Paper copies of the Funds’ shareholder reports are no longer sent by mail, unless you specifically request them from the Funds or from your financial intermediary, such as a broker-dealer or bank. Shareholder reports are available online and you will be notified by mail each time a report is posted on the Funds’ website and provided with a link to access the report online.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarter of each fiscal year on Form N-PORT. The Trust’s Forms N-PORT are available on the Commission’s website at http://www.sec.gov.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.

COVID-19 developments continued to influence capital markets during the fiscal year ending February 28, 2022, with outbreaks and associated economic disruptions affecting both equity and bond markets. The emergence of Omicron—a new, extremely transmissible variant—led to a spike in market volatility early in the fourth quarter of the period. While the variant took a substantial toll on healthcare systems and global supply chains, markets remained largely optimistic that the spike, though dramatic in magnitude, would be relatively short-lived. Russia’s invasion of Ukraine in the final week of February was a new cause for concern that investors were only beginning to digest at the end of the fiscal year.

Work-from-home and mega-cap stocks gave up ground to cyclical and “go-out” names before a slight reversal later in the period. Market observers attributed this to the Federal Open Market Committee (FOMC) deciding to increase its projection for the federal-funds rate in 2023. Meanwhile, for the first time since April this year, the seven-day moving average of new COVID-19 cases reported in the U.S. stopped falling in mid-June after an impressive period of declines that had brought cases to their lowest levels since March 2020.

Tightening supply-chain dynamics contributed to higher prices for both consumers and producers; this caused input prices for a wide variety of goods to increase, resulting in higher prices for consumers as well. Intermediate- and long-term interest rates increased from historically low levels due to evidence of rising global inflation. The U.S. Treasury yield curve flattened, especially over the last few months of the fiscal year, as the Federal Reserve (Fed) prepared to hike rates. U.S. Treasury yields on the shorter end of the curve rose in greater magnitude than the long end as the yield on 2-year Treasurys rose by 130 basis points, while the yield on 10-year Treasurys rose 39 basis points and the yield on 30-year Treasurys was unchanged.

In February 2022, the six-millionth victim of the COVID-19 outbreak was claimed globally, including over 900,000 in the U.S. alone. The final quarter of the period was defined predominantly by markets digesting the potential impact of the Omicron variant discovered in South Africa. Case numbers soared over this period as the new variant proved to be highly transmissible, though by most accounts it was also less severe.

The U.S. Congress voted to raise the debt ceiling (that is, the federal government’s borrowing limit) twice during the period—first with an October stopgap hike of $480 billion, and then with a December increase of $2.5 trillion—which is expected to cover spending through early 2023. President Joe Biden signed the Infrastructure Investment and Jobs Act—a multi-year infrastructure funding bill—into law during November. The initiative appropriated $1.2 trillion (including $550 billion above baseline spending), with nearly $300 billion of new spending to fund transportation projects over the next decade, another $65 billion apiece dedicated to broadband internet and power grid projects, and $55 billion reserved for water infrastructure.

Western nations responded to Russia’s invasion of Ukraine in late February with an array of sanctions, bans, and other coordinated actions—largely focused on disrupting the country’s financial, energy, technology and transportation activities, as well as state-owned enterprises and high-profile individuals in public and business positions. In addition to having mounted a fierce resistance to Russia’s invasion, Ukraine submitted a formal application for admission to the EU. Corporations across industries began to disentangle their relationships with Russia and Belarus at the end of February and in early March. Major energy companies announced withdrawals from Russian partnerships, including BP’s large stake in Rosneft and joint ventures involving Exxon Mobil, Shell, Total and others.

The U.S. economy expanded at an annualized 6.7% during the second quarter of 2021, just above the first-quarter pace, as service-oriented businesses saw continued gains from the rise in vaccinations and re-openings. A 2.3% annualized growth pace in the third quarter was the slowest increase since the end of the 2020 recession, as slowdowns in consumer spending and supply-chain issues challenged growth. GDP jumped to a 6.9% annualized rate in the fourth quarter of 2021 and resulted in a 5.7% gain for the entire year, the strongest figure since 1984. A widely followed tracking estimate from the Federal Reserve Bank of Atlanta put first-quarter growth at 1.3% as declining help from fiscal and monetary policy was expected to put a check on growth.

The U.S. unemployment rate declined gradually during the period, with the final figure settling at 3.8% in February 2022, down from 6.2% a year earlier. The labor-force participation rate ended at 62.3%, up from 61.5% a year earlier. Average hourly earnings gained 5.1% over the fiscal year, as employers responded to pressure from a tight labor market and looked to boost pay in order to fill vacant positions.

