GM Financial Automobile Leasing Trust, Ser 2023-1, Cl A4
5.160%, 01/20/27		1,000,000		987,492
GM Financial Automobile Leasing Trust, Ser 2023-2, Cl A3
5.050%, 07/20/26		565,000		558,016
GM Financial Consumer Automobile Receivables Trust, Ser 2023-2, Cl A2A
5.100%, 05/18/26		657,945		654,504
GM Financial Consumer Automobile Receivables Trust, Ser 2023-2, Cl A3
4.470%, 02/16/28		475,000		463,294
GM Financial Consumer Automobile Receivables Trust, Ser 2023-3, Cl A3
5.450%, 06/16/28		1,850,000		1,840,988
Hertz Vehicle Financing,
Ser 2021-1A, Cl A
1.210%, 12/26/25 (A)		2,575,000		2,453,936
Honda Auto Receivables Owner Trust, Ser 2023-2, Cl A3
4.930%, 11/15/27		1,250,000		1,229,837
Hyundai Auto Lease Securitization Trust, Ser 2022- B, Cl A3
3.350%, 06/16/25 (A)		1,435,000		1,420,642
Hyundai Auto Lease Securitization Trust, Ser 2023- A, Cl A3
5.050%, 01/15/26 (A)		990,000		980,240
Hyundai Auto Lease Securitization Trust, Ser 2023- A, Cl A4
4.940%, 11/16/26 (A)		900,000		887,146
Hyundai Auto Lease Securitization Trust, Ser 2023- B, Cl A4
5.170%, 04/15/27 (A)		875,000		860,061
Hyundai Auto Lease Securitization Trust, Ser 2023- C, Cl A3
5.800%, 12/15/26 (A)		1,405,000		1,402,015
Hyundai Auto Receivables Trust,
Ser 2023-A, Cl A2A
5.190%, 12/15/25		778,617		775,563

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

OCTOBER 31, 2023


ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Hyundai Auto Receivables Trust,
Ser 2023-A, Cl A3
4.580%, 04/15/27	$	355,000	$	348,153
Hyundai Auto Receivables Trust,
Ser 2023-B, Cl A3
5.480%, 04/17/28		1,850,000		1,839,395
LAD Auto Receivables Trust,
Ser 2023-3A, Cl A2
6.090%, 06/15/26 (A)		855,000		853,969
Lendbuzz Securitization Trust,
Ser 2023-3A, Cl A2
7.500%, 12/15/28 (A)		945,000		944,920
Mercedes-Benz Auto Lease
Trust, Ser 2023-A, Cl A3
4.740%, 01/15/27		2,750,000		2,700,863
Nissan Auto Lease Trust,
Ser 2023-A, Cl A4
4.800%, 07/15/27		895,000		879,841
Porsche Financial Auto Securitization Trust, Ser 2023- 1A, Cl A2
5.420%, 12/22/26 (A)		807,022		803,869
Santander Drive Auto Receivables Trust, Ser 2023-3, Cl A3
5.610%, 10/15/27		375,000		372,537
SFS Auto Receivables Securitization Trust, Ser 2023- 1A, Cl A3
5.470%, 10/20/28 (A)		1,070,000		1,054,756
Tesla Auto Lease Trust,
Ser 2021-A, Cl B
1.020%, 03/20/25 (A)		934,408		931,673
Tesla Auto Lease Trust,
Ser 2021-B, Cl A3
0.600%, 09/22/25 (A)		1,500,814		1,469,354
Tesla Auto Lease Trust,
Ser 2021-B, Cl D
1.320%, 09/22/25 (A)		1,000,000		956,184
Tesla Auto Lease Trust,
Ser 2023-A, Cl A2
5.860%, 08/20/25 (A)		1,000,000		998,381
Tesla Auto Lease Trust,
Ser 2023-A, Cl A3
5.890%, 06/22/26 (A)		2,385,000		2,373,475
Tesla Auto Lease Trust,
Ser 2023-B, Cl A2
6.020%, 09/22/25 (A)		650,000		649,347
Tesla Auto Lease Trust,
Ser 2023-B, Cl A3
6.130%, 09/21/26 (A)		408,000		407,483
Toyota Auto Receivables Owner
Trust, Ser 2022-B, Cl A3
2.930%, 09/15/26		935,000		909,290


ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Toyota Lease Owner Trust,
Ser 2023-A, Cl A3
4.930%, 04/20/26 (A)	$	555,000	$	546,852
Tricolor Auto Securitization
Trust, Ser 2023-1A, Cl A
6.480%, 08/17/26 (A)		294,159		293,219
United Auto Credit Securitization Trust, Ser 2022- 2, Cl A
4.390%, 04/10/25 (A)		124,983		124,895
United Auto Credit Securitization Trust, Ser 2023- 1, Cl A
5.570%, 07/10/25 (A)		224,292		223,952
USAA Auto Owner Trust,
Ser 2023-A, Cl A3
5.580%, 05/15/28 (A)		1,000,000		995,808
Westlake Automobile Receivables Trust, Ser 2021- 1A, Cl D
1.230%, 04/15/26 (A)		1,025,000		981,106
Westlake Automobile Receivables Trust, Ser 2021- 3A, Cl A3
0.950%, 06/16/25 (A)		428,838		427,382
Westlake Automobile Receivables Trust, Ser 2022- 3A, Cl A2
5.240%, 07/15/25 (A)		581,731		580,748
Westlake Automobile Receivables Trust, Ser 2023- 1A, Cl A2A
5.510%, 06/15/26 (A)		767,945		765,471
Westlake Automobile Receivables Trust, Ser 2023- P1, Cl A2
5.890%, 02/16/27 (A)		395,000		393,821
Wheels Fleet Lease Funding 1,
Ser 2023-1A, Cl A
5.800%, 04/18/38 (A)		1,550,000		1,539,742
Wheels Fleet Lease Funding 1,
Ser 2023-2A, Cl A
6.460%, 08/18/38 (A)		1,255,000		1,251,061
World Omni Auto Receivables
Trust, Ser 2020-C, Cl A3
0.480%, 11/17/25		355,952		350,475
World Omni Select Auto Trust,
Ser 2020-A, Cl B
0.840%, 06/15/26		1,293,091		1,280,764
World Omni Select Auto Trust,
Ser 2023-A, Cl A3
5.650%, 07/17/28		700,000		695,949

				73,637,533

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

OCTOBER 31, 2023


ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Other Asset-Backed Securities — 9.3%
Affirm Asset Securitization
Trust, Ser 2023-A, Cl 1A
6.610%, 01/18/28 (A)	$	755,000	$	750,734
Amur Equipment Finance Receivables XI, Ser 2022-2A, Cl A2
5.300%, 06/21/28 (A)		358,946		355,438
Apidos CLO XXII, Ser 2020-22A, Cl A1R
6.737%, TSFR3M + 1.060%, 04/20/31 (A)(B)		902,291		898,190
Bain Capital Credit CLO,
Ser 2018-1A, Cl A1
6.634%, TSFR3M + 1.222%, 04/23/31 (A)(B)		1,591,424		1,587,280
BHG Securitization Trust,
Ser 2022-C, Cl A
5.320%, 10/17/35 (A)		190,047		188,603
CCG Receivables Trust,
Ser 2023-1, Cl A2
5.820%, 09/16/30 (A)		1,000,000		996,690
CIFC Funding, Ser 2017-5A, Cl A1
6.844%, TSFR3M + 1.180%, 11/16/30 (A)(B)		1,133,606		1,132,155
CNH Equipment Trust,
Ser 2022-B, Cl A2
3.940%, 12/15/25		213,888		212,386
CNH Equipment Trust,
Ser 2023-A, Cl A3
4.810%, 08/15/28		1,000,000		979,296
Dell Equipment Finance Trust,
Ser 2022-2, Cl A2
4.030%, 07/22/27 (A)		427,045		424,522
Dell Equipment Finance Trust,
Ser 2023-2, Cl A2
5.840%, 01/22/29 (A)		255,000		254,474
Dell Equipment Finance Trust,
Ser 2023-2, Cl A3
5.650%, 01/22/29 (A)		400,000		397,859
Dell Equipment Finance Trust,
Ser 2023-3, Cl A3
5.930%, 04/23/29 (A)		590,000		587,766
DLLAA, Ser 2023-1A, Cl A3
5.640%, 02/22/28 (A)		475,000		470,303
DLLAD, Ser 2023-1A, Cl A2
5.190%, 04/20/26 (A)		571,078		567,428
DLLAD, Ser 2023-1A, Cl A3
4.790%, 01/20/28 (A)		685,000		668,834
DLLMT, Ser 2023-1A, Cl A3
5.340%, 03/22/27 (A)		1,500,000		1,477,806


ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Evergreen Credit Card Trust
Series, Ser 2022-CRT1, Cl B
5.610%, 07/15/26 (A)	$	2,000,000	$	1,981,536
FCI Funding, Ser 2021-1A, Cl A
1.130%, 04/15/33 (A)		170,241		166,282
Flatiron CLO 17, Ser 2021-1A, Cl AR
6.606%, TSFR3M + 1.242%, 05/15/30 (A)(B)		1,023,860		1,019,397
Frontier Issuer, Ser 2023-1, Cl A2
6.600%, 08/20/53 (A)		1,000,000		949,108
Frontier Issuer, Ser 2023-1, Cl C
11.500%, 08/20/53 (A)		1,000,000		952,803
Golub Capital Partners CLO,
Ser 2017-24A, Cl AR
7.254%, TSFR3M + 1.862%, 11/05/29 (A)(B)		2,199,611		2,191,982
GoodLeap Sustainable Home
Solutions Trust, Ser 2022-3CS, Cl B
5.500%, 07/20/49 (A)		500,000		412,900
Granite Park Equipment
Leasing, Ser 2023-1A, Cl A2
6.510%, 05/20/30 (A)		1,495,000		1,493,231
GreatAmerica Leasing Receivables Funding Series, Ser 2022-1, Cl A2
4.920%, 05/15/25 (A)		477,109		474,073
GreatAmerica Leasing Receivables, Ser 2023-1, Cl A2
5.350%, 02/16/26 (A)		615,000		610,187
HPEFS Equipment Trust,
Ser 2023-2A, Cl A3
5.990%, 01/21/31 (A)		285,000		284,985
John Deere Owner Trust,
Ser 2023-A, Cl A3
5.010%, 11/15/27		850,000		836,864
Kubota Credit Owner Trust,
Ser 2023-1A, Cl A2
5.400%, 02/17/26 (A)		500,000		497,229
Kubota Credit Owner Trust,
Ser 2023-2A, Cl A2
5.610%, 07/15/26 (A)		1,850,000		1,840,586
Mariner Finance Issuance Trust,
Ser 2020-AA, Cl A
2.190%, 08/21/34 (A)		2,587,731		2,515,585
Marlette Funding Trust,
Ser 2022-2A, Cl A
4.250%, 08/15/32 (A)		57,037		56,832
Marlette Funding Trust,
Ser 2022-3A, Cl A
5.180%, 11/15/32 (A)		182,209		181,491

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

OCTOBER 31, 2023


ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Midocean Credit CLO V,
Ser 2018-5A, Cl B1R
7.258%, TSFR3M + 1.862%, 07/19/28 (A)(B)	$	551,529	$	549,770
MMAF Equipment Finance,
Ser 2021-A, Cl A5
1.190%, 11/13/43 (A)		620,000		558,564
MMAF Equipment Finance,
Ser 2023-A, Cl A2
5.790%, 11/13/26 (A)		1,090,000		1,086,525
Mosaic Solar Loan Trust,
Ser 2020-1A, Cl B
3.100%, 04/20/46 (A)		157,699		133,195
Octagon Investment Partners 35, Ser 2018-1A, Cl A1A
6.737%, TSFR3M + 1.060%, 01/20/31 (A)(B)		1,408,015		1,403,901
Octagon Investment Partners 36, Ser 2018-1A, Cl A1
6.626%, TSFR3M + 0.970%, 04/15/31 (A)(B)		512,074		510,659
Octane Receivables Trust,
Ser 2021-1A, Cl A
0.930%, 03/22/27 (A)		319,343		313,299
OnDeck Asset Securitization Trust III, Ser 2021-1A, Cl A
1.590%, 05/17/27 (A)		1,910,000		1,843,710
Prosper Marketplace Issuance Trust, Ser 2023-1A, Cl A
7.060%, 07/16/29 (A)		371,632		371,715
RR 24, Ser 2022-24A, Cl A1
7.794%, TSFR3M + 2.400%, 01/15/32 (A)(B)		1,581,428		1,587,126
SCF Equipment Leasing,
Ser 2019-2A, Cl B
2.760%, 08/20/26 (A)		451,307		446,483
SCF Equipment Leasing,
Ser 2022-2A, Cl A2
6.240%, 07/20/28 (A)		326,227		325,863
SoFi Consumer Loan Program
Trust, Ser 2023-1S, Cl A
5.810%, 05/15/31 (A)		164,171		163,815
Sunnova Helios XI Issuer,
Ser 2023-A, Cl A
5.300%, 05/20/50 (A)		977,635		925,598
Sunnova Helios XII Issuer,
Ser 2023-B, Cl A
5.300%, 08/22/50 (A)		982,679		929,765
TCI-Flatiron CLO, Ser 2021-1A, Cl AR
6.598%, TSFR3M + 1.222%, 11/18/30 (A)(B)		615,615		613,897


ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Vantage Data Centers Issuer,
Ser 2019-1A, Cl A2
3.188%, 07/15/44 (A)	$	718,750	$	699,998
Verizon Master Trust, Ser 2023- 2, Cl A
4.890%, 04/13/28		1,575,000		1,552,037
VFI ABS, Ser 2023-1A, Cl A
7.270%, 03/26/29 (A)		700,000		699,936
Vivint Solar Financing V,
Ser 2018-1A, Cl A
4.730%, 04/30/48 (A)		440,540		389,531
Vivint Solar Financing V,
Ser 2018-1A, Cl B
7.370%, 04/30/48 (A)		253,246		232,283
Vivint Solar Financing VII,
Ser 2020-1A, Cl B
3.220%, 07/31/51 (A)		905,922		655,458

				44,407,963

Total Asset-Backed Securities

(Cost $119,028,067)				118,045,496


MORTGAGE-BACKED SECURITIES — 6.4%

Agency Mortgage-Backed Obligation — 1.9%
FHLMC
5.000%, 07/01/35	$	112,966	$	109,986
FHLMC Multifamily ML Certificates, Ser 2023-ML18, Cl XCA, IO
1.508%, 09/25/37 (B)		17,260,000		1,725,867
FHLMC, Ser 2003-2690, Cl TZ
4.500%, 10/15/33		1,122,262		1,074,503
FNMA
5.000%, 03/01/34		89,083		86,706
3.500%, 11/01/34		1,191,800		1,159,260
3.000%, 02/01/35		1,702,342		1,600,033
3.000%, 03/01/33		877,592		823,601
FNMA, Ser 2009-62, Cl WA
5.582%, 08/25/39 (B)		25,115		24,699
FNMA, Ser 2019-18, Cl A
3.500%, 05/25/49		549,436		496,861
FNMA, Ser 2022-29, Cl MG
4.500%, 11/25/42		1,616,383		1,520,790
GNMA, Ser 2011-57, Cl BA
3.000%, 05/20/40		21,066		20,361
GNMA, Ser 2016-131, Cl A
2.200%, 04/16/57		66,864		65,776
GNMA, Ser 2017-99, Cl WA
4.891%, 12/20/32 (B)		190,422		184,691
GNMA, Ser 2022-177, Cl LA
3.500%, 01/20/52		246,794		235,327

				9,128,461

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

OCTOBER 31, 2023


MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Non-Agency Mortgage-Backed Obligation — 4.5%
BANK, Ser 2018-BN10, Cl ASB
3.641%, 02/15/61	$	356,311	$	336,097
BX Commercial Mortgage Trust, Ser 2022-AHP, Cl A
6.325%, TSFR1M + 0.990%, 01/17/39 (A)(B)		492,000		479,865
BX Commercial Mortgage Trust, Ser 2022-AHP, Cl AS
6.825%, TSFR1M + 1.490%,
01/17/39 (A)(B)		2,500,000		2,431,096
BX Trust, Ser 2022-CLS, Cl B
6.300%, 10/13/27 (A)		2,200,000		1,979,730
CHL Mortgage Pass-Through Trust, Ser 2004-29, Cl 1A1
5.979%, TSFR1M + 0.644%,
02/25/35 (B)		9,233		8,094
COMM Mortgage Trust, Ser 2014-UBS5, Cl ASB
3.548%, 09/10/47		221,564		219,859
COMM Mortgage Trust, Ser 2015-LC19, Cl A4
3.183%, 02/10/48		1,275,000		1,221,908
CSAIL Commercial Mortgage Trust, Ser 2015-C1, Cl ASB
3.351%, 04/15/50		477,892		470,149
CSAIL Commercial Mortgage Trust, Ser 2018-CX11, Cl A3
4.095%, 04/15/51		979,445		928,610
DBUBS Mortgage Trust, Ser 2017-BRBK, Cl E
3.530%, 10/10/34 (A)(B)		521,000		384,473
Extended Stay America Trust, Ser 2021-ESH, Cl B
6.829%, TSFR1M + 1.494%, 07/15/38 (A)(B)		1,042,085		1,022,492
GS Mortgage Securities II, Ser 2018-GS10, Cl WLSC
4.904%, 03/10/33 (A)(B)		400,000		344,784
GSR Mortgage Loan Trust, Ser 2004-9, Cl 3A1
4.938%, 08/25/34 (B)		15,723		14,458
Hudson Yards Mortgage Trust, Ser 2016-10HY, Cl A
2.835%, 08/10/38 (A)		1,000,000		900,480
JP Morgan Mortgage Trust, Ser 2006-A2, Cl 4A1
5.593%, 08/25/34 (B)		13,111		12,842
Life Mortgage Trust, Ser 2021-BMR, Cl A
6.149%, TSFR1M + 0.814%,
03/15/38 (A)(B)		1,867,643		1,822,560


MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Manhattan West Mortgage Trust, Ser 2020-1MW, Cl C
2.335%, 09/10/39 (A)(B)	$	214,000	$	176,239
MHC Commercial Mortgage Trust, Ser 2021-MHC, Cl A
6.249%, TSFR1M + 0.915%,
04/15/38 (A)(B)		4,289,583		4,222,417
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C20, Cl ASB
3.069%, 02/15/48		385,614		379,230
OBX Trust, Ser 2023-NQM2, Cl A1
6.319%, 01/25/62 (A)(D)		823,090		813,938
One Market Plaza Trust, Ser 2017-1MKT, Cl B
3.845%, 02/10/32 (A)		2,000,000		1,720,000
One Market Plaza Trust, Ser 2017-1MKT, Cl C
4.016%, 02/10/32 (A)		965,000		796,125
Sequoia Mortgage Trust, Ser 2013-2, Cl A
1.874%, 02/25/43 (B)		85,579		67,522
STWD Mortgage Trust, Ser 2021-LIH, Cl D
7.754%, TSFR1M + 2.419%, 11/15/36 (A)(B)		450,000		430,971
				21,183,939
Total Mortgage-Backed Securities (Cost $31,484,268)				30,312,400


MUNICIPAL BONDS — 2.8%

California — 0.5%
California Community Choice Financing Authority,
RB 5.950%, 08/01/29	$	825,000	$	817,157
City of Union City California, RB
5.920%, 07/01/24		910,000		909,624
Mount Diablo Unified School District, Ser B-NE, GO
5.548%, 08/01/27		500,000		498,372
				2,225,153

Florida — 0.4%
Florida Development Finance, RB
8.000%, 07/01/57 (A)(B)		1,000,000		1,006,952
7.500%, 07/01/57 (A)(B)		1,000,000		983,168
				1,990,120

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

OCTOBER 31, 2023


MUNICIPAL BONDS — continued
	Face Amount		Value
Hawaii — 0.2%
State of Hawaii Department of Business Economic Development & Tourism, Ser A-2, RB
3.242%, 01/01/31	$	990,831	$	929,740

Illinois — 0.3%
Chicago Housing Authority, Ser B, RB
3.822%, 01/01/26		250,000		240,101
Village of Deerfield Illinois, Ser B, GO
4.000%, 12/01/28		1,250,000		1,205,984
				1,446,085
Indiana — 0.0%
City of Fort Wayne Indiana, RB
10.750%, 12/01/29		117,179		12

Louisiana — 0.2%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB
3.615%, 02/01/29		909,441		877,395

Montana — 0.1%
County of Gallatin Montana, RB
11.500%, 09/01/27 (A)		250,000		259,737

New Hampshire — 0.2%
New Hampshire Business Finance Authority, RB
5.470%, 07/01/33 (A)(B)		850,000		850,000

New Jersey — 0.4%
New Jersey Economic Development Authority, RB
4.984%, 03/01/27		1,000,000		978,708
4.927%, 03/01/26		1,000,000		983,324
				1,962,032
New York — 0.2%
New York State Energy Research & Development
Authority, Ser A, RB
4.480%, 04/01/25		500,000		488,590
Utility Debt Securitization
Authority, Ser T, RB
3.435%, 12/15/25		353,000		352,077
				840,667


MUNICIPAL BONDS — continued
	Face Amount		Value
Oregon — 0.3%
Warm Springs Reservation Confederated Tribe, Ser G, RB
2.370%, 11/01/27 (A)	$	1,000,000	$	876,187
2.165%, 11/01/26 (A)		500,000		449,089
				1,325,276

Pennsylvania — 0.0%
Redevelopment Authority of the City of Philadelphia, RB
4.867%, 09/01/25		150,000		148,048

South Dakota — 0.0%
South Dakota Housing Development Authority, Ser E, RB
5.460%, 05/01/53		250,000		243,079

Total Municipal Bonds (Cost $13,365,434)				13,097,344


SOVEREIGN DEBT — 0.9%

CANADA — 0.6%
CDP Financial MTN
1.000%, 05/26/26(A)	$	1,000,000	$	897,078
Hydro-Quebec
8.050%, 07/07/24		2,000,000		2,026,408
				2,923,486

FRANCE — 0.3%
Caisse d’Amortissement de la Dette Sociale
3.000%, 05/17/25(A)		428,000		412,485
0.375%, 05/27/24(A)		1,000,000		970,255
				1,382,740

Total Sovereign Debt (Cost $4,403,678)				4,306,226


U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%

Export-Import Bank of the United States
2.628%, 11/12/26	$	1,750,170	$	1,676,681
Export-Import Bank of the United States
1.900%, 07/12/24		327,835		322,058

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

OCTOBER 31, 2023


U.S. GOVERNMENT AGENCY OBLIGATIONS — continued

	Face Amount		Value
United States International Development Finance
1.790%, 10/15/29	$	355,378	$	316,497

Total U.S. Government Agency Obligations (Cost $2,448,186)				2,315,236


BANK LOAN OBLIGATION — 0.5%

ECOLOGICAL SERVICES & EQUIPMENT — 0.5%
Terraform Power Operating Specified Refinancing Term Loan
7.842%, CME Term SOFR + 2.500%, 05/21/29(B)		2,280,151		2,260,199

Total Bank Loan Obligation (Cost $2,274,849)				2,260,199


REPURCHASE AGREEMENTS — 0.2%

Barclays Capital 5.300%, dated 10/31/23, to be repurchased on 11/01/23, repurchase price $900,133 (collateralized by a U.S. Treasury Obligation, par value $931,300, 3.625%, 05/15/2026; with total market value $918,064)		900,000		900,000
Socgen Triparty Tsy 5.270%, dated 10/31/23, to be repurchased on 11/01/23, repurchase price $100,015 (collateralized by a U.S. Treasury Obligation, par value $101,700, 4.875%, 10/31/2028; with total market value $102,015)		100,000		100,000

Total Repurchase Agreements (Cost $1,000,000)				1,000,000

Total Investments in Securities— 99.5% (Cost $482,947,473)				$471,082,136

Percentages are based on Net Assets of $473,489,291.

A list of the open futures contracts held by the Fund at October 31, 2023, is as follows:



Type of Contract	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)

Long Contracts U.S. 2-Year Treasury Note		330		Dec-2023		$67,042,997		$66,799,219		$(243,778)


Short Contracts U.S. 5-Year Treasury Note		(8)		Dec-2023		(848,959)		(835,813)		13,146


						$66,194,038		$65,963,406		$(230,632)

‡	Real Estate Investment Trust.

(A)

(B)

(C)	Zero coupon security.

(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.

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

CATHOLIC RESPONSIBLE INVESTMENTS SHORT DURATION BOND FUND

OCTOBER 31, 2023

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

SOFRRATE — Secured Overnight Financing Rate

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 October 31, 2023, in valuing the Fund’s investments carried at market value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	174,270,944	$	—	$	174,270,944
U.S. Treasury Obligations		—		125,474,291		—		125,474,291
Asset-Backed Securities		—		118,045,496		—		118,045,496
Mortgage- Backed Securities		—		30,312,400		—		30,312,400
Municipal Bonds		—		13,097,344		—		13,097,344
Sovereign Debt		—		4,306,226		—		4,306,226
U.S. Government Agency Obligations		—		2,315,236		—		2,315,236
Bank Loan Obligation		—		2,260,199		—		2,260,199
Repurchase Agreements		—		1,000,000		—		1,000,000

Total Investments in Securities	$	—	$	471,082,136	$	—	$	471,082,136


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	13,146	$	–	$	–	$	13,146
Unrealized Depreciation		(243,778)		–		–		(243,778)

Total Other Financial Instruments	$	230,632)	$	–	$	–	$	(230,632)

Amounts designated as “–” are $ 0.

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

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023

SECTOR WEIGHTINGS (unaudited)^†

LOGO

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


SCHEDULE OF INVESTMENTS
MORTGAGE-BACKED SECURITIES — 35.7%

	Face Amount		Value

Agency Mortgage-Backed Obligation — 30.7%
FHLMC
7.000%, 11/01/32	$	197,120	$	203,176
7.000%, 10/01/32		5,776		5,899
7.000%, 09/01/32		10,730		10,944
7.000%, 07/01/32		2,578		2,641
7.000%, 06/01/32		42,181		43,577
6.500%, 01/01/38		802		812
6.500%, 11/01/37		1,168		1,175
6.500%, 09/01/37		18,320		18,483
6.500%, 08/01/37		2,057		2,074
6.500%, 12/01/32		65,728		66,726
6.500%, 12/01/31		1,779		1,789
6.428%, RFUCCT1Y + 1.623%, 12/01/45 (A)		123,733		125,895
6.285%, RFUCCT1Y + 2.035%, 09/01/37 (A)		1,811		1,789
6.000%, 05/01/39		35,081		35,232
6.000%, 04/01/39		15,281		15,145
6.000%, 02/01/39		13,661		13,722
6.000%, 09/01/38		8,250		8,274
6.000%, 06/01/38		3,079		3,054
6.000%, 11/01/36		24,742		25,066
6.000%, 12/01/33		9,456		9,459
6.000%, 01/01/24		438		437
5.939%, RFUCCT1Y + 1.633%, 05/01/46 (A)		19,392		19,574
5.880%, RFUCCT1Y + 1.630%, 07/01/44 (A)		17,163		17,101
5.713%, RFUCCT1Y + 1.788%, 08/01/42 (A)		2,689		2,697
5.658%, RFUCCT1Y + 1.609%, 10/01/44 (A)		44,659		45,065


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
5.547%, RFUCCT1Y + 1.814%, 10/01/41 (A)	$	7,174	$	7,251
5.543%, RFUCCT1Y + 1.977%, 04/01/40 (A)		4,165		4,123
5.533%, RFUCCT1Y + 1.877%, 01/01/42 (A)		31,309		31,472
5.500%, 10/01/53		954,310		905,469
5.500%, 06/01/53		1,265,217		1,200,466
5.500%, 11/01/52		18,936,720		17,979,558
5.500%, 06/01/37		503		494
5.500%, 01/01/35		72,411		71,319
5.449%, RFUCCT1Y + 1.607%, 11/01/44 (A)		314,099		316,808
5.144%, RFUCCT1Y + 1.614%, 11/01/44 (A)		30,145		30,383
5.049%, RFUCCT1Y + 1.771%, 11/01/39 (A)		85,570		86,998
5.005%, RFUCCT1Y + 1.630%, 05/01/44 (A)		2,654		2,591
5.000%, 09/01/52		1,944,203		1,794,122
5.000%, 04/01/34		5,049		4,921
4.940%, RFUCCT1Y + 1.630%, 01/01/45 (A)		20,577		20,717
4.852%, RFUCCT1Y + 1.655%, 08/01/44 (A)		211,180		212,078
4.839%, RFUCCT1Y + 1.650%, 04/01/43 (A)		34,726		33,676
4.618%, RFUCCT1Y + 1.613%, 01/01/44 (A)		24,537		24,552
4.537%, RFUCCT1Y + 1.698%, 04/01/38 (A)		85,394		86,332
4.500%, 06/01/53		3,903,098		3,487,460
4.500%, 10/01/52		4,711,695		4,211,230
4.500%, 09/01/52		6,720,171		6,006,367
4.500%, 09/01/48		660,263		602,097
4.500%, 03/01/47		452,207		414,993
4.500%, 03/01/46		83,507		76,696
4.500%, 11/01/45		165,536		152,068
4.500%, 02/01/45		562,493		512,920
4.500%, 10/01/44		24,232		22,245
4.500%, 08/01/44		438,521		402,759
4.500%, 07/01/44		137,221		126,025
4.500%, 03/01/44		10,357		9,512
4.500%, 01/01/44		93,154		85,690
4.500%, 12/01/43		80,684		74,064
4.500%, 11/01/43		10,369		9,588
4.500%, 05/01/42		39,188		35,217
4.500%, 09/01/41		128,572		118,886
4.500%, 07/01/41		19,215		17,767
4.500%, 05/01/41		41,010		37,959
4.500%, 04/01/40		54,154		50,071
4.500%, 12/01/33		17,585		16,232
4.500%, 06/01/31		16,969		15,907
4.500%, 06/01/26		1,283		1,270

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
4.500%, 02/01/26	$	3,738	$	3,681
4.224%, RFUCCT1Y + 1.724%, 04/01/36 (A)		5,420		5,339
4.216%, SOFR30A + 2.280%, 09/01/52 (A)		936,210		877,393
4.000%, 08/01/52		1,310,284		1,138,890
4.000%, 01/01/52		1,211,718		1,048,345
4.000%, 05/01/46		706,195		625,379
4.000%, 07/01/34		59,956		56,169
4.000%, 10/01/31		35,778		33,959
3.983%, RFUCCT1Y + 1.630%, 02/01/45 (A)		13,525		13,552
3.982%, RFUCCT1Y + 1.630%, 02/01/45 (A)		128,911		129,477
3.921%, RFUCCT1Y + 1.630%, 01/01/45 (A)		135,124		134,167
3.880%, RFUCCT1Y + 1.630%, 12/01/44 (A)		31,576		31,555
3.500%, 12/01/52		3,317,030		2,764,419
3.500%, 07/01/52		9,385,947		7,864,555
3.500%, 06/01/52		5,941,501		4,960,356
3.500%, 05/01/52		5,369,472		4,494,418
3.500%, 04/01/52		14,965,234		12,512,117
3.500%, 02/01/52		547,051		457,834
3.500%, 01/01/52		3,145,097		2,640,470
3.500%, 04/01/37		389,013		351,495
3.173%, RFUCCT1Y + 1.630%, 02/01/45 (A)		154,873		151,967
3.000%, 06/01/52		1,723,457		1,381,410
3.000%, 03/01/52		1,399,756		1,138,008
3.000%, 11/01/50		1,758,177		1,415,972
3.000%, 02/01/50		3,365,186		2,723,084
2.500%, 09/01/52		8,013,738		6,160,457
2.500%, 05/01/52		2,731,470		2,121,008
2.500%, 02/01/51		2,384,332		1,857,773
2.500%, 11/01/50		3,770,793		2,940,469
2.500%, 10/01/50		3,007,964		2,348,154
2.500%, 07/01/50		4,996,340		3,893,620
2.500%, 01/01/36		1,079,292		954,358
2.000%, 06/01/52		1,815,485		1,334,828
2.000%, 04/01/52		1,816,684		1,338,202
2.000%, 03/01/52		3,080,182		2,284,771
2.000%, 02/01/52		7,191		5,286
2.000%, 01/01/52		1,443,318		1,074,274
2.000%, 12/01/50		3,690,423		2,752,888
2.000%, 11/01/50		1,361,292		1,018,152
2.000%, 09/01/50		1,232,163		915,672
2.000%, 07/01/50		5,619,607		4,220,601
2.000%, 02/01/42		1,746,313		1,366,582
FHLMC Multifamily ML Certificates, Ser ML13, Cl ACA
2.875%, 07/25/36		2,443,861		1,979,621


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FHLMC Multifamily Variable Rate Certificate, Ser M069, Cl A
4.013%, 04/15/37	$	1,230,000	$	1,067,700
FHLMC Structured Pass-Through Certificates, Ser 2002-41, Cl 2A
4.652%, 07/25/32 (A)		19,317		18,062
FHLMC Structured Pass-Through Certificates, Ser 2002-48, Cl 1A
4.427%, 07/25/33 (A)		179,332		165,305
FHLMC Structured Pass-Through Certificates, Ser 2002-51, Cl 1A
6.500%, 09/25/43 (A)		109,525		104,870
FHLMC Structured Pass-Through Certificates, Ser 2002-51, Cl 2A
7.500%, 08/25/42 (A)		44,308		40,674
FHLMC Structured Pass-Through Certificates, Ser 2003-54, Cl 3A
7.000%, 02/25/43		336,715		337,222
FHLMC Structured Pass-Through Certificates, Ser 2003-57, Cl 1A2
7.000%, 07/25/43		20,227		20,452
FHLMC, Ser 1998-2084, Cl ZC
6.500%, 08/15/28		35,156		34,996
FHLMC, Ser 2001-2295, Cl BD
6.000%, 03/15/31		9,850		9,883
FHLMC, Ser 2003-2676, Cl PZ
5.500%, 09/15/33		38,363		37,115
FHLMC, Ser 2005-2944, Cl OH
5.500%, 03/15/35		143,133		139,806
FHLMC, Ser 2005-2957, Cl VZ
5.000%, 02/15/35		40,108		38,752
FHLMC, Ser 2006-3143, Cl BC
5.500%, 02/15/36		113,563		110,292
FHLMC, Ser 2006-3185, Cl GT
6.000%, 07/15/26		26,481		26,264
FHLMC, Ser 2007-3330, Cl GZ
5.500%, 06/15/37		2,559		2,405
FHLMC, Ser 2013-299, Cl F1 5.935%, SOFR30A +
0.614%, 01/15/43 (A)		150,273		143,951
FHLMC, Ser 2013-4283, Cl EW
4.500%, 12/15/43 (A)		111,418		103,943
FHLMC, Ser 2014-4319, Cl MA
4.500%, 03/15/44 (A)		201,856		188,161
FHLMC, Ser 2015-4440, Cl ZD
2.500%, 02/15/45		3,560,285		2,901,365

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FHLMC, Ser 2021-5092, Cl BC
2.500%, 06/25/36	$	359,998	$	348,206
FHLMC, Ser 2021-5133, Cl BD
3.000%, 07/25/41		2,539,084		2,150,631
FNMA
7.000%, 12/01/37		272		282
7.000%, 08/01/32		116,378		118,170
7.000%, 11/01/29		38,713		39,142
6.500%, 01/01/49		5,272		5,378
6.500%, 10/01/39		36,932		37,919
6.500%, 08/01/39		15,150		15,359
6.500%, 10/01/38		12,758		13,040
6.500%, 03/01/38		5,333		5,381
6.500%, 02/01/38		3,555		3,616
6.500%, 12/01/37		13,942		14,171
6.500%, 11/01/37		805		826
6.500%, 03/01/35		160,675		162,067
6.500%, 05/01/33		2,237		2,239
6.500%, 12/01/32		8,183		8,301
6.500%, 08/01/32		19,804		19,901
6.143%, H15T1Y + 2.143%, 08/01/34 (A)		325		323
6.078%, H15T1Y + 1.999%, 09/01/34 (A)		839		851
6.000%, 07/01/39		58,314		58,489
6.000%, 05/01/38		29,939		30,022
6.000%, 08/01/37		78,938		78,769
6.000%, 07/01/37		19,538		19,539
6.000%, 03/01/37		9,944		9,974
6.000%, 09/01/36		58,839		58,437
6.000%, 03/01/36		7,484		7,435
6.000%, 11/01/35		10,693		10,685
6.000%, 07/01/35		4,618		4,668
6.000%, 04/01/35		46,556		46,965
6.000%, 04/01/34		10,785		10,787
6.000%, 03/01/34		161,228		160,849
6.000%, 12/01/33		2,950		2,942
6.000%, 11/01/33		3,079		3,077
6.000%, 12/01/32		3,787		3,768
5.975%, H15T1Y + 2.295%, 08/01/34 (A)		9,574		9,507
5.848%, RFUCCT1Y + 1.685%, 06/01/42 (A)		10,997		10,704
5.830%, RFUCCT1Y + 1.580%, 09/01/44 (A)		1,731		1,753
5.827%, RFUCCT1Y + 1.577%, 10/01/44 (A)		147,783		149,154
5.826%, RFUCCT1Y + 1.815%, 07/01/41 (A)		48,187		49,365
5.736%, RFUCCT1Y + 1.778%, 12/01/39 (A)		12,997		12,940
5.623%, RFUCCT1Y + 1.682%, 11/01/36 (A)		5,671		5,591


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
5.566%, RFUCCT1Y + 1.590%, 07/01/44 (A)	$	112,784	$	114,332
5.528%, RFUCCT1Y + 1.470%, 06/01/35 (A)		2,696		2,713
5.500%, 02/01/38		2,470		2,422
5.500%, 04/01/37		106,920		105,166
5.500%, 09/01/36		9,068		8,919
5.500%, 10/01/35		45,463		44,435
5.500%, 04/01/35		143,541		141,182
5.500%, 11/01/33		5,563		5,472
5.500%, 06/01/33		31,058		30,548
5.500%, 11/01/29		4,871		4,656
5.500%, 01/01/25		40		40
5.500%, 05/01/24		15		15
5.500%, 03/01/24		12		12
5.500%, 01/01/24		0		—
5.274%, RFUCCT1Y + 1.790%, 06/01/38 (A)		4,291		4,381
5.211%, RFUCCT1Y + 1.562%, 06/01/44 (A)		45,274		45,743
5.163%, RFUCCT1Y + 1.698%, 04/01/44 (A)		72,006		71,973
5.000%, 11/01/52		22,290,062		20,566,013
5.000%, 06/01/52		1,515,371		1,397,693
5.000%, 03/01/49		178,161		166,560
5.000%, 12/01/48		158,253		148,978
5.000%, 08/01/40		12,713		12,172
5.000%, 09/01/39		40,686		39,565
5.000%, 09/01/25		103		100
5.000%, 04/01/25		2		2
4.919%, RFUCCT1Y + 1.577%, 08/01/43 (A)		3,019		2,956
4.901%, RFUCCT1Y + 1.460%, 05/01/35 (A)		18,520		18,713
4.886%, RFUCCT1Y + 1.556%, 01/01/45 (A)		25,494		25,595
4.773%, RFUCCT1Y + 1.580%, 04/01/44 (A)		111,841		112,600
4.740%, RFUCCT1Y + 1.568%, 05/01/45 (A)		249,942		250,139
4.611%, RFUCCT1Y + 1.565%, 05/01/44 (A)		61,655		61,782
4.500%, 09/01/52		9,582,723		8,564,777
4.500%, 03/01/52		341,067		312,901
4.500%, 06/01/48		281,235		256,080
4.500%, 07/01/47		89,722		82,736
4.500%, 02/01/46		585,319		539,986
4.500%, 09/01/45		46,796		42,913
4.500%, 02/01/45		202,411		185,618
4.500%, 10/01/44		24,214		22,204
4.500%, 09/01/43		7,814		7,166
4.500%, 01/01/43		510,053		466,089
4.500%, 07/01/42		185,460		171,224
4.500%, 01/01/42		57,623		53,186

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
4.500%, 12/01/41	$	26,694	$	24,595
4.500%, 11/01/41		24,920		23,002
4.500%, 09/01/41		13,343		12,187
4.500%, 08/01/41		12,426		11,465
4.500%, 05/01/41		958,440		883,069
4.500%, 06/01/36		21,612		19,938
4.500%, 09/01/31		37,591		34,977
4.500%, 06/01/31		11,398		10,669
4.500%, 01/01/31		101,361		96,298
4.500%, 08/01/26		40,421		39,762
4.500%, 10/01/24		7,161		7,145
4.473%, RFUCCT1Y + 1.653%, 05/01/46 (A)		29,729		29,525
4.108%, RFUCCT1Y + 1.580%, 11/01/44 (A)		19,962		20,128
4.050%, RFUCCT1Y + 1.550%, 02/01/44 (A)		650		642
4.027%, RFUCCT1Y + 1.551%, 02/01/44 (A)		12,051		12,106
4.000%, 10/01/52		2,591,108		2,248,573
4.000%, 08/01/52		1,399,992		1,210,312
4.000%, 07/01/52		1,780,007		1,537,149
4.000%, 06/01/52		37,912,626		32,789,530
4.000%, 04/01/52		1,582,412		1,379,740
4.000%, 10/01/51		1,674,095		1,451,541
4.000%, 04/01/48		1,521,749		1,344,086
4.000%, 03/01/46		3,559,943		3,155,088
4.000%, 01/01/37		320,025		296,041
4.000%, 11/01/35		62,426		58,002
4.000%, 01/01/35		1,016,000		947,047
4.000%, 10/01/34		531,827		503,281
4.000%, 06/01/34		599,490		565,028
4.000%, 03/01/34		235,248		220,356
4.000%, 11/01/33		363,381		340,982
4.000%, 10/01/33		46,586		43,715
4.000%, 10/01/32		47,967		45,492
4.000%, 09/01/31		133,366		126,436
4.000%, 12/01/30		199,408		189,124
4.000%, 11/01/30		143,559		136,154
3.961%, RFUCCT1Y + 1.583%, 02/01/44 (A)		19,169		19,286
3.893%, RFUCCT1Y + 1.590%, 12/01/44 (A)		160,104		161,035
3.850%, RFUCCT1Y + 1.600%, 12/01/44 (A)		27,942		28,191
3.814%, RFUCCT1Y + 1.564%, 01/01/44 (A)		53,826		53,244
3.698%, SOFR30A + 2.238%, 10/01/52 (A)		3,436,575		3,178,904
3.698%, RFUCCT1Y + 1.620%, 11/01/48 (A)		248,774		240,076
3.500%, 02/01/53		1,490,215		1,241,976
3.500%, 05/01/52		4,268,094		3,564,137
3.500%, 04/01/52		7,247,077		6,100,937


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
3.500%, 03/01/52	$	1,941,245	$	1,624,948
3.500%, 01/01/52		2,180,793		1,827,209
3.500%, 11/01/51		1,314,264		1,101,099
3.500%, 04/01/37		341,445		309,068
3.500%, 02/01/31		467,886		444,167
3.500%, 12/01/29		173,381		165,036
3.075%, RFUCCT1Y + 1.603%, 10/01/48 (A)		122,302		117,870
3.006%, RFUCCT1Y + 1.610%, 10/01/47 (A)		117,991		115,848
3.000%, 05/01/52		955,098		776,220
3.000%, 04/01/52		3,288,109		2,675,853
3.000%, 03/01/52		1,613,928		1,304,671
3.000%, 11/01/51		2,194,148		1,771,119
3.000%, 10/01/51		2,830,875		2,272,039
3.000%, 08/01/50		1,822,208		1,502,050
3.000%, 07/01/50		1,084,790		874,757
3.000%, 04/01/50		1,674,320		1,354,472
2.932%, RFUCCT1Y + 1.580%, 09/01/47 (A)		170,330		170,991
2.500%, 04/01/52		1,681,763		1,299,617
2.500%, 03/01/52		1,745,068		1,355,431
2.500%, 02/01/52		6,065,268		4,691,257
2.500%, 01/01/52		4,416,310		3,394,856
2.500%, 12/01/51		3,996,372		3,103,157
2.500%, 10/01/51		1,732,046		1,332,070
2.500%, 08/01/51		5,329,885		4,128,758
2.500%, 07/01/51		2,806,054		2,163,793
2.500%, 02/01/51		7,579,526		5,890,080
2.500%, 01/01/51		1,290,968		998,766
2.500%, 11/01/50		5,867,651		4,572,286
2.500%, 10/01/50		8,012,464		6,257,671
2.500%, 07/01/50		9,529,200		7,390,494
2.500%, 03/01/43		1,765,470		1,418,095
2.500%, 06/01/42		3,088,760		2,499,215
2.500%, 10/01/41		1,362,718		1,105,747
2.500%, 05/01/41		917,629		735,500
2.500%, 07/01/36		1,092,359		954,359
2.500%, 03/01/35		1,541,395		1,373,063
2.000%, 11/01/51		6,832,588		5,055,014
2.000%, 10/01/51		3,364,341		2,514,984
2.000%, 09/01/51		1,647,945		1,230,385
2.000%, 08/01/51		1,821,052		1,348,328
2.000%, 02/01/51		1,217,483		910,420
2.000%, 01/01/51		3,168,214		2,370,852
2.000%, 12/01/50		512,307		383,378
2.000%, 10/01/50		1,777,590		1,318,466
2.000%, 08/01/50		739,768		554,156
2.000%, 09/01/36		1,398,087		1,193,733
2.000%, 01/01/36		1,295,122		1,110,223
1.500%, 10/01/50		1,834,014		1,276,448

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FNMA Grantor Trust 2000-T6, Ser 2000-T6, Cl A1
7.500%, 11/25/40	$	14,278	$	14,002
FNMA Grantor Trust 2001-T1, Ser 2001-T1, Cl A1
7.500%, 10/25/40		122,689		122,177
FNMA Grantor Trust 2001-T10, Ser 2001-T10, Cl A1
7.000%, 12/25/41		79,531		79,015
FNMA Grantor Trust 2001-T12, Ser 2001-T12, Cl A1
6.500%, 08/25/41		2,824		2,807
FNMA Grantor Trust 2001-T3, Ser 2001-T3, Cl A1
7.500%, 11/25/40		7,484		7,461
FNMA Grantor Trust 2001-T4, Ser 2001-T4, Cl A1
7.500%, 07/25/41		35,067		34,962
FNMA Grantor Trust 2001-T7, Ser 2001-T7, Cl A1
7.500%, 02/25/41		1,565		1,618
FNMA Grantor Trust 2001-T8, Ser 2001-T8, Cl A1
7.500%, 07/25/41		4,477		4,383
FNMA Grantor Trust 2004-T1, Ser 2004-T1, Cl 1A2
6.500%, 01/25/44		1,191		1,187
FNMA REMIC Trust 2001-W3, Ser 2001-W3, Cl A
7.000%, 09/25/41 (A)		66,547		63,598
FNMA REMIC Trust 2002-W6, Ser 2002-W6, Cl 2A
7.500%, 06/25/42 (A)		5,462		5,260
FNMA REMIC Trust 2002-W6, Ser 2002-W6, Cl 2A1
7.000%, 06/25/42 (A)		5,462		5,226
FNMA REMIC Trust 2003-W4, Ser 2003-W4, Cl 3A
4.978%, 10/25/42 (A)		58,656		57,377
FNMA REMIC Trust 2003-W4, Ser 2003-W4, Cl 4A
5.569%, 10/25/42 (A)		23,118		22,770
FNMA Trust 2003-W2, Ser 2003- W2, Cl 1A3
7.500%, 07/25/42		7,207		7,387
FNMA Trust 2004-W2, Ser 2004- W2, Cl 2A2
7.000%, 02/25/44		12,532		12,732
FNMA Trust 2004-W2, Ser 2004- W2, Cl 5A
7.500%, 03/25/44		4,924		5,007
FNMA, Ser 2001-2, Cl ZK
6.500%, 02/25/31		29,366		29,389


MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FNMA, Ser 2001-79, Cl BA
7.000%, 03/25/45	$	10,607	$	10,633
FNMA, Ser 2002-33, Cl A1
7.000%, 06/25/32		60,488		60,659
FNMA, Ser 2007-104, Cl ZE
6.000%, 08/25/37		15,177		14,706
FNMA, Ser 2007-21, Cl MT
5.750%, 03/25/37		4,638		4,469
FNMA, Ser 2009-11, Cl MP
7.000%, 03/25/49		4,786		4,788
FNMA, Ser 2010-136, Cl BA
3.500%, 12/25/30		166,472		156,592
FNMA, Ser 2010-49, Cl ZJ
4.500%, 05/25/40		45,165		42,626
FNMA, Ser 2013-128, Cl CF 6.035%, SOFR30A +
0.714%, 12/25/43 (A)		246,773		237,779
FNMA, Ser 2014-1, Cl KF 6.035%, SOFR30A +
0.714%, 02/25/44 (A)		356,307		342,318
FNMA, Ser 2014-54, Cl CP
3.500%, 09/25/44		2,600,445		2,217,148
FNMA, Ser 2020-45, Cl HD
3.500%, 07/25/40		1,802,583		1,580,267
FNMA, Ser M1G, Cl A2
1.469%, 11/25/30 (A)		3,100,000		2,361,669
FNMA, Ser M3G, Cl A2
1.245%, 01/25/31 (A)		2,000,000		1,498,348
Freddie Mac Multifamily ML Certificates
1.219%, 07/25/41 (A)(B)		9,961,180		930,362
FREMF 2017-K69 Mortgage Trust, Ser K69, Cl C
3.727%, 10/25/49 (A)(B)		2,788,000		2,517,652
FREMF 2018-K081 Mortgage Trust, Ser K81, Cl C
4.173%, 09/25/51 (A)(B)		2,500,000		2,252,273
FREMF 2018-K74 Mortgage Trust, Ser K74, Cl C
4.094%, 02/25/51 (A)(B)		2,025,000		1,832,576
FREMF 2018-K83 Mortgage Trust, Ser K83, Cl C
4.278%, 11/25/51 (A)(B)		2,890,000		2,611,070
FREMF 2018-K86 Mortgage Trust, Ser K86, Cl C
4.295%, 11/25/51 (A)(B)		3,562,000		3,202,026
FREMF 2019-K96 Mortgage Trust, Ser K96, Cl C
3.812%, 08/25/56 (A)(B)		1,910,000		1,650,452
FREMF 2020-K737 Mortgage Trust, Ser K737, Cl C
3.304%, 01/25/53 (A)(B)		640,000		583,529

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FREMF K-100 Mortgage Trust, Ser K100, Cl C
3.495%, 11/25/52 (A)(B)	$	130,000	$	109,875
GNMA
7.000%, 12/15/29		673		688
6.500%, 05/15/29		1,157		1,156
6.000%, 08/20/53		7,135,621		6,993,465
5.500%, 06/20/53		4,308,443		4,122,032
5.500%, 05/20/53		17,592,308		16,831,668
5.500%, 04/20/53		15,928,271		15,239,912
5.500%, 02/20/53		7,192,089		6,889,252
5.000%, 06/20/53		7,406,743		6,896,006
5.000%, 03/20/53		11,252,883		10,475,506
5.000%, 02/20/53		10,376,359		9,670,220
4.500%, 09/20/52		2,562,900		2,318,384
4.500%, 08/20/52		6,319,951		5,721,034
4.000%, 08/20/52		10,445,360		9,191,147
4.000%, 04/20/52		113,597		99,899
4.000%, 03/20/52		119,877		105,429
4.000%, 02/20/52		1,651,638		1,454,442
4.000%, 01/20/52		1,293,881		1,141,382
4.000%, 12/20/48		1,342,100		1,186,240
3.500%, 08/20/52		10,910,791		9,307,555
3.500%, 07/20/52		1,886,867		1,609,637
3.500%, 03/20/52		2,014,527		1,717,806
3.500%, 02/20/52		1,466,973		1,251,013
3.500%, 01/20/52		1,566,458		1,335,830
3.500%, 06/20/51		1,543,438		1,324,029
3.500%, 01/20/50		1,097,413		944,882
3.500%, 10/20/49		2,936,093		2,492,222
3.000%, 06/20/52		13,005,190		10,743,033
3.000%, 03/20/52		2,142,344		1,766,783
3.000%, 10/20/51		1,909,517		1,576,912
3.000%, 07/20/51		2,651,065		2,193,292
3.000%, 05/20/51		1,211,753		1,002,805
2.500%, 07/20/52		1,529,031		1,220,137
2.500%, 04/20/52		8,879,547		7,081,668
2.500%, 03/20/52		3,272,132		2,597,064
2.500%, 11/20/51		1,796,273		1,431,984
2.500%, 08/20/51		1,599,171		1,275,965
2.500%, 05/20/51		829,539		662,100
2.500%, 03/20/51		1,946,233		1,551,860
2.500%, 12/20/50		1,618,741		1,258,597
2.000%, 05/20/52		8,301,252		6,413,251
2.000%, 04/20/52		1,392,926		1,076,590
2.000%, 10/20/51		1,771,291		1,367,723
2.000%, 01/20/51		1,176,510		911,402
2.000%, 12/20/50		1,557,854		1,193,623
2.000%, 11/20/50		8,012,351		6,209,549
GNMA, Ser 2012-98, Cl BM
4.903%, 08/20/42 (A)		193,216		179,673



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
GNMA, Ser 2017-H17, Cl FQ 6.366%, TSFR12M +
0.985%, 09/20/67 (A)	$	1,314,574	$	1,303,957
GNMA, Ser 2017-H22, Cl FH 5.001%, TSFR12M +
0.935%, 11/20/67 (A)		878,038		871,015
GNMA, Ser 2017-H24, Cl FQ 5.645%, TSFR12M +
0.915%, 11/20/67 (A)		936,932		926,415
GNMA, Ser 2018-H04, Cl FK 5.366%, TSFR12M +
0.755%, 03/20/68 (A)		830,014		805,033
GNMA, Ser 2018-H05, Cl CF 5.386%, TSFR12M +
0.775%, 03/20/68 (A)		961,798		932,045
GNMA, Ser 2018-H05, Cl FE 5.396%, TSFR12M +
0.785%, 02/20/68 (A)		353,692		347,268
GNMA, Ser 2019-H09, Cl FG 5.655%, TSFR12M +
1.065%, 05/20/69 (A)		358,808		351,492
GNMA, Ser 2019-H16, Cl CF 5.249%, TSFR1M +
0.814%, 10/20/69 (A)		299,496		296,995
GNMA, Ser 2020-H01, Cl FV 6.093%, TSFR1M +
0.764%, 01/20/70 (A)		3,502,006		3,410,375
GNMA, Ser 2020-H02, Cl FB 3.812%, TSFR1M +
0.714%, 01/20/70 (A)		467,770		460,460
GNMA, Ser 2022-H04, Cl FG 5.256%, SOFR30A +
0.550%, 02/20/67 (A)		1,957,613		1,938,706
GNMA, Ser 2022-H08, Cl FE 6.064%, SOFR30A +
0.750%, 03/20/72 (A)		1,910,642		1,864,106
GNMA, Ser 2022-H09, Cl FA 5.991%, SOFR30A +
0.670%, 04/20/72 (A)		1,988,214		1,944,197
GNMA, Ser 2022-H11, Cl EF 6.291%, SOFR30A +
0.970%, 05/20/72 (A)		2,500,727		2,495,223
GNMA, Ser 2023-H04, Cl FC 6.171%, SOFR30A +
0.850%, 01/20/73 (A)		1,955,350		1,928,402
GNMA, Ser 2023-H13, Cl FJ 6.741%, SOFR30A +
1.420%, 02/20/73 (A)		1,257,653		1,267,227
Vendee Mortgage Trust 1995-1, Ser 1995-1, Cl 2
7.793%, 02/15/25		727		726

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
Vendee Mortgage Trust 1995-2, Ser 1995-2C, Cl 3A
8.793%, 06/15/25	$	892	$	906
Vendee Mortgage Trust 1998-2, Ser 1998-2, Cl 2A
8.644%, 08/15/27 (A)		190		191
				541,389,835
Non-Agency Mortgage-Backed Obligation — 5.0%
BANK 2023-BNK45, Ser BNK45, Cl C
6.279%, 02/15/56 (A)		550,000		442,133
Barclays Commercial Mortgage Trust 2019-C4, Ser C4, Cl C
3.469%, 08/15/52		1,300,000		807,080
BBCMS Mortgage Trust 2023- C19, Ser C19, Cl C
6.385%, 04/15/56 (A)		730,000		593,936
BBCMS Mortgage Trust 2023- C22, Ser C22, Cl C
7.126%, 11/15/56 (A)		850,000		775,615
Benchmark 2019-B10 Mortgage Trust, Ser B10, Cl C
3.750%, 03/15/62		1,200,000		813,209
Benchmark 2019-B10 Mortgage Trust, Ser B10, Cl E
3.000%, 03/15/62 (B)		1,260,000		634,586
Benchmark 2020-B16 Mortgage Trust, Ser B16, Cl D
2.500%, 02/15/53 (B)		5,470,000		2,945,354
Benchmark 2022-B35 Mortgage Trust, Ser B35, Cl C
4.445%, 05/15/55 (A)		595,140		381,290
Benchmark 2022-B35 Mortgage Trust, Ser B35, Cl D
2.500%, 05/15/55 (B)		4,000,000		1,646,216
BMO 2023-C4 Mortgage Trust, Ser C4, Cl C
5.863%, 02/15/56 (A)		960,000		751,887
BMO 2023-C5 Mortgage Trust, Ser C5, Cl C
6.627%, 06/15/56 (A)		730,000		637,500
BX Commercial Mortgage Trust, Ser 2022-AHP, Cl AS
6.825%, TSFR1M + 1.490%, 01/17/39 (A)(B)		2,500,000		2,431,095
BX Trust, Ser 2022-CLS, Cl B
6.300%, 10/13/27 (B)		2,100,000		1,889,743
Century Plaza Towers 2019-CPT, Ser CPT, Cl C
2.997%, 11/13/39 (A)(B)		500,000		345,936
Century Plaza Towers 2019-CPT, Ser CPT, Cl E
2.997%, 11/13/39 (A)(B)		2,500,000		1,463,602



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
Century Plaza Towers, Ser 2019-CPT, Cl B
2.997%, 11/13/39 (A)(B)	$	733,000	$	542,366
CFCRE Commercial Mortgage Trust 2016-C6, Ser C6, Cl D
4.177%, 11/10/49 (A)(B)		2,525,000		1,724,178
Citigroup Commercial Mortgage Trust 2022-GC48, Ser GC48, Cl C
4.875%, 05/15/54 (A)		3,000,000		2,131,803
COMM Mortgage Trust, Ser 2022-HC, Cl A
2.819%, 01/10/39 (B)		1,390,000		1,169,032
COMM Mortgage Trust, Ser 2022-HC, Cl C
3.376%, 01/10/39 (B)		1,570,000		1,242,501
COMM Mortgage Trust, Ser CR20, Cl C
4.448%, 11/10/47 (A)		1,580,000		1,424,488
CSAIL 2019-C16 Commercial Mortgage Trust, Ser C16, Cl C
4.237%, 06/15/52 (A)		2,265,000		1,685,997
CSMC 2014-USA OA, Ser USA, Cl C
4.336%, 09/15/37 (B)		3,550,000		2,594,268
CSMC 2021-NQM5 Trust, Ser 2021-NQM5, Cl M1
2.168%, 05/25/66 (A)(B)		1,310,000		593,939
CSMC OA, Ser 2014-USA, Cl A2
3.953%, 09/15/37 (B)		565,000		469,462
FASST 2021-JR1 A2
2.000%, 04/25/51		2,571,342		2,380,729
FASST 21-S1-A2 07/25/2051
1.750%, 07/25/51		4,876,785		4,645,706
Finance of America Structured Securities Trust 2022-S4, Ser 2022-S4, Cl A2A
3.000%, 01/25/57 (B)		2,964,926		2,660,901
Finance of America Structured Securities Trust, Ser 2021-S2, Cl A2
1.750%, 09/25/71 (B)(C)		2,474,353		2,345,553
GS Mortgage Securities Trust 2017-GS8, Ser GS8, Cl D
2.700%, 11/10/50 (B)		2,570,000		1,678,077
Hudson Yards 2019-55HY Mortgage Trust, Ser 55HY, Cl A
2.943%, 12/10/41 (A)(B)		1,000,000		808,568
Hudson Yards Mortgage Trust, Ser 2016-10HY, Cl A
2.835%, 08/10/38 (B)		2,085,000		1,877,501

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
JPMBB Commercial Mortgage Securities Trust 2015-C28, Ser C28, Cl C
4.134%, 10/15/48 (A)	$	5,170,000	$	4,697,914
JPMBB Commercial Mortgage Securities Trust 2015-C29, Ser C29, Cl C
4.186%, 05/15/48 (A)		5,750,000		5,054,958
Morgan Stanley Capital I Trust 2019-H7, Ser H7, Cl C
4.128%, 07/15/52		1,809,000		1,332,888
NW RE-REMIC TRUST 2021- FRR1, Ser FRR1, Cl AK88
2.792%, 12/18/51 (A)(B)		2,500,000		2,016,287
OBX 2022-NQM1 Trust, Ser 2022-NQM1, Cl M1
3.504%, 11/25/61 (A)(B)		1,010,000		588,032
One Bryant Park Trust, Ser 2019-OBP, Cl A
2.516%, 09/15/54 (B)		3,385,000		2,653,117
One Market Plaza Trust, Ser 2017-1MKT, Cl B
3.845%, 02/10/32 (B)		400,000		344,000
One Market Plaza Trust, Ser 2017-1MKT, Cl C
4.016%, 02/10/32 (B)		1,000,000		825,000
Onslow Bay Mortgage Loan Trust, Ser 2021-NQM4, Cl M1
3.248%, 10/25/61 (B)		1,750,000		959,402
Palisades Center Trust 2016- PLSD, Ser PLSD, Cl A
2.713%, 04/13/33 (B)		4,705,000		2,446,600
SFAVE Commercial Mortgage Securities Trust 2015-5AVE, Ser 5AVE, Cl A2B
4.144%, 01/05/43 (A)(B)		1,995,000		1,346,583
SFAVE Commercial Mortgage Securities Trust, Ser 2015- 5AVE, Cl A1
3.872%, 01/05/43 (A)(B)		3,045,000		2,020,810
Shops at Crystals Trust 2016- CSTL, Ser CSTL, Cl C
3.856%, 07/05/36 (A)(B)		2,800,000		2,362,504
SLG Office Trust 2021-OVA, Ser OVA, Cl C
2.851%, 07/15/41 (B)		2,500,000		1,829,385
SPGN Mortgage Trust, Ser 2022-TFLM, Cl D
8.835%, TSFR1M + 3.500%, 02/15/39 (A)(B)		2,500,000		2,318,527
Vendee Mortgage Trust 2011-2, Ser 2011-2, Cl DZ
3.750%, 10/15/41		1,457,253		1,297,838



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
Verus Securitization Trust 2021- 2, Ser 2021-2, Cl M1
2.187%, 02/25/66 (A)(B)	$	2,910,000	$	1,838,607
Verus Securitization Trust 2021- 3, Ser 2021-3, Cl M1
2.397%, 06/25/66 (A)(B)		1,555,000		898,135
Verus Securitization Trust 2021- 4, Ser 2021-4, Cl M1
2.195%, 07/25/66 (A)(B)		1,400,000		700,984
Verus Securitization Trust 2021- R3, Ser 2021-R3, Cl M1
2.411%, 04/25/64 (A)(B)		2,745,000		1,880,272
Wells Fargo Commercial Mortgage Trust 2015-C28, Ser C28, Cl D
4.080%, 05/15/48 (A)		1,685,000		1,299,560
Wells Fargo Commercial Mortgage Trust 2018-C47, Ser C47, Cl C
4.921%, 09/15/61 (A)		1,440,000		1,150,143
Wells Fargo Commercial Mortgage Trust 2019-C50, Ser C50, Cl C
4.345%, 05/15/52		2,000,000		1,533,541
Wells Fargo Commercial Mortgage Trust 2019-C52, Ser C52, Cl C
3.561%, 08/15/52		1,100,000		776,547
Wells Fargo Commercial Mortgage Trust 2022-C62, Ser C62, Cl C
4.351%, 04/15/55 (A)		1,765,000		1,223,726
				89,929,611
Total Mortgage-Backed Securities

(Cost $721,606,655)				631,319,446



CORPORATE OBLIGATIONS — 27.0%

COMMUNICATION SERVICES — 3.1%
Alphabet
1.100%, 08/15/30	$	2,500,000	$	1,918,766
AT&T
4.500%, 03/09/48		471,000		341,043
4.350%, 06/15/45		2,720,000		1,950,832
3.800%, 12/01/57		750,000		451,652
3.650%, 09/15/59		1,336,000		772,960
3.550%, 09/15/55		1,238,000		719,647
2.750%, 06/01/31		725,000		570,333
2.550%, 12/01/33		150,000		107,655
CCO Holdings
4.500%, 05/01/32		975,000		746,359
4.500%, 06/01/33(B)		975,000		727,316

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
COMMUNICATION SERVICES — continued
4.250%, 01/15/34(B)	$	825,000	$	595,900
Charter Communications Operating
6.484%, 10/23/45		3,835,000		3,223,971
5.750%, 04/01/48		950,000		720,790
5.375%, 05/01/47		800,000		578,594
4.400%, 04/01/33		250,000		206,849
Comcast
5.500%, 11/15/32		850,000		818,764
4.650%, 02/15/33		1,500,000		1,360,701
Cox Communications
3.850%, 02/01/25(B)		800,000		776,645
3.500%, 08/15/27(B)		1,025,000		934,530
3.350%, 09/15/26(B)		575,000		534,918
1.800%, 10/01/30(B)		650,000		483,425
Paramount Global
4.950%, 01/15/31		1,350,000		1,127,406
Prosus
4.987%, 01/19/52(B)		2,200,000		1,358,792
4.850%, 07/06/27(B)		500,000		460,930
4.193%, 01/19/32(B)		700,000		537,712
3.680%, 01/21/30(B)		1,400,000		1,109,898
3.061%, 07/13/31(B)		3,875,000		2,791,375
Rogers Communications
3.800%, 03/15/32		1,705,000		1,382,673
Telecom Italia
5.303%, 05/30/24(B)		2,300,000		2,255,301
Telecom Italia Capital
7.721%, 06/04/38		1,345,000		1,187,312
7.200%, 07/18/36		175,000		151,307
Tencent Holdings MTN
3.975%, 04/11/29(B)		2,000,000		1,796,103
Time Warner Cable
6.750%, 06/15/39		800,000		697,663
T-Mobile USA
4.500%, 04/15/50		475,000		346,532
4.375%, 04/15/40		300,000		232,031
3.875%, 04/15/30		3,695,000		3,217,248
3.500%, 04/15/31		1,000,000		830,153
3.375%, 04/15/29		1,000,000		870,657
Verizon Communications
4.400%, 11/01/34		3,130,000		2,649,800
4.272%, 01/15/36		900,000		742,715
3.875%, 03/01/52		3,500,000		2,350,274
3.550%, 03/22/51		1,295,000		813,685
2.987%, 10/30/56		345,000		181,519
2.850%, 09/03/41		2,500,000		1,551,700
2.650%, 11/20/40		1,905,000		1,151,528
1.500%, 09/18/30		2,500,000		1,872,349



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
COMMUNICATION SERVICES — continued
Vodafone Group
7.000%, USSW5 + 4.873%, 04/04/79(A)	$	1,550,000	$	1,498,729
Walt Disney
6.650%, 11/15/37		555,000		577,535
Warnermedia Holdings
5.050%, 03/15/42		610,000		451,844
3.755%, 03/15/27		85,000		78,251
				52,814,672
CONSUMER DISCRETIONARY — 1.1%
Ford Motor
6.100%, 08/19/32		1,000,000		925,830
3.250%, 02/12/32		2,500,000		1,885,436
Ford Motor Credit
7.350%, 11/04/27		525,000		531,391
6.800%, 05/12/28		1,125,000		1,121,785
5.125%, 06/16/25		350,000		340,555
4.542%, 08/01/26		425,000		399,705
4.389%, 01/08/26		650,000		616,136
4.134%, 08/04/25		400,000		381,255
4.063%, 11/01/24		2,000,000		1,947,001
3.810%, 01/09/24		700,000		696,530
3.375%, 11/13/25		450,000		419,941
General Motors
5.400%, 10/15/29		1,350,000		1,268,417
Lowe’s
5.750%, 07/01/53		1,205,000		1,057,350
Massachusetts Institute of Technology
3.959%, 07/01/38		2,527,000		2,107,238
Nordstrom
6.950%, 03/15/28		865,000		814,181
Starbucks
4.450%, 08/15/49		2,500,000		1,897,778
Whirlpool
2.400%, 05/15/31		2,500,000		1,913,888
YMCA of Greater New York
3.160%, 08/01/31		615,000		472,167
ZF North America Capital
7.125%, 04/14/30(B)		320,000		309,761
				19,106,345
CONSUMER STAPLES — 0.6%
Anheuser-Busch InBev Worldwide
5.450%, 01/23/39		1,510,000		1,393,057
Coca-Cola
1.450%, 06/01/27		25,000		21,969
Mather Foundation
2.675%, 10/01/31		2,500,000		1,962,148

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
CONSUMER STAPLES — continued
PepsiCo
3.900%, 07/18/32	$	3,000,000	$	2,666,642
2.875%, 10/15/49		3,340,000		2,052,517
RELX Capital
4.000%, 03/18/29		375,000		345,275
3.000%, 05/22/30		50,000		41,836
Sysco
2.400%, 02/15/30		2,500,000		2,016,919
				10,500,363
ENERGY — 2.6%
Apache
5.100%, 09/01/40		1,940,000		1,507,477
BP Capital Markets America
3.060%, 06/17/41		1,925,000		1,273,239
Cameron LNG
3.701%, 01/15/39(B)		1,520,000		1,120,380
Devon Energy
7.875%, 09/30/31		830,000		887,643
Diamondback Energy
6.250%, 03/15/53		1,640,000		1,513,326
6.250%, 03/15/33		4,050,000		3,997,469
Energy Transfer
6.100%, 12/01/28		615,000		607,350
4.400%, 03/15/27		2,945,000		2,773,824
2.900%, 05/15/25		1,935,000		1,843,274
Kinder Morgan
5.550%, 06/01/45		2,585,000		2,127,774
5.200%, 03/01/48		450,000		350,101
Kinder Morgan Energy Partners
6.500%, 09/01/39		50,000		46,375
5.500%, 03/01/44		370,000		301,405
MPLX
5.500%, 02/15/49		1,635,000		1,319,712
Occidental Petroleum
2.900%, 08/15/24		1,750,000		1,705,712
Patterson-UTI Energy
7.150%, 10/01/33		525,000		512,201
Petrobras Global Finance BV
7.250%, 03/17/44		500,000		482,335
6.750%, 06/03/50		1,075,000		956,699
5.500%, 06/10/51		375,000		280,375
Petroleos Mexicanos
7.690%, 01/23/50		6,800,000		4,199,537
6.700%, 02/16/32		2,819,000		2,078,493
6.625%, 06/15/35		1,200,000		791,497
6.375%, 01/23/45		655,000		370,370
Rio Oil Finance Trust Series 2014-1
9.250%, 07/06/24(B)		471,500		474,447



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
ENERGY — continued
Rio Oil Finance Trust Series 2014-3
9.750%, 01/06/27(B)	$	1,136,432	$	1,173,365
Rio Oil Finance Trust Series 2018-1
8.200%, 04/06/28(B)		712,690		717,144
Sweihan PV Power PJSC
3.625%, 01/31/49(B)		2,423,775		1,798,858
Topaz Solar Farms
5.750%, 09/30/39(B)		2,357,963		2,137,800
TransCanada PipeLines
4.625%, 03/01/34		1,345,000		1,137,701
2.500%, 10/12/31		1,350,000		1,018,363
Transcanada Trust
5.875%, ICE LIBOR
USD 3 MONTH +
4.640%, 08/15/76(A)		975,000		873,326
5.625%, ICE LIBOR
USD 3 MONTH +
3.528%, 05/20/75(A)		275,000		253,018
5.600%, H15T5Y + 3.986%, 03/07/82(A)		375,000		289,433
5.500%, U.S. SOFR + 4.416%, 09/15/79(A)		1,575,000		1,247,879
5.300%, ICE LIBOR USD 3 MONTH + 3.208%, 03/15/77(A)		3,150,000		2,714,970
Ultrapar International
5.250%, 10/06/26(B)		625,000		595,313
5.250%, 06/06/29(B)		229,000		207,818
				45,686,003
FINANCIALS — 13.1%
ABN AMRO Bank
2.470%, H15T1Y + 1.100%, 12/13/29(A)(B)		2,500,000		2,036,341
Aflac
1.125%, 03/15/26		2,500,000		2,244,524
Allstate
5.250%, 03/30/33		1,550,000		1,431,373
American International Group
3.900%, 04/01/26		483,000		460,187
Ares Capital
4.250%, 03/01/25		1,370,000		1,318,755
Arthur J Gallagher
6.500%, 02/15/34		1,225,000		1,215,838
Asian Infrastructure Investment Bank
4.875%, 09/14/26		1,000,000		994,417
Aviation Capital Group
4.125%, 08/01/25(B)		496,000		472,552

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

FINANCIALS — continued
Avolon Holdings Funding
4.375%, 05/01/26(B)	$	1,445,000	$	1,346,911
Bank of America MTN
6.204%, SOFRRATE + 1.990%, 11/10/28(A)		325,000		322,808
4.450%, 03/03/26		1,275,000		1,220,915
4.250%, 10/22/26		725,000		684,180
4.200%, 08/26/24		440,000		432,893
4.183%, 11/25/27		1,275,000		1,172,781
3.846%, H15T5Y + 2.000%, 03/08/37(A)		1,875,000		1,479,165
3.705%, TSFR3M + 1.774%, 04/24/28(A)		1,545,000		1,411,342
3.093%, TSFR3M + 1.352%, 10/01/25(A)		1,645,000		1,594,288
2.676%, U.S. SOFR + 1.930%, 06/19/41(A)		1,870,000		1,140,134
2.572%, SOFRRATE + 1.210%, 10/20/32(A)		650,000		486,813
2.496%, TSFR3M + 1.252%, 02/13/31(A)		50,000		39,410
1.530%, SOFRRATE + 0.650%, 12/06/25(A)		3,000,000		2,832,745
Bank of New York Mellon MTN
5.834%, SOFRINDX + 2.074%, 10/25/33(A)		650,000		622,589
Bank of Nova Scotia
0.650%, 07/31/24		1,000,000		961,013
Barclays
7.437%, H15T1Y + 3.500%, 11/02/33(A)		325,000		324,277
7.119%, SOFRRATE + 3.570%, 06/27/34(A)		200,000		185,737
6.490%, SOFRRATE + 2.220%, 09/13/29(A)		475,000		463,086
6.224%, SOFRRATE + 2.980%, 05/09/34(A)		225,000		206,247
5.829%, SOFRRATE + 2.210%, 05/09/27(A)		675,000		659,577
5.501%, H15T1Y + 2.650%, 08/09/28(A)		450,000		426,751
4.836%, 05/09/28		725,000		651,548
4.375%, 09/11/24		1,375,000		1,346,091
2.894%, H15T1Y + 1.300%, 11/24/32(A)		1,000,000		730,172
BB Blue Financing DAC
4.395%, 09/20/37		2,500,000		2,337,366
Belrose Funding Trust
2.330%, 08/15/30(B)		1,990,000		1,446,282
BGC Group
8.000%, 05/25/28		2,410,000		2,348,389


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

FINANCIALS — continued
Blackstone Private Credit Fund
2.625%, 12/15/26	$	2,845,000	$	2,435,642
Blue Owl Capital
3.400%, 07/15/26		1,140,000		1,017,180
2.875%, 06/11/28		1,190,000		969,848
BNP Paribas
4.625%, 03/13/27(B)		1,275,000		1,195,423
4.375%, 09/28/25(B)		1,275,000		1,220,722
4.375%, 05/12/26(B)		250,000		237,523
4.250%, 10/15/24		2,150,000		2,097,318
2.588%, H15T5Y + 2.050%, 08/12/35(A)(B)		500,000		364,331
1.675%, SOFRRATE + 0.912%, 06/30/27(A)(B)		2,450,000		2,162,310
BPCE
2.045%, SOFRRATE + 1.087%, 10/19/27(A)(B)		2,500,000		2,181,548
Brookfield Finance
4.850%, 03/29/29		1,435,000		1,335,192
Caisse d’Amortissement de la Dette Sociale MTN
2.125%, 01/26/32(B)		2,500,000		1,986,341
1.000%, 10/21/30(B)		2,500,000		1,894,772
Cantor Fitzgerald
4.875%, 05/01/24(B)		215,000		212,194
Capital One Financial
7.624%, SOFRRATE + 3.070%, 10/30/31(A)		275,000		274,867
6.377%, SOFRRATE + 2.860%, 06/08/34(A)		1,340,000		1,221,986
6.312%, SOFRRATE + 2.640%, 06/08/29(A)		350,000		335,116
5.268%, SOFRRATE + 2.370%, 05/10/33(A)		1,770,000		1,513,897
4.927%, SOFRRATE + 2.057%, 05/10/28(A)		675,000		624,445
4.200%, 10/29/25		1,050,000		995,666
3.750%, 04/24/24		275,000		271,401
2.636%, SOFRRATE + 1.290%, 03/03/26(A)		50,000		46,894
Central American Bank for Economic Integration
5.000%, 02/09/26(B)		500,000		491,221
Charles Schwab
6.136%, SOFRRATE + 2.010%, 08/24/34(A)		225,000		210,735
5.853%, SOFRRATE + 2.500%, 05/19/34(A)		175,000		160,506
5.643%, SOFRRATE + 2.210%, 05/19/29(A)		375,000		360,993
Citigroup
8.125%, 07/15/39		785,000		885,115

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

FINANCIALS — continued
6.625%, 06/15/32	$	525,000	$	520,021
6.049%, SOFRRATE + 0.694%, 01/25/26(A)		2,261,000		2,241,009
6.042%, SOFRRATE + 0.686%, 10/30/24(A)		2,500,000		2,493,200
4.600%, 03/09/26		40,000		38,338
4.450%, 09/29/27		1,920,000		1,773,584
4.412%, U.S. SOFR + 3.914%, 03/31/31(A)		600,000		530,823
3.785%, U.S. SOFR + 1.939%, 03/17/33(A)		750,000		608,865
3.400%, 05/01/26		330,000		310,453
2.666%, U.S. SOFR + 1.146%, 01/29/31(A)		1,590,000		1,266,828
2.014%, SOFRRATE + 0.694%, 01/25/26(A)		2,500,000		2,360,300
1.281%, SOFRRATE + 0.528%, 11/03/25(A)		2,500,000		2,365,920
Community Preservation
2.867%, 02/01/30		2,400,000		1,961,193
Conservation Fund A Nonprofit
3.474%, 12/15/29		2,116,000		1,769,260
Cooperatieve Rabobank UA
1.004%, H15T1Y + 0.730%, 09/24/26(A)(B)		444,000		403,310
Corebridge Financial
3.900%, 04/05/32		1,080,000		883,462
Council of Europe Development Bank
3.000%, 06/16/25		2,500,000		2,408,093
Deutsche Bank NY
1.686%, 03/19/26		2,500,000		2,253,321
Enel Finance International
6.000%, 10/07/39(B)		850,000		750,762
5.000%, 06/15/32(B)		1,100,000		966,589
European Investment Bank MTN
3.750%, 02/14/33		2,500,000		2,269,983
3.250%, 11/15/27		1,800,000		1,692,873
2.875%, 06/13/25(B)		2,500,000		2,406,509
2.125%, 04/13/26		1,000,000		932,709
0.875%, 05/17/30		3,500,000		2,704,248
0.625%, 10/21/27		5,000,000		4,238,304
Ford Foundation
2.815%, 06/01/70		2,500,000		1,283,324
Glencore Funding
6.375%, 10/06/30(B)		390,000		382,080
Goldman Sachs Group
4.387%, SOFRRATE + 1.510%, 06/15/27(A)		2,500,000		2,388,380
4.017%, TSFR3M + 1.635%, 10/31/38(A)		2,795,000		2,116,085


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

FINANCIALS — continued
3.615%, U.S. SOFR + 1.846%, 03/15/28(A)	$	2,600,000	$	2,380,523
3.272%, TSFR3M + 1.463%, 09/29/25(A)		1,330,000		1,290,693
Golub Capital BDC
2.500%, 08/24/26		3,530,000		3,086,636
GPS Blue Financing DAC
5.645%, 11/09/41(B)		2,500,000		2,255,500
HSBC Holdings
8.113%, SOFRRATE + 4.250%, 11/03/33(A)		1,000,000		1,034,834
6.800%, 06/01/38		250,000		238,024
6.500%, 09/15/37		1,525,000		1,440,527
6.500%, 05/02/36		510,000		479,263
6.254%, SOFRRATE + 2.390%, 03/09/34(A)		650,000		616,964
4.950%, 03/31/30		725,000		666,903
4.762%, U.S. SOFR + 2.530%, 03/29/33(A)		1,275,000		1,054,842
4.375%, 11/23/26		420,000		396,287
4.300%, 03/08/26		2,900,000		2,779,140
2.357%, U.S. SOFR + 1.947%, 08/18/31(A)		700,000		527,599
0.976%, U.S. SOFR + 0.708%, 05/24/25(A)		850,000		821,694
Hyundai Capital America
6.100%, 09/21/28(B)		1,005,000		988,422
ING Groep
1.400%, H15T1Y + 1.100%, 07/01/26(A)(B)		3,765,000		3,457,023
Inter-American Development Bank MTN
5.633%, SOFRINDX + 0.280%, 04/12/27(A)		1,500,000		1,497,122
3.500%, 04/12/33		2,500,000		2,210,587
1.125%, 01/13/31		2,500,000		1,918,063
International Bank for Reconstruction & Development
0.750%, 08/26/30		2,500,000		1,885,519
0.000%, 03/31/27(D)		2,500,000		2,221,420
0.000%, 03/31/28(D)		1,000,000		952,943
International Development Association
0.875%, 04/28/26(B)		1,000,000		899,776
International Finance MTN
5.442%, SOFRRATE + 0.090%, 04/03/24(A)		2,500,000		2,500,195
International Finance Facility for Immunisation MTN
1.000%, 04/21/26		2,500,000		2,254,828
JPMorgan Chase
8.750%, 09/01/30		945,000		1,066,504

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

FINANCIALS — continued
7.625%, 10/15/26	$	75,000	$	78,357
5.717%, SOFRRATE + 2.580%, 09/14/33(A)		725,000		678,927
4.493%, TSFR3M + 3.790%, 03/24/31(A)		850,000		766,791
4.250%, 10/01/27		324,000		305,522
4.032%, TSFR3M + 1.722%, 07/24/48(A)		830,000		587,598
3.328%, U.S. SOFR + 1.580%, 04/22/52(A)		2,075,000		1,272,215
2.956%, TSFR3M + 2.515%, 05/13/31(A)		4,200,000		3,386,806
2.522%, U.S. SOFR + 2.040%, 04/22/31(A)		725,000		576,619
0.768%, SOFRRATE + 0.490%, 08/09/25(A)		2,500,000		2,388,238
Kreditanstalt fuer Wiederaufbau
1.750%, 09/14/29		2,500,000		2,100,395
Liberty Utilities Finance GP 1
2.050%, 09/15/30(B)		2,500,000		1,887,170
Lloyds Banking Group
7.953%, H15T1Y + 3.750%, 11/15/33(A)		750,000		760,502
4.650%, 03/24/26		1,000,000		947,050
4.582%, 12/10/25		1,463,000		1,391,410
4.500%, 11/04/24		325,000		317,452
Low Income Investment Fund
3.711%, 07/01/29		2,500,000		2,168,548
LYB International Finance III
3.375%, 10/01/40		1,255,000		812,991
2.250%, 10/01/30		100,000		77,294
Macquarie Group
1.340%, U.S. SOFR + 1.069%, 01/12/27(A)(B)		825,000		736,540
Massachusetts Higher Education Assistance
2.673%, 07/01/31		500,000		375,203
Mastercard
1.900%, 03/15/31		2,500,000		1,944,553
Mitsubishi UFJ Financial Group
1.538%, H15T1Y + 0.750%, 07/20/27(A)		2,105,000		1,859,475
Morgan Stanley MTN
4.431%, TSFR3M + 1.890%, 01/23/30(A)		475,000		432,499
3.950%, 04/23/27		2,205,000		2,030,491
3.217%, U.S. SOFR + 1.485%, 04/22/42(A)		940,000		621,198
3.125%, 07/27/26		250,000		231,287
0.864%, SOFRRATE + 0.745%, 10/21/25(A)		3,000,000		2,832,601


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
Muenchener Rueckversicherungs- Gesellschaft in Muenchen
5.875%, H15T5Y + 3.982%, 05/23/42(A)(B)	$	2,600,000	$	2,461,036
National Bank of Canada MTN
0.550%, H15T1Y + 0.400%, 11/15/24(A)		2,500,000		2,494,258
NatWest Group
6.000%, 12/19/23		2,275,000		2,273,262
5.808%, H15T1Y + 1.950%, 09/13/29(A)		3,010,000		2,885,151
5.125%, 05/28/24		100,000		98,924
1.642%, H15T1Y + 0.900%, 06/14/27(A)		1,750,000		1,541,439
NHP Foundation
6.000%, 12/01/33		1,000,000		1,001,515
NongHyup Bank MTN
4.875%, 07/03/28(B)		1,565,000		1,506,045
OMERS Finance Trust
4.000%, 04/19/52(B)		2,500,000		1,739,781
OPEC Fund for International Development
4.500%, 01/26/26(B)		1,000,000		975,703
OWS Cre Funding I 10.105%, ICE LIBOR
USD 1 MONTH +
4.900%, 09/01/23(A)(B)		3,283,126		3,274,970
Principal Financial Group
5.500%, 03/15/53		1,370,000		1,143,113
Prudential Financial MTN
1.500%, 03/10/26		2,500,000		2,258,531
Santander Holdings USA
3.244%, 10/05/26		3,020,000		2,712,259
Shinhan Financial Group
5.000%, 07/24/28(B)		1,000,000		956,709
Sumitomo Mitsui Financial Group MTN
5.808%, 09/14/33		1,500,000		1,419,802
Truist Bank
2.636%, H15T5Y + 1.150%, 09/17/29(A)		2,735,000		2,523,357
UBS Group
6.301%, H15T1Y + 2.000%, 09/22/34(A)(B)		1,925,000		1,823,413
5.959%, H15T1Y + 2.200%, 01/12/34(A)(B)		2,050,000		1,911,194
1.494%, H15T5Y + 0.850%, 08/10/27(A)(B)		495,000		428,758
UniCredit MTN
7.296%, USISDA05 + 4.914%, 04/02/34(A)(B)		2,000,000		1,855,906

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023


CORPORATE OBLIGATIONS —continued

	Face Amount		Value

FINANCIALS — continued
5.459%, H15T5Y + 4.750%, 06/30/35(A)(B)	$	925,000	$	758,845
Unum Group
6.750%, 12/15/28		465,000		467,598
US Bancorp
4.839%, SOFRRATE + 1.600%, 02/01/34(A)		1,438,000		1,228,699
USAA Capital
2.125%, 05/01/30(B)		2,500,000		1,978,283
Wells Fargo MTN
6.303%, SOFRRATE + 1.790%, 10/23/29(A)		580,000		575,204
5.013%, TSFR3M + 4.502%, 04/04/51(A)		2,075,000		1,645,601
4.897%, SOFRRATE + 2.100%, 07/25/33(A)		600,000		527,372
4.540%, SOFRRATE + 1.560%, 08/15/26(A)		2,300,000		2,228,700
4.300%, 07/22/27		1,225,000		1,141,786
4.100%, 06/03/26		425,000		401,348
3.350%, SOFRRATE + 1.500%, 03/02/33(A)		525,000		413,367
2.572%, TSFR3M + 1.262%, 02/11/31(A)		50,000		39,590
2.188%, U.S. SOFR + 2.000%, 04/30/26(A)		670,000		630,268
2.164%, TSFR3M + 1.012%, 02/11/26(A)		1,010,000		955,359
WLB Asset II D Pte
6.500%, 12/21/26(B)		2,500,000		2,356,940
				235,194,158

HEALTH CARE — 0.3%
Cigna Group
7.875%, 05/15/27		651,000		694,062
4.125%, 11/15/25		250,000		242,228
CVS Health
5.050%, 03/25/48		2,850,000		2,240,342
4.125%, 04/01/40		225,000		166,651
3.750%, 04/01/30		175,000		152,252
Elanco Animal Health
6.650%, 08/28/28		1,110,000		1,060,050
GE HealthCare Technologies
5.905%, 11/22/32(B)		1,000,000		967,982
Zoetis
4.500%, 11/13/25		600,000		585,448
				6,109,015

INDUSTRIALS — 1.0%
AerCap Ireland Capital DAC
3.300%, 01/30/32		1,655,000		1,281,282
3.000%, 10/29/28		225,000		189,505


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

INDUSTRIALS — continued
BNSF Railway 2007-1 Pass Through Trust
5.996%, 04/01/24	$	5,569	$	5,561
Burlington Northern and Santa Fe Railway Pass Through Trust, Ser 2006-1
5.720%, 01/15/24		5,271		5,373
Burlington Northern Santa Fe
3.750%, 04/01/24		1,025,000		1,016,161
Cemex
9.125%, H15T5Y + 5.157%(A)(B)(E)		2,500,000		2,562,623
5.200%, 09/17/30(B)		1,925,000		1,744,671
CRH America
3.875%, 05/18/25(B)		700,000		676,468
Family Forest Impact Foundation
5.500%, 07/01/32		1,250,000		1,189,255
Mileage Plus Holdings
6.500%, 06/20/27(B)		4,121,250		4,071,290
Nature Conservancy
3.957%, 03/01/52		2,485,000		1,841,113
Norfolk Southern
2.300%, 05/15/31		2,500,000		1,960,906
Union Pacific Railroad 2005 Pass Through Trust
5.082%, 01/02/29		43,775		42,578
Union Pacific Railroad 2007-3 Pass Through Trust
6.176%, 01/02/31		17,735		17,842
				16,604,628

INFORMATION TECHNOLOGY — 0.7%
Apple
3.000%, 06/20/27		2,500,000		2,320,301
Broadcom
4.150%, 11/15/30		435,000		378,643
4.110%, 09/15/28		525,000		481,546
Dell International
6.020%, 06/15/26		144,000		144,184
3.375%, 12/15/41		3,300,000		2,125,844
Intel
4.150%, 08/05/32(F)		2,500,000		2,220,723
Microchip Technology
0.983%, 09/01/24		975,000		934,229
Oracle
3.900%, 05/15/35		2,445,000		1,925,735
3.600%, 04/01/40		495,000		339,893
VMware
4.650%, 05/15/27		1,920,000		1,839,110
1.400%, 08/15/26		525,000		462,457
				13,172,665

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

MATERIALS — 0.6%
Air Products and Chemicals
4.800%, 03/03/33	$	2,500,000	$	2,343,106
BHP Billiton Finance USA
5.250%, 09/08/33		770,000		723,731
Celanese US Holdings
6.550%, 11/15/30		1,625,000		1,563,010
Dow Chemical
9.400%, 05/15/39		166,000		202,652
7.375%, 11/01/29		430,000		454,565
5.550%, 11/30/48		35,000		29,542
FMG Resources August 2006 Pty
6.125%, 04/15/32(B)		2,500,000		2,209,878
Inversiones CMPC
6.125%, 06/23/33(B)		1,060,000		997,990
LG Chemical
4.375%, 07/14/25(B)		575,000		558,291
				9,082,765

REAL ESTATE — 0.7%
American Tower
2.950%, 01/15/51‡		1,500,000		798,418
Boston Properties
6.500%, 01/15/34‡		475,000		433,736
3.250%, 01/30/31‡		2,825,000		2,142,852
Corporate Office Properties
2.750%, 04/15/31‡		1,040,000		762,260
Equinix
2.500%, 05/15/31‡		4,293,000		3,277,469
ERP Operating
4.150%, 12/01/28‡		3,672,000		3,396,655
Host Hotels & Resorts
2.900%, 12/15/31‡		1,581,000		1,181,472
Spirit Realty
3.400%, 01/15/30‡		1,570,000		1,292,453
				13,285,315

UTILITIES — 3.2%
Alabama Power
3.700%, 12/01/47		1,845,000		1,230,743
Avangrid
3.800%, 06/01/29		2,500,000		2,198,741
3.150%, 12/01/24		2,545,000		2,458,916
CenterPoint Energy Houston Electric
3.350%, 04/01/51		2,600,000		1,627,036
CenterPoint Energy Resources
1.750%, 10/01/30		1,320,000		993,913
Consolidated Edison of New York
4.450%, 03/15/44		965,000		734,833