The Fed’s federal-funds rate target continued to range between 0.0% and 0.25% through the reporting period. Over the course of the third quarter, the FOMC moved incrementally closer to declaring a start date for tapering (reducing) asset purchases. The FOMC made a final $30 billion round of new asset purchases in February after releasing a statement in January outlining principles for reducing the size of its balance sheet. After the fiscal period ended, the central bank approved a 0.25% rate hike, its first since December 2018.

The S&P 500 Index returned 16.39% during the fiscal year. Large-cap value stocks (as measured by the Russell 1000 Value Index) gained 14.99% and led large-cap growth stocks (as measured by the Russell 1000 Growth Index), which rose 12.55%. At the sector level, energy, real estate and consumer staples led, while telecommunication services, consumer discretionary and capital goods lagged. Overall, U.S. equities outpaced major developed markets during the fiscal year.

U.S. large-cap stocks (Russell 1000 Index) finished the reporting period up 13.72%, while small-cap stocks (Russell 2000 Index) finished the period down 6.01%. The decline in small caps came from its growth names; the Russell 2000 Growth Index gave back 17.40% during the period, while the Russell 2000 Value Index gained 6.63%.

Developed markets, as measured by the MSCI World Index (Net) (USD), finished up 10.74% for the year, outperforming emerging markets. The MSCI Emerging Markets Index (Net) (USD) finished the reporting period down 10.69% in U.S. dollar terms, as a strong U.S. dollar and anticipation of tighter monetary conditions was a headwind. The best-performing region was EM Latin America, which was helped by surging commodity prices and a relatively calm political environment; EM Europe was the worst-performing region as stocks with business exposure to Russia plummeted late in the period due to the Russian invasion in Ukraine.

The MSCI Europe Index (USD) advanced 6.82%. The MSCI ACWI Index (Net), a proxy for global equities in both developed and emerging markets, rose 7.81% in U.S. dollar terms. The FTSE UK Series All-Share Index recorded a 11.35% gain in U.S. dollar terms over the full reporting period.

U.S. investment-grade corporate debt was lower; the Bloomberg US Corporate Investment Grade Index gave back 3.40% as the rise in interest rates had a negative impact on returns (bond prices move inversely to interest rates). U.S. asset-backed securities also declined during the fiscal year, as did mortgage-backed securities, which were challenged by elevated supply and fast prepayment speeds.

U.S. high-yield bonds, which have less interest-rate sensitivity than Treasurys, outperformed U.S. government bonds as investors searched for yield; the escalation of COVID-19 also did not lead to the high default rates predicted early in the crisis. The U.S. government bond market, as measured by the Bloomberg Long US Government Bond Index, was 1.06% lower during the reporting period, while U.S. high-yield bonds, as measured by the ICE BofA US High Yield Constrained Index, edged 0.80% higher. Within the high-yield market, energy remained the largest sector, and it easily outperformed the broader market.

Inflation-sensitive assets, such as commodities and Treasury inflation-protected securities (TIPS), were positive during the period. The Bloomberg Commodity Total Return Index (which represents the broad commodity market) finished up 34.43% over the full one-year period; the Bloomberg 1-10 Year US TIPS Index (USD) moved 5.53% higher during the reporting period, fueled by rising inflation expectations.

Global fixed income, as measured by the Bloomberg Global Aggregate Index, was down 5.32%. Emerging-market debt (EMD) delivered negative performance due to the expectation that central bank rate hikes would slow emerging-market growth; inflation, which remained higher and more persistent than in the developed world, was also a challenge. The JP Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified, which tracks local-currency-denominated EM bonds, dropped 9.96% in U.S. dollar terms. The JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified, which tracks EMD denominated in external currencies (such as the U.S. dollar), was down 7.50%.

The U.S. dollar gradually climbed during the fiscal year (relative to a trade-weighted basket of foreign currencies) and finished near its period high. The West Texas Intermediate crude-oil price reached a 7-year high at the end of the fiscal year, finishing up over 50% for the full period.

We have been watching Russia’s escalating aggression toward Ukraine with the same dread that’s undoubtedly shared by much of the rest of the world.

As investment managers, we take a high degree of comfort from the fact that direct exposure to Russian assets was already quite low across capital markets before the invasion-induced selloff. Still, it’s important to consider second- and third-order consequences, including those resulting from sanctions and other associated actions, which could reverberate through markets for the foreseeable future.

We believe the primary impact on economic growth will be transmitted via commodity markets, with Europe sustaining the greatest impact. Economic growth will likely be hit in the near term, although it’s possible that the extent of any slowdown could be modest as disruptions associated with the COVID-19 Omicron variant rapidly fade and offset some of these headwinds. Households and businesses are in good financial shape heading into this crisis; while the monetary and fiscal response will likely be limited, the odds of an aggressive tightening of monetary policy this year are now considerably lower.