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

UTILITIES — continued
Continental Wind
6.000%, 02/28/33(B)	$	1,332,705	$	1,314,822
Dominion Energy
5.750%, ICE LIBOR USD 3 MONTH + 3.057%, 10/01/54(A)		1,875,000		1,763,124
Dominion Energy South Carolina
6.250%, 10/15/53		935,000		909,747
Electricite de France
6.250%, 05/23/33(B)		200,000		194,396
3.625%, 10/13/25(B)		1,000,000		960,833
Georgia Power
5.125%, 05/15/52		2,500,000		2,083,418
3.250%, 03/15/51		368,000		221,065
MidAmerican Energy
5.850%, 09/15/54		975,000		919,000
3.950%, 08/01/47		2,500,000		1,790,489
2.700%, 08/01/52		2,588,000		1,395,824
National Rural Utilities Cooperative Finance
4.150%, 12/15/32		2,500,000		2,159,899
NextEra Energy Capital Holdings
6.051%, 03/01/25		975,000		974,442
5.749%, 09/01/25		200,000		199,060
4.625%, 07/15/27		100,000		95,296
4.255%, 09/01/24		500,000		491,939
Niagara Mohawk Power
1.960%, 06/27/30(B)		2,500,000		1,918,603
NRG Energy
7.000%, 03/15/33(B)		2,035,000		1,923,453
NSTAR Electric
3.100%, 06/01/51		175,000		102,920
Pacific Gas and Electric
6.700%, 04/01/53		2,925,000		2,605,427
4.950%, 07/01/50		1,980,000		1,382,097
PacifiCorp
6.350%, 07/15/38		720,000		697,644
2.900%, 06/15/52		3,564,000		1,876,886
PECO Energy
4.150%, 10/01/44		1,015,000		753,957
3.000%, 09/15/49		1,005,000		584,841
Public Service Electric and Gas MTN
5.125%, 03/15/53		1,250,000		1,080,380
4.650%, 03/15/33		2,595,000		2,368,846
3.100%, 03/15/32		2,500,000		2,050,730
San Diego Gas & Electric
4.950%, 08/15/28		1,000,000		964,568
2.950%, 08/15/51		2,500,000		1,431,574

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
UTILITIES — continued
Solar Star Funding
3.950%, 06/30/35(B)	$	961,010	$	795,404
Southern
5.113%, 08/01/27		1,025,000		988,642
4.850%, 06/15/28		500,000		477,721
4.475%, 08/01/24(C)		700,000		690,673
4.000%, H15T5Y + 3.733%, 01/15/51(A)		1,550,000		1,414,196
3.750%, H15T5Y + 2.915%, 09/15/51(A)		1,450,000		1,239,883
Southern California Edison
3.650%, 06/01/51		3,000,000		1,893,149
3.450%, 02/01/52		2,530,000		1,523,450
2.750%, 02/01/32		2,500,000		1,949,643
Southern Power
0.900%, 01/15/26		1,160,000		1,039,076
Union Electric
3.900%, 04/01/52		2,195,000		1,511,614
				57,982,913
Total Corporate Obligations (Cost $537,342,972)				479,538,842



U.S. TREASURY OBLIGATIONS — 25.4%

U.S. Treasury Bonds
4.375%, 08/15/43	$	3,592,000	$	3,213,398
4.125%, 08/15/53		25,977,000		22,222,511
3.875%, 05/15/43		3,615,000		3,002,145
3.625%, 02/15/53		3,175,000		2,474,020
3.625%, 05/15/53		9,610,000		7,508,297
3.375%, 08/15/42		8,500,000		6,576,543
3.000%, 02/15/49		615,000		423,317
3.000%, 08/15/52		22,567,000		15,479,552
2.500%, 02/15/45		15,310,000		9,880,332
2.500%, 02/15/46		1,775,000		1,128,442
2.500%, 05/15/46		1,735,000		1,099,624
2.375%, 02/15/42		870,000		574,472
2.375%, 11/15/49		395,000		237,309
2.250%, 08/15/46		1,805,000		1,081,378
2.250%, 02/15/52		5,235,000		3,013,192
2.000%, 11/15/41		1,305,000		807,775
2.000%, 02/15/50		4,745,000		2,597,331
2.000%, 08/15/51		6,755,000		3,651,922
1.875%, 02/15/41		935,000		576,303
1.875%, 02/15/51		325,000		170,587
1.875%, 11/15/51		3,200,000		1,669,000
1.625%, 11/15/50		4,615,000		2,260,449
1.250%, 05/15/50		625,000		274,951
1.125%, 08/15/40		1,255,000		677,651



U.S. TREASURY OBLIGATIONS — continued

	Face Amount		Value
U.S. Treasury Inflation Indexed Bond
1.500%, 02/15/53	$	2,418,952	$	1,893,845
U.S. Treasury Notes
5.582%, USBMMY3M + 0.200%, 01/31/25(A)		148,870,000		149,120,040
5.526%, USBMMY3M + 0.169%, 04/30/25(A)		25,700,000		25,725,516
5.000%, 10/31/25		480,000		479,363
4.750%, 07/31/25		2,770,000		2,751,930
4.625%, 06/30/25		17,695,000		17,544,315
4.625%, 10/15/26		615,000		610,388
4.625%, 09/30/28		615,000		609,427
4.500%, 07/15/26		1,940,000		1,918,781
4.250%, 05/31/25		1,020,000		1,005,338
4.125%, 07/31/28		5,250,000		5,093,115
4.125%, 11/15/32		30,110,000		28,366,912
4.000%, 02/29/28		3,130,000		3,026,808
4.000%, 06/30/28		3,325,000		3,209,924
4.000%, 10/31/29		882,000		839,933
4.000%, 02/28/30		1,520,000		1,443,644
4.000%, 07/31/30		1,200,000		1,136,719
3.875%, 08/15/33		15,045,000		13,848,452
3.750%, 05/31/30		3,410,000		3,185,952
3.625%, 03/31/30		8,000,000		7,429,375
3.500%, 01/31/28		13,100,000		12,420,949
3.500%, 01/31/30		8,465,000		7,819,213
3.500%, 02/15/33		5,825,000		5,214,285
3.375%, 05/15/33		8,525,000		7,537,965
2.875%, 05/15/32		12,395,000		10,635,975
2.750%, 05/31/29		3,860,000		3,456,057
2.750%, 08/15/32		1,621,000		1,371,265
2.375%, 03/31/29		4,610,000		4,058,601
2.375%, 05/15/29		918,000		806,513
1.875%, 02/15/32		305,000		242,392
1.625%, 05/15/31		1,110,000		883,794
1.375%, 12/31/28		6,335,000		5,328,824
1.375%, 11/15/31		11,015,000		8,454,013
1.250%, 08/15/31		10,810,000		8,279,784
1.125%, 02/29/28		4,795,000		4,101,973
1.125%, 02/15/31		2,385,000		1,846,978
0.875%, 11/15/30		1,180,000		902,101
0.750%, 01/31/28		1,450,000		1,222,984
0.625%, 12/31/27		7,560,000		6,362,508

Total U.S. Treasury Obligations (Cost $493,717,151)				450,786,452

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023



ASSET-BACKED SECURITIES — 5.9%

	Face Amount		Value
Automotive — 3.0%
American Credit Acceptance Receivables Trust, Ser 2022- 2, Cl D
4.850%, 06/13/28 (B)	$	2,555,000	$	2,479,054
American Credit Acceptance Receivables Trust, Ser 2023- 4, Cl D
7.650%, 09/12/30		1,155,000		1,154,767
CAL Receivables 2022-1, Ser 2022-1, Cl B
9.670%, SOFR30A + 4.350%, 10/15/26 (A)(B)		2,520,000		2,494,906
Credit Acceptance Auto Loan Trust 2020-3, Ser 2020-3A, Cl C
2.280%, 02/15/30 (B)		1,200,000		1,184,355
Drive Auto Receivables Trust 2020-2, Ser 2020-2, Cl D
3.050%, 05/15/28		2,001,785		1,969,487
Exeter Automobile Receivables Trust 2023-2, Ser 2023-2A, Cl D
6.320%, 08/15/29		2,140,000		2,086,785
Exeter Automobile Receivables Trust, Ser 2021-3A, Cl D
1.550%, 06/15/27		5,200,000		4,765,656
Exeter Automobile Receivables Trust, Ser 2022-2A, Cl D
4.560%, 07/17/28		3,200,000		3,044,960
Exeter Automobile Receivables Trust, Ser 2022-3A, Cl D
6.760%, 09/15/28		3,000,000		2,946,032
Exeter Automobile Receivables Trust, Ser 2022-5A, Cl D
7.400%, 02/15/29		3,945,000		3,941,057
Flagship Credit Auto Trust, Ser 2022-2, Cl D
5.800%, 04/17/28 (B)		2,110,000		2,011,132
Ford Credit Auto Owner Trust 2021-REV1, Ser 2021-1, Cl D
2.310%, 10/17/33 (B)		1,750,000		1,534,667
GLS Auto Receivables Issuer Trust 2021-4, Ser 2021-4A, Cl D
2.480%, 10/15/27 (B)		3,500,000		3,224,913
GLS Auto Receivables Issuer Trust 2023-1, Ser 2023-1A, Cl D
7.010%, 01/16/29 (B)		1,415,000		1,405,309
GLS Auto Receivables Issuer Trust 2023-2, Ser 2023-2A, Cl D
6.310%, 03/15/29 (B)		1,100,000		1,074,472



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
GLS Auto Receivables Issuer Trust, Ser 2022-2A, Cl D
6.150%, 04/17/28 (B)	$	2,500,000	$	2,439,936
Octane Receivables Trust 2023- 1, Ser 2023-1A, Cl C
6.370%, 09/20/29 (B)		895,000		883,353
Octane Receivables Trust 2023- 2, Ser 2023-2A, Cl C
6.240%, 06/20/31 (B)		3,580,000		3,521,270
Santander Drive Auto Receivables Trust, Ser 2022- 7, Cl C
6.690%, 03/17/31		3,340,000		3,347,878
Tesla Auto Lease Trust 2023-B, Ser 2023-B, Cl B
6.570%, 08/20/27 (B)		870,000		868,879
Tesla Auto Lease Trust, Ser 2021-A, Cl B
1.020%, 03/20/25 (B)		934,408		931,673
Westlake Automobile Receivables Trust 2022-1, Ser 2022-1A, Cl D
3.490%, 03/15/27 (B)		345,000		327,042
Westlake Automobile Receivables Trust 2023-1, Ser 2023-1A, Cl D
6.790%, 11/15/28 (B)		1,925,000		1,900,133
Westlake Automobile Receivables Trust 2023-2, Ser 2023-2A, Cl D
7.010%, 11/15/28 (B)		2,340,000		2,317,527
				51,855,243
Other Asset-Backed Securities — 2.9%
AEP Texas Central Transition Funding III, Ser 2012-1, Cl A3
2.845%, 03/01/26		46,028		45,151
DRIVEN BRANDS FUNDING, Ser 2019-1A, Cl A2
4.641%, 04/20/49 (B)		3,486,150		3,268,032
Frontier Issuer, Ser 2023-1, Cl A2
6.600%, 08/20/53 (B)		1,000,000		949,108
Frontier Issuer, Ser 2023-1, Cl C
11.500%, 08/20/53 (B)		1,000,000		952,803
GoodLeap Sustainable Home Solutions Trust 2021-5, Ser 2021-5CS, Cl B
2.560%, 10/20/48 (B)		2,384,661		1,673,190
GoodLeap Sustainable Home Solutions Trust 2023-1, Ser 2023-1GS, Cl A
5.520%, 02/22/55 (B)		1,722,521		1,576,846

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
GoodLeap Sustainable Home Solutions Trust, Ser 2022-3CS, Cl B
5.500%, 07/20/49 (B)	$	1,250,000	$	1,032,250
GoodLeap Sustainable Home Solutions Trust, Ser 2022-4CS, Cl B
5.550%, 11/20/54 (B)		1,118,000		944,316
Helios Issuer, Ser 2023-GRID1, Cl 1A
5.750%, 12/20/50 (B)		950,000		933,440
Hertz Vehicle Financing III, Ser 2023-2A, Cl A
5.570%, 09/25/29 (B)		2,000,000		1,924,721
Mosaic Solar Loan Trust, Ser 2022-1A, Cl B
3.160%, 01/20/53 (B)		1,218,139		938,152
Navient Student Loan Trust 2016-1, Ser 2016-1A, Cl A
6.135%, SOFR30A + 0.814%, 02/25/70 (A)(B)		364,030		359,984
Navient Student Loan Trust 2016-5, Ser 2016-5A, Cl A
6.685%, SOFR30A + 1.364%, 06/25/65 (A)(B)		2,911,423		2,923,598
Navient Student Loan Trust 2016-6, Ser 2016-6A, Cl A3
6.735%, SOFR30A + 1.414%, 03/25/66 (A)(B)		106,562		106,695
Navient Student Loan Trust 2018-2, Ser 2018-2A, Cl A3
6.185%, SOFR30A + 0.864%, 03/25/67 (A)(B)		5,039,110		4,985,853
Navient Student Loan Trust 2021-1, Ser 2021-1A, Cl A1B
6.035%, SOFR30A + 0.714%, 12/26/69 (A)(B)		4,793,044		4,719,735
Neuberger Berman Loan Advisers CLO, Ser 2022-47A, Cl C
7.444%, TSFR3M + 2.050%, 04/14/35 (A)(B)		6,000,000		5,837,664
OneMain Financial Issuance Trust 2023-1, Ser 2023-1A, Cl A
5.500%, 06/14/38 (B)		2,050,000		1,962,728
SBAP 2004-20K 1
4.880%, 11/01/24		635		627
SBAP 2006-20B 1, Ser 2006- 20B, Cl 1
5.350%, 02/01/26		1,059		1,036
SBAP 2006-20C 1, Ser 2006- 20C, Cl 1
5.570%, 03/01/26		944		925



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
SBAP 2007-20C 1
5.230%, 03/01/27	$	966	$	944
SLM Student Loan Trust 2004-3, Ser 2014-3A, Cl A6B
6.146%, SOFR90A + 0.812%, 10/25/64 (A)(B)		2,809,274		2,743,890
SLM Student Loan Trust 2009-3, Ser 2009-3, Cl A
6.185%, SOFR30A + 0.864%, 01/25/45 (A)(B)		1,802,824		1,776,986
SMB Private Education Loan Trust 2017-B, Ser 2017-B, Cl A2A
2.820%, 10/15/35 (B)		69,772		66,638
SMB Private Education Loan Trust 2018-A, Ser 2018-A, Cl A2A
3.500%, 02/15/36 (B)		748,603		715,965
SMB Private Education Loan Trust 2023-B, Ser 2023-B, Cl A1A
4.990%, 10/16/56 (B)		1,693,970		1,603,189
SOUND POINT CLO XXII, Ser 2021-1A, Cl CR
7.927%, TSFR3M + 2.512%, 01/20/32 (A)(B)		3,480,000		3,367,975
Sunnova Helios XI Issuer, Ser 2023-A, Cl A
5.300%, 05/20/50 (B)		977,635		925,598
Sunnova Helios XII Issuer, Ser 2023-B, Cl A
5.300%, 08/22/50 (B)		982,679		929,765
Sunrun Julius Issuer 2023-2, Ser 2023-2A, Cl A1
6.600%, 01/30/59 (B)		1,264,422		1,227,686
United States Small Business Administration, Ser 2003-20K, Cl 1
4.980%, 11/01/23		1,372		1,371
United States Small Business Administration, Ser 2004-20L, Cl 1
4.870%, 12/01/24		1,091		1,081
United States Small Business Administration, Ser 2005-20A, Cl 1
4.860%, 01/01/25		406		400
United States Small Business Administration, Ser 2005-20E, Cl 1
4.840%, 05/01/25		256		252

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
United States Small Business Administration, Ser 2005-20G, Cl 1
4.750%, 07/01/25	$	1,905	$	1,871
United States Small Business Administration, Ser 2005-20H, Cl 1
5.110%, 08/01/25		3,464		3,409
United States Small Business Administration, Ser 2005-20J, Cl 1
5.090%, 10/01/25		4,242		4,143
United States Small Business Administration, Ser 2006-20F, Cl 1
5.820%, 06/01/26		588		573
United States Small Business Administration, Ser 2006-20G, Cl 1
6.070%, 07/01/26		1,718		1,691
United States Small Business Administration, Ser 2006-20H, Cl 1
5.700%, 08/01/26		1,147		1,129
United States Small Business Administration, Ser 2007-20D, Cl 1
5.320%, 04/01/27		3,358		3,260
United States Small Business Administration, Ser 2007-20E, Cl 1
5.310%, 05/01/27		1,198		1,168
United States Small Business Administration, Ser 2007-20F, Cl 1
5.710%, 06/01/27		3,010		2,976
Vivint Solar Financing V, Ser 2018-1A, Cl B
7.370%, 04/30/48 (B)		506,492		464,566
Vivint Solar Financing VII, Ser 2020-1A, Cl A
2.210%, 07/31/51 (B)		1,305,760		1,013,007
Wellfleet CLO X, Ser 2021-XA, Cl BR
7.877%, TSFR3M + 2.462%, 07/20/32 (A)(B)		2,000,000		1,956,092
				51,952,479
Total Asset-Backed Securities
(Cost $106,176,278)				103,807,722



MUNICIPAL BONDS — 2.2%

	Face Amount		Value
Alaska — 0.2%
City of Port Lions Alaska
7.500%, 10/01/52	$	3,025,000	$	2,925,625

California — 0.8%
California Health Facilities Financing Authority
3.034%, 06/01/34		1,865,000		1,459,067
2.984%, 06/01/33		3,090,000		2,465,429
City & County of San Francisco California Community Facilities District No. 2014-1
6.332%, 09/01/51		1,250,000		1,189,491
3.482%, 09/01/50		2,500,000		1,578,294
City of Los Angeles California, Ser A
5.000%, 09/01/42		2,500,000		2,174,436
City of Los Angeles Department of Airports Customer Facility Charge Revenue, RB
3.258%, 05/15/30		2,250,000		1,966,379
3.158%, 05/15/29		1,000,000		890,308
Los Angeles Unified School District, Ser RY
6.758%, 07/01/34		100,000		105,696
Regents of the University of California Medical Center Pooled Revenue
4.563%, 05/15/53		600,000		474,448
State of California
7.625%, 03/01/40		40,000		45,519
7.550%, 04/01/39		100,000		114,109
7.500%, 04/01/34		675,000		755,511
7.300%, 10/01/39		625,000		688,997
Tuolumne Wind Project Authority
6.918%, 01/01/34		1,100,000		1,162,325
				15,070,009

Connecticut — 0.1%
Connecticut Green Bank
2.900%, 11/15/35		2,500,000		1,903,843

District of Columbia — 0.1%
District of Columbia
2.932%, 04/01/33		1,590,000		1,248,861

Florida — 0.1%
Florida Development Finance, RB
8.000%, 07/01/57 (A)(B)		1,000,000		1,006,952

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023



MUNICIPAL BONDS — continued

	Face Amount		Value
Hawaii — 0.1%
State of Hawaii Department of Business Economic Development & Tourism, Ser A-2, RB
3.242%, 01/01/31	$	990,831	$	929,740

Illinois — 0.1%
State of Illinois 5.100%, 06/01/33		1,850,000		1,714,113

Massachusetts — 0.0%
Massachusetts Housing Finance Agency, Ser 226-SOCIAL
5.562%, 12/01/52		500,000		484,369

Montana — 0.0%
County of Gallatin Montana, RB
11.500%, 09/01/27 (B)		500,000		519,473

New Hampshire — 0.0%
New Hampshire Business Finance Authority, RB
5.470%, 07/01/33 (A)(B)		850,000		850,000

New Jersey — 0.2%
New Jersey Economic Development Authority
4.934%, 03/01/25		750,000		741,103
New Jersey Housing & Mortgage Finance Agency, Ser C
3.100%, 11/01/40		3,100,000		2,079,014
New Jersey Turnpike Authority
7.414%, 01/01/40		275,000		309,184
7.102%, 01/01/41		925,000		1,011,442
				4,140,743

New York — 0.2%
Metropolitan Transportation Authority, Ser C2
5.175%, 11/15/49		1,250,000		1,025,875
New York State Energy Research & Development Authority, Ser A
4.871%, 04/01/37		2,820,000		2,283,349
				3,309,224

Ohio — 0.1%
American Municipal Power, Sub-Ser
6.449%, 02/15/44		1,740,000		1,770,603



MUNICIPAL BONDS — continued

	Face Amount		Value
Other — 0.1%
Freddie Mac Multifamily ML Certificates
1.877%, 07/25/37	$	2,175,754	$	1,530,326

Pennsylvania — 0.1%
Redevelopment Authority of the City of Philadelphia, Ser A
3.172%, 09/01/41		2,000,000		1,346,215

South Dakota — 0.0%
South Dakota Housing Development Authority, Ser E, RB
5.460%, 05/01/53		290,000		281,972

Wisconsin — 0.0%
County of Fond Du Lac Wisconsin
5.569%, 11/01/51 (B)		500,000		426,430

Total Municipal Bonds

(Cost $43,267,403)				39,458,498


SOVEREIGN DEBT — 0.5%

CANADA — 0.3%
CDP Financial MTN
1.000%, 05/26/26(B)	$	2,500,000	$	2,242,695
Hydro-Quebec
8.050%, 07/07/24		2,500,000		2,533,010

				4,775,705

COLOMBIA — 0.0%
Colombia Government International Bond
5.625%, 02/26/44		1,200,000		838,601

JAPAN — 0.1%
Japan Bank for International Cooperation
4.375%, 10/05/27		1,000,000		971,869

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023



SOVEREIGN DEBT — continued

	Face Amount		Value
NETHERLANDS — 0.1%
Nederlandse Waterschapsbank
1.000%, 05/28/30(B)	$	2,500,000	$	1,926,144

Total Sovereign Debt

(Cost $8,929,114)				8,512,319



PREFERRED STOCK — 0.2%

	Shares
PREFERRED STOCK — 0.2%
Citigroup Capital XIII, 12.022%, TSFR3M + 6.632%, 10/30/40(A)		108,715		3,116,859

Total Preferred Stock

(Cost $2,861,568)				3,116,859



BANK LOAN OBLIGATION — 0.1%

	Face Amount

ECOLOGICAL SERVICES & EQUIPMENT — 0.1%
Terraform Power Operating Specified Refinancing Term Loan
7.842%, CME Term SOFR + 2.500%, 05/21/29(A)	$	2,280,151		2,260,199

Total Bank Loan Obligation

(Cost $2,274,849)				2,260,199



U.S. GOVERNMENT AGENCY OBLIGATION — 0.0%

United States International Development Finance
1.790%, 10/15/29	$	355,378	$	316,497

Total U.S. Government Agency Obligation

(Cost $334,662)				316,497



SHORT-TERM INVESTMENT — 0.0%

	Shares		Value
State Street Institutional US Government Money Market Fund, Premier Class, 5.300%, (G)

(Cost $876,760)		876,760	$	876,760

Total Short-Term Investment

(Cost $876,760)				876,760

Total Investments in Securities— 97.0%
(Cost $1,917,387,412)			$	1,719,993,594

Percentages are based on Net Assets of $1,772,881,355.

A list of the open futures contracts held by the Fund at October 31, 2023, is as follows:


Type of Contract	Number of Contracts			Notional Amount		Value		Unrealized Depreciation

Long Contracts
U.S. 5-Year Treasury Note		3,565	Dec-2023		$379,071,898		$372,458,945		$(6,612,952	)
Ultra 10-Year U.S. Treasury Note		252	Dec-2023		28,903,158		27,424,688		(1,478,471	)

					407,975,056		399,883,633		(8,091,423	)

‡	Real Estate Investment Trust.

(A)

(B)

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

(D)	Zero coupon security.

(E)	Perpetual security with no stated maturity date.

(F)	This security or a partial position of this security is on loan at October 31, 2023. The total market value of securities on loan at October 31, 2023 was $854,556.

(G)	This security was purchased with cash collateral received from securities lending. The total was of such securities as of October 31, 2023, was $876,760.

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

CATHOLIC RESPONSIBLE INVESTMENTS BOND FUND

OCTOBER 31, 2023

Cl — Class

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

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

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

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

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

SOFR90A — Secured Overnight Financing Rate 90-day Average

SOFRINDX — Secured Overnight Financing Rate Index

TSFR1M — Term Structured Financing Rate 1 Month Average

TSFR3M — Term Structured Financing Rate 3 Month Average

TSFR12M — Term Structured Financing Rate 12 Month Average

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

USD — United States Dollar

USISDA05 — US Mid-Market Swap Rate 5 Year

USSW5 — USD Swap Semi 30/360 5 Year Current

The following is a summary of the inputs used as of October 31, 2023, in valuing the Fund’s investments carried at market value:


Investments in Securities	Level 1			Level 2		Level 3		Total
Mortgage-Backed Securities	$	—		$	631,319,446	$	—	$	631,319,446
Corporate Obligations		—			479,538,842		—		479,538,842
U.S. Treasury Obligations		—			450,786,452		—		450,786,452
Asset-Backed Securities		—			103,807,722		—		103,807,722
Municipal Bonds		—			39,458,498		—		39,458,498
Sovereign Debt		—			8,512,319		—		8,512,319
Preferred Stock		3,116,859			—		—		3,116,859
Bank Loan Obligation		—			2,260,199		—		2,260,199
Short-Term Investment		876,760			—		—		876,760
U.S. Government Agency Obligation		—			316,497		—		316,497


Total Investments in Securities	$	3,993,619		$	1,715,999,975	$	—	$	1,719,993,594


Other Financial Instruments	Level 1			Level 2		Level 3		Total

Futures Contracts*
Unrealized Depreciation		(8,091,423	)		–		–		(8,091,423	)

Total Other Financial Instruments	$	(8,091,423	)	$	–	$	–	$	(8,091,423	)

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

Amounts designated as “—” are $0.

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

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

OCTOBER 31, 2023



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

SCHEDULE OF INVESTMENTS

MORTGAGE-BACKED SECURITIES — 28.9%

	Face Amount		Value
Agency Mortgage-Backed Obligation — 16.2%
FHLMC
5.500%, 11/01/52	$	8,081,510	$	7,673,028
4.500%, 10/01/52		3,496,377		3,125,000
4.500%, 09/01/52		2,721,623		2,432,537
4.000%, 07/01/52		4,094,362		3,540,186
FHLMC Multifamily ML Certificates, Ser 2023-ML18, Cl XCA, IO
1.508%, 09/25/37 (A)		23,675,000		2,367,318
FNMA
5.500%, 12/01/52		418,585		397,405
5.000%, 11/01/52		8,889,768		8,202,179
4.500%, 09/01/52		4,996,041		4,465,325
4.000%, 10/01/52		474,511		410,222
4.000%, 07/01/52		922,621		796,742
4.000%, 06/01/52		11,566,564		10,003,586
FREMF 2017-K70 Mortgage Trust, Ser K70, Cl C
3.809%, 12/25/49 (A)(B)		1,800,000		1,621,705
FREMF 2019-K88 Mortgage Trust, Ser K88, Cl C
4.382%, 02/25/52 (A)(B)		1,500,000		1,344,609
FREMF Mortgage Trust, Ser 2015-K48, Cl C
3.646%, 08/25/48 (A)(B)		1,500,000		1,426,806
FREMF Mortgage Trust, Ser 2017-K65, Cl C
4.078%, 07/25/50 (A)(B)		1,600,000		1,473,359
FREMF Mortgage Trust, Ser 2017-K729, Cl B
3.674%, 11/25/49 (A)(B)		1,111,948		1,076,558



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
FREMF Mortgage Trust, Ser 2018-K80, Cl C
4.232%, 08/25/50 (A)(B)	$	1,270,000	$	1,148,969
FREMF Mortgage Trust, Ser 2019-K91, Cl C
4.257%, 04/25/51 (A)(B)		870,000		772,382
FREMF Mortgage Trust, Ser 2019-K93, Cl C
4.116%, 05/25/52 (A)(B)		505,000		445,514
GNMA
6.000%, 08/20/53		2,985,615		2,926,136
5.500%, 06/20/53		1,604,524		1,535,101
5.500%, 05/20/53		6,150,397		5,884,471
5.500%, 04/20/53		6,659,665		6,371,858
5.500%, 02/20/53		1,989,714		1,905,322
5.000%, 06/20/53		5,483,171		5,105,075
5.000%, 03/20/53		4,262,604		3,968,132
5.000%, 02/20/53		4,385,884		4,087,413
				84,506,938

Non-Agency Mortgage-Backed Obligation — 12.7%
Aventura Mall Trust, Ser AVM, Cl D
4.249%, 07/05/40 (A)(B)		1,500,000		1,213,109
BBCMS Mortgage Trust, Ser 2018-TALL, Cl A
6.254%, TSFR1M + 0.919%, 03/15/37 (A)(B)		2,000,000		1,849,171
BBCMS Mortgage Trust, Ser 2018-TALL, Cl C
6.653%, TSFR1M + 1.318%, 03/15/37 (A)(B)		1,900,000		1,524,751
BPR Trust 2023-BRK2, Ser BRK2, Cl A
7.147%, 11/05/28 (A)(B)		2,100,000		2,080,617
BPR Trust 2023-BRK2, Ser BRK2, Cl C
8.630%, 11/05/28 (A)(B)		1,500,000		1,486,615
BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl C
6.549%, TSFR1M + 1.214%, 09/15/36 (A)(B)		1,250,000		1,200,816
BX Commercial Mortgage Trust, Ser 2022-AHP, Cl AS
6.825%, TSFR1M + 1.490%, 01/17/39 (A)(B)		2,500,000		2,431,097
BX Trust, Ser 2022-CLS, Cl B
6.300%, 10/13/27 (B)		2,200,000		1,979,730
CENT Trust 2023-CITY, Ser CITY, Cl A
7.955%, TSFR1M + 2.620%, 09/15/28 (A)(B)		2,300,000		2,307,193
Century Plaza Towers, Ser 2019-CPT, Cl A
2.865%, 11/13/39 (B)		530,000		418,513

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

OCTOBER 31, 2023



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
Century Plaza Towers, Ser 2019-CPT, Cl B
2.997%, 11/13/39 (A)(B)	$	1,000,000	$	739,927
CFCRE Commercial Mortgage Trust, Ser 2016-C6, Cl AM
3.502%, 11/10/49 (A)		3,005,000		2,679,180
CHNGE Mortgage Trust, Ser 2022-NQM1, Cl A3
5.820%, 06/25/67 (B)(C)		987,639		946,458
Citigroup Commercial Mortgage Trust 2013-GC17, Ser GC17, Cl C
5.100%, 11/10/46 (A)		1,095,000		1,073,551
Citigroup Commercial Mortgage Trust, Ser 2014-GC21, Cl AS
4.026%, 05/10/47		2,365,000		2,301,955
Citigroup Commercial Mortgage Trust, Ser 2014-GC21, Cl C
4.780%, 05/10/47 (A)		3,400,000		2,894,871
Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl AS
4.032%, 12/10/49 (A)		1,400,000		1,262,702
COMM Mortgage Trust, Ser 2013-CR12, Cl AM
4.300%, 10/10/46		1,500,000		1,245,000
COMM Mortgage Trust, Ser 2020-CBM, Cl A2
2.896%, 02/10/37 (B)		600,000		566,125
COMM Mortgage Trust, Ser 2020-CBM, Cl D
3.633%, 02/10/37 (A)(B)		275,000		252,851
COMM Mortgage Trust, Ser 2022-HC, Cl A
2.819%, 01/10/39 (B)		386,000		324,638
COMM Mortgage Trust, Ser 2022-HC, Cl C
3.376%, 01/10/39 (B)		500,000		395,701
CSMC OA, Ser 2014-USA, Cl A2
3.953%, 09/15/37 (B)		1,000,000		830,907
Extended Stay America Trust, Ser 2021-ESH, Cl B
6.829%, TSFR1M + 1.494%, 07/15/38 (A)(B)		426,307		418,292
FIVE Mortgage Trust, Ser 2023- V1, Cl C
6.405%, 02/10/56 (A)		1,440,000		1,286,906
GAM RE-REMIC TRUST 2021- FRR2, Ser FRR2, Cl AK44
1.950%, 09/27/51 (A)(B)		1,200,000		1,110,733
GAM RE-REMIC Trust 2022- FRR3, Ser FRR3, Cl AK47
0.700%, 05/27/48 (A)(B)		600,000		534,688



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
GAM RE-REMIC TRUST, Ser 2021-FRR2, Cl BK44
1.710%, 09/27/51 (A)(B)	$	1,570,000	$	1,432,566
GS Mortgage Securities Corporation Trust, Ser 2021- IP, Cl A
6.400%, TSFR1M + 1.064%, 10/15/36 (A)(B)		2,000,000		1,907,354
GS Mortgage Securities II, Ser 2012-BWTR, Cl A
2.954%, 11/05/34 (B)		1,750,000		1,291,852
GS Mortgage Securities II, Ser 2018-GS10, Cl WLSA
4.904%, 03/10/33 (A)(B)		148,000		133,474
GS Mortgage Securities II, Ser 2018-GS10, Cl WLSB
4.904%, 03/10/33 (A)(B)		294,000		259,441
GS Mortgage Securities Trust, Ser 2014-GC22, Cl B
4.391%, 06/10/47 (A)		2,300,000		1,819,535
Hudson Yards Mortgage Trust, Ser 2016-10HY, Cl A
2.835%, 08/10/38 (B)		1,500,000		1,350,720
Hudson Yards Mortgage Trust, Ser 2019-55HY, Cl D
2.943%, 12/10/41 (A)(B)		1,500,000		1,088,144
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2014-C20, Cl AS
4.043%, 07/15/47		1,170,000		1,142,243
JPMBB Commercial Mortgage Securities Trust 2015-C28, Ser C28, Cl C
4.134%, 10/15/48 (A)		1,500,000		1,363,020
JPMBB Commercial Mortgage Securities Trust, Ser 2015- C28, Cl B
3.986%, 10/15/48		2,925,000		2,684,714
JPMDB Commercial Mortgage Securities Trust, Ser 2017-C5, Cl AS
3.858%, 03/15/50 (A)		2,500,000		2,031,774
Life Mortgage Trust, Ser 2021- BMR, Cl C
6.549%, TSFR1M + 1.214%, 03/15/38 (A)(B)		737,228		711,344
LUXE Trust, Ser 2021-TRIP, Cl E
8.205%, TSFR1M + 2.864%, 10/15/38 (A)(B)		1,500,000		1,442,612
One Bryant Park Trust, Ser 2019-OBP, Cl A
2.516%, 09/15/54 (B)		1,000,000		783,787

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

OCTOBER 31, 2023



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
One Market Plaza Trust, Ser 2017-1MKT, Cl B
3.845%, 02/10/32 (B)	$	250,000	$	215,000
One Market Plaza Trust, Ser 2017-1MKT, Cl C
4.016%, 02/10/32 (B)		500,000		412,500
One Market Plaza Trust, Ser 2017-1MKT, Cl D
4.146%, 02/10/32 (B)		1,000,000		785,000
SFAVE Commercial Mortgage Securities Trust, Ser 2015- 5AVE, Cl A1
3.872%, 01/05/43 (A)(B)		530,000		352,628
Shops at Crystals Trust 2016- CSTL, Ser CSTL, Cl A
3.126%, 07/05/36 (B)		1,018,000		919,092
SPGN Mortgage Trust, Ser 2022-TFLM, Cl D
8.835%, TSFR1M + 3.500%, 02/15/39 (A)(B)		530,000		491,528
STWD Mortgage Trust, Ser 2021-LIH, Cl AS
6.706%, TSFR1M + 1.371%, 11/15/36 (A)(B)		715,000		695,738
STWD Mortgage Trust, Ser 2021-LIH, Cl D
7.754%, TSFR1M + 2.419%, 11/15/36 (A)(B)		450,000		430,971
SUMIT Mortgage Trust, Ser 2022-BVUE, Cl A
2.789%, 02/12/41 (B)		660,000		495,410
Wells Fargo Commercial Mortgage Trust, Ser 2017- RB1, Cl D
3.401%, 03/15/50 (B)		1,500,000		610,385
Wells Fargo Commercial Mortgage Trust, Ser 2022-C62, Cl D
2.500%, 04/15/55 (B)		2,000,000		883,239
WFRBS Commercial Mortgage Trust, Ser 2013-C15, Cl B
4.213%, 08/15/46 (A)		1,000,000		817,500
WFRBS Commercial Mortgage Trust, Ser 2014-C19, Cl B
4.723%, 03/15/47 (A)		2,093,258		1,989,094
WFRBS Commercial Mortgage Trust, Ser 2014-C21, Cl B
4.213%, 08/15/47 (A)		2,500,000		2,256,165



MORTGAGE-BACKED SECURITIES — continued

	Face Amount		Value
WFRBS Commercial Mortgage Trust, Ser 2014-LC14, Cl D
4.586%, 03/15/47 (A)(B)	$	900,000	$	716,915
				66,869,842

Total Mortgage-Backed Securities

(Cost $161,887,861)				151,376,780


U.S. TREASURY OBLIGATIONS — 24.8%

U.S. Treasury Notes
5.557%, USBMMY3M + 0.200%, 01/31/25(A)	$	48,410,000	$	48,491,308
5.526%, USBMMY3M + 0.169%, 04/30/25(A)		3,580,000		3,583,554
5.394%, USBMMY3M + 0.037%, 07/31/24(A)		20,100,000		20,105,338
5.282%, USBMMY3M + -0.075%, 04/30/24(A)		11,550,000		11,547,791
5.000%, 10/31/25		480,000		479,363
4.125%, 07/31/28		11,570,000		11,228,775
4.125%, 11/15/32		5,260,000		4,955,495
4.000%, 02/29/28		3,170,000		3,066,480
4.000%, 06/30/28		3,280,000		3,167,891
3.875%, 11/30/27		1,880,000		1,811,630
3.875%, 08/15/33		6,820,000		6,277,597
3.625%, 03/31/28		1,770,000		1,685,095
3.500%, 01/31/28		3,380,000		3,205,983
3.500%, 04/30/28		6,560,000		6,209,706
3.500%, 04/30/30		4,195,000		3,869,888
3.125%, 08/31/27		685,000		643,499

Total U.S. Treasury Obligations

(Cost $132,402,710)				130,329,393



CORPORATE OBLIGATIONS — 23.1%

CONSUMER DISCRETIONARY — 0.2%
General Motors
5.400%, 10/15/29	$	1,175,000	$	1,103,993

CONSUMER STAPLES — 0.4%
CVS Pass-Through Trust
6.036%, 12/10/28		1,399,817		1,384,477
Delta Air Lines
4.750%, 10/20/28(B)		500,000		469,933
				1,854,410

ENERGY — 1.3%
Devon Energy
7.875%, 09/30/31		340,000		363,613

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

OCTOBER 31, 2023



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
ENERGY — continued
Diamondback Energy
6.250%, 03/15/33	$	1,690,000	$	1,668,080
Energy Transfer
6.100%, 12/01/28		1,955,000		1,931,210
Equities
5.700%, 04/01/28		500,000		486,448
MidAmerican Energy
3.100%, 05/01/27		1,292,000		1,186,154
Ovintiv
5.650%, 05/15/28		1,000,000		971,374
				6,606,879

FINANCIALS — 16.9%
ABN AMRO Bank
2.470%, H15T1Y + 1.100%, 12/13/29(A)(B)		1,000,000		814,537
Aflac
1.125%, 03/15/26		1,500,000		1,346,715
Athene Global Funding
1.450%, 01/08/26(B)		2,560,000		2,292,742
Bank of America MTN
3.559%, TSFR3M + 1.322%, 04/23/27(A)		1,750,000		1,634,436
1.530%, SOFRRATE + 0.650%, 12/06/25(A)		1,000,000		944,248
Bank of Nova Scotia
0.650%, 07/31/24		1,000,000		961,013
BB Blue Financing DAC
4.395%, 09/20/29		2,500,000		2,413,242
BGC Group
8.000%, 05/25/28		910,000		886,625
Blackstone Private Credit Fund
2.625%, 12/15/26		2,625,000		2,247,106
2.350%, 11/22/24		3,000,000		2,854,046
Blue Owl Capital
3.750%, 07/22/25		2,075,000		1,938,457
BPCE
2.045%, SOFRRATE + 1.087%, 10/19/27(A)(B)		1,000,000		872,619
Cantor Fitzgerald
4.875%, 05/01/24(B)		1,140,000		1,125,112
Capital One Financial
4.166%, SOFRRATE + 1.370%, 05/09/25(A)		2,805,000		2,748,155
Central American Bank for Economic Integration
5.000%, 02/09/26(B)		500,000		491,221
Citigroup
6.049%, SOFRRATE + 0.694%, 01/25/26(A)		1,000,000		991,158
6.042%, SOFRRATE + 0.686%, 10/30/24(A)		1,000,000		997,280



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
2.014%, SOFRRATE + 0.694%, 01/25/26(A)	$	1,284,000	$	1,212,250
1.281%, SOFRRATE + 0.528%, 11/03/25(A)		1,000,000		946,368
Conservation Fund A Nonprofit
3.474%, 12/15/29		1,000,000		836,134
Council of Europe Development Bank
3.000%, 06/16/25		1,000,000		963,237
Deutsche Bank NY
1.686%, 03/19/26		1,000,000		901,328
European Investment Bank
3.250%, 11/15/27		700,000		658,339
2.875%, 06/13/25(B)		2,000,000		1,925,207
2.375%, 05/24/27		1,253,000		1,150,020
2.125%, 04/13/26		500,000		466,355
0.625%, 10/21/27		2,000,000		1,695,321
Fifth Third Bancorp
6.339%, SOFRRATE + 2.340%, 07/27/29(A)		245,000		237,536
Glencore Funding
5.400%, 05/08/28(B)		890,000		860,818
Goldman Sachs Group
4.387%, SOFRRATE + 1.510%, 06/15/27(A)		1,000,000		955,352
0.855%, SOFRRATE + 0.609%, 02/12/26(A)		1,100,000		1,020,237
Golub Capital BDC
2.500%, 08/24/26		1,610,000		1,407,786
HSBC Holdings
4.292%, TSFR3M + 1.609%, 09/12/26(A)		1,750,000		1,679,036
Huntington Bancshares
6.208%, SOFRRATE + 2.020%, 08/21/29(A)		1,360,000		1,308,092
ING Groep
1.400%, H15T1Y + 1.100%, 07/01/26(A)(B)		1,000,000		918,200
Inter-American Development Bank
5.633%, SOFRINDX + 0.280%, 04/12/27(A)		1,000,000		998,082
Inter-American Investment
4.125%, 02/15/28		2,500,000		2,400,286
International Bank for Reconstruction & Development MTN
5.739%, SOFRINDX + 0.390%, 06/17/24(A)		1,000,000		1,001,255
0.000%, 03/31/28(D)		1,000,000		952,943
0.000%, 03/31/27(D)		2,500,000		2,221,420

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

OCTOBER 31, 2023



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
International Development Association
0.875%, 04/28/26(B)	$	1,000,000	$	899,776
International Finance MTN
5.442%, SOFRRATE + 0.090%, 04/03/24(A)		2,000,000		2,000,156
International Finance Facility for Immunisation MTN
1.000%, 04/21/26		1,000,000		901,931
JPMorgan Chase
0.768%, SOFRRATE + 0.490%, 08/09/25(A)		1,000,000		955,295
0.563%, SOFRRATE + 0.420%, 02/16/25(A)		1,168,000		1,145,086
KeyBank
4.700%, 01/26/26		700,000		650,076
4.150%, 08/08/25		1,250,000		1,162,390
Kreditanstalt fuer Wiederaufbau
1.750%, 09/14/29		1,000,000		840,158
Liberty Mutual Insurance
7.875%, 10/15/26(B)		1,250,000		1,250,395
Liberty Utilities Finance GP 1
2.050%, 09/15/30(B)		1,000,000		754,868
Morgan Stanley MTN
1.512%, SOFRRATE + 0.858%, 07/20/27(A)		2,750,000		2,414,217
0.864%, SOFRRATE + 0.745%, 10/21/25(A)		1,000,000		944,200
Muenchener Rueckversicherungs- Gesellschaft in Muenchen
5.875%, H15T5Y + 3.982%, 05/23/42(A)(B)		2,600,000		2,461,036
National Bank of Canada MTN
0.550%, H15T1Y + 0.400%, 11/15/24(A)		2,000,000		1,995,406
NHP Foundation
5.850%, 12/01/28		250,000		253,663
NongHyup Bank MTN
4.875%, 07/03/28(B)		660,000		635,137
OPEC Fund for International Development
4.500%, 01/26/26(B)		1,000,000		975,703
OWS Cre Funding I 10.333%, ICE LIBOR
USD 1 MONTH + 4.900%, 09/01/23(A)(B)		1,219,447		1,216,417
Principal Life Global Funding II MTN
5.500%, 06/28/28(B)		1,595,000		1,545,677



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
Prudential Financial MTN
5.700%, US0003M + 2.665%, 09/15/48(A)	$	2,115,000	$	1,895,165
1.500%, 03/10/26		1,000,000		903,412
Prudential Insurance of America
8.300%, 07/01/25(B)		800,000		817,457
Royal Bank of Canada MTN
5.200%, 08/01/28		885,000		853,441
Santander UK Group Holdings
1.532%, H15T1Y + 1.250%, 08/21/26(A)		2,580,000		2,336,691
Synchrony Financial
4.875%, 06/13/25		1,200,000		1,137,931
Truist Bank
2.636%, H15T5Y + 1.150%, 09/17/29(A)		2,000,000		1,844,857
Truist Financial MTN
7.161%, SOFRRATE + 2.446%, 10/30/29(A)		1,965,000		1,977,111
UBS Group
6.301%, H15T1Y + 2.000%, 09/22/34(A)(B)		490,000		464,141
Wells Fargo MTN
4.540%, SOFRRATE + 1.560%, 08/15/26(A)		1,000,000		969,000
WLB Asset II D Pte
6.500%, 12/21/26(B)		1,000,000		942,776
				89,417,883

INDUSTRIALS — 0.9%
Mileage Plus Holdings
6.500%, 06/20/27(B)		2,527,500		2,496,979
Nature Conservancy
1.304%, 07/01/28		330,000		267,963
Spirit Airlines Pass Through Trust
3.650%, 02/15/30		906,058		761,966
Weir Group
2.200%, 05/13/26(B)		1,000,000		897,385
				4,424,293

INFORMATION TECHNOLOGY — 0.6%
Apple
3.000%, 06/20/27		1,665,000		1,545,322
Dell International
3.375%, 12/15/41		1,370,000		882,547
Intel
4.150%, 08/05/32		1,000,000		888,289
				3,316,158

MATERIALS — 0.6%
Air Products and Chemicals
4.800%, 03/03/33		500,000		468,621

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

OCTOBER 31, 2023



CORPORATE OBLIGATIONS — continued

	Face Amount		Value
MATERIALS — continued
Celanese US Holdings
6.350%, 11/15/28	$	1,790,000	$	1,748,534
LG Chemical
3.250%, 10/15/24(B)		700,000		681,812
				2,898,967

REAL ESTATE — 0.2%
ERP Operating
4.150%, 12/01/28‡		1,000,000		925,015

UTILITIES — 2.0%
Alexander Funding Trust II
7.467%, 07/31/28(B)		1,345,000		1,336,690
Avangrid
3.800%, 06/01/29		2,000,000		1,758,994
3.150%, 12/01/24		1,000,000		966,175
Columbia Pipelines Holding
6.042%, 08/15/28(B)		445,000		437,510
Electricite de France
5.700%, 05/23/28(B)		1,800,000		1,762,281
3.625%, 10/13/25(B)		500,000		480,417
Oncor Electric Delivery
0.550%, 10/01/25		1,000,000		908,549
San Diego Gas & Electric
4.950%, 08/15/28		1,000,000		964,568
Solar Star Funding
3.950%, 06/30/35(B)		694,884		575,138
Southern Power
4.150%, 12/01/25		1,000,000		965,394
0.900%, 01/15/26		1,000,000		895,755
				11,051,471
Total Corporate Obligations

(Cost $126,865,462)				121,599,069



ASSET-BACKED SECURITIES — 17.8%

Automotive — 12.8%
American Credit Acceptance Receivables Trust 2023-3, Ser 2023-3, Cl D
6.820%, 10/12/29 (B)	$	1,450,000	$	1,425,931
American Credit Acceptance Receivables Trust, Ser 2021- 3, Cl D
1.340%, 11/15/27 (B)		2,200,000		2,095,300
American Credit Acceptance Receivables Trust, Ser 2021- 4, Cl D
1.820%, 02/14/28 (B)		500,000		474,400



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
American Credit Acceptance Receivables Trust, Ser 2022- 2, Cl D
4.850%, 06/13/28 (B)	$	3,400,000	$	3,298,834
American Credit Acceptance Receivables Trust, Ser 2022- 3, Cl D
5.830%, 10/13/28 (B)		2,895,000		2,808,902
American Credit Acceptance Receivables Trust, Ser 2023- 1, Cl D
6.350%, 04/12/29 (B)		2,345,000		2,279,516
Carvana Auto Receivables Trust, Ser 2021-N2, Cl C
1.070%, 03/10/28		305,300		282,426
CPS Auto Receivables Trust 2023-D, Ser 2023-D, Cl D
7.800%, 01/15/30 (B)		2,050,000		2,055,018
CPS Auto Receivables Trust, Ser 2021-D, Cl D
2.310%, 12/15/27 (B)		1,000,000		939,298
CPS Auto Receivables Trust, Ser 2022-C, Cl D
6.450%, 04/15/30 (B)		500,000		489,495
CPS Auto Receivables Trust, Ser 2023-A, Cl D
6.440%, 04/16/29 (B)		1,800,000		1,757,825
CPS Auto Receivables Trust, Ser 2023-B, Cl D
6.340%, 07/16/29 (B)		1,955,000		1,899,298
Drive Auto Receivables Trust, Ser 2021-1, Cl D
1.450%, 01/16/29		1,520,000		1,443,187
Drive Auto Receivables Trust, Ser 2021-2, Cl D
1.390%, 03/15/29		2,845,000		2,664,525
Exeter Automobile Receivables Trust 2023-2, Ser 2023-2A, Cl D
6.320%, 08/15/29		3,142,000		3,063,691
Exeter Automobile Receivables Trust, Ser 2020-1A, Cl E
3.740%, 01/15/27 (B)		575,000		555,056
Exeter Automobile Receivables Trust, Ser 2020-3A, Cl E
3.440%, 08/17/26 (B)		2,120,000		2,040,317
Exeter Automobile Receivables Trust, Ser 2021-2A, Cl D
1.400%, 04/15/27		1,350,000		1,255,756
Exeter Automobile Receivables Trust, Ser 2022-2A, Cl D
4.560%, 07/17/28		500,000		475,726

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

OCTOBER 31, 2023



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Exeter Automobile Receivables Trust, Ser 2022-3A, Cl D
6.760%, 09/15/28	$	2,070,000	$	2,032,537
Exeter Automobile Receivables Trust, Ser 2022-4A, Cl D
5.980%, 12/15/28		505,000		490,569
Exeter Automobile Receivables Trust, Ser 2022-5A, Cl D
7.400%, 02/15/29		3,430,000		3,426,222
Exeter Automobile Receivables Trust, Ser 2022-6A, Cl D
8.030%, 04/06/29		3,950,000		4,017,051
Exeter Automobile Receivables Trust, Ser 2023-1A, Cl D
6.690%, 06/15/29		1,680,000		1,654,656
Flagship Credit Auto Trust 2023- 3, Ser 2023-3, Cl D
6.580%, 08/15/29 (B)		674,000		655,837
Flagship Credit Auto Trust, Ser 2022-1, Cl D
3.640%, 03/15/28 (B)		1,000,000		912,028
Flagship Credit Auto Trust, Ser 2022-2, Cl D
5.800%, 04/17/28 (B)		740,000		705,262
GLS Auto Receivables Issuer Trust 2023-2, Ser 2023-2A, Cl D
6.310%, 03/15/29 (B)		430,000		420,010
GLS Auto Receivables Issuer Trust, Ser 2020-2A, Cl D
7.480%, 04/15/27 (B)		2,000,000		2,004,111
GLS Auto Receivables Issuer Trust, Ser 2021-1A, Cl E
3.140%, 01/18/28 (B)		2,000,000		1,882,453
GLS Auto Receivables Issuer Trust, Ser 2021-2A, Cl D
1.420%, 04/15/27 (B)		1,700,000		1,581,753
GLS Auto Receivables Issuer Trust, Ser 2022-1A, Cl D
3.970%, 01/18/28 (B)		4,080,000		3,837,562
GLS Auto Receivables Issuer Trust, Ser 2022-2A, Cl D
6.150%, 04/17/28 (B)		1,000,000		975,866
GLS Auto Receivables Issuer Trust, Ser 2022-3A, Cl D
6.420%, 06/15/28 (B)		500,000		489,893
Hertz Vehicle Financing, Ser 2021-1A, Cl B
1.560%, 12/26/25 (B)		1,500,000		1,427,358
Santander Drive Auto Receivables Trust, Ser 2021- 1, Cl D
1.130%, 11/16/26		800,000		774,835



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Santander Drive Auto Receivables Trust, Ser 2022- 4, Cl C
5.000%, 11/15/29	$	2,500,000	$	2,417,573
Santander Drive Auto Receivables Trust, Ser 2022- 7, Cl C
6.690%, 03/17/31		930,000		932,113
Tesla Auto Lease Trust, Ser 2021-A, Cl B
1.020%, 03/20/25 (B)		700,806		698,755
Tesla Auto Lease Trust, Ser 2023-A, Cl A2
5.860%, 08/20/25 (B)		1,000,000		998,381
Tesla Auto Lease Trust, Ser 2023-A, Cl A3
5.890%, 06/22/26 (B)		1,000,000		995,168
Westlake Automobile Receivables Trust 2021-1, Ser 2021-1A, Cl E
2.330%, 08/17/26 (B)		1,716,000		1,625,300
Westlake Automobile Receivables Trust, Ser 2022- 2A, Cl D
5.480%, 09/15/27 (B)		1,255,000		1,224,089
				67,483,883
Other Asset-Backed Securities — 5.0%
Cajun Global, Ser 2021-1, Cl A2
3.931%, 11/20/51 (B)		1,460,625		1,272,942
CLI Funding VI, Ser 2020-1A, Cl A
2.080%, 09/18/45 (B)		1,367,500		1,178,419
Commonbond Student Loan Trust, Ser 2021-AGS, Cl B
1.400%, 03/25/52 (B)		539,272		399,148
Frontier Issuer, Ser 2023-1, Cl A2
6.600%, 08/20/53 (B)		1,000,000		949,108
Frontier Issuer, Ser 2023-1, Cl C
11.500%, 08/20/53 (B)		1,000,000		952,803
GoodLeap Sustainable Home Solutions Trust, Ser 2022-3CS, Cl B
5.500%, 07/20/49 (B)		500,000		412,900
GoodLeap Sustainable Home Solutions Trust, Ser 2022-4CS, Cl B
5.550%, 11/20/54 (B)		500,000		422,324
Guggenheim MM CLO, Ser 2021-3A, Cl A
7.224%, TSFR3M + 1.812%, 01/21/34 (A)(B)		2,000,000		1,950,130

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

OCTOBER 31, 2023



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Hardee’s Funding, Ser 2021-1A, Cl A2
2.865%, 06/20/51 (B)	$	1,344,063	$	1,050,151
Home Equity Loan Trust, Ser 2006-HSA2, Cl AI3
4.574%, 03/25/36 (A)		40,889		1,493
Jersey Mike’s Funding, Ser 2019-1A, Cl A2
4.433%, 02/15/50 (B)		1,637,625		1,498,132
Katayma CLO I, Ser 2023-1A, Cl A1
7.373%, TSFR3M + 2.000%, 10/20/36 (A)(B)		2,880,000		2,880,000
ME Funding, Ser 2019-1, Cl A2
6.448%, 07/30/49 (B)		1,464,000		1,430,142
Mosaic Solar Loan Trust, Ser 2022-1A, Cl B
3.160%, 01/20/53 (B)		1,218,139		938,152
Mosaic Solar Loan Trust, Ser 2023-2A, Cl C
8.180%, 09/22/53 (B)		1,000,000		922,484
Octane Receivables Trust 2023- 2, Ser 2023-2A, Cl D
7.380%, 06/20/31 (B)		1,720,000		1,693,806
Octane Receivables Trust 2023- 3, Ser 2023-3A, Cl D
7.580%, 09/20/29 (B)		1,000,000		997,799
Octane Receivables Trust, Ser 2021-2A, Cl A
1.210%, 09/20/28 (B)		301,702		292,150
Oportun Issuance Trust, Ser 2022-3, Cl A
7.451%, 01/08/30 (B)		591,921		591,805
ServiceMaster Funding, Ser 2020-1, Cl A2I
2.841%, 01/30/51 (B)		947,960		779,749
SERVPRO Master Issuer, Ser 2019-1A, Cl A2
3.882%, 10/25/49 (B)		1,728,000		1,570,766
Sunnova Helios XI Issuer, Ser 2023-A, Cl A
5.300%, 05/20/50 (B)		977,635		925,598
Sunnova Helios XII Issuer, Ser 2023-B, Cl A
5.300%, 08/22/50 (B)		982,679		929,765
Vivint Solar Financing V, Ser 2018-1A, Cl B
7.370%, 04/30/48 (B)		253,246		232,283



ASSET-BACKED SECURITIES — continued

	Face Amount		Value
Westgate Resorts 2023-1, Ser 2023-1A, Cl C
7.490%, 12/20/37 (B)	$	1,914,677	$	1,875,064
				26,147,113
Total Asset-Backed Securities

(Cost $96,283,568)				93,630,996


MUNICIPAL BONDS — 1.6%

Alaska — 0.1%
City of Port Lions Alaska, RB
7.000%, 10/01/32	$	465,000	$	460,148

California — 0.4%
California Community Choice Financing Authority, RB
5.950%, 08/01/29		825,000		817,157
City of Los Angeles Department of Airports Customer Facility Charge Revenue, RB
3.258%, 05/15/30		1,000,000		873,946
				1,691,103

Florida — 0.2%
Florida Development Finance, RB
8.000%, 07/01/57 (A)(B)		1,000,000		1,006,953

Hawaii — 0.2%
State of Hawaii Department of Business Economic Development & Tourism, Ser A-2, RB
3.242%, 01/01/31		990,831		929,740

Illinois — 0.3%
Chicago Housing Authority, Ser B, RB
3.822%, 01/01/26		500,000		480,202
Village of Deerfield Illinois, Ser B, GO
4.000%, 12/01/28		1,250,000		1,205,985
				1,686,187

Indiana — 0.0%
City of Fort Wayne Indiana, RB
10.750%, 12/01/29		234,358		23

Montana — 0.0%
County of Gallatin Montana, RB
11.500%, 09/01/27 (B)		250,000		259,736

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

OCTOBER 31, 2023



MUNICIPAL BONDS — continued

	Face Amount		Value
New Hampshire — 0.2%
New Hampshire Business Finance Authority, RB
5.470%, 07/01/33 (A)(B)	$	850,000	$	850,000

New York — 0.2%
New York State Energy Research & Development Authority, Ser A, RB
4.621%, 04/01/27		820,000		783,294
4.480%, 04/01/25		500,000		488,590
				1,271,884

South Dakota — 0.0%
South Dakota Housing Development Authority, Ser E, RB
5.460%, 05/01/53		240,000		233,356

Total Municipal Bonds

(Cost $8,799,571)				8,389,130


SOVEREIGN DEBT — 1.0%

CANADA — 0.3%
CDP Financial MTN
1.000%, 05/26/26(B)	$	1,000,000	$	897,078
Hydro-Quebec
8.050%, 07/07/24		500,000		506,602

				1,403,680

FRANCE — 0.4%
Caisse d’Amortissement de la Dette Sociale
3.000%, 05/17/25(B)		1,000,000		963,750
0.375%, 05/27/24(B)		1,000,000		970,256

				1,934,006

JAPAN — 0.2%
Japan Bank for International Cooperation
4.375%, 10/05/27		1,000,000		971,869



SOVEREIGN DEBT — continued

	Face Amount		Value
NETHERLANDS — 0.1%
Nederlandse Waterschapsbank
1.000%, 05/28/30(B)	$	1,000,000	$	770,457

Total Sovereign Debt

(Cost $5,278,221)				5,080,012


BANK LOAN OBLIGATION — 0.4%

ECOLOGICAL SERVICES & EQUIPMENT — 0.4%
Terraform Power Operating Specified Refinancing Term Loan
7.842%, CME Term SOFR + 2.500%, 05/21/29(A)	$	2,280,151		2,260,199

Total Bank Loan Obligation

(Cost $2,274,849)				2,260,199


U.S. GOVERNMENT AGENCY OBLIGATION — 0.0%

United States International Development Finance
1.790%, 10/15/29	$	284,302	$	253,198

Total U.S. Government Agency Obligation				253,198

(Cost $267,729)

Total Investments in Securities— 97.6%

(Cost $534,059,971)				$512,918,777

Percentages are based on Net Assets of $525,380,973.

A list of the open futures contracts held by the Fund at October 31, 2023, is as follows:


Type of Contract	Number of Contracts			Notional Amount		Value		Unrealized Appreciation/

Long Contracts
U.S. 5-Year Treasury Note		904	Dec-2023	$	96,017,776	$	94,446,813	$	(1,570,964	)

‡	Real Estate Investment Trust.

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

CATHOLIC RESPONSIBLE INVESTMENTS OPPORTUNISTIC BOND FUND

OCTOBER 31, 2023

(A)

(B)

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

(D)	Zero coupon security.

Cl — Class

CLO — Collateralized Loan Obligation

CME — Chicago Mercantile Exchange

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

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

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

ICE — Intercontinental Exchange

MTN — Medium Term Note

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

SOFRRATE — Secured Overnight Financing Rate

SOFRINDX — Secured Overnight Financing Rate Index

TSFR1M — Term Secured Overnight Financing Rate 1 Month

TSFR3M — Term Secured Overnight Financing Rate 3 Month

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

The following is a summary of the inputs used as of October 31, 2023, in valuing the Fund’s other financial instruments carried at market value:


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*

Unrealized Depreciation	$	(1,570,964	)	$	–	$	–	$	(1,570,964)

Total Other Financial Instruments	$	(1,570,964)		$	–	$	–	$	(1,570,964)

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

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

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

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

OCTOBER 31, 2023

SECTOR WEIGHTINGS (unaudited)^†

LOGO

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


SCHEDULE OF INVESTMENTS
COMMON STOCK — 99.6%

	Shares		Value
COMMUNICATION SERVICES — 9.0%
Alphabet, Cl A *		514,582	$	63,849,335
Alphabet, Cl C *		437,726		54,847,068
AT&T		665,221		10,244,403
Charter Communications, Cl A *		8,827		3,555,516
Comcast, Cl A		357,005		14,740,736
Electronic Arts		21,382		2,646,878
Fox, Cl A		21,986		668,155
Fox, Cl B		11,442		319,346
Interpublic Group of		33,379		947,964
Match Group *		24,104		833,998
Meta Platforms, Cl A *		192,769		58,075,517
Netflix *		38,435		15,823,305
News, Cl A		33,032		683,102
News, Cl B		10,037		215,193
Omnicom Group		17,090		1,280,212
Paramount Global, Cl B		41,780		454,566
Take-Two Interactive Software *		13,699		1,832,241
T-Mobile US		69,273		9,965,614
Verizon Communications		553,495		19,444,279
Walt Disney *		158,695		12,947,925
Warner Bros Discovery *		192,327		1,911,730
				275,287,083

CONSUMER DISCRETIONARY — 10.3%
Airbnb, Cl A *		36,979		4,374,246
Amazon.com *		788,843		104,987,115
Aptiv *		24,537		2,139,626
AutoZone *		1,575		3,901,480
Bath & Body Works		19,827		587,870
Best Buy		16,795		1,122,242
Booking Holdings *		3,096		8,636,478
BorgWarner		20,342		750,620
CarMax *		13,761		840,659
Carnival *		87,322		1,000,710


COMMON STOCK — continued

	Shares		Value

CONSUMER DISCRETIONARY— continued
Chipotle Mexican Grill, Cl A *		2,393	$	4,647,685
Darden Restaurants		10,484		1,525,736
Domino’s Pizza		3,044		1,031,885
DR Horton		26,407		2,756,891
eBay		46,175		1,811,445
Etsy *		10,707		667,046
Expedia Group *		11,961		1,139,764
Ford Motor		341,017		3,324,916
Garmin		13,284		1,362,008
General Motors		119,316		3,364,711
Genuine Parts		12,181		1,569,644
Hasbro		11,285		509,518
Hilton Worldwide Holdings		22,682		3,437,003
Home Depot		87,881		25,018,842
Lennar, Cl A		21,902		2,336,505
LKQ		23,220		1,019,822
Lowe’s		50,823		9,685,339
Lululemon Athletica *		10,029		3,946,211
Marriott International, Cl A		21,728		4,097,032
McDonald’s		63,207		16,570,979
Mohawk Industries *		4,619		371,275
NIKE, Cl B		106,253		10,919,621
Norwegian Cruise Line Holdings *		36,871		501,446
NVR *		283		1,531,771
O’Reilly Automotive *		5,239		4,874,575
Pool		3,387		1,069,513
PulteGroup		19,061		1,402,699
Ralph Lauren, Cl A		3,503		394,193
Ross Stores		29,546		3,426,450
Starbucks		99,325		9,161,738
Tapestry		20,110		554,232
Tesla *		239,500		48,101,180
TJX		99,698		8,780,403
Tractor Supply		9,437		1,817,189
Ulta Beauty *		4,319		1,646,878
VF		28,670		422,309
Whirlpool		4,755		497,183
Yum! Brands		24,303		2,937,261
				316,573,944

CONSUMER STAPLES — 7.3%
Archer-Daniels-Midland		46,449		3,324,355
Brown-Forman, Cl B		15,873		891,428
Bunge		13,066		1,384,735
Campbell Soup		17,087		690,486
Clorox		10,740		1,264,098
Coca-Cola		490,328		27,698,629
Colgate-Palmolive		71,660		5,383,099
Conagra Brands		41,410		1,132,978
Constellation Brands, Cl A		13,990		3,275,758
Costco Wholesale		43,697		24,139,971

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

CONSUMER STAPLES— continued
Dollar General		19,024	$	2,264,617
Dollar Tree *		18,159		2,017,283
Estee Lauder, Cl A		20,111		2,591,705
General Mills		50,760		3,311,582
Hershey		12,997		2,434,988
Hormel Foods		25,117		817,558
J M Smucker		8,856		1,008,167
Kellanova		22,894		1,155,460
Kenvue		149,481		2,780,347
Keurig Dr Pepper		87,300		2,647,809
Kimberly-Clark		29,332		3,509,281
Kraft Heinz		76,056		2,392,722
Kroger		57,242		2,597,069
Lamb Weston Holdings		12,632		1,134,354
McCormick		21,761		1,390,528
Molson Coors Beverage, Cl B		16,128		931,714
Mondelez International, Cl A		130,528		8,642,259
Monster Beverage *		64,508		3,296,359
PepsiCo		169,559		27,685,593
Procter & Gamble		239,449		35,924,533
Sysco		43,818		2,913,459
Target		40,032		4,435,145
Tyson Foods, Cl A		24,777		1,148,414
Walgreens Boots Alliance		62,137		1,309,848
Walmart		218,411		35,690,541
				223,216,872

ENERGY — 4.7%
APA		26,652		1,058,617
Baker Hughes, Cl A		87,531		3,012,817
Chevron		165,994		24,190,306
ConocoPhillips		103,861		12,338,687
Coterra Energy		65,739		1,807,823
Devon Energy		55,580		2,588,360
Diamondback Energy		15,509		2,486,403
EOG Resources		50,501		6,375,751
Equities		31,400		1,330,732
Exxon Mobil		394,596		41,767,987
Halliburton		77,913		3,065,097
Hess		23,968		3,460,979
Kinder Morgan		168,114		2,723,447
Marathon Oil		52,541		1,434,895
Marathon Petroleum		34,679		5,245,199
Occidental Petroleum		57,587		3,559,452
ONEOK		50,496		3,292,339
Phillips 66		38,621		4,405,497
Pioneer Natural Resources		20,221		4,832,819
Schlumberger		123,242		6,859,650
Targa Resources		19,400		1,622,034
Valero Energy		30,628		3,889,756
Williams		105,547		3,630,817
				144,979,464


COMMON STOCK — continued

	Shares		Value

FINANCIALS — 13.1%
Aflac		46,844	$	3,658,985
Allstate		22,687		2,906,885
American Express		50,461		7,368,820
American International Group		61,726		3,784,421
Ameriprise Financial		8,901		2,799,988
Aon, Cl A		17,595		5,443,893
Arch Capital Group *		32,300		2,799,764
Arthur J Gallagher		18,691		4,401,544
Assurant		4,599		684,791
Bank of America		599,569		15,792,647
Bank of New York Mellon		67,595		2,872,788
Berkshire Hathaway, Cl B *		188,982		64,505,226
BlackRock, Cl A		12,172		7,452,672
Blackstone		61,571		5,686,082
Brown & Brown		20,400		1,416,168
Capital One Financial		33,063		3,348,951
Cboe Global Markets		9,152		1,499,921
Charles Schwab		128,949		6,710,506
Chubb		35,624		7,645,623
Cincinnati Financial		13,565		1,352,024
Citigroup		166,981		6,594,080
Citizens Financial Group		40,949		959,435
CME Group, Cl A		31,202		6,660,379
Comerica		11,457		451,406
Discover Financial Services		21,690		1,780,315
Everest Group		3,765		1,489,509
Eversource Energy		30,269		1,628,170
FactSet Research Systems		3,309		1,429,124
Fidelity National Information Services		51,427		2,525,580
Fifth Third Bancorp		59,026		1,399,507
Fiserv *		52,873		6,014,304
FleetCor Technologies *		6,414		1,444,240
Franklin Resources		24,660		562,001
Global Payments		22,550		2,395,261
Globe Life		7,542		877,587
Goldman Sachs Group		28,593		8,681,121
Hartford Financial Services Group		26,549		1,950,024
Huntington Bancshares		125,551		1,211,567
Intercontinental Exchange		49,640		5,333,322
Invesco		38,886		504,351
Jack Henry & Associates		6,321		891,198
JPMorgan Chase		252,051		35,050,212
KeyCorp		81,167		829,527
Loews		16,043		1,026,912
M&T Bank		14,388		1,622,247
MarketAxess Holdings		3,268		698,535
Marsh & McLennan		42,842		8,124,985
Mastercard, Cl A		72,162		27,158,169
MetLife		54,829		3,290,288
Moody’s		13,687		4,215,596

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
Morgan Stanley		110,615	$	7,833,754
MSCI, Cl A		6,860		3,234,833
Nasdaq		29,417		1,459,083
Northern Trust		17,936		1,182,162
PayPal Holdings *		95,199		4,931,308
PNC Financial Services Group		34,542		3,954,023
Principal Financial Group		19,239		1,302,096
Progressive		50,767		8,025,755
Prudential Financial		31,482		2,878,714
Raymond James Financial		16,266		1,552,427
Regions Financial		81,380		1,182,451
S&P Global		28,223		9,858,576
State Street		27,676		1,788,700
Synchrony Financial		36,261		1,017,121
T Rowe Price Group		19,424		1,757,872
Travelers		19,857		3,324,856
Truist Financial		115,534		3,276,544
US Bancorp		135,038		4,305,011
Visa, Cl A		139,360		32,763,536
W R Berkley		17,645		1,189,626
Wells Fargo		317,335		12,620,413
Willis Towers Watson		9,092		2,144,712
Zions Bancorp		12,809		395,158
				400,909,382

HEALTH CARE — 11.1%
Align Technology *		6,173		1,139,474
Baxter International		68,800		2,231,184
Boston Scientific *		319,645		16,362,627
Cardinal Health		58,479		5,321,589
Cencora, Cl A		44,919		8,316,753
Cigna Group		54,685		16,908,602
CVS Health		234,699		16,196,578
DaVita *		18,474		1,426,747
DENTSPLY SIRONA		18,340		557,719
Dexcom *		33,673		2,991,173
Edwards Lifesciences *		106,334		6,775,602
Elevance Health		43,220		19,452,890
GE HealthCare Technologies		85,900		5,718,363
Gilead Sciences		370,800		29,122,632
Henry Schein *		36,450		2,368,521
Hologic *		82,351		5,449,166
Humana		22,746		11,911,853
IDEXX Laboratories *		10,161		4,059,015
Incyte *		214,658		11,576,506
Insulet *		7,368		976,776
Intuitive Surgical *		38,278		10,037,257
IQVIA Holdings *		101,753		18,399,995
Laboratory Corp of America Holdings		25,916		5,176,203
McKesson		33,017		15,034,621
Medtronic		259,690		18,323,726


COMMON STOCK — continued

	Shares		Value

HEALTH CARE— continued
Mettler-Toledo International *		14,356	$	14,143,531
Molina Healthcare *		13,645		4,543,103
Quest Diagnostics		30,510		3,969,351
ResMed		25,668		3,624,835
STERIS		19,287		4,049,884
Stryker		64,510		17,431,892
Teleflex		9,742		1,799,834
Waters *		49,460		11,797,694
West Pharmaceutical Services		36,083		11,484,858
Zimmer Biomet Holdings		52,282		5,458,764
Zoetis, Cl A		165,222		25,939,854
				340,079,172

INDUSTRIALS — 7.3%
3M		60,092		5,465,367
A O Smith		10,756		750,339
Alaska Air Group *		11,023		348,657
Allegion		7,585		746,061
American Airlines Group *		56,676		631,937
AMETEK		30,148		4,243,934
Automatic Data Processing		35,733		7,797,655
Axon Enterprise *		6,095		1,246,367
Broadridge Financial Solutions		10,245		1,748,207
Carrier Global		72,686		3,464,215
Caterpillar		49,783		11,253,447
Ceridian HCM Holding *		13,470		862,215
CH Robinson Worldwide		10,072		824,192
Cintas		7,501		3,803,907
Copart *		75,392		3,281,060
CSX		173,982		5,193,363
Cummins		14,544		3,145,867
Deere		33,998		12,421,509
Dover		12,132		1,576,553
Eaton		51,999		10,811,112
Emerson Electric		70,983		6,315,358
Equifax		10,644		1,804,903
Expeditors International of Washington		12,827		1,401,350
Fastenal		66,929		3,904,638
FedEx		20,069		4,818,567
Fortive		32,450		2,118,336
Generac Holdings *		5,435		456,920
General Electric		105,512		11,461,769
Howmet Aerospace		34,009		1,499,797
Hubbell, Cl B		4,652		1,256,505
IDEX		6,557		1,255,075
Illinois Tool Works		34,774		7,793,549
Ingersoll Rand		35,043		2,126,409
JB Hunt Transport Services		7,081		1,217,011
Johnson Controls International		64,624		3,167,868
Masco		19,491		1,015,286
Nordson		4,696		998,323

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

INDUSTRIALS— continued
Norfolk Southern		19,690	$	3,756,655
Old Dominion Freight Line		7,771		2,927,025
Otis Worldwide		58,300		4,501,343
PACCAR		65,100		5,372,703
Parker-Hannifin		13,104		4,834,197
Paychex		27,831		3,090,633
Paycom Software		4,272		1,046,512
Pentair		14,288		830,419
Quanta Services		12,593		2,104,542
Republic Services, Cl A		17,833		2,648,022
Robert Half		9,319		696,782
Rockwell Automation		9,962		2,618,113
Rollins		24,370		916,556
Snap-on		4,590		1,183,945
Southwest Airlines		51,671		1,148,646
Stanley Black & Decker		13,247		1,126,657
Trane Technologies		24,803		4,720,259
TransDigm Group *		7,222		5,980,466
Union Pacific		52,859		10,974,057
United Airlines Holdings *		28,438		995,614
United Parcel Service, Cl B		62,731		8,860,754
United Rentals		5,922		2,405,931
Veralto *		19,000		1,311,000
Verisk Analytics, Cl A		12,579		2,859,961
Waste Management		38,580		6,339,851
Westinghouse Air Brake Technologies		15,536		1,647,127
WW Grainger		3,860		2,817,144
Xylem		20,908		1,955,734
				221,898,276

INFORMATION TECHNOLOGY — 29.0%
Accenture, Cl A		54,710		16,253,794
Adobe *		39,533		21,033,928
Advanced Micro Devices *		140,117		13,801,524
Akamai Technologies *		13,183		1,362,199
Amphenol, Cl A		51,764		4,169,590
Analog Devices		48,705		7,662,758
ANSYS *		7,528		2,094,741
Apple		1,301,935		222,331,440
Applied Materials		72,833		9,639,448
Arista Networks *		21,749		4,357,847
Autodesk *		18,537		3,663,467
Broadcom		38,200		32,140,334
Cadence Design Systems *		23,573		5,653,984
CDW		11,626		2,329,850
Cisco Systems		353,450		18,425,348
Cognizant Technology Solutions, Cl A		43,801		2,823,850
Enphase Energy *		11,875		945,012
EPAM Systems *		5,027		1,093,724
F5 *		5,144		779,779


COMMON STOCK — continued

	Shares		Value

INFORMATION TECHNOLOGY— continued
Fair Isaac *		2,156	$	1,823,696
First Solar *		9,266		1,319,942
Fortinet *		56,515		3,230,963
Gartner *		6,837		2,270,157
Gen Digital		48,848		813,808
Hewlett Packard Enterprise		112,019		1,722,852
HP		75,223		1,980,622
Intel		373,566		13,635,159
International Business Machines		79,014		11,428,585
Intuit		24,290		12,022,336
Juniper Networks		27,899		751,041
Keysight Technologies *		15,470		1,888,114
KLA		11,858		5,569,703
Lam Research		11,561		6,800,411
Microchip Technology		47,228		3,366,884
Micron Technology		95,046		6,355,726
Microsoft		714,328		241,521,440
Monolithic Power Systems		4,144		1,830,571
Motorola Solutions		14,486		4,033,772
NetApp		18,315		1,332,966
NVIDIA		214,228		87,362,178
NXP Semiconductors		22,360		3,855,535
ON Semiconductor *		37,400		2,342,736
Oracle		136,540		14,118,236
Palo Alto Networks *		26,527		6,446,592
PTC *		10,307		1,447,309
Qorvo *		8,529		745,605
QUALCOMM		96,793		10,549,469
Roper Technologies		9,255		4,521,715
Salesforce *		84,477		16,965,516
Seagate Technology Holdings		16,713		1,140,662
ServiceNow *		17,693		10,294,672
Skyworks Solutions		13,807		1,197,619
SolarEdge Technologies *		4,924		373,978
Synopsys *		13,197		6,195,200
TE Connectivity		27,229		3,208,937
Teledyne Technologies *		4,083		1,529,451
Teradyne		13,348		1,111,488
Texas Instruments		104,502		14,840,329
Trimble *		21,500		1,013,295
Tyler Technologies *		3,650		1,361,085
VeriSign *		7,782		1,553,754
Western Digital *		27,747		1,114,042
Zebra Technologies, Cl A *		4,453		932,592
				888,483,360

MATERIALS — 2.7%
Air Products and Chemicals		19,728		5,571,976
Albemarle		10,178		1,290,367
Amcor		127,635		1,134,675
Avery Dennison		6,989		1,216,575
Ball		27,368		1,317,769

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

MATERIALS— continued
Celanese, Cl A		8,681	$	994,061
CF Industries Holdings		16,704		1,332,645
Corteva		72,239		3,477,586
Dow		61,028		2,950,094
DuPont de Nemours		39,865		2,905,361
Eastman Chemical		10,237		765,011
Ecolab		24,611		4,128,249
FMC		10,826		575,943
Freeport-McMoRan		124,351		4,200,577
International Flavors & Fragrances		22,144		1,513,542
International Paper		30,030		1,012,912
Linde		61,822		23,625,896
LyondellBasell Industries, Cl A .		22,262		2,008,923
Martin Marietta Materials		5,360		2,191,918
Mosaic		28,866		937,568
Newmont		68,915		2,582,245
Nucor		21,572		3,188,126
Packaging Corp of America		7,799		1,193,637
PPG Industries		20,427		2,507,823
Sealed Air		12,478		384,198
Sherwin-Williams		20,519		4,887,831
Steel Dynamics		13,532		1,441,293
Vulcan Materials		11,524		2,264,351
Westrock		22,241		799,119
				82,400,271

REAL ESTATE — 2.6%
Alexandria Real Estate Equities ‡		13,458		1,253,343
American Tower ‡		40,431		7,204,400
AvalonBay Communities ‡		12,317		2,041,420
Boston Properties ‡		12,472		668,125
Camden Property Trust ‡		9,229		783,357
CBRE Group, Cl A *		26,868		1,863,027
CoStar Group *		35,400		2,598,714
Crown Castle International ‡		37,595		3,495,583
Digital Realty Trust ‡		26,255		3,265,072
Equinix ‡		8,115		5,921,029
Equity Residential ‡		29,882		1,653,371
Essex Property Trust ‡		5,567		1,190,893
Extra Space Storage ‡		18,325		1,898,287
Federal Realty Investment Trust ‡		6,378		581,610
Host Hotels & Resorts ‡		61,691		954,977
Invitation Homes ‡		49,900		1,481,531
Iron Mountain ‡		25,360		1,498,015
Kimco Realty ‡		53,755		964,365
Mid-America Apartment Communities ‡		10,120		1,195,678
Prologis ‡		80,128		8,072,896
Public Storage ‡		32,767		7,821,810
Realty Income ‡		240,530		11,396,311
Regency Centers ‡		14,287		860,935


COMMON STOCK — continued

	Shares		Value

REAL ESTATE— continued
SBA Communications, Cl A ‡		9,400	$	1,961,122
Simon Property Group ‡		28,378		3,118,458
UDR ‡		26,283		836,062
Welltower ‡		45,012		3,763,453
Weyerhaeuser ‡		63,369		1,818,057
				80,161,901

UTILITIES — 2.5%
Alliant Energy		21,900		1,068,501
American Water Works		16,884		1,986,403
Atmos Energy		12,876		1,386,230
CenterPoint Energy		54,786		1,472,648
CMS Energy		25,337		1,376,813
Consolidated Edison		52,885		4,642,774
Constellation Energy		27,892		3,149,602
Dominion Energy		114,827		4,629,825
Edison International		33,287		2,099,078
Entergy		18,315		1,750,731
Exelon		146,013		5,685,746
FirstEnergy		44,757		1,593,349
NextEra Energy		290,028		16,908,632
NRG Energy		19,878		842,430
PG&E *		181,400		2,956,820
Pinnacle West Capital		9,804		727,261
Public Service Enterprise Group		101,046		6,229,486
Sempra		88,414		6,191,632
Southern		179,943		12,110,164
				76,808,125
Total Common Stock

(Cost $1,926,787,998)				3,050,797,850

RIGHTS — 0.0%

	Number of Rights

Abiomed* (A)(B)		5,594	$	—

Total Rights

(Cost $–)				—
Total Investments in Securities— 99.6%
(Cost $1,926,787,998)			$	3,050,797,850

Percentages are based on Net Assets of $3,062,966,502.

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

CATHOLIC RESPONSIBLE INVESTMENTS EQUITY INDEX FUND

OCTOBER 31, 2023

A list of the open futures contracts held by the Fund at October 31, 2023, is as follows:

Type of

Contract

Number of

Contracts

Notional

Amount

Value

Unrealized

Depreciation

Long Contracts

S&P 500 Index E-MINI

Dec-2023

$12,288,213

$12,215,525

$(72,688

)

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)	Level 3 security in accordance with fair value hierarchy.

(B)	Expiration date not available.

Cl — Class

The following is a summary of the inputs used as of October 31, 2023, in valuing the Fund’s investments carried at market value:


Investments in Securities	Level 1		Level 2		Level 3^		Total

Common Stock	$	3,050,797,850	$	—	$	—	$	3,050,797,850
Rights		—		—		—#		—


Total Investments in Securities	$	3,050,797,850	$	—	$	—	$	3,050,797,850


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Depreciation	$	(72,688)	$	–	$	–	$	(72,688)

Total Other Financial Instruments	$	(72,688)	$	–	$	–	$	(72,688)

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

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

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

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

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

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

OCTOBER 31, 2023

SECTOR WEIGHTINGS (unaudited)^†

LOGO

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



SCHEDULE OF INVESTMENTS
COMMON STOCK — 98.8%

	Shares		Value

COMMUNICATION SERVICES — 3.0%
AMC Networks, Cl A *		14,336	$	169,165
ATN International		5,516		170,720
Cargurus, Cl A *		40,311		694,559
Cars.com *		28,563		435,015
Cinemark Holdings *		51,009		841,138
Cogent Communications Holdings		20,060		1,303,499
Consolidated Communications Holdings *		38,719		161,458
DISH Network, Cl A *		113,075		554,068
EW Scripps, Cl A *		26,900		147,143
Gogo *		29,958		314,559
John Wiley & Sons, Cl A		19,848		600,799
Lumen Technologies		471,089		687,790
Madison Square Garden Sports *		7,644		1,285,262
Marcus (A)		11,267		175,089
QuinStreet *		26,068		294,829
Scholastic		12,851		474,202
Shenandoah Telecommunications		24,432		578,061
Shutterstock		11,119		452,321
TechTarget *		11,708		294,807
Telephone and Data Systems		45,985		836,467
Thryv Holdings *		14,377		250,591
TripAdvisor *		50,207		741,055
Yelp, Cl A *		31,789		1,341,178
				12,803,775

CONSUMER DISCRETIONARY — 13.7%
Abercrombie & Fitch, Cl A *		23,471		1,427,506
Academy Sports & Outdoors		34,838		1,562,136
Adtalem Global Education *		19,488		1,009,478
Advance Auto Parts		27,086		1,409,285



COMMON STOCK — continued

	Shares		Value

CONSUMER DISCRETIONARY— continued
American Axle & Manufacturing Holdings *		53,173	$	358,918
American Eagle Outfitters		85,575		1,494,995
America’s Car-Mart *		2,840		190,223
Asbury Automotive Group *		9,375		1,794,094
BJ’s Restaurants *		11,853		304,859
Bloomin’ Brands		41,292		963,755
Boot Barn Holdings *		13,864		963,548
Brinker International *		21,242		720,529
Buckle		13,538		457,178
Caleres		15,609		399,278
Cavco Industries *		4,043		1,008,769
Century Communities		14,504		891,996
Cheesecake Factory		22,798		708,334
Chico’s FAS *		56,516		422,740
Chuy’s Holdings *		9,196		309,537
Cracker Barrel Old Country Store		10,508		697,311
Dana		59,056		677,963
Dave & Buster’s Entertainment *		16,548		578,187
Designer Brands, Cl A		22,543		227,910
Dine Brands Global		7,301		359,866
Dorman Products *		12,913		802,930
Ethan Allen Interiors		13,593		356,952
Foot Locker		37,234		781,542
Frontdoor *		38,253		1,106,659
Gentherm *		15,033		604,627
G-III Apparel Group *		21,783		556,556
Green Brick Partners *		13,463		521,018
Group 1 Automotive		6,403		1,615,669
Guess?		12,498		268,707
Hanesbrands		180,860		757,803
Haverty Furniture		6,149		160,181
Hibbett		5,835		268,818
Installed Building Products		11,706		1,307,209
iRobot *		14,541		478,835
Jack in the Box		9,471		598,378
Kohl’s		50,965		1,149,261
Kontoor Brands		25,978		1,206,678
La-Z-Boy, Cl Z		22,546		659,245
LCI Industries		11,539		1,251,866
Leslie’s *		84,017		415,044
LGI Homes *		10,260		969,673
M *		14,199		1,165,312
MarineMax *		9,160		250,801
MDC Holdings		29,761		1,129,430
Meritage Homes		17,715		2,019,864
Mister Car Wash *		46,283		240,672
Monro		14,292		354,727
Movado Group		9,026		251,464
National Vision Holdings *		36,235		563,092
ODP *		15,431		693,161

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

CONSUMER DISCRETIONARY— continued
Oxford Industries		7,866	$	663,890
Papa John’s International		15,472		1,005,989
Patrick Industries		9,514		714,977
Perdoceo Education		30,605		553,644
Phinia		21,498		556,368
Sabre *		160,642		562,247
Sally Beauty Holdings *		48,978		416,313
Shake Shack, Cl A *		17,919		1,004,181
Shoe Carnival		8,178		187,113
Signet Jewelers		20,691		1,444,853
Six Flags Entertainment *		34,170		679,983
Sleep Number *		10,240		166,605
Sonic Automotive, Cl A		7,523		359,976
Sonos *		65,412		705,141
Standard Motor Products		8,553		298,756
Steven Madden		36,644		1,201,557
Strategic Education		10,350		851,909
Stride *		18,965		1,042,696
Tri Pointe Homes *		49,145		1,231,574
Upbound Group, Cl A		21,701		565,528
Urban Outfitters *		25,848		894,858
Victoria’s Secret *		35,503		634,794
Winnebago Industries		13,766		797,740
Wolverine World Wide		43,195		347,720
XPEL *		9,700		449,110
				58,782,091

CONSUMER STAPLES — 5.1%
Andersons		15,170		760,472
B&G Foods (A)		35,678		287,921
Calavo Growers		9,493		240,553
Cal-Maine Foods		18,522		839,232
Central Garden & Pet *		4,616		201,396
Central Garden & Pet, Cl A *		18,971		752,959
Chefs’ Warehouse *		18,029		343,092
Edgewell Personal Care		23,437		817,951
elf Beauty *		25,543		2,366,048
Energizer Holdings		32,400		1,023,192
Fresh Del Monte Produce		15,395		384,875
Hain Celestial Group *		44,553		492,311
Hostess Brands, Cl A *		62,445		2,085,663
Inter Parfums		8,529		1,084,121
J & J Snack Foods		7,451		1,166,901
John B Sanfilippo & Son		4,556		465,897
Medifast		4,944		341,927
MGP Ingredients		7,672		726,232
National Beverage *		11,362		526,970
Nu Skin Enterprises, Cl A		22,949		435,802
PriceSmart		12,480		779,875
Simply Good Foods *		42,973		1,602,463
SpartanNash		16,433		369,578
Tootsie Roll Industries		9,100		283,101



COMMON STOCK — continued

	Shares		Value

CONSUMER STAPLES— continued
TreeHouse Foods *		24,354	$	1,015,318
United Natural Foods *		27,730		404,303
USANA Health Sciences *		5,360		244,148
WD-40		6,361		1,344,715
WK Kellogg		30,000		300,600
				21,687,616

ENERGY — 5.3%
Archrock		76,783		972,841
Bristow Group *		13,525		353,543
California Resources		32,452		1,706,651
Callon Petroleum *		27,405		1,023,577
Comstock Resources		46,172		581,767
Core Laboratories		25,921		555,228
CVR Energy		15,604		511,031
Dorian LPG		19,251		615,454
Dril-Quip *		17,914		388,017
Green Plains *		30,520		896,678
Helix Energy Solutions Group *		71,835		703,983
Helmerich & Payne		47,542		1,881,237
Liberty Energy, Cl A		76,347		1,504,036
Nabors Industries *		4,623		451,390
Northern Oil and Gas		45,466		1,743,166
Oil States International *		35,743		259,494
Par Pacific Holdings *		29,612		971,866
Patterson-UTI Energy		151,220		1,920,491
ProPetro Holding *		45,776		479,732
REX American Resources *		9,813		372,992
RPC		45,741		380,565
SM Energy		56,489		2,277,636
Talos Energy *		49,335		764,693
US Silica Holdings *		39,525		477,067
Vital Energy *		8,811		440,902
World Kinect		30,469		563,677
				22,797,714

FINANCIALS — 18.2%
Ambac Financial Group *		21,081		255,713
American Equity Investment Life Holding		28,790		1,524,718
Ameris Bancorp		29,614		1,104,602
AMERISAFE		8,816		449,352
Apollo Commercial Real Estate Finance ‡		59,236		589,991
Arbor Realty Trust ‡,(A)		84,982		1,071,623
ARMOUR Residential REIT ‡,(A)		20,248		295,010
Artisan Partners Asset Management, Cl A		31,868		1,051,644
Assured Guaranty		25,355		1,582,152
Atlantic Union Bankshares		34,177		984,639
Avantax *		17,277		445,919
Axos Financial *		23,904		861,261
B Riley Financial (A)		8,109		293,627

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
Banc of California		23,988	$	268,905
BancFirst		6,600		535,326
Bancorp *		24,734		881,767
Bank of Hawaii (A)		18,103		894,107
BankUnited		33,908		739,533
Banner		15,650		660,586
Berkshire Hills Bancorp		19,997		392,141
Blackstone Mortgage Trust, Cl A ‡,(A)		78,516		1,566,394
Bread Financial Holdings		22,885		618,582
Brightsphere Investment Group		14,821		232,097
Brookline Bancorp		40,260		327,716
Capitol Federal Financial		57,980		301,496
Cathay General Bancorp		33,052		1,120,793
Central Pacific Financial		12,379		195,341
City Holding		6,836		620,572
Community Bank System		24,390		974,380
Customers Bancorp *		12,804		514,849
CVB Financial		60,319		942,183
Dime Community Bancshares		15,997		294,185
Donnelley Financial Solutions *		11,724		638,137
Eagle Bancorp		13,691		266,701
Ellington Financial ‡,(A)		30,896		371,679
Employers Holdings		11,856		450,528
Encore Capital Group *		10,815		407,509
Enova International *		14,029		559,477
EVERTEC		29,450		935,921
EZCORP, Cl A *		23,852		195,586
FB Financial		15,962		468,804
First BanCorp Puerto Rico		81,243		1,084,594
First Bancorp Southern Pines		18,700		542,674
First Commonwealth Financial		46,634		568,002
First Financial Bancorp		43,345		801,883
First Hawaiian		58,147		1,042,576
Franklin BSP Realty Trust ‡		37,408		471,715
Fulton Financial		74,742		970,899
Genworth Financial, Cl A *		211,010		1,263,950
Goosehead Insurance, Cl A *		11,549		749,184
Green Dot, Cl A *		20,606		230,375
Hanmi Financial		13,956		204,874
Hannon Armstrong Sustainable Infrastructure Capital ‡		49,227		843,751
HCI Group		3,348		197,432
Heritage Financial		16,044		261,036
Hilltop Holdings		21,051		581,429
Hope Bancorp		54,603		478,322
Horace Mann Educators		18,848		598,047
Independent Bank		20,111		981,417
Independent Bank Group		16,367		578,573
Invesco Mortgage Capital ‡		22,027		150,444
Jackson Financial, Cl A		33,542		1,231,327
James River Group Holdings		17,222		236,803



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
KKR Real Estate Finance Trust ‡		27,394	$	285,993
Lakeland Financial		11,579		570,266
Lincoln National		77,857		1,694,947
Mercury General		13,332		411,692
Moelis, Cl A		31,195		1,298,960
Mr Cooper Group *		30,461		1,721,960
National Bank Holdings, Cl A		17,167		535,267
Navient		39,895		634,729
NBT Bancorp		21,521		720,308
NCR Atleos *		31,223		688,779
New York Mortgage Trust ‡		43,434		338,351
NMI Holdings, Cl A *		37,492		1,025,406
Northfield Bancorp		18,123		155,858
Northwest Bancshares		57,889		603,203
OFG Bancorp		21,475		636,090
Pacific Premier Bancorp		43,698		830,262
PacWest Bancorp (A)		53,887		381,520
Palomar Holdings *		11,656		583,732
Park National		6,549		664,003
Pathward Financial		11,940		540,763
Payoneer Global *		122,109		707,011
PennyMac Mortgage Investment Trust ‡		39,475		499,359
Piper Sandler		6,982		976,433
PRA Group *		18,148		223,402
Preferred Bank		5,939		353,786
ProAssurance		24,261		412,437
PROG Holdings *		21,683		593,897
Provident Financial Services		34,384		483,095
Radian Group		71,733		1,817,714
Ready Capital ‡		71,994		678,903
Redwood Trust ‡		55,496		348,515
Renasant		25,580		623,896
S&T Bancorp		17,396		448,121
Safety Insurance Group		6,728		505,744
Seacoast Banking Corp of Florida		38,770		783,542
ServisFirst Bancshares		22,319		1,052,564
Simmons First National, Cl A		57,533		817,544
SiriusPoint *		41,712		410,863
Southside Bancshares		13,173		351,719
Stellar Bancorp		21,335		463,821
Stewart Information Services		12,450		543,692
StoneX Group *		8,149		776,763
Tompkins Financial		5,720		286,458
Triumph Financial *		9,863		613,972
Trupanion *,(A)		17,263		355,618
TrustCo Bank NY		8,709		222,341
Trustmark		27,818		559,420
Two Harbors Investment ‡		43,797		508,477
United Community Banks		54,157		1,196,328
United Fire Group		10,478		211,027

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

OCTOBER 31, 2023



COMMON STOCK — continued

	Shares		Value

FINANCIALS— continued
Veritex Holdings		24,672	$	424,852
Virtus Investment Partners		3,107		572,403
WaFd		29,495		727,937
Walker & Dunlop		15,226		986,645
Westamerica BanCorp		12,130		573,021
WisdomTree		51,872		321,606
World Acceptance *		1,688		166,471
WSFS Financial		27,821		984,863
				77,861,202

HEALTH CARE — 9.6%
AdaptHealth, Cl A *		39,624		290,444
Addus HomeCare *		7,958		627,886
Agiliti *		20,432		115,032
AMN Healthcare Services *		17,873		1,355,846
Apollo Medical Holdings *		20,395		636,528
Arcus Biosciences *		27,940		438,937
Artivion *		21,105		268,878
Avanos Medical *		22,565		414,293
Catalyst Pharmaceuticals *		52,584		652,567
Certara *		51,673		629,894
Collegium Pharmaceutical *		21,748		473,237
CONMED		14,836		1,445,917
CorVel *		4,611		894,257
Cross Country Healthcare *		16,483		381,746
Cytek Biosciences *		57,857		243,578
Cytokinetics *		47,724		1,663,659
Embecta		28,168		425,900
Enhabit *		26,022		191,782
Ensign Group		26,610		2,570,526
Fortrea Holdings *		43,322		1,230,345
Fulgent Genetics *		10,464		250,508
Glaukos *		23,252		1,585,786
Harmony Biosciences Holdings *		18,701		440,222
HealthStream		12,984		329,794
Innoviva *		43,467		539,425
Integer Holdings *		16,061		1,303,671
Ironwood Pharmaceuticals, Cl A *		77,796		697,830
LeMaitre Vascular		10,200		495,516
Ligand Pharmaceuticals *		9,699		507,161
Merit Medical Systems *		27,406		1,883,888
Mesa Laboratories		3,200		300,256
ModivCare *		6,552		276,757
Myriad Genetics *		42,320		659,346
NeoGenomics *		61,500		862,230
NextGen Healthcare *		27,373		654,762
OmniAB *(B)		3,296		—
OmniAB *(B)		3,296		—
Omnicell *		21,642		769,157
OraSure Technologies *		37,794		195,017
Orthofix Medical *		19,553		215,865



COMMON STOCK — continued

	Shares		Value

HEALTH CARE— continued
Owens & Minor *		37,419	$	536,214
Pacira BioSciences *		25,160		711,022
Phibro Animal Health, Cl A		17,244		188,304
Premier, Cl A		55,701		1,070,573
Prestige Consumer Healthcare *		25,379		1,506,497
Privia Health Group *		48,793		1,025,629
RadNet *		30,608		825,192
Schrodinger *		26,315		571,036
Select Medical Holdings		49,963		1,135,659
Simulations Plus		8,291		292,424
STAAR Surgical *		23,090		965,624
Supernus Pharmaceuticals *		30,437		725,922
Tandem Diabetes Care *		31,500		544,950
UFP Technologies *		3,661		570,823
US Physical Therapy		7,446		626,283
Varex Imaging *		20,415		368,491
Veradigm *		52,259		689,296
Vericel *		25,597		900,502
Vir Biotechnology *		44,872		355,835
Xencor *		32,622		565,992
				41,094,711

INDUSTRIALS — 17.1%
AAON		32,505		1,770,872
AAR *		16,500		979,440
ABM Industries		30,140		1,185,708
Alamo Group		5,101		817,690
Albany International, Cl A		15,161		1,237,289
Allegiant Travel		6,885		458,679
American Woodmark *		8,163		548,798
Apogee Enterprises		11,059		474,652
Applied Industrial Technologies		18,412		2,826,426
ArcBest		11,024		1,200,293
Arcosa		22,999		1,588,541
Astec Industries		11,415		457,057
AZZ		12,446		588,322
Barnes Group		24,647		512,411
Boise Cascade		18,677		1,750,969
Brady, Cl A		21,273		1,094,709
Comfort Systems USA		16,941		3,080,721
CoreCivic *		51,740		657,098
CSG Systems International		14,452		677,221
Deluxe		20,489		349,338
DXP Enterprises *		7,441		242,577
Dycom Industries *		14,038		1,195,757
Encore Wire		7,863		1,406,140
Enerpac Tool Group, Cl A		28,272		800,098
EnPro Industries		10,145		1,126,704
Enviri *		40,643		233,291
ESCO Technologies		12,521		1,217,292
Federal Signal		29,435		1,708,407
Forrester Research *		6,053		140,430

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

INDUSTRIALS— continued
Forward Air		11,709	$	754,177
Franklin Electric		19,105		1,656,786
GEO Group *		57,728		504,543
Gibraltar Industries *		14,886		905,962
GMS *		19,633		1,148,138
Granite Construction		21,759		880,804
Greenbrier		15,009		519,161
Griffon		20,029		799,958
Hayward Holdings *		61,827		649,183
Healthcare Services Group		35,435		336,632
Heartland Express		20,983		244,662
Heidrick & Struggles International		9,159		222,930
Hillenbrand		33,664		1,280,242
HNI		21,903		759,815
Hub Group, Cl A *		14,315		984,156
Insteel Industries		10,067		280,970
Interface, Cl A		29,161		259,241
JetBlue Airways *		151,849		570,952
John Bean Technologies		15,389		1,600,764
Kelly Services, Cl A		14,877		265,554
Kennametal		38,700		894,357
Korn Ferry		24,552		1,117,607
Lindsay		5,423		677,441
Liquidity Services *		11,847		228,292
Marten Transport		26,272		461,862
Masterbrand *		61,200		679,932
Matson		16,080		1,399,764
Matthews International, Cl A		15,417		546,378
Mercury Systems *		24,815		892,844
MillerKnoll		35,602		836,647
Mueller Industries		53,050		2,000,516
MYR Group *		8,266		957,451
NOW *		51,948		572,467
NV5 Global *		6,087		574,308
OPENLANE *		52,506		705,156
PGT Innovations *		28,644		857,601
Pitney Bowes		88,686		286,456
Powell Industries		4,725		362,171
Proto Labs *		13,697		323,386
Quanex Building Products		16,665		447,455
Resideo Technologies *		69,267		1,002,986
Resources Connection		14,644		197,255
RXO *		54,086		947,046
SkyWest *		19,681		829,948
SPX Technologies *		21,890		1,753,827
Standex International		5,957		855,246
Sun Country Airlines Holdings *		18,462		240,375
SunPower, Cl A *,(A)		43,919		187,534
Tennant		9,367		695,219
Titan International *		25,470		289,339
Trinity Industries		39,634		825,576


COMMON STOCK — continued

	Shares		Value

INDUSTRIALS— continued
Triumph Group *		39,114	$	291,790
TrueBlue *		14,372		159,098
TTEC Holdings		9,330		192,011
UniFirst		7,001		1,151,174
Veritiv		6,499		1,100,996
Verra Mobility, Cl A *		80,440		1,590,299
Viad *		10,645		257,928
Vicor *		10,886		421,724
Wabash National		22,879		473,367
				73,236,389

INFORMATION TECHNOLOGY — 12.0%
A10 Networks		34,428		374,232
Adeia		51,692		435,764
ADTRAN Holdings		33,255		218,485
Advanced Energy Industries		17,166		1,497,905
Alarm.com Holdings *		23,646		1,209,020
Alpha & Omega Semiconductor *		10,596		251,337
Arlo Technologies *		45,509		386,371
Avid Technology *		15,411		416,405
Axcelis Technologies *		15,182		1,935,705
Badger Meter		13,463		1,865,299
Benchmark Electronics		16,206		392,347
Cerence *		20,273		310,380
CEVA *		11,590		199,000
Clearfield *		6,090		146,282
Cohu *		21,747		655,455
Consensus Cloud Solutions *		9,064		195,692
Corsair Gaming *		20,583		263,257
CTS		14,282		534,290
Digi International *		16,469		414,689
Digital Turbine *		45,244		214,457
Diodes *		20,869		1,358,155
DoubleVerify Holdings, Cl Rights *		59,184		1,647,091
DXC Technology *		96,468		1,945,760
ePlus *		12,275		767,188
Extreme Networks *		59,354		1,223,879
Fabrinet *		16,633		2,578,115
FormFactor *		36,022		1,220,425
Harmonic *		51,983		560,897
Ichor Holdings *		13,612		330,227
Insight Enterprises *		13,783		1,975,104
InterDigital		12,637		950,934
Itron *		20,944		1,199,672
Knowles *		43,002		558,596
Kulicke & Soffa Industries		25,918		1,078,448
LiveRamp Holdings *		32,082		887,388
MaxLinear, Cl A *		34,240		520,448
Methode Electronics		16,353		373,993
N-able *		35,791		463,851
NetScout Systems *		32,875		717,661

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

INFORMATION TECHNOLOGY— continued
OneSpan *		19,896	$	157,178
OSI Systems *		7,023		732,288
PC Connection		5,169		276,955
PDF Solutions *		14,578		386,754
Perficient *		16,647		968,689
Photronics *		29,009		532,605
Plexus *		12,522		1,231,163
Progress Software		20,901		1,073,893
Rambus *		50,363		2,736,222
Rogers *		7,686		944,533
Sanmina *		26,076		1,326,486
ScanSource *		11,300		343,520
Semtech *		30,295		422,918
SiTime *		8,032		801,594
SMART Global Holdings *		23,856		326,827
SPS Commerce *		17,187		2,755,764
TTM Technologies *		47,318		543,684
Ultra Clean Holdings *		20,636		492,375
Veeco Instruments *		26,036		623,302
Viasat *		34,681		639,518
Viavi Solutions *		101,894		792,735
Xerox Holdings		52,268		671,121
Xperi *		21,672		183,995
				51,238,323

MATERIALS — 5.2%
AdvanSix		12,361		340,545
ATI *		59,432		2,244,747
Balchem		14,872		1,728,721
Carpenter Technology		22,672		1,421,988
Century Aluminum *		27,736		183,335
Clearwater Paper *		7,651		258,680
Compass Minerals International		16,097		396,630
Hawkins		9,067		520,718
Haynes International		5,893		253,546
HB Fuller		24,740		1,636,551
Ingevity *		15,486		623,776
Innospec		11,396		1,116,808
Kaiser Aluminum		7,574		430,203
Koppers Holdings		9,540		348,878
Livent *		82,823		1,208,388
Materion		9,530		924,219
Mativ Holdings		25,529		334,430
Mercer International		21,138		167,836
Minerals Technologies		14,829		801,656
Myers Industries		17,045		285,845
O-I Glass, Cl I *		70,655		1,091,620
Olympic Steel		4,807		244,051
Quaker Chemical		6,479		931,162
Sensient Technologies		19,252		1,086,198
Stepan		9,675		723,690
SunCoke Energy		38,046		361,817


COMMON STOCK — continued

	Shares		Value

MATERIALS— continued
Sylvamo		16,392	$	726,166
TimkenSteel *		18,643		379,012
Warrior Met Coal		23,703		1,155,047
				21,926,263

REAL ESTATE — 7.8%
Acadia Realty Trust ‡		43,366		621,001
Alexander & Baldwin ‡		33,067		522,459
American Assets Trust ‡		22,084		391,991
Anywhere Real Estate *		50,578		236,199
Apple Hospitality REIT ‡		96,957		1,520,286
Armada Hoffler Properties ‡		31,105		309,806
Brandywine Realty Trust ‡		78,123		292,180
CareTrust REIT ‡		47,531		1,022,867
Centerspace ‡		6,843		332,433
Chatham Lodging Trust ‡		22,366		206,885
Cushman & Wakefield *		80,456		592,961
DiamondRock Hospitality ‡		95,519		738,362
Douglas Emmett ‡		75,976		851,691
Easterly Government Properties, Cl A ‡		42,501		457,311
Elme Communities ‡		39,984		510,196
Essential Properties Realty Trust ‡		71,087		1,560,360
eXp World Holdings (A)		40,975		543,738
Four Corners Property Trust ‡		41,268		879,008
Getty Realty ‡		20,929		557,130
Global Net Lease ‡		90,951		722,151
Highwoods Properties ‡		48,153		861,457
Hudson Pacific Properties ‡		62,104		276,984
Innovative Industrial Properties, Cl A ‡		12,777		917,772
JBG SMITH Properties ‡		42,883		551,904
Kennedy-Wilson Holdings		53,988		694,825
LTC Properties ‡		18,862		596,228
LXP Industrial Trust ‡		133,329		1,054,632
Macerich ‡		104,065		1,011,512
Marcus & Millichap		11,551		331,514
NexPoint Residential Trust ‡		11,354		306,444
Outfront Media ‡		76,896		750,505
Pebblebrook Hotel Trust ‡		54,908		655,052
Phillips Edison ‡		57,043		2,014,188
Retail Opportunity Investments ‡		57,415		674,052
RPT Realty ‡		36,258		391,224
Safehold ‡		20,328		330,732
Saul Centers ‡		5,919		205,804
Service Properties Trust ‡		81,703		592,347
SITE Centers ‡		82,008		956,213
SL Green Realty ‡,(A)		30,314		887,897
St. Joe		20,642		962,743
Summit Hotel Properties ‡		49,247		277,753
Sunstone Hotel Investors ‡		94,406		877,976
Tanger Factory Outlet Centers ‡		60,099		1,355,232

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

CATHOLIC RESPONSIBLE INVESTMENTS SMALL-CAP FUND

OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value
REAL ESTATE— continued
Uniti Group ‡		123,290	$	567,134
Urban Edge Properties ‡		56,053		889,001
Veris Residential ‡		42,671		571,365
Whitestone REIT, Cl B ‡		21,536		214,283
Xenia Hotels & Resorts ‡		48,848		568,102
				33,213,890
UTILITIES — 1.8%
American States Water		19,100		1,490,755
Avista		38,197		1,210,463
California Water Service Group		29,199		1,421,407
Chesapeake Utilities		9,497		841,529
Middlesex Water		9,799		622,531
Northwest Natural Holding		18,859		692,314
SJW Group		15,305		956,257
Unitil		9,508		434,230
				7,669,486
Total Common Stock

(Cost $403,774,695)				422,311,460


RIGHTS — 0.0%

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

Total Rights

(Cost $123)				—

SHORT-TERM INVESTMENT — 1.3%

	Shares
State Street Institutional US Government Money Market Fund, Premier Class, 5.300% (D)
(Cost $5,758,267)		5,758,267	$	5,758,267
Total Short-Term Investment

(Cost $5,758,267)				5,758,267
Total Investments in Securities— 100.1%
(Cost $409,533,085)			$	428,069,727

Percentages are based on Net Assets of $427,747,108

A list of the open futures contracts held by the Fund at October 31, 2023, is as follows:


Type of Contract	Number of Contracts		Notional Amount		Value		Unrealized Depreciation
Long Contracts Russell 2000 Index E-MINI	63	Dec-2023		$5,402,825		$5,255,460		$(147,365	)

*	Non-income producing security.

^‡	Real Estate Investment Trust.

(A)	This security or a partial position of this security is on loan at October 31, 2023. The total market value of securities on loan at October 31, 2023 was $5,624,083.

(B)	Level 3 security in accordance with fair value hierarchy.

(C)	Expiration date not available.

(D)	This security was purchased with cash collateral received from securities lending. The total was of such securities as of October 31, 2023, was $5,758,267.

Cl — Class

REIT — Real Estate Investment Trust

The following is a summary of the inputs used as of October 31, 2023, in valuing the Fund’s investments carried at market value:


Investments in Securities	Level 1			Level 2		Level 3^			Total
Common Stock	$	422,311,460		$	—	$	—		$	422,311,460
Short-Term Investment		5,758,267			—		—			5,758,267
Rights		—			—		—	#		—
Total Investments in Securities	$	428,069,727		$	—	$	—		$	428,069,727


Other Financial instruments	Level 1			Level 2		Level 3			Total
Futures Contracts*
Unrealized Depreciation	$	(147,365	)	$	—	$	—		$	(147,365	)
Total Other Financial instruments	$	(147,365	)	$	—	$	—		$	(147,365	)

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

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

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

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

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

CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND

OCTOBER 31, 2023

SECTOR WEIGHTINGS (unaudited)^†

LOGO

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



SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.3%

	Shares		Value

COMMUNICATION SERVICES — 10.2%
Alphabet, Cl A *		25,000	$	3,102,000
Alphabet, Cl C *		218,659		27,397,973
Charter Communications, Cl A *		14,500		5,840,600
Comcast, Cl A		160,000		6,606,400
DISH Network, Cl A *		74,500		365,050
Electronic Arts		10,295		1,274,418
Fox, Cl A		56,100		1,704,879
Fox, Cl B		55,033		1,535,971
Meta Platforms, Cl A *		28,437		8,567,215
Netflix *		8,786		3,617,109
News		29,775		615,747
T-Mobile US		20,000		2,877,200
Walt Disney *		87,012		7,099,309
ZoomInfo Technologies, Cl A *		168,267		2,180,740
				72,784,611

CONSUMER DISCRETIONARY — 8.4%
Airbnb, Cl A *		18,496		2,187,892
Amazon.com *		199,473		26,547,862
Booking Holdings *		1,200		3,347,472
Chipotle Mexican Grill, Cl A *		1,152		2,237,414
Gap		88,000		1,126,400
Hilton Worldwide Holdings		13,870		2,101,721
Honda Motor ADR		79,500		2,444,625
Lululemon Athletica *		9,143		3,597,588
NIKE, Cl B		93,993		9,659,660
Starbucks		35,312		3,257,179
TJX		31,829		2,803,180
VF		68,500		1,009,005
				60,319,998

CONSUMER STAPLES — 2.4%
Anheuser-Busch InBev ADR (A)		75,500		4,293,685
Celsius Holdings *		4,080		620,527


COMMON STOCK — continued

	Shares		Value

CONSUMER STAPLES— continued
Freshpet *		21,698	$	1,245,465
Haleon ADR (A)		268,400		2,171,356
Molson Coors Beverage, Cl B		40,200		2,322,354
PepsiCo		39,530		6,454,459
				17,107,846
ENERGY — 3.1%
Baker Hughes, Cl A		75,000		2,581,500
Cheniere Energy		7,574		1,260,465
ConocoPhillips		25,400		3,017,520
Occidental Petroleum		156,900		9,697,989
Schlumberger		42,457		2,363,157
Williams		84,000		2,889,600
				21,810,231
FINANCIALS — 16.2%
Aegon		240,169		1,160,016
Ares Management, Cl A		10,582		1,043,279
Bank of America		141,000		3,713,940
Bank of New York Mellon		105,000		4,462,500
Berkshire Hathaway, Cl B *		17,683		6,035,738
Brighthouse Financial *		18,208		824,823
Capital One Financial		59,600		6,036,884
Charles Schwab		178,293		9,278,368
Fidelity National Information Services		67,000		3,290,370
Fiserv *		67,300		7,655,375
FleetCor Technologies *		13,079		2,944,999
Global Payments		19,901		2,113,884
Goldman Sachs Group		11,000		3,339,710
Hamilton Lane, Cl A		11,473		965,109
Lincoln National		9,000		195,930
Markel Group *		5,131		7,545,238
Mastercard, Cl A		21,042		7,919,157
MetLife		100,000		6,001,000
Moody’s		15,103		4,651,724
MSCI, Cl A		11,108		5,237,977
S&P Global		4,832		1,688,000
State Street		39,800		2,572,274
Truist Financial		97,000		2,750,920
UBS Group		87,500		2,052,750
Visa, Cl A		54,703		12,860,675
Wells Fargo		217,000		8,630,090
				114,970,730
HEALTH CARE — 10.0%
Align Technology *		3,901		720,086
Alnylam Pharmaceuticals *		18,000		2,732,400
Avantor *		93,700		1,633,191
Baxter International		52,600		1,705,818
BioMarin Pharmaceutical *		37,000		3,013,650
Boston Scientific *		34,022		1,741,586
Cigna Group		32,000		9,894,400
CVS Health		60,500		4,175,105

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

CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND

OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value
HEALTH CARE— continued
Elanco Animal Health *		145,000	$	1,277,450
Elevance Health		14,862		6,689,237
Exact Sciences *		15,730		968,811
GE HealthCare Technologies		30,000		1,997,100
Gilead Sciences		65,000		5,105,100
ICON *		21,743		5,304,422
IDEXX Laboratories *		2,780		1,110,527
Incyte *		41,000		2,211,130
Medtronic		30,000		2,116,800
Mettler-Toledo International *		5,676		5,591,995
Molina Healthcare *		3,908		1,301,169
Stryker		16,988		4,590,497
Veeva Systems, Cl A *		6,596		1,271,115
Zimmer Biomet Holdings		15,000		1,566,150
Zoetis, Cl A		27,281		4,283,117
				71,000,856
INDUSTRIALS — 11.1%
AMETEK		43,154		6,074,789
Axon Enterprise *		3,903		798,124
Builders FirstSource *		8,105		879,555
Carrier Global		70,500		3,360,030
Ceridian HCM Holding *		13,157		842,180
Clean Harbors *		6,776		1,041,268
Copart *		66,496		2,893,906
FedEx		34,000		8,163,400
Fortive		89,984		5,874,155
GXO Logistics *		191,869		9,691,303
HEICO		30,107		4,769,250
Hexcel		12,975		803,412
Johnson Controls International		112,000		5,490,240
Mercury Systems *		41,149		1,480,541
Norfolk Southern		16,000		3,052,640
Otis Worldwide		20,000		1,544,200
TransDigm Group *		11,231		9,300,279
TransUnion		73,744		3,235,887
Uber Technologies *		101,212		4,380,455
Veralto *		33,157		2,287,833
Waste Connections		19,799		2,563,970
				78,527,417
INFORMATION TECHNOLOGY — 29.9%
Adobe *		17,478		9,299,345
Amphenol, Cl A		82,525		6,647,389
Apple		188,370		32,167,945
ARM Holdings ADR *		38,892		1,916,987
ASML Holding, Cl G		6,743		4,037,776
Aspen Technology *		5,619		998,777
Atlassian, Cl A *		10,450		1,887,688
Cadence Design Systems *		15,886		3,810,257
CDW		9,400		1,883,760
Cisco Systems		55,000		2,867,150


COMMON STOCK — continued

	Shares		Value

INFORMATION TECHNOLOGY— continued
Cognizant Technology Solutions, Cl A		45,000	$	2,901,150
Coherent *		29,500		873,200
Gartner *		14,660		4,867,707
Hewlett Packard Enterprise		116,000		1,784,080
HP		71,000		1,869,430
Intuit		21,044		10,415,728
Juniper Networks		74,000		1,992,080
KLA		1,773		832,778
Microchip Technology		154,228		10,994,914
Microsoft		147,440		49,850,938
MongoDB, Cl A *		7,416		2,555,480
NVIDIA		27,033		11,024,057
Oracle		80,157		8,288,234
PTC *		6,205		871,306
Roper Technologies		12,525		6,119,339
Salesforce *		49,034		9,847,498
SAP ADR		57,568		7,714,112
ServiceNow *		6,486		3,773,879
TE Connectivity		23,000		2,710,550
VeriSign *		8,193		1,635,814
VMware, Cl A *		39,001		5,680,471
				212,119,819

MATERIALS — 3.0%
Air Products and Chemicals		32,718		9,240,872
Celanese, Cl A		14,500		1,660,395
International Flavors & Fragrances		5,000		341,750
Linde		20,040		7,658,486
LyondellBasell Industries, Cl A		29,500		2,662,080
				21,563,583

REAL ESTATE — 2.8%
American Tower^‡		68,202		12,152,914
CoStar Group *		12,334		905,439
Equinix ^‡		4,369		3,187,797
SBA Communications, Cl A ^‡		2,714		566,222
Welltower ^‡		39,024		3,262,797
				20,075,169

UTILITIES — 0.2%
Dominion Energy		26,000		1,048,320

Total Common Stock (Cost $655,236,300)				691,328,580

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

CATHOLIC RESPONSIBLE INVESTMENTS MULTI-STYLE US EQUITY FUND

OCTOBER 31, 2023


WARRANTS — 0.0%

	Number of Warrants		Value
Occidental Petroleum, Expires

8/6/2027		7,000	$	279,020
Total Warrants

(Cost $90,720)				279,020


SHORT-TERM INVESTMENT — 0.5%

	Shares
State Street Institutional US Government Money Market Fund, Premier Class, 5.300% (B)
(Cost $3,500,476)		3,500,476	$	3,500,476
Total Short-Term Investment

(Cost $3,500,476)				3,500,476
Total Investments in Securities— 97.8%
(Cost $658,827,496)			$	695,108,076

Percentages are based on Net Assets of $710,741,479.

*	Non-income producing security.

^‡	Real Estate Investment Trust.

(A)	This security or a partial position of this security is on loan at October 31, 2023. The total market value of securities on loan at October 31, 2023 was $3,416,198.

(B)	This security was purchased with cash collateral received from securities lending. The total was of such securities as of October 31, 2023, was $3,500,476.

ADR — American Depositary Receipt

Cl — Class

As of October 31, 2023, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

OCTOBER 31, 2023

SECTOR WEIGHTINGS (unaudited)^†

LOGO

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


SCHEDULE OF INVESTMENTS
COMMON STOCK — 96.5%

	Shares		Value

AUSTRALIA — 0.4%
Rio Tinto		75,918	$	4,835,618

BELGIUM — 0.8%
Anheuser-Busch InBev		163,322		9,283,078

BRAZIL — 1.9%
Banco BTG Pactual		280,700		1,654,254
Banco do Brasil		477,000		4,575,152
Cia de Saneamento de Minas Gerais Copasa MG		63,500		201,845
Gerdau ADR		244,297		1,060,249
Localiza Rent a Car		189,882		1,919,905
MercadoLibre *		8,583		10,649,271
Minerva		113,300		170,074
Petroleo Brasileiro ADR, Cl A		130,204		1,800,721
TIM		227,900		686,457
				22,717,928

CANADA — 4.9%
Alimentation Couche-Tard		247,174		13,440,782
Canadian Pacific Kansas City (CAD)		141,757		10,053,949
Canadian Pacific Kansas City (USD)		240,183		17,045,787
Dollarama		69,800		4,761,433
Franco-Nevada		29,400		3,572,685
Thomson Reuters		75,065		8,981,846
				57,856,482

CHINA — 4.0%
Agricultural Bank of China, Cl H		1,080,000		398,938
Alibaba Group Holding ADR *		64,987		5,364,027
Anhui Conch Cement, Cl H		271,641		676,088
Autohome ADR		10,423		278,815


COMMON STOCK — continued

	Shares		Value

CHINA — continued
Baidu ADR *		7,733	$	811,965
Beiqi Foton Motor, Cl A *		1,182,900		490,285
BYD, Cl H		36,500		1,110,062
China CITIC Bank, Cl H		832,000		371,193
China Construction Bank, Cl H		6,924,921		3,916,770
China Galaxy Securities, Cl H		1,970,000		1,008,346
China Petroleum & Chemical, Cl H		1,710,000		874,632
China Railway Group, Cl H		1,786,000		842,998
China State Construction International Holdings		240,000		257,095
China Taiping Insurance Holdings		333,400		308,013
COSCO SHIPPING Holdings, Cl H		1,167,200		1,187,185
Daqo New Energy ADR *		16,221		412,987
Dongfeng Motor Group, Cl H		754,000		331,957
FinVolution Group ADR		79,140		374,332
Guangzhou Automobile Group, Cl H		436,000		204,282
Hello Group ADR		44,171		312,731
Hengdian Group DMEGC Magnetics, Cl A		94,800		188,752
Hisense Home Appliances Group, Cl A		230,500		750,294
Hisense Visual Technology, Cl A		161,900		515,225
Hubei Jumpcan Pharmaceutical, Cl A		144,952		537,008
iQIYI ADR *		109,545		510,480
Jiangxi Copper, Cl H		419,000		592,497
JinkoSolar Holding ADR *		33,251		1,083,650
Kweichow Moutai, Cl A		5,300		1,220,611
Lenovo Group		208,000		242,076
Li Ning		313,000		959,238
Meituan, Cl B *		35,300		500,420
Metallurgical Corp of China, Cl A		906,300		410,086
MINISO Group Holding ADR		14,942		378,182
NARI Technology, Cl A		309,191		954,634
Offshore Oil Engineering, Cl A		630,500		535,663
PDD Holdings ADR *		24,008		2,434,891
PetroChina, Cl H		3,630,000		2,369,555
PICC Property & Casualty, Cl H		1,026,000		1,171,743
Qifu Technology ADR		60,547		895,490
Sinopharm Group, Cl H		304,000		727,011
Tencent Holdings		150,994		5,588,564
Vipshop Holdings ADR *		119,205		1,699,863
Yum China Holdings		46,170		2,426,695
Yutong Bus, Cl A		369,700		689,264
				46,914,593

DENMARK — 1.4%
Coloplast, Cl B		14,168		1,475,910

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

DENMARK — continued
DSV		62,164	$	9,279,847
GN Store Nord		24,425		407,129
Pandora		31,620		3,582,499
Tryg		66,062		1,288,642
				16,034,027

FINLAND — 0.1%
Nordea Bank Abp		164,603		1,732,052

FRANCE — 10.5%
Air Liquide		54,410		9,313,535
Alstom		582,617		7,881,900
AXA		258,942		7,664,616
BNP Paribas		56,559		3,249,002
Carrefour		305,193		5,344,938
Danone		253,372		15,057,606
Dassault Systemes		55,627		2,289,091
Hermes International		3,047		5,679,284
Ipsen		20,465		2,416,303
Kering		17,822		7,240,731
L’Oreal		30,137		12,654,388
LVMH Moet Hennessy Louis Vuitton		29,803		21,314,783
Publicis Groupe		22,321		1,697,835
Rexel		95,532		1,949,009
Societe Generale		67,301		1,510,806
Sodexo		58,124		6,144,812
Valeo		231,129		3,050,766
Vinci		81,759		9,031,090
				123,490,495

GERMANY — 4.6%
Allianz		34,520		8,077,679
Carl Zeiss Meditec		18,408		1,596,758
CompuGroup Medical & KgaA		19,138		701,005
Deutsche Telekom		520,075		11,275,844
Hannover Rueck		7,604		1,677,326
Heidelberg Materials		22,809		1,654,067
Infineon Technologies		93,175		2,718,844
LANXESS		160,259		3,668,463
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		9,799		3,928,344
Nemetschek		18,299		1,365,946
RWE		171,218		6,544,945
SAP		85,914		11,511,911
				54,721,132

GREECE — 0.2%
FF Group *(A)		8,921		4,526
JUMBO		8,803		231,318
Mytilineos		15,191		562,159


COMMON STOCK — continued

	Shares		Value

GREECE — continued
National Bank of Greece *		326,254	$	1,866,636
				2,664,639

HONG KONG — 1.1%
China Lumena New Materials *(A)		15,350		—
Prudential		1,267,631		13,232,977
WH Group		75,534		45,115
				13,278,092

INDIA — 4.0%
ABB India		10,504		518,063
APL Apollo Tubes		102,688		1,931,067
Bajaj Auto		32,832		2,094,381
Bajaj Finance		14,790		1,331,388
Bank of Baroda		643,056		1,516,274
Colgate-Palmolive India		22,819		579,358
GAIL India		995,284		1,429,049
HDFC Bank ADR		24,782		1,401,422
ICICI Bank ADR		718,015		15,932,753
Indian Oil		822,224		885,731
InterGlobe Aviation *		32,609		961,852
JK Tyre & Industries		107,926		394,379
LIC Housing Finance		90,509		499,435
Mahindra & Mahindra		120,014		2,103,279
Manappuram Finance		318,555		526,168
Natco Pharma		76,159		732,386
NCC		266,242		462,228
Oil & Natural Gas		1,158,976		2,593,308
Power Grid Corp of India		546,882		1,328,233
REC		686,962		2,374,488
Shriram Finance		36,808		830,578
State Bank of India		93,444		634,960
Tanla Platforms		35,299		403,681
Varun Beverages		407,741		4,450,427
Zensar Technologies		55,791		328,503
Zomato *		742,214		938,771
				47,182,162

INDONESIA — 0.8%
Astra International		2,902,200		1,055,761
Bank Central Asia		3,382,900		1,863,709
Bank Mandiri Persero		585,300		209,100
Bank Negara Indonesia Persero		6,305,200		1,902,825
Bank Rakyat Indonesia Persero		12,320,800		3,852,516
Indofood Sukses Makmur		1,014,200		424,599
Perusahaan Gas Negara		4,718,200		373,037
				9,681,547

IRELAND — 0.6%
Bank of Ireland Group		182,245		1,631,537
Ryanair Holdings ADR *		57,619		5,053,187
				6,684,724

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

ITALY — 4.4%
Amplifon		47,150	$	1,331,242
Enel		2,006,547		12,723,527
Ferrari		75,393		22,798,128
UniCredit		586,816		14,696,016
				51,548,913

JAPAN — 8.7%
Advantest		306,400		7,899,221
Bridgestone		38,300		1,450,715
Daifuku		67,500		1,116,253
FANUC		364,000		9,040,930
GMO Payment Gateway		10,800		431,714
Harmonic Drive Systems		22,900		496,427
Hoya		42,100		4,056,388
INFRONEER Holdings		166,500		1,757,892
Kajima		78,100		1,291,898
Keyence		41,075		15,914,550
Kokusai Electric *		42,700		696,418
M3		39,500		608,869
MatsukiyoCocokara		116,400		2,043,618
Mitsubishi Electric		223,400		2,563,818
MS&AD Insurance Group Holdings		46,300		1,697,913
Murata Manufacturing		606,300		10,394,457
Nexon		65,800		1,208,417
Nintendo		124,700		5,156,335
Nippon Telegraph & Telephone		3,414,900		4,022,021
Nomura Research Institute		61,800		1,623,640
Obic		9,600		1,420,255
OKUMA		37,200		1,532,858
Renesas Electronics *		209,700		2,756,904
Rohm		104,400		1,674,130
Sanken Electric		18,000		896,021
Secom		29,900		2,078,483
Seven & i Holdings		74,900		2,746,595
Shimamura		18,600		1,837,206
Shin-Etsu Chemical		113,000		3,381,982
SMC		100		46,216
Socionext		20,500		2,001,227
Sompo Holdings		25,400		1,101,272
Sumitomo Mitsui Financial Group		67,000		3,232,707
Sundrug		36,000		979,753
TIS		72,400		1,551,766
TOPPAN		99,700		2,301,442
				103,010,311

MEXICO — 1.0%
Cemex ADR *		568,690		3,395,079
Coca-Cola Femsa ADR		6,553		498,159
Fibra Uno Administracion ‡		250,100		379,729
Grupo Financiero Banorte, Cl O		313,900		2,539,472
Kimberly-Clark de Mexico, Cl A		213,600		390,924


COMMON STOCK — continued

	Shares		Value

MEXICO — continued
Wal-Mart de Mexico		1,143,066	$	4,090,293
				11,293,656

NETHERLANDS — 7.7%
Adyen *		12,915		8,701,966
Akzo Nobel		157,002		10,521,525
Argenx *		4,515		2,121,574
ASM International		36,711		15,134,205
ASML Holding		18,303		10,990,913
ASML Holding, Cl G		19,481		11,665,418
BE Semiconductor Industries		18,372		1,895,856
ING Groep		551,815		7,067,234
Koninklijke Philips *		486,378		9,242,533
Shell (EUR)		344,998		11,258,596
Shell (GBP)		67,235		2,163,198
				90,763,018

NEW ZEALAND — 0.1%
Fisher & Paykel Healthcare		78,823		954,532

NORWAY — 0.0%
Nordic Semiconductor *		50,551		410,713

POLAND — 0.0%
Jastrzebska Spolka Weglowa *		17,060		202,571

QATAR — 0.0%
Ooredoo QPSC		177,388		481,837

RUSSIA — 0.0%
Gazprom PJSC (A)		597,226		—
Sberbank of Russia PJSC ADR *(A)		55,964		—
				—

SAUDI ARABIA — 0.2%
Arabian Internet & Communications Services		5,885		491,206
Bawan		11,471		98,571
Elm		3,910		731,059
Etihad Etisalat		44,819		550,740
Leejam Sports JSC		9,549		390,960
Saudi Aramco Base Oil		11,242		387,122
				2,649,658

SINGAPORE — 0.6%
DBS Group Holdings		119,700		2,873,704
United Overseas Bank		221,600		4,368,122
				7,241,826

SOUTH KOREA — 2.8%
Classys		11,199		273,609
Daewoo Engineering & Construction *		101,275		295,466

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

SOUTH KOREA — continued
DB Insurance		8,103	$	527,172
DL E&C		7,849		199,500
Doosan Bobcat		11,266		323,684
GS Holdings		17,023		497,103
Hana Financial Group		43,185		1,255,681
Hankook Tire & Technology		8,846		250,974
HD Hyundai Infracore		31,525		156,421
HMM		25,822		279,686
Hyundai Electric & Energy System		8,326		463,385
Hyundai Marine & Fire Insurance		12,211		284,846
Hyundai Mobis		2,360		365,481
JYP Entertainment		9,798		745,821
KB Financial Group ADR		26,332		1,004,829
KB Financial Group		8,075		307,805
Kia		78,502		4,484,933
KIWOOM Securities		3,699		221,160
Korean Air Lines		27,779		422,662
LS		15,560		904,697
LX International		39,376		727,198
LX Semicon		3,323		177,496
NongShim		1,028		338,104
OCI Holdings		7,522		543,516
PharmaResearch		3,092		266,980
Samsung Electronics GDR		3,074		3,843,962
Samsung Electronics		176,931		8,806,719
Samsung Engineering *		15,039		265,057
Samsung Fire & Marine Insurance		3,357		641,934
Samsung Life Insurance		6,472		346,507
Samsung Securities		13,032		341,391
SK Hynix		26,029		2,260,414
SOLUM *		16,891		362,905
Youngone		18,251		733,681
				32,920,779

SPAIN — 1.9%
Aena SME		49,650		7,196,790
Amadeus IT Group		82,587		4,708,591
Iberdrola (B)		720,906		8,009,626
Industria de Diseno Textil		70,901		2,444,825
				22,359,832

SWEDEN — 1.2%
Assa Abloy, Cl B		68,031		1,448,762
Atlas Copco, Cl A		925,330		11,971,179
Sandvik		9,099		154,842
				13,574,783

SWITZERLAND — 2.3%
ABB		144,340		4,847,363
Alcon		58,644		4,195,668
Sika		33,750		8,073,149


COMMON STOCK — continued

	Shares		Value

SWITZERLAND — continued
Straumann Holding		12,550	$	1,482,559
Swatch Group		4,320		1,105,331
UBS Group		102,333		2,403,405
Zurich Insurance Group		10,861		5,156,627
				27,264,102

TAIWAN — 3.5%
Alchip Technologies		26,000		2,132,426
Arcadyan Technology		102,000		487,057
Asia Vital Components		57,087		504,433
Asustek Computer		59,000		618,623
Compal Electronics		423,000		367,940
E Ink Holdings		201,000		1,045,828
Evergreen Marine Taiwan		163,400		543,759
Fitipower Integrated Technology		41,400		342,699
Gigabyte Technology		65,000		441,606
Global Mixed Mode Technology		35,000		269,376
Gold Circuit Electronics		49,000		268,120
Hon Hai Precision Industry		576,000		1,719,195
International Games System		29,000		558,973
King Yuan Electronics		257,000		608,885
Lite-On Technology		185,000		576,000
Makalot Industrial		47,000		526,045
MediaTek		69,000		1,800,856
Micro-Star International		52,000		266,205
Novatek Microelectronics		69,000		971,732
Pou Chen		329,000		293,259
Powertech Technology		108,000		350,874
Quanta Computer		370,000		2,184,594
Radiant Opto-Electronics		68,000		260,643
Simplo Technology		24,000		247,264
Sitronix Technology		65,000		574,576
Taiwan Semiconductor Manufacturing ADR		167,102		14,422,574
Taiwan Semiconductor Manufacturing		416,000		6,794,328
United Microelectronics ADR (B)		220,778		1,571,939
Wistron		319,000		889,532
				41,639,341

THAILAND — 0.2%
AP Thailand		1,065,900		320,399
Bangchak		263,000		302,051
Krung Thai Bank		1,588,300		830,465
Sansiri		7,067,300		301,117
				1,754,032

TURKEY — 0.3%
Dogus Otomotiv Servis ve Ticaret		60,132		528,150
KOC Holding		205,962		997,188
Migros Ticaret		44,671		533,189
Sok Marketler Ticaret		131,999		279,287

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

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

TURKEY — continued
Turk Hava Yollari AO *		81,859	$	629,093
Turk Traktor ve Ziraat Makineleri		16,809		430,276
				3,397,183

UNITED ARAB EMIRATES — 0.1%
Emaar Properties PJSC		288,415		525,430
Emirates NBD Bank PJSC		137,126		633,011
Multiply Group PJSC *		449,980		416,955
				1,575,396

UNITED KINGDOM — 11.2%
3i Group		250,380		5,893,619
Ashtead Group		56,432		3,231,178
Barclays		7,125,641		11,418,128
Berkeley Group Holdings		65,762		3,227,308
BP		2,522,845		15,379,130
Compass Group		683,685		17,208,213
CRH		75,560		4,048,380
Dechra Pharmaceuticals		35,893		1,660,861
Diageo		240,193		9,068,161
Halma		47,506		1,066,570
JD Sports Fashion		1,562,940		2,426,107
Kingfisher		768,652		1,959,529
Legal & General Group		1,360,495		3,499,541
London Stock Exchange Group		30,627		3,085,016
NatWest Group		1,357,863		2,949,588
RELX (EUR)		156,485		5,454,142
RELX (GBP)		70,549		2,460,050
Segro ‡		217,845		1,890,417
Smith & Nephew		200,900		2,244,590
SSE		71,399		1,416,612
SSP Group *		3,565,443		7,787,644
Tate & Lyle		980,325		7,509,825
Taylor Wimpey		1,628,745		2,196,227
Unilever		188,418		8,908,885
Weir Group		83,027		1,721,674
WH Smith		275,681		3,887,381
				131,598,776

UNITED STATES — 15.0%
Accenture, Cl A		31,101		9,239,796
Aon, Cl A		47,675		14,750,645
Arch Capital Group *		168,325		14,590,411
Atlassian, Cl A *		81,040		14,639,065
CNH Industrial		138,782		1,536,386
EPAM Systems *		27,945		6,079,994
Experian		282,281		8,549,945
Ferguson		80,400		12,056,466
ICON *		89,973		21,949,813
Linde		25,760		9,844,442
Mettler-Toledo International *		6,687		6,588,033
Nestle		196,176		21,146,082
Schneider Electric		87,096		13,386,476


COMMON STOCK — continued

	Shares		Value

UNITED STATES — continued
STERIS		51,099	$	10,729,768
Tenaris		97,471		1,539,742
Waste Connections		75,930		9,832,935
				176,459,999
Total Common Stock (Cost $1,063,878,897)				1,138,177,827

PREFERRED STOCK — 0.1%

BRAZIL — 0.1%
Bradespar (C)		109,300	$	484,405

Total Preferred Stock (Cost $499,004)				484,405

RIGHTS — 0.0%

	Number of Rights

Localiza Rent a Car, Expires 11/13/2023* (A)		1,392	$	1,510


Total Rights (Cost $–)				1,510

SHORT-TERM INVESTMENT — 0.1%

	Shares
State Street Institutional US
Government Money Market
Fund, Premier Class, 5.300% (D)
(Cost $1,593,541)		1,593,541	$	1,593,541
Total Short-Term Investment
(Cost $1,593,541)				1,593,541
Total Investments in Securities— 96.7%
(Cost $1,065,971,442)			$	1,140,257,283

Percentages are based on Net Assets of $1,179,098,256.

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)	Level 3 security in accordance with fair value hierarchy.

(B)	This security or a partial position of this security is on loan at October 31, 2023. The total market value of securities on loan at October 31, 2023 was $1,553,756.

(C)	There is currently no rate available.

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

100

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL EQUITY FUND

OCTOBER 31, 2023

(D)	This security was purchased with cash collateral received from securities lending. The total was of such securities as of October 31, 2023, was $1,593,541.

ADR — American Depositary Receipt

CAD — Canadian Dollar

Cl — Class

EUR — Euro

GBP — British Pound

GDR — Global Depositary Receipt

JSC —Joint-Stock Company

PJSC — Public Joint-Stock Company

QPSC — Qatari Joint-Stock Company

USD — U.S. Dollar

The following is a list of the inputs used as of October 31, 2023, in valuing the Fund’s investments and other financial instruments carried at value:


Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
Australia	$	–	$	4,835,618	$	–	$	4,835,618
Belgium		–		9,283,078		–		9,283,078
Brazil		22,717,928		–		–		22,717,928
Canada		57,856,482		–		–		57,856,482
China		16,984,108		29,930,485		–		46,914,593
Denmark		–		16,034,027		–		16,034,027
Finland		–		1,732,052		–		1,732,052
France		–		123,490,495		–		123,490,495
Germany		–		54,721,132		–		54,721,132
Greece		231,318		2,428,795		4,526#		2,664,639
Hong Kong		–		13,278,092		–#		13,278,092
India		17,334,175		29,847,987		–		47,182,162
Indonesia		–		9,681,547		–		9,681,547
Ireland		5,053,186		1,631,538		–		6,684,724
Italy		–		51,548,913		–		51,548,913
Japan		696,418		102,313,893		–		103,010,311
Mexico		11,293,656		–		–		11,293,656
Netherlands		11,665,418		79,097,600		–		90,763,018
New Zealand		–		954,532		–		954,532
Norway		–		410,713		–		410,713
Poland		–		202,571		–		202,571
Qatar		481,837		–		–		481,837
Russia		–		–		–#		–
Saudi Arabia		941,700		1,707,958		–		2,649,658
Singapore		–		7,241,826		–		7,241,826
South Korea		1,004,829		31,915,950		–		32,920,779
Spain		–		22,359,832		–		22,359,832
Sweden		–		13,574,783		–		13,574,783
Switzerland		–		27,264,102		–		27,264,102
Taiwan		15,994,515		25,644,826		–		41,639,341
Thailand		–		1,754,032		–		1,754,032
Turkey		1,061,338		2,335,845		–		3,397,183
United Arab Emirates		–		1,575,396		–		1,575,396
United Kingdom		7,787,644		123,811,132		–		131,598,776
United States		119,784,645		56,675,354		–		176,459,999
Total Common

Stock		290,889,197		847,284,104		4,526		1,138,177,827

Short-Term Investment		1,593,541		–		–		1,593,541
Preferred Stock
Brazil		484,405		–		–		484,405
Rights		1,510		–		–		1,510
Total Investments in

Securities	$	292,968,653	$	847,284,104	$	4,526	$	1,140,257,283

# 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.

101

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

OCTOBER 31, 2023

SECTOR WEIGHTINGS (unaudited)^†

LOGO

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


SCHEDULE OF INVESTMENTS
COMMON STOCK — 96.2%

	Shares		Value

AUSTRALIA — 6.2%
Accent Group		151,545	$	180,664
Allkem *		43,492		265,264
ALS		119,880		818,892
Alumina		409,607		203,164
Cettire *		25,660		41,835
Emeco Holdings		85,896		31,290
FleetPartners Group *		45,851		72,288
JB Hi-Fi		2,610		74,883
Kelsian Group		75,380		289,349
Myer Holdings		158,687		50,450
Neuren Pharmaceuticals *		11,308		76,984
Orora		401,146		627,460
Perenti		457,282		308,620
Perseus Mining		211,566		225,623
Pro Medicus		1,122		53,343
Ramelius Resources		91,673		95,034
Ridley		153,896		215,833
Seven Group Holdings		4,867		85,845
Sigma Healthcare		458,964		187,913
Super Retail Group		3,536		29,697
Technology One		25,414		235,239
Ventia Services Group Pty		142,380		248,379

				4,418,049

AUSTRIA — 2.0%
ANDRITZ		2,625		120,701
Palfinger		18,840		454,113
Porr Ag		4,350		52,060
Schoeller-Bleckmann Oilfield
Equipment		11,830		597,188
Strabag		521		20,577
Telekom Austria, Cl A		26,889		187,584

				1,432,223


COMMON STOCK — continued

	Shares		Value

BELGIUM — 0.4%
Bekaert		1,636	$	66,174
Melexis		1,984		145,902
X-Fab Silicon Foundries *		4,357		39,434

				251,510

BRAZIL — 0.2%
Cia de Saneamento do Parana		26,400		113,547
Jalles Machado		14,900		24,287

				137,834

BURKINA FASO — 0.1%
IAMGOLD *		28,376		72,562

CANADA — 3.6%
ADENTRA		2,169		39,685
Boardwalk Real Estate Investment Trust ‡		10,778		502,779
Bombardier, Cl B *		1,652		52,943
CI Financial		16,512		149,509
Cineplex *		7,200		43,254
Finning International		1,923		51,474
iA Financial		2,709		157,457
International Petroleum *		30,510		318,451
Linamar		2,077		89,708
North American Construction Group		11,525		236,934
Parex Resources		15,164		290,336
Pason Systems		9,029		86,436
Stantec		3,626		221,622
Stella-Jones		1,734		90,731
Torex Gold Resources *		2,429		23,393
Trican Well Service		29,149		98,476
Vermilion Energy		6,554		94,468

				2,547,656

CHINA — 2.2%
Beijing Enterprises Holdings		25,500		84,969
Beijing Jingneng Clean Energy, Cl H		432,000		89,506
Chaoju Eye Care Holdings		92,000		48,901
China Datang Renewable Power, Cl H		77,000		17,423
China World Trade Center, Cl A		16,900		45,828
E-Commodities Holdings, Cl New Shares		242,000		41,796
Excellence Commercial Property & Facilities Management Group		188,000		43,664
FinVolution Group ADR		25,159		119,002
First Tractor, Cl H		48,000		24,308
Fufeng Group		378,000		196,339
Gemdale Properties & Investment		1,886,000		55,878
Jinan Acetate Chemical *		5,551		166,904
Kerry Logistics Network		234,151		198,610

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

102

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

CHINA — continued
LexinFintech Holdings ADR		39,453	$	72,002
NetDragon Websoft Holdings		33,500		59,528
Sinofert Holdings		364,000		41,410
Sinopec Engineering Group, Cl H		141,000		70,472
Theme International Holdings *		500,000		37,098
Yuexiu Services Group		351,000		121,965

				1,535,603

DENMARK — 2.1%
ALK-Abello *		9,536		105,740
Bavarian Nordic *		994		18,926
D/S Norden		5,739		325,718
Dfds		18,467		532,885
H Lundbeck		26,330		137,480
Netcompany Group		7,800		243,790
Per Aarsleff Holding		2,581		112,772

				1,477,311

EGYPT — 0.1%
Centamin		33,387		33,408

FRANCE — 5.2%
CGG*		43,418		30,689
Elis		19,798		324,350
IPSOS		18,666		906,182
LISI		27,794		642,763
Mersen		1,933		64,114
Rexel		4,172		85,116
Societe BIC		1,790		112,239
Sopra Steria Group		6,890		1,235,724
Verallia		9,392		305,078

				3,706,255

GEORGIA — 0.1%
TBC Bank Group		3,080		100,350

GERMANY — 2.1%
Atoss Software		1,679		354,366
Aurubis		4,830		397,758
Cliq Digital		2,723		50,249
CTS Eventim & KGaA		1,523		92,116
HUGO BOSS		853		49,836
Krones		1,845		179,651
SMA Solar Technology *		1,249		76,659
SUESS MicroTec		14,629		253,095

				1,453,730

GREECE — 0.1%
Piraeus Financial Holdings *		29,714		87,985

HONG KONG — 1.2%
Cowell e Holdings *		27,000		64,781


COMMON STOCK — continued

	Shares		Value

HONG KONG — continued
Skyworth Group		148,000	$	53,483
United Laboratories International Holdings		176,000		179,673
Vitasoy International Holdings		429,309		529,673
Yue Yuen Industrial Holdings		18,500		21,632

				849,242

HUNGARY — 0.0%
Magyar Telekom Telecommunications		13,921		21,600

INDIA — 3.6%
Ajanta Pharma		4,236		89,701
BEML		1,258		30,548
Birlasoft		7,473		49,199
BLS International Services		22,205		69,778
Caplin Point Laboratories		10,532		129,700
Chennai Petroleum		9,100		62,924
Coforge		598		35,832
Cosmo First		13,714		104,978
GHCL		5,192		36,268
Godawari Power and Ispat		38,406		284,301
Great Eastern Shipping		13,187		125,828
Indoco Remedies		7,632		29,135
IRCON International		151,895		253,347
Karur Vysya Bank		203,499		349,961
Kirloskar Ferrous Industries		20,084		114,183
Motilal Oswal Financial Services		1,990		24,799
PTC India		95,266		160,562
Rail Vikas Nigam		35,563		65,839
Route Mobile		9,308		173,642
Sarda Energy & Minerals		41,765		101,957
Shipping Corp of India		21,328		35,656
Sonata Software		3,840		53,205
Tamil Nadu Newsprint & Papers		21,677		72,321
Tata Communications		6,684		133,636

				2,587,300

INDONESIA — 0.2%
Ciputra Development		426,400		29,755
First Pacific		334,000		126,451

				156,206

IRELAND — 0.7%
Glenveagh Properties *		108,304		104,404
hVIVO		326,589		76,287
Keywords Studios		19,422		307,893

				488,584

ISRAEL — 0.8%
Africa Israel Residences		3,573		151,379
Electra Real Estate		3,218		25,925
Isras Investment		685		115,744
Ituran Location and Control		4,898		121,128

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

103

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OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

ISRAEL — continued
Perion Network *		1,251	$	31,775
Plus500		8,726		149,404

				595,355

ITALY — 3.1%
Banco BPM		60,132		307,337
BPER Banca		45,233		147,043
Buzzi		5,679		150,220
Carel Industries		1,276		26,573
d’Amico International Shipping		14,183		74,448
De’ Longhi		36,666		819,558
Iveco Group *		17,388		146,390
Lottomatica Group Spa *		4,734		44,715
Orsero		5,349		83,556
OVS		58,812		104,049
SOL		5,318		152,883
Webuild		96,034		172,774

				2,229,546

JAPAN — 25.3%
77 Bank		3,300		73,617
Advance Residence Investment ‡		179		389,517
Aichi Financial Group		5,223		82,275
AOKI Holdings		22,000		144,230
Aoyama Trading		21,400		214,833
Argo Graphics		1,600		35,095
Ariake Japan		21,178		670,332
Asics		33,101		1,049,440
Avex		3,100		28,335
Bell System24 Holdings		7,600		78,025
Charm Care		42,500		310,414
Chiyoda *		39,100		92,001
CMIC Holdings		6,700		76,030
Concordia Financial Group		126,666		589,046
Credit Saison		1,800		27,005
Daiseki		10,620		293,550
Daishinku		11,100		53,818
DMG Mori		64,700		1,071,057
Doutor Nichires Holdings		4,600		66,475
Echo Trading		2,700		25,261
Eiken Chemical		11,700		115,501
Ferrotec Holdings		8,900		156,571
FreakOut Holdings inc *		15,000		77,223
Fuji Seal International		39,100		435,916
Greens		5,100		53,395
H.U. Group Holdings		3,400		57,190
Hanwa		3,100		93,524
Hisamitsu Pharmaceutical		1,100		35,115
Hitachi Zosen		16,100		84,059
Horiba		13,500		683,164
Hoshino Resorts REIT ‡		92		362,277
HS Holdings		13,800		92,315
IDOM		6,700		40,353


COMMON STOCK — continued

	Shares		Value

JAPAN — continued
Internet Initiative Japan		63,446	$	1,026,079
ISB		4,900		45,964
Iwatani		15,400		737,191
J Trust		7,900		25,082
Jaccs		2,100		72,246
Juroku Financial Group		2,900		78,199
Komori		8,100		62,077
Kumiai Chemical Industry		6,300		45,958
Kureha		3,100		184,264
Kurita Water Industries		20,678		628,808
Lawson		1,100		53,205
Look Holdings		7,300		97,154
Mabuchi Motor		20,700		591,897
Macnica Holdings		3,700		150,458
Maruzen Showa Unyu		3,600		90,963
Matsuda Sangyo		5,600		97,615
Megmilk Snow Brand		14,600		235,524
Meiji Shipping		6,400		27,550
Menicon		38,162		442,793
Miroku Jyoho Service		8,500		87,128
Mitachi		5,400		36,774
Mitsubishi Motors		98,800		323,014
Mitsubishi Shokuhin		9,400		248,072
Mitsui Matsushima Holdings		6,400		117,219
MTG		9,300		88,315
NET One Systems		6,700		102,349
Nippon Paper Industries		3,200		27,868
Nippon Sheet Glass *		5,100		22,427
Nippon Shokubai		2,200		81,783
Nishi-Nippon Financial Holdings		5,200		62,157
Nissui		19,000		92,278
NS United Kaiun Kaisha		1,900		54,055
Oita Bank		2,700		49,991
Onamba		13,300		69,813
Outsourcing		2,600		19,337
Pressance		13,700		147,931
Prestige International		20,000		81,252
Sakata INX		4,900		40,995
Sakata Seed		14,100		379,725
Sanko Gosei		11,100		39,824
Sanyo Shokai		6,100		110,196
SCREEN Holdings		1,400		65,145
Seiren		31,728		471,055
Seven Bank		494,700		980,355
Shiga Bank		2,300		60,877
Starts		2,100		39,919
Sun Frontier Fudousan		27,800		269,976
Takara Leben Real Estate Investment ‡		168		110,111
Tess Holdings		6,800		21,479
THK		14,800		264,727
Tokai Carbon		15,300		117,511

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

104

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OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

JAPAN — continued
Tokyo Kiraboshi Financial Group		2,600	$	76,807
Tokyo Steel Manufacturing		6,900		79,819
Tokyu REIT ‡		439		524,304
Topy Industries		5,100		82,232
Toyo Engineering *		7,200		28,710
Traders Holdings		15,400		64,204
Yokogawa Bridge Holdings		2,200		36,396
ZERIA Pharmaceutical		6,800		90,417

				18,016,533

LUXEMBOURG — 1.6%
L’Occitane International		448,642		1,153,209

MALAYSIA — 0.8%
Bumi Armada *		1,124,800		130,127
Eco World Development Group		220,300		46,728
Heineken Malaysia		30,600		153,113
Scientex		46,600		35,683
Sime Darby Property		1,196,200		154,485
SP Setia Group		291,000		51,369

				571,505

MAURITIUS — 0.1%
Capital		76,542		72,818

MEXICO — 0.2%
FIBRA Macquarie Mexico ‡		58,600		90,044
Nemak *		202,600		35,912

				125,956

NETHERLANDS — 0.3%
Eurocommercial Properties ‡		7,090		152,060
Koninklijke Heijmans NorthV		1,425		16,352
Wereldhave ‡		4,128		62,184

				230,596

NEW ZEALAND — 0.2%
Air New Zealand		306,465		119,412

NORWAY — 2.7%
Hexagon Composites *		134,938		318,052
Hoegh Autoliners		29,311		236,982
Norske Skog		18,184		66,426
PhotoCure *		27,900		144,242
Rana Gruber, Cl A		5,634		31,298
Salmar		21,070		998,969
Stolt-Nielsen		3,295		108,511

				1,904,480

PHILIPPINES — 0.1%
Robinsons Land		231,800		56,984

POLAND — 0.3%
Budimex		5		560


COMMON STOCK — continued

	Shares		Value

POLAND — continued
Tauron Polska Energia *		272,715	$	239,733

				240,293

PORTUGAL — 0.0%
Mota-Engil SGPS		7,110		23,048

SAUDI ARABIA — 0.4%
AlSaif Stores For Development & Investment		37,829		76,490
Bawan		3,815		32,782
Riyadh Cables Group		4,344		84,903
Saudi Chemical Holding		99,363		105,986

				300,161

SINGAPORE — 0.1%
Best World International *		42,000		51,809
Hour Glass		26,000		31,313

				83,122

SOUTH AFRICA — 0.6%
DRDGOLD ADR		4,867		41,418
Fortress Real Estate Investments, Cl B *		232,361		73,240
Fortress Real Estate Investments, Cl A *		151,603		105,955
Momentum Metropolitan Holdings		76,312		85,361
Vukile Property Fund ‡		202,281		134,180

				440,154

SOUTH KOREA — 2.3%
AfreecaTV		937		46,657
DB HiTek		3,910		141,156
DB Insurance		2,590		168,503
Dongjin Semichem		2,674		59,683
Hanwha General Insurance *		36,955		113,650
Hanwha Life Insurance		36,996		76,025
HD Hyundai Infracore		24,710		122,606
Hyundai Marine & Fire Insurance		2,060		48,054
JB Financial Group		17,894		133,848
Jeisys Medical		31,152		243,186
KIWOOM Securities		1,183		70,730
Kyung Dong Navien		5,499		195,516
OCI Holdings		2,230		161,122
Youngone		1,620		65,123

				1,645,859

SPAIN — 2.4%
Fluidra		9,458		166,578
Gestamp Automocion		16,960		62,345
Laboratorios Farmaceuticos Rovi		3,692		197,241
Melia Hotels International *		234,788		1,304,890

				1,731,054

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

105

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OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

SWEDEN — 3.5%
B3 Consulting Group		3,873	$	27,287
BioGaia, Cl B		60,174		536,708
Castellum		3,365		32,220
Fortnox		24,755		98,038
Hemnet Group		11,566		200,703
HMS Networks		1,456		48,250
Hoist Finance *		17,046		47,901
Inwido		3,241		33,089
Loomis, Cl B		45,944		1,192,409
Nyfosa		11,674		56,442
Sectra, Cl B		9,524		102,913
Trelleborg, Cl B		3,411		86,182

				2,462,142

SWITZERLAND — 3.3%
Basilea Pharmaceutica *		951		36,999
Bucher Industries		1,177		419,965
Georg Fischer		960		49,794
Inficon Holding		343		371,095
IWG *		352,216		564,205
Landis+Gyr Group		8,146		604,102
LEM Holding		48		97,145
Swissquote Group Holding		871		167,223

				2,310,528

TAIWAN — 3.9%
Ardentec		46,000		92,578
ASPEED Technology		1,000		79,918
Chicony Power Technology		83,000		287,360
Depo Auto Parts Industries		89,000		358,315
Elitegroup Computer Systems		80,000		63,327
Far Eastern Department Stores		166,000		122,770
FIT Hon Teng *		293,000		39,297
Fitipower Integrated Technology		7,700		63,739
Getac Holdings		94,000		210,787
Gigabyte Technology		14,000		95,115
ITE Technology		34,000		171,417
L&K Engineering		88,000		346,749
Liton Technology		58,000		61,639
Lotes		3,000		76,608
M31 Technology		3,300		89,400
Nan Pao Resins Chemical		30,000		184,437
Pan German Universal Motors		18,000		169,637
Topkey		14,000		69,708
United Integrated Services		22,000		163,335
Wowprime		5,299		39,143

				2,785,279

THAILAND — 0.6%
Ichitan Group		506,700		215,696
Sappe		100,700		213,642

				429,338


COMMON STOCK — continued

	Shares		Value

TURKEY — 0.6%
Mavi Giyim Sanayi Ve Ticaret, Cl B		20,271	$	68,423
Migros Ticaret		16,283		194,352
Sok Marketler Ticaret		83,726		177,150

				439,925

UNITED KINGDOM — 9.4%
4imprint Group		8,065		492,775
Big Yellow Group ‡		8,268		95,999
Bloomsbury Publishing		4,265		20,621
Bodycote		7,880		54,886
Britvic		10,415		106,064
Coats Group		862,022		707,107
Craneware		16,500		318,017
CVS Group		52,276		931,804
Domino’s Pizza Group		9,378		39,066
Drax Group		14,495		74,331
Games Workshop Group		2,072		248,711
Global Ship Lease, Cl A		3,685		64,782
Hammerson ‡		245,138		65,668
Howden Joinery Group		15,035		116,571
IMI		12,150		216,629
Investec		47,629		264,757
IP Group		138,149		73,508
J D Wetherspoon *		2,651		20,330
Johnson Service Group		82,864		128,858
Man Group		80,456		214,756
Marks & Spencer Group *		27,561		72,657
Mitchells & Butlers *		9,086		22,867
Mitie Group		26,539		31,801
OSB Group		3,988		14,536
Paragon Banking Group		11,440		61,606
Pets at Home Group		10,504		35,854
Rightmove		9,062		52,171
Safestore Holdings ‡		49,450		410,820
Savills		101,774		972,540
Serco Group		74,369		129,047
Shaftesbury Capital ‡		90,534		114,580
SThree		20,451		87,164
Tate & Lyle		41,350		316,764
Virgin Money UK		23,278		42,221
Yu Group		4,912		60,796

				6,680,664

UNITED STATES — 3.5%
Inmode *		769		14,688
JS Global Lifestyle		330,500		52,055
MDA *		8,245		68,122
Ormat Technologies		13,472		834,636
Reliance Worldwide		189,000		420,478

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

106

CATHOLIC RESPONSIBLE INVESTMENTS INTERNATIONAL SMALL-CAP FUND

OCTOBER 31, 2023


COMMON STOCK — continued

	Shares		Value

UNITED STATES — continued
Samsonite International *		343,305	$	1,063,345

				2,453,324
Total Common Stock (Cost $73,071,351)				68,458,693

PREFERRED STOCK — 0.8%

BRAZIL — 0.6%
Cia de Ferro Ligas da Bahia FERBASA (A)	$	6,100	$	59,149
Cia de Saneamento do Parana (A)		249,000		215,277
Gol Linhas Aereas Inteligentes (A)		80,100		135,644

				410,070

GERMANY — 0.2%
Schaeffler (A)		25,928		134,429
Total Preferred Stock (Cost $560,742)				544,499
Total Investments in Securities— 97.0% (Cost $73,632,093)				$69,003,192

Percentages are based on Net Assets of $71,149,750.

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)	There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

REIT — Real Estate Investment Trust

SGPS — Sociedade Gestora de Participaçőes Sociais (holding company)

The following is a list of the inputs used as of October 31, 2023, in valuing the Fund’s investments and other financial instruments carried at value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	–	$	4,418,049	$	–	$	4,418,049
Austria		187,584		1,244,639		–		1,432,223
Belgium		–		251,510		–		251,510
Brazil		137,834		–		–		137,834
Burkina Faso		72,562		–		–		72,562
Canada		2,547,656		–		–		2,547,656
China		191,003		1,344,600		–		1,535,603
Denmark		–		1,477,311		–		1,477,311
Egypt		–		33,408		–		33,408
France		–		3,706,255		–		3,706,255
Georgia		100,350		–		–		100,350
Germany		–		1,453,730		–		1,453,730
Greece		–		87,985		–		87,985
Hong Kong		–		849,242		–		849,242
Hungary		–		21,600		–		21,600
India		–		2,587,300		–		2,587,300
Indonesia		–		156,206		–		156,206
Ireland		180,692		307,892		–		488,584
Israel		453,685		141,670		–		595,355
Italy		44,715		2,184,831		–		2,229,546
Japan		–		18,016,533		–		18,016,533
Luxembourg		–		1,153,209		–		1,153,209
Malaysia		153,112		418,393		–		571,505
Mauritius		72,818		–		–		72,818
Mexico		125,956		–		–		125,956
Netherlands		–		230,596		–		230,596
New Zealand		–		119,412		–		119,412
Norway		–		1,904,480		–		1,904,480
Philippines		–		56,984		–		56,984
Poland		–		240,293		–		240,293
Portugal		–		23,048		–		23,048
Saudi Arabia		–		300,161		–		300,161
Singapore		31,312		51,810		–		83,122
South Africa		126,779		313,375		–		440,154
South Korea		–		1,645,859		–		1,645,859
Spain		–		1,731,054		–		1,731,054
Sweden		–		2,462,142		–		2,462,142
Switzerland		–		2,310,528		–		2,310,528
Taiwan		–		2,785,279		–		2,785,279
Thailand		–		429,338		–		429,338
Turkey		262,775		177,150		–		439,925
United Kingdom		2,180,194		4,500,470		–		6,680,664
United States		82,810		2,370,514		–		2,453,324

Total Common Stock		6,951,837		61,506,856		–		68,458,693

Preferred Stock
Brazil		410,070		–		–		410,070

Germany		–		134,429		–		134,429
Total Preferred Stock		410,070		134,429		–		544,499

Total Investments in Securities	$	7,361,907	$	61,641,285	$	–	$	69,003,192

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.

107

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 45/55 FUND

OCTOBER 31, 2023

SECTOR WEIGHTINGS (unaudited)^†

100.0% Open-End Mutual Funds

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


SCHEDULE OF INVESTMENTS OPEN-END MUTUAL FUNDS — 99.7%

	Shares		Value
Catholic Responsible Investments Bond Fund†		3,802,156		$ 30,189,119
Catholic Responsible Investments Equity Index Fund†		2,926,194		26,745,411
Catholic Responsible Investments International Equity Fund†		1,154,242		9,510,953
Catholic Responsible Investments International Small-Cap Fund†		287,270		2,298,160
Catholic Responsible Investments Multi-Style US Equity Fund†		900,929		8,000,250
Catholic Responsible Investments Opportunistic Bond Fund†		1,858,553		16,541,125
Catholic Responsible Investments Short Duration Bond Fund†		1,816,498		17,129,576
Catholic Responsible Investments Small-Cap Fund†		596,870		4,649,617

Total Open-End Mutual Funds (Cost $114,371,826)				115,064,211
Total Investments in Securities— 99.7% (Cost $114,371,826)				$115,064,211

Percentages are based on Net Assets of $115,374,603.

†	Investment in Affiliated Security.

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

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

108

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 45/55 FUND

OCTOBER 31, 2023

The following is a summary of the transactions with affiliates for the year ended October 31, 2023:



Security Description	Value 10/31/2022		Purchases at Cost		Proceeds from Sales		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 10/31/2023		Income		Capital Gains

Catholic Responsible Investments Bond Fund	$	19,561,268	$	14,428,065	$	(2,303,578)	$	(388,893)	$	(1,107,743)	$	30,189,119	$	1,188,229	$	—
Catholic Responsible Investments Equity Index Fund		15,587,465		11,082,615		(1,863,803)		64,355		1,874,779		26,745,411		370,385		—
Catholic Responsible Investments International Equity Fund		5,235,036		4,485,738		(753,898)		(10,376)		554,453		9,510,953		152,700		—
Catholic Responsible Investments International Small-Cap Fund		1,334,556		1,137,407		(188,475)		3,383		11,289		2,298,160		54,148		—
Catholic Responsible Investments Multi-Style US Equity Fund		4,495,211		3,411,785		(586,365)		(23,997)		703,616		8,000,250		41,645		—
Catholic Responsible Investments Opportunistic Bond Fund		10,736,189		7,311,287		(1,151,786)		(105,098)		(249,467)		16,541,125		691,369		—
Catholic Responsible Investments Short Duration Bond Fund		11,148,864		7,153,514		(1,151,787)		(69,039)		48,024		17,129,576		533,596		—
Catholic Responsible Investments Small-Cap Fund		3,234,709		2,397,491		(376,950)		(17,944)		(587,689)		4,649,617		69,220		161,752


Totals	$	71,333,298	$	51,407,902	$	(8,376,642)	$	(547,609)	$	1,247,262	$	115,064,211	$	3,101,292	$	161,752

Amounts designated as “–” are $0.

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

109

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 60/40 ALPHA PLUS FUND

OCTOBER 31, 2023

SECTOR WEIGHTINGS (unaudited)^†

100.0% Open-End Mutual Funds

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


SCHEDULE OF INVESTMENTS
OPEN-END MUTUAL FUNDS — 99.9%

	Shares		Value
Catholic Responsible Investments Bond Fund†		24,395,706	$	193,701,902
Catholic Responsible Investments Equity Index Fund†		19,325,236		176,632,656
Catholic Responsible Investments International Equity Fund†		13,820,744		113,882,934
Catholic Responsible Investments International Small-Cap Fund†		3,547,517		28,380,134
Catholic Responsible Investments Multi-Style US Equity Fund†		29,347,668		260,607,295
Catholic Responsible Investments Opportunistic Bond Fund†		12,037,483		107,133,601
Catholic Responsible Investments Short Duration Bond Fund†		11,737,486		110,684,491
Catholic Responsible Investments Small-Cap Fund†		7,148,917		55,690,060

Total Open-End Mutual Funds (Cost $1,014,437,535)				1,046,713,073
Total Investments in Securities— 99.9% (Cost $1,014,437,535)			$	1,046,713,073

Percentages are based on Net Assets of $1,047,394,381.

†	Investment in Affiliated Security.

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

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

110

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 60/40 ALPHA PLUS FUND

OCTOBER 31, 2023

The following is a summary of the transactions with affiliates for the year ended October 31, 2023:


Security Description	Value 10/31/2022		Purchases at Cost		Proceeds from Sales		Realized Loss		Change in Unrealized Appreciation (Depreciation)		Value 10/31/2023		Income		Capital Gains
Catholic Responsible Investments Bond Fund	$	195,347,648	$	12,873,709	$	(7,487,786)	$	(1,309,799)	$	(5,721,870)	$	193,701,902	$	8,221,286	$	—
Catholic Responsible Investments Equity Index Fund		161,916,277		6,061,009		(5,615,839)		(456,575)		14,727,784		176,632,656		2,571,692		—
Catholic Responsible Investments International Equity Fund		102,020,700		4,720,888		(4,492,671)		(675,292)		12,309,309		113,882,934		1,929,435		—
Catholic Responsible Investments International Small-Cap Fund		26,578,242		1,401,534		(1,123,168)		(181,688)		1,705,214		28,380,134		703,671		—
Catholic Responsible Investments Multi-Style US Equity Fund		237,507,961		7,016,860		(8,985,342)		(969,398)		26,037,214		260,607,295		1,433,952		—
Catholic Responsible Investments Opportunistic Bond Fund		105,424,072		7,128,751		(3,743,891)		(334,206)		(1,341,125)		107,133,601		4,802,540		—
Catholic Responsible Investments Short Duration Bond Fund		108,187,317		6,008,728		(3,743,893)		(231,761)		464,100		110,684,491		3,682,517		—
Catholic Responsible Investments Small-Cap Fund		61,436,749		4,380,480		(2,246,335)		(361,471)		(7,519,363)		55,690,060		875,115		2,109,638

Totals	$	998,418,966	$	49,591,959	$	(37,438,925)	$	(4,520,190)	$	40,661,263	$	1,046,713,073	$	24,220,208	$	2,109,638

Amounts designated as “–” are $0.

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

111

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 60/40 BETA PLUS FUND

OCTOBER 31, 2023

SECTOR WEIGHTINGS (unaudited)^†

100.0% Open-End Mutual Funds

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


SCHEDULE OF INVESTMENTS
OPEN-END MUTUAL FUNDS — 99.9%

	Shares		Value
Catholic Responsible Investments Bond Fund†		9,658,209	$	76,686,178
Catholic Responsible Investments Equity Index Fund†		18,043,768		164,920,038
Catholic Responsible Investments International Equity Fund†		5,456,847		44,964,418
Catholic Responsible Investments International Small-Cap Fund†		1,345,409		10,763,272
Catholic Responsible Investments Opportunistic Bond Fund†		4,753,652		42,307,503
Catholic Responsible Investments Short Duration Bond Fund†		4,662,734		43,969,582
Catholic Responsible Investments Small-Cap Fund†		2,783,674		21,684,821


Total Open-End Mutual Funds (Cost $380,877,688)				405,295,812

Total Investments in Securities— 99.9% (Cost $380,877,688)				$405,295,812

Percentages are based on Net Assets of $405,689,688.

†	Investment in Affiliated Security.

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

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

112

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 60/40 BETA PLUS FUND

OCTOBER 31, 2023

The following is a summary of the transactions with affiliates for the year ended October 31, 2023:


Security Description	Value 10/31/2022		Purchases at Cost		Proceeds from Sales		Realized Loss		Change in Unrealized Appreciation (Depreciation)		Value 10/31/2023		Income		Capital Gains
Catholic Responsible Investments Bond Fund	$	77,381,202	$	8,696,087	$	(6,522,091)	$	(1,133,812)	$	(1,735,208)	$	76,686,178	$	3,250,776	$	—
Catholic Responsible Investments Equity Index Fund		151,269,825		13,003,830		(12,718,077)		(504,244)		13,868,704		164,920,038		2,385,473		—
Catholic Responsible Investments International Equity Fund		40,357,185		4,030,050		(3,913,254)		(539,037)		5,029,474		44,964,418		762,864		—
Catholic Responsible Investments International Small-Cap Fund		10,100,702		1,083,901		(978,314)		(128,594)		685,577		10,763,272		267,105		—
Catholic Responsible Investments Opportunistic Bond Fund		41,639,070		4,615,913		(3,261,045)		(303,524)		(382,911)		42,307,503		1,893,257		—
Catholic Responsible Investments Short Duration Bond Fund		42,973,197		4,183,924		(3,261,045)		(200,011)		273,517		43,969,582		1,461,268		—
Catholic Responsible Investments Small-Cap Fund		23,878,020		2,775,345		(1,956,626)		(235,573)		(2,776,345)		21,684,821		338,517		803,234

Totals	$	387,599,201	$	38,389,050	$	(32,610,452)	$	(3,044,795)	$	14,962,808	$	405,295,812	$	10,359,260	$	803,234

Amounts designated as “–” are $0.

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

113

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 75/25 FUND

OCTOBER 31, 2023

SECTOR WEIGHTINGS (unaudited)^†

100.0% Open-End Mutual Funds

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


SCHEDULE OF INVESTMENTS
OPEN-END MUTUAL FUNDS — 99.8%

	Shares		Value
Catholic Responsible Investments Bond Fund†		3,827,969	$	30,394,074
Catholic Responsible Investments Equity Index Fund†		9,943,172		90,880,592
Catholic Responsible Investments International Equity Fund†		4,245,187		34,980,339
Catholic Responsible Investments International Small-Cap Fund†		1,055,480		8,443,839
Catholic Responsible Investments Multi-Style US Equity Fund†		4,188,209		37,191,299
Catholic Responsible Investments Opportunistic Bond Fund†		1,886,141		16,786,654
Catholic Responsible Investments Short Duration Bond Fund†		1,849,601		17,441,741
Catholic Responsible Investments Small-Cap Fund†		2,207,895		17,199,505


Total Open-End Mutual Funds (Cost $234,634,368)				253,318,043

Total Investments in Securities— 99.8% (Cost $234,634,368)				$253,318,043

Percentages are based on Net Assets of $253,713,241.

†	Investment in Affiliated Security.

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

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

114

CATHOLIC RESPONSIBLE INVESTMENTS MAGNUS 75/25 FUND

OCTOBER 31, 2023

The following is a summary of the transactions with affiliates for the year ended October 31, 2023:


Security Description	Value 10/31/2022		Purchases at Cost		Proceeds from Sales		Realized Loss		Change in Unrealized Appreciation (Depreciation)		Value 10/31/2023		Income		Capital Gains
Catholic Responsible Investments Bond Fund	$	28,221,528	$	4,829,729	$	(1,432,053)	$	(214,893)	$	(1,010,237)	$	30,394,074	$	1,270,949	$	—
Catholic Responsible Investments Equity Index Fund		76,616,648		10,913,645		(3,866,544)		(136,355)		7,353,198		90,880,592		1,304,940		—
Catholic Responsible Investments International Equity Fund		28,654,565		4,859,855		(1,718,464)		(170,669)		3,355,052		34,980,339		589,320		—
Catholic Responsible Investments International Small-Cap Fund		7,244,380		1,275,992		(429,616)		(33,757)		386,840		8,443,839		208,358		—
Catholic Responsible Investments Multi-Style US Equity Fund		30,912,545		4,471,763		(1,718,464)		(76,412)		3,601,867		37,191,299		201,228		—
Catholic Responsible Investments Opportunistic Bond Fund		15,276,824		2,520,956		(716,026)		(58,912)		(236,188)		16,786,654		741,566		—
Catholic Responsible Investments Short Duration Bond Fund		15,789,944		2,352,351		(716,026)		(43,290)		58,762		17,441,741		572,961		—
Catholic Responsible Investments Small-Cap Fund		17,402,612		3,003,349		(859,232)		(85,514)		(2,261,710)		17,199,505		266,217		601,864

Totals	$	220,119,046	$	34,227,640	$	(11,456,425)	$	(819,802)	$	11,247,584	$	253,318,043	$	5,155,539	$	601,864

Amounts designated as “–” are $0.

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

115

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023



STATEMENTS OF ASSETS AND LIABILITIES

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

Assets:
Investments, at Value (Cost $52,291,831, $481,947,473, $1,917,387,412 and $534,059,971)	$	52,323,241	$	470,082,136		$	1,719,993,594	^*	$	512,918,777
Repurchase Agreements, at Value (Cost $6,000,000, $1,000,000, $– and $–)		6,000,000		1,000,000			–			–
Receivable for Capital Shares Sold		210,756		4,858			10,388,317			4,858
Dividend and Interest Receivable		85,701		3,336,110			11,568,813			2,631,105
Cash and Cash Equivalents		21,424		4,987,950			32,086,430			12,874,180
Due from Adviser		6,438		–			–			–
Receivable for Investment Securities Sold		–		–			4,666,178			460,650
Cash Pledged as Collateral for Futures Contracts		–		–			9,135,262			2,056,105
Prepaid Expenses		8,019		8,729			46,765			14,481

Total Assets		58,655,579		479,419,783			1,787,885,359			530,960,156

Liabilities:
Payable for Investment Securities Purchased		155,000		5,721,655			13,269,224			4,355,993
Audit Fees Payable		14,800		14,800			18,500			17,575
Transfer Agent Fee Payable		4,680		3,334			7,668			6,011
Chief Compliance Officer Fees Payable		988		1,976			184			2,963
Payable Due to Administrator		954		7,862			30,043			9,394
Trustees Fees Payable		46		92			–			138
Payable Upon Return of Securities Loaned		–		–			876,760			–
Payable for Capital Shares Redeemed		–		9,724			214,704			1,018,129
Payable Due to Adviser		–		99,208			450,447			132,410
Shareholder Servicing		–		–			7,473			4,280
Payable for Variation Margin		–		43,203			–			–
Other Payables		–		–			51,384			–
Other Accrued Expenses		23,389		28,638			77,617			32,290

Total Liabilities		199,857		5,930,492			15,004,004			5,579,183

Commitments and Contingencies ^†
Net Assets	$	58,455,722	$	473,489,291		$	1,772,881,355		$	525,380,973

Net Assets Consist of:
Paid-in Capital	$	58,254,128	$	504,308,802		$	2,123,922,533		$	581,666,167
Total Distributable Earnings (Accumulated Losses)		201,594		(30,819,511	)		(351,041,178	)		(56,285,194)

Net Assets	$	58,455,722	$	473,489,291		$	1,772,881,355		$	525,380,973


Institutional Shares:
Net Assets	$	58,455,722	$	473,489,291		$	1,716,838,630		$	498,414,580
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		5,826,509		50,228,994			216,146,345			55,995,398
Net Asset Value, Offering and Redemption Price Per Share	$	10.03	$	9.43		$	7.94		$	8.90

Investor Shares:
Net Assets	$	N/A	$	N/A		$	56,042,725		$	26,966,393
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		N/A		N/A			7,056,752			3,029,063
Net Asset Value, Offering and Redemption Price Per Share	$	N/A	$	N/A		$	7.94		$	8.90


* Includes Market Value of Securities on Loan	$	–	$	–		$	854,556		$	–

† 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.

116

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023



STATEMENTS OF ASSETS AND LIABILITIES

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


Assets:
Investments, at Value (Cost $1,926,787,998, $409,533,085, $658,827,496, $1,065,971,442 and $73,632,093)	$	3,050,797,850	$	428,069,727	^*	$	695,108,076	^*	$	1,140,257,283	^*	$	69,003,192
Foreign Currency, at Value (Cost $–, $–, $–, $1,185,831 and $65,313)		–		–			–			1,193,802			73,760
Cash and Cash Equivalents		10,066,313		4,942,606			19,260,391			36,098,602			1,770,450
Dividend and Interest Receivable		2,208,464		217,861			297,948			1,388,502			153,649
Cash Pledged as Collateral for Futures Contracts		1,028,814		314,559			–			–			–
Reclaim Receivable		79,786		–			92,013			2,330,703			185,464
Receivable for Capital Shares Sold		37,105		124,109			11,659			84,492			2,915
Receivable for Investment Securities Sold		–		–			902,031			2,988,486			79,908
Unrealized Appreciation on Spot Currency Contracts		–		–			–			1,844			233
Prepaid Expenses		27,211		12,875			13,612			18,675			7,912

Total Assets		3,064,245,543		433,681,737			715,685,730			1,184,362,389			71,277,483

Liabilities:
Payable for Capital Shares Redeemed		947,439		11,470			125,594			21,819			2,933
Payable Due to Adviser		99,002		74,244			368,569			755,509			49,983
Payable Due to Administrator		51,958		7,271			12,669			20,636			1,207
Audit Fees Payable		12,950		12,950			14,800			17,575			16,650
Transfer Agent Fee Payable		6,468		3,561			5,863			7,114			2,612
Payable for Variation Margin		2,700		8,305			–			–			–
Chief Compliance Officer Fees Payable		988		988			2,963			2,963			1,976
Trustees Fees Payable		46		46			138			138			92
Payable for Investment Securities Purchased		–		–			892,241			2,765,784			14,354
Payable Upon Return of Securities Loaned		–		5,758,267			3,500,476			1,593,541			–
Shareholder Servicing		–		–			6,086			6,636			–
Other Accrued Expenses		157,490		57,527			14,852			72,418			37,926

Total Liabilities		1,279,041		5,934,629			4,944,251			5,264,133			127,733

Commitments and Contingencies ^†
Net Assets	$	3,062,966,502	$	427,747,108		$	710,741,479		$	1,179,098,256		$	71,149,750

Net Assets Consist of:
Paid-in Capital	$	1,997,610,792	$	435,071,250		$	713,143,610		$	1,134,192,818		$	82,716,407
Total Distributable Earnings (Accumulated Losses)		1,065,355,710		(7,324,142	)		(2,402,131	)		44,905,438			(11,566,657)

Net Assets	$	3,062,966,502	$	427,747,108		$	710,741,479		$	1,179,098,256		$	71,149,750


Institutional Shares:
Net Assets	$	3,062,966,502	$	427,747,108		$	669,001,152		$	1,132,229,981		$	71,149,750
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		335,159,828		54,919,116			75,369,858			137,383,346			8,895,382
Net Asset Value, Offering and Redemption Price Per Share	$	9.14	$	7.79		$	8.88		$	8.24		$	8.00

Investor Shares:
Net Assets	$	N/A	$	N/A		$	41,740,327		$	46,868,275		$	N/A
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		N/A		N/A			4,702,014			5,685,815			N/A
Net Asset Value, Offering and Redemption Price Per Share	$	N/A	$	N/A		$	8.88		$	8.24		$	N/A


* Includes Market Value of Securities on Loan	$	–	$	5,624,083		$	3,416,198		$	1,553,756		$	–

† 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.

117

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023



STATEMENTS OF ASSETS AND LIABILITIES

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


Assets:
Affiliated Investments, at Value (Cost $114,371,826, $1,014,437,535, $380,877,688 and $234,634,368)	$	115,064,211	$	1,046,713,073	$	405,295,812	$	253,318,043
Cash and Cash Equivalents		291,422		695,541		378,114		343,477
Receivable for Investment Securities Sold		21,987		24,748		27,982		22,849
Due from Adviser		18,518		22,963		20,834		24,547
Dividend and Interest Receivable		1,188		2,844		1,543		1,399
Receivable for Capital Shares Sold		–		–		98,247		77,726
Prepaid Expenses		13,294		13,722		14,854		39,889

Total Assets		115,410,620		1,047,472,891		405,837,386		253,827,930

Liabilities:
Audit Fees Payable		12,950		12,950		12,950		12,950
Transfer Agent Fee Payable		5,194		6,244		5,519		5,334
Shareholder Servicing		4,712		45,248		16,763		4,937
Chief Compliance Officer Fees Payable		988		988		988		988
Trustees Fees Payable		46		46		46		46
Payable for Investment Securities Purchased		–		–		–		77,726
Payable for Capital Shares Redeemed		–		500		100,000		–
Other Accrued Expenses		12,127		12,534		11,432		12,708

Total Liabilities		36,017		78,510		147,698		114,689

Commitments and Contingencies ^†
Net Assets	$	115,374,603	$	1,047,394,381	$	405,689,688	$	253,713,241

Net Assets Consist of:
Paid-in Capital	$	114,326,325	$	1,002,036,488	$	376,997,621	$	231,329,237
Total Distributable Earnings		1,048,278		45,357,893		28,692,067		22,384,004

Net Assets	$	115,374,603	$	1,047,394,381	$	405,689,688	$	253,713,241


Institutional Shares:
Net Assets	$	83,488,736	$	733,461,417	$	290,584,701	$	219,189,621
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		9,407,875		83,339,909		32,705,451		25,016,481
Net Asset Value, Offering and Redemption Price Per Share	$	8.87	$	8.80	$	8.88	$	8.76

Investor Shares:
Net Assets	$	31,885,867	$	313,932,964	$	115,104,987	$	34,523,620
Outstanding Shares of Beneficial Interest (Unlimited Authorization - No Par Value)		3,596,233		35,707,033		12,966,233		3,945,515
Net Asset Value, Offering and Redemption Price Per Share	$	8.87	$	8.79	$	8.88	$	8.75

† 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.

118

CATHOLIC RESPONSIBLE INVESTMENTS

FOR THE YEAR ENDED

OCTOBER 31, 2023



STATEMENTS OF OPERATIONS

	Catholic Responsible Investments Ultra Short Bond Fund			Catholic Responsible Investments Short Duration Bond Fund			Catholic Responsible Investments Bond Fund			Catholic Responsible Investments Opportunistic Bond Fund
Investment Income:
Dividend Income	$	–		$	–		$	313,391		$	–
Interest Income		3,120,938			16,650,866			79,092,079			25,187,526
Income from Securities Lending		–			–			5,031			–
Total Investment Income		3,120,938			16,650,866			79,410,501			25,187,526

Expenses:
Investment Advisory Fees		162,270			1,386,656			5,333,609			1,815,109
Trustees’ Fees		15,842			31,759			63,443			47,601
Administration Fees		12,716			90,528			355,686			109,067
Chief Compliance Officer Fees		2,289			6,024			12,112			7,242
Shareholder Servicing Fees		–			–			81,308			40,963
Transfer Agent Fees		34,438			25,978			51,399			42,274
Pricing Fees		34,407			68,705			171,341			72,461
Registration Fees		20,672			36,859			186,160			57,569
Legal Fees		17,966			36,878			72,811			54,845
Audit Fees		14,804			14,823			18,593			17,602
Custodian Fees		11,155			4,830			47,294			1,971
Offering Costs		5,961			5,961			7,621			7,565
Printing Fees		5,242			9,857			25,143			13,452
Other Expenses		10,910			14,580			30,936			15,296

Total Expenses		348,672			1,733,438			6,457,456			2,303,017
Less:
Waiver of Investment Advisory Fees		(119,892	)		(108,877	)		–			(135,821	)
Net Expenses		228,780			1,624,561			6,457,456			2,167,196

Net Investment Income		2,892,158			15,026,305			72,953,045			23,020,330

Net Realized Gain (Loss) on:

Net Realized Gain (Loss) on Investments		4,558			(4,115,964	)		(56,715,255	)		(9,761,988	)
Net Realized Loss on Futures Contracts		–			(2,194,137	)		(11,982,663	)		(1,142,304	)
Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions		–			2			2			(34	)

Net Realized Gain (Loss)		4,558			(6,310,099	)		(68,697,916	)		(10,904,326	)

Net Change in Unrealized Appreciation (Depreciation) on:
Net Change in Unrealized Appreciation/(Depreciation) on Investments		116,119			7,386,459			9,280,163			3,950,796
Net Change in Unrealized Appreciation/(Depreciation) on Futures Contracts		–			152,756			(8,091,423	)		(1,570,964	)
Net Change in Unrealized Appreciation (Depreciation)		116,119			7,539,215			1,188,740			2,379,832

Net Realized and Unrealized Gain (Loss)		120,677			1,229,116			(67,509,176	)		(8,524,494	)

Net Increase in Net Assets Resulting from Operations	$	3,012,835		$	16,255,421		$	5,443,869		$	14,495,836

Amounts designated as “—” are $0.

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

119

CATHOLIC RESPONSIBLE INVESTMENTS

FOR THE YEAR ENDED

OCTOBER 31, 2023



STATEMENTS OF OPERATIONS

	Catholic Responsible Investments Equity Index Fund			Catholic Responsible Investments Small-Cap Fund			Catholic Responsible Investments Multi-Style US Equity Fund			Catholic Responsible Investments International Equity Fund			Catholic Responsible Investments International Small-Cap Fund
Investment Income:
Dividend Income	$	47,500,633		$	7,726,138		$	7,876,007		$	30,102,664		$	2,697,103
Reclaim Income		–			–			–			2,580,923			209,119
Interest Income		600,892			231,862			790,995			1,626,667			63,388
Income from Securities Lending		5,908			51,893			64,324			165,746			25,936
Less: Foreign Taxes Withheld		–			(7,040	)		(28,097	)		(5,419,691	)		(450,179)
Total Investment Income		48,107,433			8,002,853			8,703,229			29,056,309			2,545,367

Expenses:
Investment Advisory Fees		1,841,632			937,961			4,286,723			9,210,498			730,811
Administration Fees		601,098			91,850			147,414			251,249			14,909
Trustees’ Fees		15,842			15,842			47,526			47,526			31,684
Chief Compliance Officer Fees		10,892			3,494			6,375			7,766			3,425
Shareholder Servicing Fees		–			–			65,746			75,354			–
Rating Fees		418,551			126,822			–			–			–
Registration Fees		304,122			65,752			63,017			122,751			20,704
Pricing Fees		54,301			13,492			12,213			30,844			14,007
Transfer Agent Fees		42,397			27,276			41,089			48,195			21,909
Custodian Fees		34,959			26,619			10,441			198,792			69,450
Printing Fees		26,559			8,353			14,987			20,190			8,899
Legal Fees		17,966			17,966			53,899			53,899			35,932
Audit Fees		13,107			12,973			14,836			17,641			16,654
Offering Costs		5,961			5,961			7,565			7,621			5,961
Other Expenses		52,063			13,895			16,095			28,737			13,331

Total Expenses		3,439,450			1,368,256			4,787,926			10,121,063			987,676
Less:
Waiver of Investment Advisory Fees		(646,140	)		–			–			–			(112,207)
Net Expenses		2,793,310			1,368,256			4,787,926			10,121,063			875,469
Net Investment Income		45,314,123			6,634,597			3,915,303			18,935,246			1,669,898

Net Realized Gain (Loss) on:

Net Realized Loss on Investments		(27,162,038	)		(21,452,853	)		(14,607,444	)		(8,593,048	)		(3,871,020)
Net Realized Gain on Futures Contracts		974,947			222,405			–			–			–
Net Realized Loss on Accrued Foreign Capital Gains Tax		–			–			–			(46,496	)		(45,395)
Net Realized Loss on Forward Foreign Currency Contracts and Foreign Currency Transactions		–			–			–			(29,405	)		(13,093)

Net Realized Gain (Loss)		(26,187,091	)		(21,230,448	)		(14,607,444	)		(8,668,949	)		(3,929,508)
Net Change in Unrealized Appreciation (Depreciation) on:
Net Change in Unrealized Appreciation/(Depreciation) on Investments		278,328,063			(23,098,341	)		84,193,896			129,992,787			7,535,803
Net Change in Unrealized Appreciation/(Depreciation) on Futures Contracts		(157,906	)		(308,145	)		–			–			–
Net Change in Unrealized Appreciation/(Depreciation) on Translation of Other Assets and Liabilities Denominated in Foreign Currencies		–			–			–			(60,017	)		(29,746)
Net Change in Unrealized Appreciation (Depreciation)		278,170,157			(23,406,486	)		84,193,896			129,932,770			7,506,057

Net Realized and Unrealized Gain (Loss)		251,983,066			(44,636,934	)		69,586,452			121,263,821			3,576,549

Net Increase (Decrease) in Net Assets Resulting from Operations	$	297,297,189		$	(38,002,337	)	$	73,501,755		$	140,199,067		$	5,246,447

Amounts designated as “—” are $0.

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

120

CATHOLIC RESPONSIBLE INVESTMENTS

FOR THE YEAR ENDED

OCTOBER 31, 2023


STATEMENTS OF OPERATIONS

	Catholic Responsible Investments Magnus 45/55 Fund			Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund			Catholic Responsible Investments Magnus 60/40 Beta Plus Fund			Catholic Responsible Investments Magnus 75/25 Fund
Investment Income:
Affiliated Dividend Income	$	3,101,292		$	24,220,208		$	10,359,260		$	5,155,539
Interest Income		9,703			25,899			12,913			11,237
Total Investment Income		3,110,995			24,246,107			10,372,173			5,166,776

Expenses:
Shareholder Servicing Fees		46,073			471,236			182,809			54,145
Trustees’ Fees		15,842			15,842			15,842			15,842
Chief Compliance Officer Fees		2,350			5,246			3,310			2,791
Registration Fees		38,675			95,587			61,907			67,513
Transfer Agent Fees		37,569			42,950			39,654			38,340
Legal Fees		17,966			17,966			17,966			17,966
Audit Fees		12,956			13,005			12,971			12,963
Offering Costs		7,640			7,621			7,621			7,621
Printing Fees		3,911			10,370			5,932			4,898
Custodian Fees		3,143			6,742			3,819			2,045
Other Expenses		10,396			18,172			12,649			12,288

Total Expenses		196,521			704,737			364,480			236,412

Less:
Waiver of Expenses		(150,449	)		(233,501	)		(181,672	)		(182,270	)
Net Expenses		46,072			471,236			182,808			54,142

Net Investment Income		3,064,923			23,774,871			10,189,365			5,112,634

Net Realized Gain (Loss) on:

Net Realized Loss on Affiliated Investments		(547,609	)		(4,520,190	)		(3,044,795	)		(819,802	)
Capital Gain Distributions Received from Affiliated Funds		161,752			2,109,638			803,234			601,864

Net Realized Gain (Loss)		(385,857	)		(2,410,552	)		(2,241,561	)		(217,938	)
Net Change in Unrealized Appreciation (Depreciation) on:
Net Change in Unrealized Appreciation (Depreciation) on Affiliated Investments		1,247,262			40,661,263			14,962,808			11,247,584
Net Change in Unrealized Appreciation (Depreciation)		1,247,262			40,661,263			14,962,808			11,247,584

Net Realized and Unrealized Gain		861,405			38,250,711			12,721,247			11,029,646

Net Increase in Net Assets Resulting from Operations	$	3,926,328		$	62,025,582		$	22,910,612		$	16,142,280

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

121

CATHOLIC RESPONSIBLE INVESTMENTS


STATEMENTS OF CHANGES IN NET ASSETS

	Catholic Responsible Investments Ultra Short Bond Fund						Catholic Responsible Investments Short Duration Bond Fund
	Year Ended October 31, 2023			Period Ended October 31, 2022*			Year Ended October 31, 2023			Period Ended October 31, 2022*
Operations:
Net Investment Income	$	2,892,158		$	421,579		$	15,026,305		$	7,161,051
Net Realized Gain (Loss)		4,558			(8,617	)		(6,310,099	)		(11,665,193	)
Net Change in Unrealized Appreciation (Depreciation)		116,119			(60,055	)		7,539,215			(19,483,423	)

Net Increase (Decrease) in Net Assets Resulting from Operations		3,012,835			352,907			16,255,421			(23,987,565	)

Distributions:
Institutional Shares		(2,767,156	)		(422,750	)		(15,562,537	)		(7,441,449	)

Total Distributions		(2,767,156	)		(422,750	)		(15,562,537	)		(7,441,449	)


Capital Share Transactions:
Institutional:
Issued†		63,427,645			114,783,905			55,374,209			606,843,164
Reinvestment of Dividends and Distributions		2,751,081			421,283			14,986,394			7,357,793
Redeemed		(61,127,893	)		(61,976,135	)		(71,227,016	)		(109,109,123	)

Net Institutional Share Transactions		5,050,833			53,229,053			(866,413	)		505,091,834

Net Increase (Decrease) in Net Assets from Share Transactions		5,050,833			53,229,053			(866,413	)		505,091,834

Total Increase (Decrease) in Net Assets		5,296,512			53,159,210			(173,529	)		473,662,820

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

End of Year or Period	$	58,455,722		$	53,159,210		$	473,489,291		$	473,662,820


Shares Transactions:
Institutional:
Issued		6,328,035			11,477,134			5,818,646			60,965,313
Reinvestment of Dividends and Distributions		274,846			42,168			1,581,544			763,838
Redeemed		(6,097,343	)		(6,198,331	)		(7,518,158	)		(11,382,189	)

Net Institutional Shares Capital Share Transactions		505,538			5,320,971			(117,968	)		50,346,962

Net Increase (Decrease) in Shares Outstanding from Share Transactions		505,538			5,320,971			(117,968	)		50,346,962

*	Fund commenced operations on December 6, 2021.

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

Amounts designated as “—” are $0.

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

122

CATHOLIC RESPONSIBLE INVESTMENTS


STATEMENTS OF CHANGES IN NET ASSETS

	Catholic Responsible Investments Bond Fund						Catholic Responsible Investments Opportunistic Bond Fund
	Year Ended October 31, 2023			Period Ended October 31, 2022*			Year Ended October 31, 2023			Period Ended October 31, 2022*
Operations:
Net Investment Income	$	72,953,045		$	36,503,535		$	23,020,330		$	9,946,277
Net Realized Loss		(68,697,916	)		(76,482,126	)		(10,904,326	)		(22,647,984	)
Net Change in Unrealized Appreciation (Depreciation)		1,188,740			(256,063,377	)		2,379,832			(27,070,280	)

Net Increase (Decrease) in Net Assets Resulting from Operations		5,443,869			(296,041,968	)		14,495,836			(39,771,987	)

Distributions:
Institutional Shares		(70,355,860	)		(36,269,579	)		(21,985,123	)		(9,390,670	)
Investor Shares		(2,134,496	)		(1,139,406	)		(1,177,907	)		(500,500	)

Total Distributions		(72,490,356	)		(37,408,985	)		(23,163,030	)		(9,891,170	)


Capital Share Transactions:
Institutional:
Issued†		191,244,695			2,032,118,645			63,511,932			538,938,452
Reinvestment of Dividends and Distributions		65,582,457			34,103,635			20,923,020			8,999,935
Redeemed		(100,197,620	)		(118,653,726	)		(40,031,802	)		(38,731,473	)

Net Institutional Share Transactions		156,629,532			1,947,568,554			44,403,150			509,206,914

Investor:
Issued†		15,627,456			64,468,613			5,125,204			31,385,189
Reinvestment of Dividends and Distributions		1,998,591			1,063,975			1,082,356			455,749
Redeemed		(10,140,607	)		(3,837,319	)		(6,249,499	)		(1,697,739	)

Net Investor Share Transactions		7,485,440			61,695,269			(41,939	)		30,143,199

Net Increase in Net Assets from Share Transactions		164,114,972			2,009,263,823			44,361,211			539,350,113

Total Increase in Net Assets		97,068,485			1,675,812,870			35,694,017			489,686,956

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

End of Year or Period	$	1,772,881,355		$	1,675,812,870		$	525,380,973		$	489,686,956


Shares Transactions:
Institutional:
Issued		22,695,588			206,586,063			6,939,607			54,218,033
Reinvestment of Dividends and Distributions		7,813,122			3,805,656			2,296,510			952,736
Redeemed		(11,859,444	)		(12,894,640	)		(4,364,310	)		(4,047,178	)

Net Institutional Shares Capital Share Transactions		18,649,266			197,497,079			4,871,807			51,123,591

Investor:
Issued		1,833,386			6,479,560			558,971			3,163,282
Reinvestment of Dividends and Distributions		238,351			118,712			118,765			48,317
Redeemed		(1,193,568	)		(419,689	)		(683,433	)		(176,839	)

Net Investor Shares Capital Share Transactions		878,169			6,178,583			(5,697	)		3,034,760

Net Increase in Shares Outstanding from Share Transactions		19,527,435			203,675,662			4,866,110			54,158,351

*	Fund commenced operations on December 6, 2021.

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

Amounts designated as “—” are $0.

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

123

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STATEMENTS OF CHANGES IN NET ASSETS

	Catholic Responsible Investments Equity Index Fund						Catholic Responsible Investments Small-Cap Fund
	Year Ended October 31, 2023			Period Ended October 31, 2022*			Year Ended October 31, 2023			Period Ended October 31, 2022*
Operations:
Net Investment Income	$	45,314,123		$	37,028,993		$	6,634,597		$	4,664,414
Net Realized Gain (Loss)		(26,187,091	)		(34,882,054	)		(21,230,448	)		11,398,499
Net Change in Unrealized Appreciation (Depreciation)		278,170,157			(503,813,313	)		(23,406,486	)		(66,566,529	)

Net Increase (Decrease) in Net Assets Resulting from Operations		297,297,189			(501,666,374	)		(38,002,337	)		(50,503,616	)

Distributions:
Institutional Shares		(45,202,137	)		(34,703,700	)		(22,555,181	)		(4,675,712	)

Total Distributions		(45,202,137	)		(34,703,700	)		(22,555,181	)		(4,675,712	)


Capital Share Transactions:
Institutional:
Issued†		244,541,100			3,565,302,235			38,855,672			547,307,376
Reinvestment of Dividends and Distributions		43,129,877			33,156,163			21,306,761			4,464,695
Redeemed		(314,002,704	)		(224,885,147	)		(34,848,215	)		(33,602,335	)

Net Institutional Share Transactions		(26,331,727	)		3,373,573,251			25,314,218			518,169,736

Net Increase (Decrease) in Net Assets from Share Transactions		(26,331,727	)		3,373,573,251			25,314,218			518,169,736

Total Increase (Decrease) in Net Assets		225,763,325			2,837,203,177			(35,243,300	)		462,990,408

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

End of Year or Period	$	3,062,966,502		$	2,837,203,177		$	427,747,108		$	462,990,408


Shares Transactions:
Institutional:
Issued		26,828,331			358,455,987			4,553,919			54,978,253
Reinvestment of Dividends and Distributions		4,829,522			3,803,238			2,534,752			502,810
Redeemed		(34,233,746	)		(24,523,504	)		(4,079,839	)		(3,570,779	)

Net Institutional Shares Capital Share Transactions		(2,575,893	)		337,735,721			3,008,832			51,910,284

Net Increase (Decrease) in Shares Outstanding from Share Transactions		(2,575,893	)		337,735,721			3,008,832			51,910,284

*	Fund commenced operations on December 6, 2021.

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

Amounts designated as “—” are $0.

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

124

CATHOLIC RESPONSIBLE INVESTMENTS


STATEMENTS OF CHANGES IN NET ASSETS

	Catholic Responsible Investments Multi-Style US Equity Fund						Catholic Responsible Investments International Equity Fund
	Year Ended October 31, 2023			Period Ended October 31, 2022*			Year Ended October 31, 2023			Period Ended October 31, 2022*
Operations:
Net Investment Income	$	3,915,303		$	2,423,481		$	18,935,246		$	17,648,398
Net Realized Loss		(14,607,444	)		(24,163,608	)		(8,668,949	)		(20,947,314	)
Net Change in Unrealized Appreciation (Depreciation)		84,193,896			(130,426,422	)		129,932,770			(333,025,964	)

Net Increase (Decrease) in Net Assets Resulting from Operations		73,501,755			(152,166,549	)		140,199,067			(336,324,880	)

Distributions:
Institutional Shares		(3,727,143	)		(2,308,450	)		(19,300,121	)		(15,648,586	)
Investor Shares		(176,407	)		(105,310	)		(709,570	)		(707,870	)

Total Distributions		(3,903,550	)		(2,413,760	)		(20,009,691	)		(16,356,456	)


Capital Share Transactions:
Institutional:
Issued†		25,921,472			791,195,487			87,775,921			1,406,729,935
Reinvestment of Dividends and Distributions		3,426,673			2,187,007			18,154,448			14,996,665
Redeemed		(44,516,145	)		(30,492,707	)		(96,824,979	)		(77,483,997	)

Net Institutional Share Transactions		(15,168,000	)		762,889,787			9,105,390			1,344,242,603

Investor:
Issued†		786,245			62,489,577			8,007,202			72,268,339
Reinvestment of Dividends and Distributions		158,440			95,160			688,331			689,963
Redeemed		(6,217,095	)		(9,310,531	)		(15,065,616	)		(8,345,996	)

Net Investor Share Transactions		(5,272,410	)		53,274,206			(6,370,083	)		64,612,306

Net Increase (Decrease) in Net Assets from Share Transactions		(20,440,410	)		816,163,993			2,735,307			1,408,854,909

Total Increase in Net Assets		49,157,795			661,583,684			122,924,683			1,056,173,573

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

End of Year or Period	$	710,741,479		$	661,583,684		$	1,179,098,256		$	1,056,173,573


Shares Transactions:
Institutional:
Issued		2,974,800			80,122,394			10,138,609			143,220,457
Reinvestment of Dividends and Distributions		396,382			269,252			2,066,650			1,907,583
Redeemed		(5,085,709	)		(3,307,261	)		(11,166,367	)		(8,783,586	)

Net Institutional Shares Capital Share Transactions		(1,714,527	)		77,084,385			1,038,892			136,344,454

Investor:
Issued		88,709			6,264,641			895,632			7,313,722
Reinvestment of Dividends and Distributions		18,374			12,021			78,303			87,913
Redeemed		(710,428	)		(971,303	)		(1,759,512	)		(930,243	)

Net Investor Shares Capital Share Transactions		(603,345	)		5,305,359			(785,577	)		6,471,392

Net Increase (Decrease) in Shares Outstanding from Share Transactions		(2,317,872	)		82,389,744			253,315			142,815,846

*	Fund commenced operations on December 6, 2021.

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

Amounts designated as “—” are $0.

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

125

CATHOLIC RESPONSIBLE INVESTMENTS



STATEMENTS OF CHANGES IN NET ASSETS

	Catholic Responsible Investments International Small-Cap Fund						Catholic Responsible Investments Magnus 45/55 Fund
	Year Ended October 31, 2023			Period Ended October 31, 2022*			Year Ended October 31, 2023			Period Ended October 31, 2022*

Operations:
Net Investment Income	$	1,669,898		$	1,427,210		$	3,064,923		$	1,294,937
Net Realized Loss		(3,929,508	)		(3,194,688	)		(385,857	)		(1,788,011	)
Net Change in Unrealized Appreciation (Depreciation)		7,506,057			(16,963,778	)		1,247,262			(12,507,525	)

Net Increase (Decrease) in Net Assets Resulting from Operations		5,246,447			(18,731,256	)		3,926,328			(13,000,599	)

Distributions:
Institutional Shares		(1,762,029	)		(1,201,904	)		(1,283,981	)		(41,794	)
Investor Shares		—			—			(469,817	)		(34,507	)

Total Distributions		(1,762,029	)		(1,201,904	)		(1,753,798	)		(76,301	)


Capital Share Transactions:
Institutional:
Issued†		4,425,462			88,775,709			42,172,973			50,959,239
Reinvestment of Dividends and Distributions		1,656,736			1,132,107			1,283,981			41,794
Redeemed		(3,577,462	)		(4,814,060	)		(3,420,768	)		(2,084,687	)

Net Institutional Share Transactions		2,504,736			85,093,756			40,036,186			48,916,346

Investor:
Issued†		—			—			7,137,259			50,147,800
Reinvestment of Dividends and Distributions		—			—			411,833			31,130
Redeemed		—			—			(5,805,366	)		(14,596,215	)

Net Investor Share Transactions		—			—			1,743,726			35,582,715

Net Increase in Net Assets from Share Transactions		2,504,736			85,093,756			41,779,912			84,499,061

Total Increase in Net Assets		5,989,154			65,160,596			43,952,442			71,422,161

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

End of Year or Period	$	71,149,750		$	65,160,596		$	115,374,603		$	71,422,161

Shares Transactions:
Institutional:
Issued		510,895			8,978,038			4,753,812			5,111,968
Reinvestment of Dividends and Distributions		193,092			135,569			148,609			4,106
Redeemed		(412,742)			(509,470)			(377,897)			(232,723)

Net Institutional Shares Capital Share Transactions		291,245			8,604,137			4,524,524			4,883,351

Investor:
Issued		—			—			769,133			5,043,408
Reinvestment of Dividends and Distributions		—			—			47,666			3,058
Redeemed		—			—			(642,240)			(1,624,792)

Net Investor Shares Capital Share Transactions		—			—			174,559			3,421,674

Net Increase in Shares Outstanding from Share Transactions		291,245			8,604,137			4,699,083			8,305,025

* Fund commenced operations on December 6, 2021.

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

Amounts designated as “—” are $0.

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

126

CATHOLIC RESPONSIBLE INVESTMENTS



STATEMENTS OF CHANGES IN NET ASSETS

	Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund						Catholic Responsible Investments Magnus 60/40 Beta Plus Fund
	Year Ended October 31, 2023			Period Ended October 31, 2022*			Year Ended October 31, 2023			Period Ended October 31, 2022*

Operations:
Net Investment Income	$	23,774,871		$	13,664,892		$	10,189,365		$	5,521,765
Net Realized Loss		(2,410,552	)		(3,974,638	)		(2,241,561	)		(1,762,303	)
Net Change in Unrealized Appreciation (Depreciation)		40,661,263			(196,870,837	)		14,962,808			(58,263,989	)

Net Increase (Decrease) in Net Assets Resulting from Operations		62,025,582			(187,180,583	)		22,910,612			(54,504,527	)

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

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


Capital Share Transactions:
Institutional:
Issued†		8,282,540			841,029,062			22,410,723			315,593,702
Reinvestment of Dividends and Distributions		12,363,629			568,966			5,184,502			170,102
Redeemed		(20,905,511	)		(15,371,660	)		(22,181,535	)		(8,589,842	)

Net Institutional Share Transactions		(259,342	)		826,226,368			5,413,690			307,173,962

Investor:
Issued†		22,486,200			507,992,930			20,882,814			179,250,158
Reinvestment of Dividends and Distributions		4,666,662			348,987			1,903,622			133,181
Redeemed		(22,759,744	)		(148,180,461	)		(25,871,735	)		(44,168,766	)

Net Investor Share Transactions		4,393,118			360,161,456			(3,085,299	)		135,214,573

Net Increase in Net Assets from Share Transactions		4,133,776			1,186,387,824			2,328,391			442,388,535

Total Increase in Net Assets		49,105,965			998,288,416			18,111,115			387,578,573

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

End of Year or Period	$	1,047,394,381		$	998,288,416		$	405,689,688		$	387,578,573

Shares Transactions:
Institutional:
Issued		911,087			84,948,241			2,378,244			33,094,640
Reinvestment of Dividends and Distributions		1,459,697			55,455			606,374			16,547
Redeemed		(2,319,880)			(1,714,691)			(2,445,163)			(945,191)

Net Institutional Shares Capital Share Transactions		50,904			83,289,005			539,455			32,165,996

Investor:
Issued		2,500,335			50,905,980			2,317,669			17,995,975
Reinvestment of Dividends and Distributions		550,964			34,014			222,646			12,955
Redeemed		(2,520,172)			(15,764,088)			(2,781,206)			(4,801,806)

Net Investor Shares Capital Share Transactions		531,127			35,175,906			(240,891)			13,207,124

Net Increase in Shares Outstanding from Share Transactions		582,031			118,464,911			298,564			45,373,120

* Fund commenced operations on December 6, 2021.

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

Amounts designated as “—” are $0.

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

127

CATHOLIC RESPONSIBLE INVESTMENTS



STATEMENTS OF CHANGES IN NET ASSETS

	Catholic Responsible Investments Magnus 75/25 Fund
	Year Ended October 31, 2023			Period Ended October 31, 2022*

Operations:
Net Investment Income	$	5,112,634		$	2,957,622
Net Realized Gain (Loss)		(217,938	)		1,810,381
Net Change in Unrealized Appreciation (Depreciation)		11,247,584			(44,823,731	)

Net Increase (Decrease) in Net Assets Resulting from Operations		16,142,280			(40,055,728	)

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

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


Capital Share Transactions:
Institutional:
Issued†		25,891,748			275,902,150
Reinvestment of Dividends and Distributions		4,942,456			176,258
Redeemed		(8,750,258	)		(53,980,882	)

Net Institutional Share Transactions		22,083,946			222,097,526

Investor:
Issued†		4,983,535			51,254,998
Reinvestment of Dividends and Distributions		812,425			31,231
Redeemed		(4,778,286	)		(12,896,316	)

Net Investor Share Transactions		1,017,674			38,389,913

Net Increase in Net Assets from Share Transactions		23,101,620			260,487,439

Total Increase in Net Assets		33,489,019			220,224,222

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

End of Year or Period	$	253,713,241		$	220,224,222

Shares Transactions:
Institutional:
Issued		2,996,109			27,729,598
Reinvestment of Dividends and Distributions		589,467			17,030
Redeemed		(994,768)			(5,320,955)

Net Institutional Shares Capital Share Transactions		2,590,808			22,425,673

Investor:
Issued		577,896			5,158,036
Reinvestment of Dividends and Distributions		96,910			3,017
Redeemed		(536,779)			(1,353,565)

Net Investor Shares Capital Share Transactions		138,027			3,807,488

Net Increase in Shares Outstanding from Share Transactions		2,728,835			26,233,161

* Fund commenced operations on December 6, 2021.

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

Amounts designated as “—” are $0.

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

128

CATHOLIC RESPONSIBLE INVESTMENTS



FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios For a Share Outstanding Throughout each Year or Period

	Net Asset Value, Beginning of Year or Period			Net Investment Income*			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations				Distributions from Net Investment Income			Distributions from Net Realized Capital Gains				Total Distributions			Net Asset Value, End of Year or Period			Total Return†			Net Assets, End of Year or Period (000)			Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets (excluding waivers)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

Catholic Responsible Investments Ultra Short Bond Fund

Institutional Shares

2023		$	9.99		$	0.45		$	0.01		$	0.46			$	(0.42)		$	–			$	(0.42)		$	10.03		4.76	%		$	58,456		0.35	%		0.54	%		4.46	%		93%

2022⁽¹⁾		$	10.00		$	0.07		$	–^(a)		$	0.07			$	(0.08)		$	–			$	(0.08)		$	9.99		0.69	%		$	53,159		0.35	%		0.58	%		0.80	%		14%

Catholic Responsible Investments Short Duration Bond Fund

Institutional Shares

2023		$	9.41		$	0.31		$	0.03		$	0.34			$	(0.32)		$	–			$	(0.32)		$	9.43		3.62	%		$	473,489		0.35	%		0.38	%		3.25	%		59%

2022⁽¹⁾		$	10.00		$	0.13		$	(0.58)		$	(0.45)			$	(0.14)		$	–			$	(0.14)		$	9.41		(4.52)	%		$	473,663		0.35	%		0.37	%		1.54	%		95%

Catholic Responsible Investments Bond Fund

Institutional Shares

2023		$	8.23		$	0.35		$	(0.30)		$	0.05			$	(0.34)		$	–			$	(0.34)		$	7.94		0.57	%		$	1,716,839		0.36	%		0.36	%		4.11	%		54%

2022⁽¹⁾		$	10.00		$	0.20		$	(1.77)		$	(1.57)			$	(0.20)		$	–			$	(0.20)		$	8.23		(15.86)	%		$	1,624,983		0.36	%		0.36	%		2.39	%		86%

Investor Shares

2023		$	8.23		$	0.33		$	(0.29)		$	0.04			$	(0.33)		$	–			$	(0.33)		$	7.94		0.41	%		$	56,043		0.51	%		0.51	%		3.96	%		54%

2022⁽¹⁾		$	10.00		$	0.18		$	(1.76)		$	(1.58	)		$	(0.19)		$	–			$	(0.19)		$	8.23		(15.97)	%		$	50,830		0.51	%		0.51	%		2.23	%		86%

Catholic Responsible Investments Opportunistic Bond Fund

Institutional Shares

2023		$	9.04		$	0.41		$	(0.14)		$	0.27			$	(0.41)		$	–			$	(0.41)		$	8.90		2.94	%		$	498,415		0.41	%		0.44	%		4.45	%		74%

2022⁽¹⁾		$	10.00		$	0.19		$	(0.96)		$	(0.77)			$	(0.19)		$	–			$	(0.19)		$	9.04		(7.75)	%		$	462,249		0.41	%		0.44	%		2.24	%		179%

Investor Shares

2023		$	9.04		$	0.39		$	(0.14)		$	0.25			$	(0.39)		$	–			$	(0.39)		$	8.90		2.81	%		$	26,966		0.56	%		0.59	%		4.29	%		74%

2022⁽¹⁾		$	10.00		$	0.18		$	(0.96)		$	(0.78)			$	(0.18)		$	–			$	(0.18)		$	9.04		(7.88)	%		$	27,438		0.56	%		0.60	%		2.10	%		179%

Catholic Responsible Investments Equity Index Fund

Institutional Shares

2023		$	8.40		$	0.13		$	0.74		$	0.87			$	(0.13)		$	–			$	(0.13)		$	9.14		10.43	%		$	3,062,967		0.09	%		0.11	%		1.48	%		17%

2022⁽¹⁾		$	10.00		$	0.11		$	(1.61)		$	(1.50)			$	(0.10)		$	–			$	(0.10)		$	8.40		(15.01)	%		$	2,837,203		0.09	%		0.11	%		1.34	%		21%

Catholic Responsible Investments Small-Cap Fund

Institutional Shares

2023		$	8.92		$	0.12		$	(0.82)		$	(0.70)			$	(0.12)		$	(0.31	)		$	(0.43)		$	7.79		(8.15)	%		$	427,747		0.29	%		0.29	%		1.41	%		30%

2022⁽¹⁾		$	10.00		$	0.09		$	(1.08)		$	(0.99)			$	(0.09)		$	–			$	(0.09)		$	8.92		(9.88)	%		$	462,990		0.29	%		0.29	%		1.09	%		25%

Catholic Responsible Investments Multi-Style US Equity Fund

Institutional Shares

2023		$	8.03		$	0.05		$	0.85		$	0.90			$	(0.05)		$	–			$	(0.05)		$	8.88		11.17	%		$	669,001		0.66	%		0.66	%		0.56	%		32%

2022⁽¹⁾		$	10.00		$	0.03		$	(1.97)		$	(1.94)			$	(0.03)		$	–			$	(0.03)		$	8.03		(19.39)	%		$	618,980		0.67	%		0.67	%		0.39	%		33%

Investor Shares

2023		$	8.03		$	0.04		$	0.85		$	0.89			$	(0.04)		$	–			$	(0.04)		$	8.88		11.00	%		$	41,740		0.81	%		0.81	%		0.41	%		32%

2022⁽¹⁾		$	10.00		$	0.02		$	(1.97)		$	(1.95)			$	(0.02)		$	–			$	(0.02)		$	8.03		(19.50)	%		$	42,604		0.82	%		0.82	%		0.23	%		33%

*	Per share data calculated using the average shares method.

†	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.

(1)

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

(a)

Amount is less than $0.005 per share.

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

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CATHOLIC RESPONSIBLE INVESTMENTS

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding

Throughout each Year or Period



	Net Asset Value, Beginning of Year or Period			Net Investment Income*			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Distributions from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value, End of Year or Period			Total Return†			Net Assets, End of Year or Period (000)			Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets (excluding waivers)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

Catholic Responsible Investments International Equity Fund

Institutional Shares

2023		$	7.40		$	0.13		$	0.85		$	0.98		$	(0.14)		$	–		$	(0.14)		$	8.24		13.24	%		$	1,132,230		0.81	%		0.81	%		1.53	%		47%

2022⁽¹⁾		$	10.00		$	0.13		$	(2.61)		$	(2.48)		$	(0.12)		$	–		$	(0.12)		$	7.40		(24.88)	%		$	1,008,309		0.82	%		0.82	%		1.68	%		46%

Investor Shares

2023		$	7.40		$	0.12		$	0.85		$	0.97		$	(0.13)		$	–		$	(0.13)		$	8.24		13.07	%		$	46,868		0.96	%		0.96	%		1.36	%		47%

2022⁽¹⁾		$	10.00		$	0.12		$	(2.61)		$	(2.49)		$	(0.11)		$	–		$	(0.11)		$	7.40		(24.98)	%		$	47,864		0.97	%		0.97	%		1.52	%		46%

Catholic Responsible Investments International Small-Cap Fund

Institutional Shares

2023		$	7.57		$	0.19		$	0.44		$	0.63		$	(0.20)		$	–		$	(0.20)		$	8.00		8.12	%		$	71,150		1.15	%		1.30	%		2.19	%		68%

2022⁽¹⁾		$	10.00		$	0.18		$	(2.47)		$	(2.29)		$	(0.14)		$	–		$	(0.14)		$	7.57		(22.99)	%		$	65,161		1.15	%		1.40	%		2.17	%		69%

Catholic Responsible Investments Magnus 45/55 Fund

Institutional Shares

2023		$	8.60		$	0.27		$	0.15		$	0.42		$	(0.15)		$	–		$	(0.15)		$	8.87		4.96	%		$	83,489		–%⁽²⁾			0.14%⁽²⁾			2.94	%		8%

2022⁽¹⁾		$	10.00		$	0.15		$	(1.54)		$	(1.39)		$	(0.01)		$	–		$	(0.01)		$	8.60		(13.93)	%		$	42,017		–%⁽²⁾			0.20%⁽²⁾			1.75	%		9%

Investor Shares

2023		$	8.59		$	0.24		$	0.18		$	0.42		$	(0.14)		$	–		$	(0.14)		$	8.87		4.80	%		$	31,886		0.15%⁽²⁾			0.29%⁽²⁾			2.69	%		8%

2022⁽¹⁾		$	10.00		$	0.13		$	(1.53)		$	(1.40)		$	(0.01)		$	–		$	(0.01)		$	8.59		(14.03)	%		$	29,405		0.15%⁽²⁾			0.35%⁽²⁾			1.56	%		9%

Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund

Institutional Shares

2023		$	8.43		$	0.20		$	0.32		$	0.52		$	(0.15)		$	–		$	(0.15)		$	8.80		6.23	%		$	733,461		–%⁽²⁾			0.02%⁽²⁾			2.28	%		4%

2022⁽¹⁾		$	10.00		$	0.12		$	(1.68)		$	(1.56)		$	(0.01)		$	–		$	(0.01)		$	8.43		(15.63)	%		$	702,135		–%⁽²⁾			0.03%⁽²⁾			1.49	%		3%

Investor Shares

2023		$	8.42		$	0.19		$	0.31		$	0.50		$	(0.13)		$	–		$	(0.13)		$	8.79		6.07	%		$	313,933		0.15%⁽²⁾			0.17%⁽²⁾			2.13	%		4%

2022⁽¹⁾		$	10.00		$	0.10		$	(1.67)		$	(1.57)		$	(0.01)		$	–		$	(0.01)		$	8.42		(15.74)	%		$	296,153		0.15%⁽²⁾			0.18%⁽²⁾			1.20	%		3%

Catholic Responsible Investments Magnus 60/40 Beta Plus Fund

Institutional Shares

2023		$	8.55		$	0.23		$	0.27		$	0.50		$	(0.17)		$	–		$	(0.17)		$	8.88		5.99	%		$	290,585		–%⁽²⁾			0.04%⁽²⁾			2.52	%		8%

2022⁽¹⁾		$	10.00		$	0.15		$	(1.59)		$	(1.44)		$	(0.01)		$	–		$	(0.01)		$	8.55		(14.42)	%		$	274,863		–%⁽²⁾			0.06%⁽²⁾			1.82	%		5%

Investor Shares

2023		$	8.53		$	0.21		$	0.29		$	0.50		$	(0.15)		$	–		$	(0.15)		$	8.88		5.84	%		$	115,105		0.15%⁽²⁾			0.19%⁽²⁾			2.37	%		8%

2022⁽¹⁾		$	10.00		$	0.12		$	(1.58)		$	(1.46)		$	(0.01)		$	–		$	(0.01)		$	8.53		(14.63)	%		$	112,716		0.15%⁽²⁾			0.21%⁽²⁾			1.47	%		5%

Catholic Responsible Investments Magnus 75/25 Fund

Institutional Shares

2023		$	8.40		$	0.18		$	0.40		$	0.58		$	(0.14)		$	(0.08)		$	(0.22)		$	8.76		7.09	%		$	219,190		–%⁽²⁾			0.07%⁽²⁾			2.05	%		5%

2022⁽¹⁾		$	10.00		$	0.12		$	(1.71)		$	(1.59)		$	(0.01)		$	–		$	(0.01)		$	8.40		(15.94)	%		$	188,299		–%⁽²⁾			0.08%⁽²⁾			1.40	%		5%

Investor Shares

2023		$	8.38		$	0.17		$	0.41		$	0.58		$	(0.13)		$	(0.08)		$	(0.21)		$	8.75		6.92	%		$	34,523		0.15%⁽²⁾			0.22%⁽²⁾			1.88	%		5%

2022⁽¹⁾		$	10.00		$	0.10		$	(1.71)		$	(1.61)		$	(0.01)		$	–		$	(0.01)		$	8.38		(16.15)	%		$	31,925		0.15%⁽²⁾			0.23%⁽²⁾			1.23	%		5%

*	Per share data calculated using the average shares method.

†	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.

(1)

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

(2)

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

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

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OCTOBER 31, 2023

NOTES TO FINANCIAL STATEMENTS

1. Organization:

Catholic Responsible Investments Funds (the “Trust”) is an open-end management investment company that currently offers shares of thirteen active separate diversified portfolios: the Catholic Responsible Investments Ultra Short Bond Fund, Catholic Responsible Investments Short Duration Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Equity Index Fund, Catholic Responsible Investments Small-Cap Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund, Catholic Responsible Investments International Small-Cap Fund, Catholic Responsible Investments Magnus 45/55 Fund, Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund, Catholic Responsible Investments Magnus 60/40 Beta Plus Fund, and Catholic Responsible Investments Magnus 75/25 Fund (each, a “Fund” and together, the “Funds”). The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated July 8, 2021 and amended and restated November 17, 2021 (the “Declaration of Trust”). The Declaration of Trust permits the Trust to offer separate series (“portfolios”) of units of beneficial interest (“shares”) and separate classes of shares of such portfolios. Each share of each portfolio represents an equal proportionate interest in that portfolio with each other share of that portfolio. The Funds are successors to the funds of the Catholic United Investment Trust (the “Predecessor Funds”). The Predecessor Funds were managed by Christian Brothers Investment Services, Inc. (“CBIS,” or, the “Adviser”) using investment objectives, strategies, policies and restrictions that were in all material respects equivalent to those used in managing the Funds. The Predecessor Funds dissolved and reorganized into the Investor Shares and Institutional Shares of each Fund on December 6, 2021. All of the assets of the Predecessor Funds were transferred to the Funds in connection with the reorganization.

The investment objective of the Catholic Responsible Investments Ultra Short Bond Fund seeks to provide current income consistent with the preservation of capital.

The investment objective of the Catholic Responsible Investments Short Duration Bond Fund seeks maximum current income consistent with the preservation of capital.

The investment objective of the Catholic Responsible Investments Bond Fund seeks current income and long-term capital appreciation.

The investment objective of the Catholic Responsible Investments Opportunistic Bond Fund seeks current income and to provide relatively low correlation to equity assets.

The investment objective of the Catholic Responsible Investments Equity Index Fund seeks to replicate as closely as possible, before expenses, the performance of the S&P500^® Index.

The investment objective of the Catholic Responsible Investments Small-Cap Fund seeks to replicate the performance of the S&P SmallCap 600^® Index, an index representing small capitalization companies.

The investment objective of the Catholic Responsible Investments Multi-Style US Equity Fund seeks to achieve long-term capital appreciation.

The investment objective of the Catholic Responsible Investments International Equity Fund seeks to achieve long-term capital appreciation.

The investment objective of the Catholic Responsible Investments International Small-Cap Fund seeks to achieve long-term capital appreciation.

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CATHOLIC RESPONSIBLE INVESTMENTS

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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.

Each Fund’s investment objective is not a fundamental policy and may be changed by the Funds’ Board of Trustees (the “Board”) without shareholder approval.

2. Significant Accounting Policies:

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

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

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (the “NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts’ Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Futures are valued at the final settled price or in lieu of a settled price at the last sale price on the day of valuation.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Board becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, it may request that a Committee meeting be called.

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CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023

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 Trust’s Board of Trustees (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 Fair Value Committee (the “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 year ended October 31, 2023, there have been no significant changes to the Funds’ fair value methodologies.

Federal Income Taxes — It is each Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its income to shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more likely- than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit in the current period. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the open tax year ends, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the year ended October 31, 2023, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year the Funds did not incur any interest or penalties.

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CATHOLIC RESPONSIBLE INVESTMENTS

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Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date and interest income is recognized on the accrual basis. Costs used in determining realized gains and losses on the sales of investment securities are based on specific identification. Interest income is recognized on an accrual basis from settlement date. Discounts and premiums on securities purchased are accreted and amortized using the effective interest method. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

Futures Contracts — A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Funds may invest in exchange traded futures. These contracts are generally used to provide the return of a type of security without purchasing the securities of the underlying futures contract or to manage the Fund’s overall exposure to the market risk of the fixed income and equity markets. Upon entering into futures contracts, the Fund maintains an amount of cash or liquid securities, with a value equal to a percentage of the contract amount, with either a futures commission merchant or with its custodian in an account in the broker’s name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon the changes in the value of the contract (the variation margin).

A margin deposit held at one counterparty for the futures contracts is included in “Cash pledged as Collateral for Futures Contracts” on the Statement of Assets and Liabilities and would be noted on the Schedule of Investments, if applicable. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

For the year ended October 31, 2023, the quarterly average notional value of futures contracts held was as follows:


Catholic Responsible Investments Short Duration Bond Fund
Average Quarterly Notional Value Long	$	59,136,613
Catholic Responsible Investments Bond Fund
Average Quarterly Notional Value Long	$	309,670,806
Catholic Responsible Investments Opportunistic Bond Fund
Average Quarterly Notional Value Long	$	78,161,590
Catholic Responsible Investments Equity Index Fund
Average Quarterly Notional Value Long	$	17,256,001
Catholic Responsible Investments Small-Cap Fund
Average Quarterly Notional Value Long	$	6,037,756

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


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


Interest Risk Futures contracts	Unrealized appreciation (depreciation) on futures contracts*	$	13,146	$	243,778


		$	13,146	$	243,778

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


Interest Risk Futures contracts	Unrealized appreciation (depreciation) on futures contracts*	$	—	$	(8,091,423)


		$	—	$	(8,091,423)


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


Interest Risk Futures contracts	Unrealized appreciation (depreciation) on futures contracts*	$	—	$	(1,570,964)


		$	—	$	(1,570,964)


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


Equity Risk Futures contracts	Unrealized appreciation (depreciation) on futures contracts*	$	—	$	(72,688)


		$	—	$	(72,688)


Catholic Responsible Investments Small-Cap Fund Statements of Assets and Liabilities Location		Asset Derivatives		Liability Derivatives


Equity Risk Futures contracts	Unrealized appreciation (depreciation) on futures contracts*	$	—	$	(147,365)


		$	—	$	(147,365)

*	Unrealized appreciation (depreciation) on Futures Contracts is included in distributable earnings (accumulated losses).

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The effect of derivative instruments on the Statements of Operations for the year ended October 31, 2023, was as follows:


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


Interest Risk
Futures contracts	$	(2,194,137)	$	152,756


	$	(2,194,137)	$	152,756


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


Interest Risk
Futures contracts	$	(11,982,663)	$	(8,091,423)


	$	(11,982,663)	$	(8,091,423)


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


Interest Risk
Futures contracts	$	(1,142,304)	$	(1,570,964)


	$	(1,142,304)	$	(1,570,964)


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


Equity Risk
Futures contracts	$	974,947	$	(157,906)


	$	974,947	$	(157,906)


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


Equity Risk
Futures contracts	$	222,405	$	(308,145)


	$	222,405	$	(308,145)

*	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.

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Cash — Idle cash may be swept into various time deposit accounts and money market sweep accounts and is classified as cash on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.

Expenses — Expenses of the Trust that can be directly attributed to a particular Fund are borne by that Fund. Expenses which cannot be directly attributed to a Fund are apportioned among the Funds of the Trust based on the number of funds and/or relative net assets.

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.

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

Redemption Fees — A redemption fee of 2.00% of the value of the shares sold will be imposed on shares of the Catholic Responsible Investments Opportunistic Bond Fund, Catholic Responsible Investments Bond Fund, Catholic Responsible Investments Equity Index Fund, Catholic Responsible Investments Multi-Style US Equity Fund, Catholic Responsible Investments International Equity Fund, Catholic Responsible Investments Small-Cap Fund and Catholic Responsible Investments International Small-Cap Fund redeemed within 30 days or less after their date of purchase (subject to certain exceptions as discussed below in “Redemption Fees”). Such fees are retained by the Funds for the benefit of the remaining shareholders and are recorded as additions to fund capital.

Deferred Offering Costs — Offering costs of the Funds, including costs of printing the initial prospectus, legal, and registration fees, are amortized to expense over a twelve month period. As of October 31, 2023, offering costs have been fully amortized.

Securities Lending — Each Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 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

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the Fund, and the Fund may be required to liquidate other investments in order to return collateral to the borrower at the end of a loan. The following table discloses the securities on loan as of October 31, 2023:


	Market Value Securities on Loan		Cash Collateral for Securities on Loan

Catholic Responsible Investments Bond Fund	$	854,556	$	876,760
Catholic Responsible Investments Small-Cap Fund		5,624,083		5,758,267
Catholic Responsible Investments Multi-Style US Equity Fund		3,416,198		3,500,476
Catholic Responsible Investments International Fund		1,553,756		1,593,541

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 year ended October 31, 2023, the Funds were charged the following for these services:


		Administration Fees
Catholic Responsible Investments Ultra Short Bond Fund		$12,716
Catholic Responsible Investments Short Duration Bond Fund		90,528
Catholic Responsible Investments Bond Fund		355,686
Catholic Responsible Investments Opportunistic Bond Fund		109,067
Catholic Responsible Investments Equity Index Fund		601,098
Catholic Responsible Investments Small-Cap Fund		91,850
Catholic Responsible Investments Multi-Style US Equity Fund		147,414
Catholic Responsible Investments International Equity Fund		251,249
Catholic Responsible Investments International Small-Cap Fund		14,909

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

The Funds have adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.15% based on the average daily net assets of the Funds’ Investor Shares. The Funds do not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Funds, the Adviser or its affiliates may, at their own expense, pay financial intermediaries for these and other services to the Funds’ shareholders. For the year ended October 31, 2023, these amounts can be found on the Statement of Operations under Shareholder Servicing Fees.

Atlantic Shareholder Services, LLC serves as the Transfer Agent and dividend disbursing agent for the Funds under a transfer agency agreement.

Brown Brothers Harriman & Co. serves as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased and sold by the Funds.

5. Investment Advisory Agreement:

The Trust and the Adviser have entered into an investment advisory agreement (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Adviser provides investment advisory services to the Funds and oversees the investment sub-advisory services provided to the Asset Class Funds. Pursuant to separate sub-advisory agreements (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”) with the Adviser, and under the supervision of the Adviser and the Board, one or more Sub-Advisers are responsible for the day-to-day investment management of all or a distinct portion of the assets of the Asset Class Funds. The Adviser pays each Fund’s Sub-Advisers out of the fee it receives from such Fund.

After its initial two year term, the continuance of each Investment Advisory Agreement with respect to each Fund must be specifically approved at least annually: (i) by the vote of a majority of the outstanding voting securities of that Fund or by the Trustees; and (ii) by the vote of a majority of the Trustees who are not parties to such Investment Advisory Agreement or “interested persons” (as defined under the 1940 Act) of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement will terminate automatically in the event of its assignment and is terminable at any time without penalty by the Board or, with respect to a Fund, by a majority of the outstanding voting securities of that Fund, or by the Adviser on not less than 30 days’ nor more than 60 days’ written notice to the Trust. Each Sub-Advisory Agreement will terminate automatically in the event of its assignment or in the event of the termination of the Advisory Agreement and is terminable at any time without penalty by the Board or, with respect to a Fund, by a majority of the outstanding voting securities of that Fund, or by the Adviser or Sub-Adviser on not less than 30 days’ nor more than 60 days’ written notice to the other party.

For its services under the Advisory Agreement, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following annual rates based on the average daily net assets of each Fund:


		Advisory Fee
Catholic Responsible Investments Ultra Short Bond Fund		0.25%
Catholic Responsible Investments Short Duration Bond Fund		0.30%
Catholic Responsible Investments Bond Fund		0.30%
Catholic Responsible Investments Opportunistic Bond Fund		0.35%
Catholic Responsible Investments Equity Index Fund		0.06%
Catholic Responsible Investments Small-Cap Fund		0.20%
Catholic Responsible Investments Multi-Style US Equity Fund		0.60%
Catholic Responsible Investments International Equity Fund		0.74%
Catholic Responsible Investments International Small-Cap		0.96%
Catholic Responsible Investments Magnus 45/55 Fund		N/A
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		N/A
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		N/A
Catholic Responsible Investments Magnus 75/25 Fund		N/A

The Magnus Funds do not pay an advisory fee due to the fact their sole investments are in CRI underlying funds.

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For each Fund, the Adviser has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep the Fund’s total annual Fund operating expenses (excluding shareholder servicing fees, interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividend and interest expenses on securities sold short, acquired fund fees and expenses, fees and expenses incurred in connection with tax reclaim recovery services, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses (collectively, “excluded expenses”)) for each of that Fund’s share class(es) from exceeding certain levels as set forth below until October 31, 2023 (each, a “contractual expense limit”). In addition, the Adviser may receive from a Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the Fund’s contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on October 31, 2023.


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

As of October 31, 2023, the Adviser may seek as reimbursement of previously reduced fees for the Funds as follows:


		Expiring 2025			Expiring 2026			Total
Catholic Responsible Investments Ultra Short Bond Fund	$		120,451	$		119,892	$		240,343
Catholic Responsible Investments Short Duration Bond Fund			99,614			108,877			208,491
Catholic Responsible Investments Opportunistic Bond Fund			142,603			135,821			278,424
Catholic Responsible Investments Equity Index Fund			599,749			646,140			1,245,889
Catholic Responsible Investments International Small-Cap Fund			159,201			112,207			271,408
Catholic Responsible Investments Magnus 45/55 Fund			153,066			150,449			303,515
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund			280,525			233,501			514,026
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund			195,740			181,672			377,412
Catholic Responsible Investments Magnus 75/25 Fund			171,575			182,270			353,845

During the year ended October 31, 2023, the Funds did not recapture any previously waived fees and/or reimbursed expenses.

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6. Investment Transactions:

For the year ended October 31, 2023, the purchases and sales of investment securities other than short-term investments and in-kind transactions, were as follows:


	U.S. Government		Other		Total
Catholic Responsible Investments Ultra Short Bond Fund
Purchases	$	—	$	3,076,243	$	3,076,243
Sales		—		5,069,445		5,069,445
Catholic Responsible Investments Short Duration Bond Fund
Purchases		97,643,757		173,729,192		271,372,949
Sales		109,830,893		142,097,899		251,928,792
Catholic Responsible Investments Bond Fund
Purchases		631,467,411		237,781,380		869,248,791
Sales		558,619,315		305,547,963		864,167,278
Catholic Responsible Investments Opportunistic Bond Fund
Purchases		199,418,937		142,955,659		342,374,596
Sales		168,297,467		134,914,899		303,212,366
Catholic Responsible Investments Equity Index Fund
Purchases		—		531,394,656		531,394,656
Sales		—		558,681,569		558,681,569
Catholic Responsible Investments Small-Cap Fund
Purchases		—		150,813,000		150,813,000
Sales		—		138,046,414		138,046,414
Catholic Responsible Investments Multi-Style US Equity Fund
Purchases		—		226,757,842		226,757,842
Sales		—		243,403,127		243,403,127
Catholic Responsible Investments International Equity Fund
Purchases		—		566,913,710		566,913,710
Sales		—		573,189,159		573,189,159
Catholic Responsible Investments International Small-Cap Fund
Purchases		—		52,438,750		52,438,750
Sales		—		49,899,299		49,899,299
Catholic Responsible Investments Magnus 45/55 Fund
Purchases		—		51,407,902		51,407,902
Sales		—		8,376,642		8,376,642
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund
Purchases		—		49,591,959		49,591,959
Sales		—		37,438,925		37,438,925
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund
Purchases		—		38,389,050		38,389,050
Sales		—		32,610,452		32,610,452
Catholic Responsible Investments Magnus 75/25 Fund
Purchases		—		34,227,640		34,227,640
Sales		—		11,456,425		11,456,425

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

During the fiscal year ended October 31, 2023, there were permanent differences credited or charged to Paid-in Capital and Distributable Earnings.


	Distributable Earnings		Paid-in Capital
Catholic Responsible Investments Ultra Short Bond Fund	$	50,412	$	(50,412	)
Catholic Responsible Investments Short Duration Bond Fund		68,380		(68,380	)
Catholic Responsible Investments Bond Fund		66,866		(66,866	)
Catholic Responsible Investments Opportunistic Bond Fund		66,866		(66,866	)
Catholic Responsible Investments Equity Index Fund		50,412		(50,412	)
Catholic Responsible Investments Small-Cap Fund		50,412		(50,412	)
Catholic Responsible Investments Multi-Style US Equity Fund		66,867		(66,867	)
Catholic Responsible Investments International Equity Fund		66,867		(66,867	)
Catholic Responsible Investments International Small-Cap Fund		50,412		(50,412	)
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		–		–

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The tax character of dividends and distributions declared during the fiscal period ended October 31, 2022 and the year ended October 31, 2023, were as follows:


	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
Catholic Responsible Investments Ultra Short Bond Fund
2023		$2,767,156		$—		$—		$2,767,156
2022		422,750		—		—		422,750
Catholic Responsible Investments Short Duration Bond Fund
2023		15,562,537		—		—		15,562,537
2022		7,441,449		—		—		7,441,449
Catholic Responsible Investments Bond Fund
2023		72,490,356		—		—		72,490,356
2022		37,408,985		—		—		37,408,985
Catholic Responsible Investments Opportunistic Bond Fund
2023		23,163,030		—		—		23,163,030
2022		9,891,170		—		—		9,891,170
Catholic Responsible Investments Equity Index Fund
2023		45,202,137		—		—		45,202,137
2022		34,703,700		—		—		34,703,700
Catholic Responsible Investments Small-Cap Fund
2023		6,741,444		15,813,737		—		22,555,181
2022		4,675,712		—		—		4,675,712
Catholic Responsible Investments Multi-Style US Equity Fund
2023		3,903,550		—		—		3,903,550
2022		2,413,760		—		—		2,413,760
Catholic Responsible Investments International Equity Fund
2023		20,009,691		—		—		20,009,691
2022		16,356,456		—		—		16,356,456
Catholic Responsible Investments International Small-Cap Fund
2023		1,762,029		—		—		1,762,029
2022		1,201,904		—		—		1,201,904
Catholic Responsible Investments Magnus 45/55 Fund
2023		1,753,798		—		—		1,753,798
2022		76,301		—		—		76,301
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund
2023		17,053,393		—		—		17,053,393
2022		918,825		—		—		918,825
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund
2023		7,127,888		—		—		7,127,888
2022		305,435		—		—		305,435
Catholic Responsible Investments Magnus 75/25 Fund
2023		5,754,881		—		—		5,754,881
2022		207,489		—		—		207,489

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As of October 31, 2023, the components of distributable earnings (accumulated losses) on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Unrealized Appreciation (Depreciation)			Other Temporary Differences			Total Distributable Earnings (Accumulated Losses)
Catholic Responsible Investments Ultra Short Bond Fund	$	169,557	$	627	$	—		$	31,410		$	—		$	201,594
Catholic Responsible Investments Short Duration Bond Fund		7,868		—		(18,934,991	)		(11,892,366	)		(22	)		(30,819,511	)
Catholic Responsible Investments Bond Fund		158,783		—		(148,816,431	)		(202,467,275	)		83,745			(351,041,178	)
Catholic Responsible Investments Opportunistic Bond Fund		40,806		—		(35,147,398	)		(21,178,604	)		2			(56,285,194	)
Catholic Responsible Investments Equity Index Fund		2,906,723		—		(33,817,157	)		1,096,266,142			2			1,065,355,710
Catholic Responsible Investments Small-Cap Fund		399,600		—		(17,935,999	)		10,212,257			—			(7,324,142	)
Catholic Responsible Investments Multi-Style US Equity Fund		146,316		—		(29,837,860	)		27,289,413			—			(2,402,131	)
Catholic Responsible Investments International Equity Fund		4,790,246		—		(17,599,098	)		57,714,292			(2	)		44,905,438
Catholic Responsible Investments International Small-Cap Fund		425,513		—		(6,818,114	)		(5,174,204	)		148			(11,566,657	)
Catholic Responsible Investments Magnus 45/55 Fund		2,529,761		—		(1,237,732	)		(243,750	)		(1	)		1,048,278
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		19,703,168		—		—			25,654,727			(2	)		45,357,893
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		8,277,805		—		(343,012	)		20,757,274			—			28,692,067
Catholic Responsible Investments Magnus 75/25 Fund		4,733,463		7,134		—			17,643,406			1			22,384,004

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For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Losses carried forward are as follows:


		Short-Term Loss			Long-Term Loss			Total
Catholic Responsible Investments Short Duration Bond Fund	$		7,208,832	$		11,726,159	$		18,934,991
Catholic Responsible Investments Bond Fund			65,518,908			83,297,523			148,816,431
Catholic Responsible Investments Opportunistic Bond Fund			17,714,623			17,432,775			35,147,398
Catholic Responsible Investments Equity Index Fund			26,361,406			7,455,751			33,817,157
Catholic Responsible Investments Small-Cap Fund			5,086,113			12,849,886			17,935,999
Catholic Responsible Investments Multi-Style US Equity Fund			11,484,295			18,353,565			29,837,860
Catholic Responsible Investments International Equity Fund			15,237,643			2,361,455			17,599,098
Catholic Responsible Investments International Small-Cap Fund			4,027,382			2,790,732			6,818,114
Catholic Responsible Investments Magnus 45/55 Fund			670,857			566,875			1,237,732
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund			—			343,012			343,012

During the year ended October 31, 2023, the Catholic Responsible Investments Ultra Short Bond Fund utilized $15,684, the Catholic Responsible Investments Magnus 45/55 Fund utilized $229,963 and the Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund utilized $705,213, 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 October 31, 2023, were as follows:


		Federal Tax Cost			Aggregate Gross Unrealized Appreciation			Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Catholic Responsible Investments Ultra Short Bond Fund	$		58,291,831	$		43,471	$		(12,061)	$		31,410
Catholic Responsible Investments Short Duration Bond Fund			482,974,506			361,236			(12,253,602)			(11,892,366	)
Catholic Responsible Investments Bond Fund			1,922,460,869			1,473,606			(203,940,881)			(202,467,275	)
Catholic Responsible Investments Opportunistic Bond Fund			534,097,381			478,422			(21,657,026)			(21,178,604	)
Catholic Responsible Investments Equity Index Fund			1,954,531,708			1,222,899,125			(126,632,983)			1,096,266,142
Catholic Responsible Investments Small-Cap Fund			417,857,470			91,342,182			(81,129,925)			10,212,257
Catholic Responsible Investments Multi-Style US Equity Fund			667,818,663			86,333,480			(59,044,067)			27,289,413
Catholic Responsible Investments International Equity Fund			1,082,494,487			171,083,739			(113,369,447)			57,714,292
Catholic Responsible Investments International Small-Cap Fund			74,180,250			5,408,478			(10,582,682)			(5,174,204	)
Catholic Responsible Investments Magnus 45/55 Fund			115,307,961			6,255,382			(6,499,132)			(243,750	)
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund			1,021,058,346			75,923,501			(50,268,774)			25,654,727
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund			384,538,538			41,299,783			(20,542,509)			20,757,274
Catholic Responsible Investments Magnus 75/25 Fund			235,674,637			26,358,723			(8,715,317)			17,643,406

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8. Concentration of Shareholders:

At October 31, 2023, the percentage of total shares outstanding held by Institutional Class shareholders for each Fund, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders was as follows:


	No. of Shareholders	% Ownership
Catholic Responsible Investments Ultra Short Bond Fund	1	6
Catholic Responsible Investments Short Duration Bond Fund	3	40
Catholic Responsible Investments Bond Fund	2	21
Catholic Responsible Investments Opportunistic Bond Fund	4	43
Catholic Responsible Investments Equity Index Fund	3	24
Catholic Responsible Investments Small-Cap Fund	3	25
Catholic Responsible Investments Multi-Style US Equity Fund	4	56
Catholic Responsible Investments International Equity Fund	4	39
Catholic Responsible Investments International Small-Cap Fund	4	73
Catholic Responsible Investments Magnus 45/55 Fund	5	71
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund	5	47
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund	7	50
Catholic Responsible Investments Magnus 75/25 Fund	7	52

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.

9. Concentration of Risks:

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

As with all mutual funds, there is no guarantee that the Funds will achieve their investment objectives. You could lose money by investing in the Funds. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. The principal risk factors affecting shareholders’ investments in the Funds are set forth below.

Derivatives Risk — Derivatives are instruments that derive their value from an underlying security, financial asset or an index. Examples of derivative instruments include futures contracts, forward contracts, options and swaps. Changes in the market value of a security that is a reference asset for a derivative instrument may not be proportionate to changes in the market value of the derivative instrument itself. There may not be a liquid market for a Fund to sell a derivative instrument, which could result in difficulty in closing the position. Moreover, certain derivative instruments can magnify the extent of losses incurred due to changes in the market value of the securities to which they relate. Some derivative instruments are subject to counterparty risk. A default by the counterparty on its payments to a Fund will cause the value of your investment in the Fund to decrease. A Fund’s use of derivatives is also subject to credit risk, leverage risk, lack of availability risk, valuation risk, correlation risk and tax risk. Credit risk and leverage risk are each described elsewhere in this section. A Fund’s counterparties to its derivative contracts present the same types of credit risk as issuers of fixed income securities. Lack of availability risk is the risk that suitable derivative transactions, such as roll-forward contracts, may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause a Fund to realize higher amounts of short-term capital gains, thereby increasing the amount of taxes payable by some shareholders. These risks could cause a Fund to lose more than the principal amount invested. Some derivatives have the potential for unlimited loss, regardless of the size of a Fund’s initial investment.

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

Foreign Currency Risk — Because non-U.S. securities are usually denominated in currencies other than the dollar, the value of a Fund’s portfolio may be influenced by currency exchange rates and exchange control regulations. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by a Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

Investments in Underlying Funds Risk — The value of an investment in the Funds is based primarily on the prices of the Underlying Funds in which the Funds invest. In turn, the price of each Underlying Fund is based on the value of its assets. Each Fund, and thus its shareholders, bears its own direct expenses in addition to bearing a proportionate share of expenses of the Underlying Funds, which may make owning shares of such Fund more costly than owning shares of the Underlying Funds directly. Before investing in the Funds, investors should assess the risks associated with the Underlying Funds and the types of investments made by those Underlying Funds. These risks include any combination of the risks described elsewhere in this section, although a Fund’s exposure to a particular risk will be proportionate to the Fund’s overall asset allocation and Underlying Fund allocation.

Market Risk — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. A Fund’s NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which a Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The impact of the COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.

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10. 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 year ended October 31, 2023.

Due to the Funds’ reorganization on December 6, 2021, the Funds received contributions in-kind of investment securities. The securities were received in a tax-free transaction at their current fair value including unrealized appreciation/ depreciation as noted in the table below on the date of the transactions. The Funds made an accounting policy election to carryforward the historical cost basis of the securities transferred given the tax-free nature of the transaction. As a result of this contribution, the following units of the Fund were issued for assets valued at:


	Units Issued		Securities At Value		Cash		Income Receivable		Other		Total Assets		Unrealized Appreciation (Depreciation)
Catholic Responsible Investments Ultra Short Bond Fund		6,167,174	$	50,062,171	$	11,592,443	$	47,908	$	—	$	61,702,522	$	(24,654	)
Catholic Responsible Investments Short Duration Bond Fund		53,069,668		508,549,766		19,311,957		2,597,565		—		530,459,288		(151,761	)
Catholic Responsible Investments Bond Fund		177,862,008		1,708,891,087		62,494,447		6,506,080		1,029,109		1,778,920,723		49,389,396
Catholic Responsible Investments Opportunistic Bond Fund		52,152,969		502,844,264		16,260,246		2,412,933		2,167		521,519,610		1,978,291
Catholic Responsible Investments Equity Index Fund		333,201,648		3,327,560,433		380,171		3,833,324		27,536		3,331,801,464		1,349,580,320
Catholic Responsible Investments Small-Cap Fund		51,612,440		515,226,417		485,709		417,745		—		516,129,871		108,362,292
Catholic Responsible Investments Multi-Style US Equity Fund		79,868,550		798,383,041		16,731		444,471		6,437		798,850,680		82,513,106
Catholic Responsible Investments International Equity Fund		130,018,252		1,262,019,716		37,303,994		962,979		13,670		1,300,300,359		277,330,531
Catholic Responsible Investments International Small-Cap Fund		7,670,860		72,842,536		3,793,960		74,782		—		76,711,278		4,831,673
Catholic Responsible Investments Magnus 45/55 Fund		9,158,563		91,564,944		1,439		—		—		91,566,383		11,952,648
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		118,573,471		1,185,789,677		114,685		—		—		1,185,904,362		188,485,112
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		32,272,630		352,671,372		17,874		—		—		352,689,246		67,719,305
Catholic Responsible Investments Magnus 75/25 Fund		30,470,066		304,697,617		4,988		—		—		304,702,605		52,259,822

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11. Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments, other than that listed below, were required to the financial statements as of October 31, 2023.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of Catholic Responsible Investments Funds (the “CRI” Funds)

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of CRI Ultra Short Bond Fund, CRI Short Duration Bond Fund, CRI Bond Fund, CRI Opportunistic Bond Fund, CRI Equity Index Fund, CRI Small-Cap Fund, CRI Multi-Style US Equity Fund, CRI International Equity Fund, CRI International Small-Cap Fund, CRI Magnus 45/55 Fund, CRI Magnus 60/40 Alpha Plus Fund, CRI Magnus 60/40 Beta Plus Fund, and CRI Magnus 75/25 Fund (the “Funds”), each a series of Catholic Responsible Investments Funds, as of October 31, 2023, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the each of the Funds as of October 31, 2023, the results of their operations, the changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds’ financial statements and financial highlights for the period ended October 31, 2022, were audited by other auditors whose report dated December 29, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2023.

LOGO

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

December 29, 2023

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DISCLOSURE OF FUND EXPENSES (Unaudited)

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from May 1, 2023 to October 31, 2023.

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

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

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

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

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

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	Beginning Account Value 5/1/23		Ending Account Value 10/31/23		Annualized Expense Ratios			Expenses Paid During Period^*
Catholic Responsible Investments Ultra Short Bond Fund
Actual Fund Return
Institutional	$	1,000.00	$	1,025.90		0.35	%		$1.79
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,023.44		0.35	%		$1.79
Catholic Responsible Investments Short Duration Bond Fund
Actual Fund Return
Institutional	$	1,000.00	$	1,004.70		0.35	%		$1.77
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,023.44		0.35	%		$1.79
Catholic Responsible Investments Bond Fund
Actual Fund Return
Institutional	$	1,000.00	$	940.20		0.36	%		$1.76
Investor		1,000.00		939.50		0.51	%		2.49
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,023.39		0.36	%		$1.84
Investor		1,000.00		1,022.64		0.51	%		2.60
Catholic Responsible Investments Opportunistic Bond Fund
Actual Fund Return
Institutional	$	1,000.00	$	986.10		0.41	%		$2.05
Investor		1,000.00		985.30		0.56	%		2.80
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,023.14		0.41	%		$2.09
Investor		1,000.00		1,022.38		0.56	%		2.85
Catholic Responsible Investments Equity Index Fund
Actual Fund Return
Institutional	$	1,000.00	$	1,012.40		0.09	%		$0.46
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,024.75		0.09	%		$0.46
Catholic Responsible Investments Small-Cap Fund
Actual Fund Return
Institutional	$	1,000.00	$	951.30		0.29	%		$1.43
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,023.74		0.29	%		$1.48
Catholic Responsible Investments Multi-Style US Equity Fund
Actual Fund Return
Institutional	$	1,000.00	$	1,028.50		0.66	%		$3.37
Investor		1,000.00		1,027.70		0.81	%		4.14
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,021.88		0.66	%		$3.36
Investor		1,000.00		1,021.12		0.81	%		4.13
Catholic Responsible Investments International Equity Fund
Actual Fund Return
Institutional	$	1,000.00	$	919.80		0.80	%		$3.87
Investor		1,000.00		919.10		0.95	%		4.60
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,021.17		0.80	%		$4.08
Investor		1,000.00		1,020.42		0.95	%		4.84
Catholic Responsible Investments International Small-Cap Fund
Actual Fund Return
Institutional	$	1,000.00	$	904.50		1.15	%		$5.52
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,019.41		1.15	%		$5.85

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	Beginning Account Value 5/1/23		Ending Account Value 10/31/23		Annualized Expense Ratios			Expenses Paid During Period*
Catholic Responsible Investments Magnus 45/55 Fund
Actual Fund Return
Institutional	$	1,000.00	$	976.30		—	%		$–
Investor		1,000.00		975.50		0.15	%		0.75
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,025.21		—	%		$–
Investor		1,000.00		1,024.45		0.15	%		0.77
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund
Actual Fund Return
Institutional	$	1,000.00	$	981.80		—	%		$–
Investor		1,000.00		981.10		0.15	%		0.75
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,025.21		—	%		$–
Investor		1,000.00		1,024.45		0.15	%		0.77
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund
Actual Fund Return
Institutional	$	1,000.00	$	977.40		—	%		$–
Investor		1,000.00		976.80		0.15	%		0.75
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,025.21		—	%		$–
Investor		1,000.00		1,024.45		0.15	%		0.77
Catholic Responsible Investments Magnus 75/25 Fund
Actual Fund Return
Institutional	$	1,000.00	$	981.70		—	%		$–
Investor		1,000.00		980.90		0.15	%		0.75
Hypothetical 5% Return
Institutional	$	1,000.00	$	1,025.21		—	%		$–
Investor		1,000.00		1,024.45		0.15	%		0.77

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period.)

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TRUSTEES AND OFFICERS (Unaudited)

Set forth below are the names, years of birth, position with the Trust and length of time served, and principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee. There is no stated term of office for the Trustees. Nevertheless, an independent Trustee must retire from the Board as of the end of the calendar year in which such independent Trustee first attains the age of seventy-five years; provided, however, that, an independent Trustee may continue to serve for one or more additional one calendar year terms after attaining the age of seventy-five years (each calendar year a “Waiver Term”) if, and only if, prior to the beginning of such Waiver Term: (1) the Governance Committee (a) meets to review the performance of the independent Trustee; (b) finds that the continued service of such independent Trustee is in the best interests of the Trust; and (c) unanimously approves excepting the independent Trustee from the general retirement policy set out above; and (2) a majority of the Trustees approves excepting the independent Trustee from the general retirement policy set out above. Unless otherwise noted, the business address of each Trustee is Catholic Responsible Investments Funds, One Freedom Valley Drive, Oaks, Pennsylvania 19456. Each Trustee oversees 13 Funds in the “Fund Complex”.


Name and Year of Birth	Position with Trust and Length of Time Served	Principal Occupation in the Past Five Years	Other Directorships Held in the Past Five Years

INTERESTED TRUSTEES

Robert Nesher (Born: 1946)	Chairman of the Board of Trustees (since 2021)¹	SEI employee 1974 to present; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. President, Chief Executive Officer and Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. President and Director of SEI Structured Credit Fund, LP. Vice Chairman of O’Connor EQUUS (closed-end investment company) to 2016. President, Chief Executive Officer and Trustee of SEI Liquid Asset Trust to 2016. Vice Chairman of Winton Series Trust to 2017. Vice Chairman of Winton Diversified Opportunities Fund (closed-end investment company), The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust and Schroder Global Series Trust to 2018.	Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of SEI Structured Credit Fund, LP, SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments—Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI Global Nominee Ltd. Former Directorships: Trustee of SEI Liquid Asset Trust to 2016. Trustee of The KP Funds to 2020.
N. Jeffrey Klauder (Born: 1952)	Trustee (since 2021)¹	Senior Advisor of SEI Investments since 2018. Executive Vice President and General Counsel of SEI Investments, 2004 to 2018.	Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds. Director of SEI Private Trust Company, SEI Global Fund Services Ltd., SEI Investments Global Limited, SEI Global Master Fund, SEI Global Investments Fund, SEI Global Assets Fund and SEI Investments - Guernsey Limited. Former Directorships: Trustee of SEI Investments Management Corporation, SEI Trust Company, SEI Investments (South Africa), Limited and SEI Investments (Canada) Company to 2018. Trustee of The KP Funds to 2020.

1	Denotes Trustees who are deemed to be “interested” persons of the Funds as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates.

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Name and Year of Birth	Position with Trust and Length of Time Served	Principal Occupation in the Past Five Years	Other Directorships Held in the Past Five Years

INDEPENDENT TRUSTEES

Joseph T. Grause, JR. (Born: 1952)	Trustee Lead Independent Trustee (since 2021)	Self-Employed Consultant since 2012. Director of Endowments and Foundations, Morningstar Investment Management, Morningstar, Inc., 2010 to 2011. Director of International Consulting and Chief Executive Officer of Morningstar Associates Europe Limited, Morningstar, Inc., 2007 to 2010. Country Manager – Morningstar UK Limited, Morningstar, Inc., 2005 to 2007	Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds and Frost Family of Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd. Former Directorships: Director of The Korea Fund, Inc. to 2019. Trustee of The KP Funds to 2020.
Betty L. Krikorian (Born: 1943)	Trustee (since 2021)	Vice President, Compliance, AARP Financial Inc., from 2008 to 2010. Self-Employed Legal and Financial Services Consultant since 2003. Counsel (in-house) for State Street Bank from 1995 to 2003.	Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd. Former Directorships: Trustee of The KP Funds to 2020.
Robert Mulhall (Born: 1958)	Trustee (since 2021)	Partner, Ernst & Young LLP, from 1998 to 2018.	Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds and Frost Family of Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd. Former Directorships: Trustee of Villanova University Alumni Board of Directors to 2018. Trustee of The KP Funds to 2020.
Bruce R. Speca (Born: 1956)	Trustee (since 2021)	Global Head of Asset Allocation, Manulife Asset Management (subsidiary of Manulife Financial), 2010 to 2011. Executive Vice President – Investment Management Services, John Hancock Financial Services (subsidiary of Manulife Financial), 2003 to 2010.	Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds and Frost Family of Funds. Director of Stone Harbor Investments Funds (8 Portfolios), Stone Harbor Emerging Markets Income Fund (closed-end fund) and Stone Harbor Emerging Markets Total Income Fund (closed-end fund). Director of RQSI GAA Systematic Global Macro Fund Ltd. Former Directorships: Trustee of The KP Funds to 2020.

155

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

Trust Officers. Set forth below are the names, years of birth, position with the Trust and length of time served, and principal occupations for the last five years of each of the persons currently serving as executive officers of the Trust. There is no stated term of office for the officers of the Trust. Unless otherwise noted, the business address of each officer is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456. The Chief Compliance Officer is the only officer who receives compensation from the Trust for his services.

Certain officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments or its affiliates act as investment manager, administrator or distributor.


Name and Year of Birth	Position with Trust and Length of Time Served	Principal Occupation in the Past Five Years	Other Directorships Held in the Past Five Years

OFFICERS

Michael Beattie (Born: 1965)	President (since 2021)	Director of Client Service, SEI Investments, since 2004.	None.

James Bernstein (Born: 1962)	Vice President and Assistant Secretary (since 2021)	Attorney, SEI Investments, since 2017. Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002.	None.

John Bourgeois (Born: 1973)	Assistant Treasurer (since 2021)	Fund Accounting Manager, SEI Investments, since 2000.	None.

Stephen F Panner (Born: 1970)	Chief Compliance Officer (since 2022)	Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The Advisors’ Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund and Catholic Responsible Investments Funds since September 2022. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022 Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011.	None.

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CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)


Name and Year of Birth	Position with Trust and Length of Time Served	Principal Occupation in the Past Five Years	Other Directorships Held in the Past Five Years

OFFICERS (continued)
Eric C. Griffith (Born: 1969)	Vice President and Assistant Secretary (since 2021)	Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018.	None.

Matthew M. Maher (Born: 1975)	Vice President & Secretary (since 2021)	Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013.	None.

Andrew Metzger (Born: 1980)	Treasurer, Controller and Chief Financial Officer (since 2021)	Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019.	None.

Robert Morrow (Born: 1968)	Vice President (since 2021)	Account Manager, SEI Investments, since 2007.	None.

Alexander F. Smith (Born: 1977)	Vice President and Assistant Secretary (since 2021)	Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012.	None.

Donald Duncan (Born: 1964)	Anti-Money Laundering Compliance Officer and Privacy Coordinator (since 2023)	Chief Compliance Officer and Global Head of Anti-Money Laundering Strategy of SEI Investments Company since January 2023. Head of Global Anti-Money Laundering Program for Hamilton Lane Advisors, LLC from August 2021 until December 2022. Senior VP and Supervising Principal of Hamilton Lane Securities, LLC from June 2016 to August 2021. Senior Director at AXA-Equitable from June 2011 until May 2016. Senior Director at PRUCO Securities, a subsidiary of Prudential Financial, Inc. from October 2005 until December 2009.	None.

157

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Funds’ advisory and sub-advisory agreements (the “Agreements”) must be 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.

Board meetings were held on August 22–23, 2023 and November 14–15, 2023 to decide whether to renew the following Agreements for additional one-year terms:

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

• the sub-advisory agreements between the Adviser and certain sub-advisers 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:



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

Causeway Capital Management LLC		Catholic Responsible Investments International Equity Fund
Dodge & Cox		Catholic Responsible Investments Bond Fund
Dodge & Cox		Catholic Responsible Investments Multi-Style US Equity Fund

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

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

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

Principal Global Investors, LLC		Catholic Responsible Investments International Equity Fund
RhumbLine Advisers		Catholic Responsible Investments Equity Index Fund
RhumbLine Advisers		Catholic Responsible Investments Small-Cap Fund
Sun Life Capital Management (U.S.) LLC		Catholic Responsible Investments Bond Fund
Sun Life Capital Management (U.S.) LLC		Catholic Responsible Investments Opportunistic Bond Fund
Teachers Advisors, LLC		Catholic Responsible Investments Short-Duration Bond Fund
		Catholic Responsible Investments Opportunistic Bond Fund
		Catholic Responsible Investments Bond Fund

WCM Investment Management, LLC		Catholic Responsible Investments International Equity Fund
Wellington Management Company LLP		Catholic Responsible Investments Ultra Short Bond Fund
Wellington Management Company LLP		Catholic Responsible Investments Multi-Style US Equity Fund

158

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

In preparation for the meetings, the Trustees requested that the Adviser and the Sub-Advisers furnish information necessary to evaluate the terms of the Agreements. Prior to the meetings, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser and the Sub-Advisers, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser, the Sub- Advisers and other service providers of the Funds presented or submitted to the Board at the meetings 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 Adviser, the Sub-Advisers and other service providers of the Funds regarding: (i) the nature, extent and quality of the Adviser’s and the Sub-Advisers’ services; (ii) the Adviser’s and the Sub-Advisers’ investment management personnel; (iii) the Adviser’s and the Sub-Advisers’ operations and information about their financial condition, capitalization, profitability or financial viability to advise or sub-advise the Funds; (iv) the Adviser’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds’ advisory fees paid to the Adviser and the Sub-Advisers and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Adviser’s and the Sub-Advisers’ profitability from their relationships with the Funds, including both direct and indirect benefits accruing to the Adviser and the Sub-Advisers and their affiliates; (vii) the Adviser’s and the Sub-Advisers’ potential economies of scale; (viii) the Adviser’s and the Sub-Advisers’ compliance programs, including a description of material compliance matters and material compliance violations; (ix) the Adviser’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; and (x) the Funds’ 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 meetings to help the Trustees evaluate the Adviser’s and the Sub-Advisers’ services, fees and other aspects of the Agreements. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management, the Adviser and the Sub-Advisers.

At the Board meetings, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser, the Sub-Advisers and other service providers of the Funds, 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 Adviser and the Sub-Advisers; (ii) the investment performance of the Funds and the Adviser and the Sub-Advisers; (iii) the costs of the services provided and profits realized by the Adviser and the Sub-Advisers from their relationships with the Funds, including both direct and indirect benefits accruing to the Adviser and the Sub-Advisers and their affiliates; (iv) the extent to which economies of scale are being realized by the Adviser and 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.

159

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

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

In considering the nature, extent and quality of the services provided by the Adviser and the Sub-Advisers, the Board reviewed the portfolio management services provided by the Adviser and the Sub-Advisers to the Funds, including the quality and continuity of the Adviser’s and the Sub-Advisers’ portfolio management personnel, the resources of the Adviser and the Sub-Advisers, and the Adviser’s and the Sub-Advisers’ compliance histories and compliance programs. The Trustees reviewed the terms of the Agreements. The Trustees also reviewed the Adviser’s and 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 Adviser and the Sub-Advisers were available to the Board, as were the responses of the Adviser and the Sub-Advisers to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser and the Sub-Advisers to the Funds.

The Trustees also considered other services provided to the Funds by the Adviser and 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 Adviser and the Sub-Advisers were sufficient to support renewal of the Agreements.

Investment Performance of the Funds, the Adviser 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 Adviser and 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 the underperformance and/or the steps taken by the Adviser and 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 Adviser and the Sub-Advisers had been able to achieve for the Funds were sufficient to support renewal of the Agreements.

Costs of Advisory Services, Profitability and Economies of Scale

In considering the advisory fees payable by the Funds to the Adviser and the Sub-Advisers, as well as the fees payable by the Adviser to the Sub-Advisers, the Trustees reviewed, among other things, a report of the advisory fees paid to the Adviser and the Sub-Advisers. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees

160

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

charged by the Adviser and applicable Sub-Advisers to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Trustees also considered that the Adviser, not the Funds, 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 Adviser and the Sub-Advisers.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser and 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 Adviser and the Sub-Advisers and their affiliates. The Trustees considered how the Adviser’s and 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 Adviser and the Sub-Advisers with respect to the management of the Funds were not unreasonable. The Board also considered the Adviser’s and the Sub-Advisers’ commitment to managing the Funds and the Adviser’s willingness to continue its expense limitation and fee waiver arrangements with the Funds.

The Trustees considered the Adviser’s and 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 Adviser and 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.

161

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

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

At a meeting of the Board held on May 23, 2023, the Trustees received a report from the Program Administrator addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from January 1, 2022 through December 31, 2022. Among other things, the Program Administrator’s report noted that:

● The Program Administrator had determined that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk during the period covered by the report.

● During the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders.

● The Board approved a change to the membership of the committee serving as Program Administrator.

● No material changes have been made to the Program during the period covered by the report.

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

162

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

NOTICE TO SHAREHOLDERS

For shareholders that do not have an October 31, 2023 tax year end, this notice is for informational purposes only. For shareholders with a tax year end October 31, 2023, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2023, the Funds are designating the following items with regard to distributions paid during the period.


	Long Term Capital Gain Distribution			Ordinary Income Distributions			Total Distributions			Dividends Qualifying for Corporate Dividend Receivable Deduction⁽¹⁾			Qualifying Dividend Income⁽²⁾			U.S. Government Interest⁽³⁾			Qualified Interest Income⁽⁴⁾			Qualified Short Term Capital Gain⁽⁵⁾			Qualifying Business Income⁽⁶⁾
Catholic Responsible Investments Ultra Short Bond Fund		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		42.80	%		91.02	%		0.00	%		0.00	%
Catholic Responsible Investments Short Duration Bond Fund		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		22.09	%		73.67	%		0.00	%		0.00	%
Catholic Responsible Investments Bond Fund		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		20.38	%		86.82	%		0.00	%		0.00	%
Catholic Responsible Investments Opportunistic Bond Fund		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		25.19	%		90.29	%		0.00	%		0.00	%
Catholic Responsible Investments Equity Index Fund		0.00	%		100.00	%		100.00	%		92.34	%		97.58	%		0.00	%		1.19	%		0.00	%		2.42	%
Catholic Responsible Investments Small-Cap Fund		70.11	%		29.89	%		100.00	%		100.00	%		100.00	%		0.00	%		2.73	%		0.00	%		0.00	%
Catholic Responsible Investments Multi-Style US Equity Fund		0.00	%		100.00	%		100.00	%		100.00	%		100.00	%		0.00	%		8.81	%		0.00	%		0.00	%
Catholic Responsible Investments International Equity Fund		0.00	%		100.00	%		100.00	%		0.67	%		100.00	%		0.00	%		4.25	%		0.00	%		0.00	%
Catholic Responsible Investments International Small-Cap Fund		0.00	%		100.00	%		100.00	%		1.17	%		100.00	%		0.00	%		1.89	%		0.00	%		0.00	%
Catholic Responsible Investments Magnus 45/55 Fund		0.00	%		100.00	%		100.00	%		18.06	%		27.39	%		30.01	%		63.11	%		0.00	%		0.50	%
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		0.00	%		100.00	%		100.00	%		23.98	%		39.16	%		16.60	%		52.43	%		0.00	%		0.36	%
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		0.00	%		100.00	%		100.00	%		30.96	%		45.46	%		20.16	%		48.71	%		0.00	%		1.08	%
Catholic Responsible Investments Magnus 75/25 Fund		0.00	%		100.00	%		100.00	%		24.75	%		37.86	%		9.86	%		18.14	%		100.00	%		0.54	%

163

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

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

(2)

The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

(3)

“U.S. Government Interest” represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

(4)	The percentage in this column represents the amount of “Qualifying Interest Income” as created by the American Jobs Creation Act of 2004 and is a percentage of ordinary income distributions that are exempt from U.S. withholding tax when paid for foreign investors.

(5)	The percentage in this column represents the amount of “Qualifying Short-Term Capital Gain” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

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

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended October 31, 2023, the amount of foreign source income and foreign tax credit are as follows:


	Foreign Source Income		Foreign Tax Credit Pass Through

Catholic Responsible Investments International Equity Fund		21,051,059		2,583,910
Catholic Responsible Investments International Small Cap Fund		1,922,344		264,378
Catholic Responsible Investments Magnus 45/55 Fund		166,934		24,535
Catholic Responsible Investments Magnus 60/40 Alpha Plus Fund		2,116,123		312,556
Catholic Responsible Investments Magnus 60/40 Beta Plus Fund		828,848		122,129
Catholic Responsible Investments Magnus 75/25 Fund		647,304		94,609

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2023. Complete information will be computed and reported in conjunction with your 2023 Form 1099-DIV.

164

CATHOLIC RESPONSIBLE INVESTMENTS

OCTOBER 31, 2023 (Unaudited)

ADDITIONAL INFORMATION

Effective March 13, 2023, BBD LLP (“BBD”) ceased to serve as the independent registered public accounting firm of 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”), each a series of Catholic Responsible Investments Funds (the “Trust”). The Audit Committee of the Board of Trustees approved the replacement of BBD as a result of Cohen & Company, Ltd.’s (“Cohen”) acquisition of BBD’s investment management group.

The report of BBD on the financial statements of the Funds as of and for the fiscal year ended October 31, 2022 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainties, audit scope or accounting principles. During the fiscal year ended October 31, 2022, and during the subsequent interim period through March 6, 2023: (i) there were no disagreements between the registrant and BBD on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of BBD, would have caused it to make reference to the subject matter of the disagreements in its report on the financial statements of the Funds for such years or interim period; and (ii) there were no “reportable events,” as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

On May 23, 2023, the Audit Committee of the Board of Trustees also recommended and approved the appointment of Cohen as the Trust’s independent registered public accounting firm for the fiscal year ending October 31, 2023.

During the fiscal year ended October 31, 2022, and during the subsequent interim period through March 6, 2023, neither the registrant, nor anyone acting on its behalf, consulted with Cohen on behalf of the Funds regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Funds’ financial statements, or any matter that was either: (i) the subject of a “disagreement,” as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) “reportable events,” as defined in Item 304(a)(1)(v) of Regulation S-K.

165

Catholic Responsible Investments

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-AR-001-0200

(b)	Not applicable.

Item 2. Code

of Ethics.

The Registrant (also referred to as the “Trust”) has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

Item 3. Audit

Committee Financial Expert.

(a)(1) The Registrant’s board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The Registrant’s audit committee financial expert is Robert Mulhall. Mr. Mulhall is considered to be “independent,” as that term is defined in Form N-CSR Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

Fees billed by Cohen & Company, Ltd. (“Cohen”) related to the Trust.

Cohen billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

2023

2022

All fees

and
services

to the

Trust that
were pre-

approved

All fees and

services to
service

affiliates

that were

pre-

approved

All other
fees and

services to

service

affiliates

that did not

require pre-

approval

All fees and

services to

the Trust

that were

pre-

approved

All fees and

services to

service

affiliates

that were

pre-

approved

All other

fees and

services to

service

affiliates

that did not

require pre-

approval

(a)

Audit Fees⁽¹⁾

$205,300

None

$162,800

None

(b)

Audit-
Related
Fees

None

(c)

Tax Fees

None

(d)

All Other
Fees

None

Notes:

(1)

Audit fees include amounts related to the audit of the Trust’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(e)(1) The Trust’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

require specific pre-approval;

are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or

have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules and whether the provision of such services would impair the auditor’s independence.

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

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

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

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

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


	2023	2022
Audit-Related Fees	N/A	N/A
Tax Fees	N/A	N/A
All Other Fees	N/A	N/A

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by Cohen for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31^st were $0 and $0 for 2023 and 2022, respectively.

(h) During the past fiscal year, all non-audit services provided by the Registrant’s principal accountant to either the Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of Registrant’s Board of Trustees. Included in the Audit Committee’s pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR § 240.3b-4.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable to open-end management investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no 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 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934 (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 § 270.3a-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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 13. Exhibits.

(a)(1) A copy of the Registrant’s Code of Ethics, as required by Item 2 of this Form, accompanies this filing as an exhibit.

(a)(2) A separate certification 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)), is filed herewith.

(a)(3) Not applicable.

(a)(4)(i) Change in Registrant’s Independent Public Accountant (disclosure pursuant to Item 4.01 of Form 8-K under the Exchange Act (17 CFR 249.308)) is attached hereto.

(a)(4)(ii) Letter from former accountant pursuant to Item 304(a) under Regulation S-K is attached hereto.

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

SIGNATURES

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


(Registrant)		Catholic Responsible Investments Funds

By (Signature and Title)		/s/ Michael Beattie
		Michael Beattie, President
Date: January 9, 2024

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


By (Signature and Title)		/s/ Michael Beattie
		Michael Beattie, President

Date: January 9, 2024

By (Signature and Title)		/s/ Andrew Metzger
		Andrew Metzger,
		Treasurer, Controller, and CFO
Date: January 9, 2024