From an asset-allocation perspective, we are humble enough to know that skilled forecasting—even where it exists—does not warrant wholesale changes to portfolio allocations based on tactical views. This is particularly important to understand in the context of fast-moving geopolitical events. Efficient strategic portfolio construction through broad-based diversification helps to prepare our portfolios for adverse events before they happen. It’s much cheaper to buy insurance before the flood.

By acknowledging both risk and uncertainty, we seek to construct resilient portfolios designed to achieve success across a wide range of economic and market outcomes, not just benign environments where we can rely on strong growth and well-behaved inflation.

Thinking about domestic issues, the year ahead still looks like it will be another one of tight labor markets, particularly in the U.S. We think more people will return to the workforce as COVID-19 fears ease, but there likely will remain a tremendous mismatch of demand and supply. U.S. wage gains have climbed at their fastest pace in decades over the past year. The U.K. also is experiencing a pronounced upswing in its labor-compensation trend. We think Brexit and the departure of foreign workers back to the Continent have aggravated the country’s labor shortage.

Predicting a bad inflation outcome for 2022 isn’t exactly much of a risk. Where we depart from the crowd on inflation is in the years beyond 2022. We are skeptical that the Fed will be sufficiently proactive as it struggles to balance full and inclusive employment against inflation pressures that are starting to look more entrenched. In our view, this will be the central bank’s biggest challenge in 2022 and beyond.

We also don’t think the Fed’s inflation and economic projections are internally consistent. Given its expectation that the economy will be even closer to full employment later into 2022 and beyond, we find it hard to understand why price pressures should ease so dramatically.

Even the central banks that are most likely to taper their asset purchases and raise policy rates in the months ahead will probably do so cautiously. By contrast, policy rates in emerging economies have already jumped.

It remains to be seen whether this pre-emptive tightening of monetary policy will forestall a 2013-style taper tantrum as the Fed embarks on its own rate-tightening cycle.

The People’s Bank of China (PBOC) cut a key interest rate in December and then again in January, both by modest amounts. These cuts followed a reduction in reserve-requirement ratios aimed at increasing the liquidity available to the economy; it will take a while for any beneficial impact to be felt on China’s domestic economy, and even longer for the world at large.

In addition to the start of a new monetary tightening cycle, some economists have expressed concern about the next “fiscal cliff” facing various countries, the U.S. in particular. While there will be a negative fiscal impulse in the sense

that the extraordinary stimulus of the past two years will not be repeated, we argue that the impact should be less contractionary than feared.

Perhaps economists should be more concerned about the negative fiscal impulse in the U.K., Canada, Germany, and Japan. They are each facing a potential fiscal tightening equivalent to 4% of GDP this year. By comparison, the International Monetary Fund predicts that the cyclically adjusted deficit in the U.S. will contract by less than 0.5% of GDP.

There are always uncertainties to consider when it comes to investing; currently, we are focused on three main areas of geopolitical risk. First, as we have stressed since the beginning of the year, Russian aggression toward Ukraine has been the most important flashpoint in terms of near-term probability and economic impact—especially now that it has escalated into a full-scale attack.

Next is the ongoing tug-of-war between China and the U.S. for influence and military advantage. Here, the most worrisome flashpoint would be over Taiwan given its dominant position in advanced semiconductor manufacturing.

The third major area of concern remains the Middle East and the negotiations with Iran over its nuclear development program. Two things are clear: Iran is now much closer to having a nuclear bomb, and Israel still will not tolerate such a major change in the region’s balance of power. The risk of such a war may still be low, but developments continue to head in a direction that could someday have catastrophic consequences.

In our view, the real anomaly in the financial markets is the ultra-low levels of interest rates in the face of higher inflation and above-average growth in much of the world. This may force central banks to adopt more aggressive interest-rate policies than they and market participants currently envision.

Bloomberg Global Aggregate Index: is a broad-based benchmark that is considered representative of global investment-grade, fixed-income markets.

Bloomberg US Corporate Investment Grade Index: is a broad-based benchmark that measures the investment-grade, fixed-rate, taxable corporate bond market.

Bloomberg US Aggregate Bond Index: The Bloomberg Barclays U.S. Aggregate Bond Index is a benchmark index composed of U.S. securities in Treasury, government-related, corporate and securitized sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity and have an outstanding par value of at least $250 million.

Dow Jones Industrial Average: The Index measures the stock performance of 30 large companies listed on stock exchanges in the United States.

FTSE UK Series All-Share Index: is a capitalization-weighted index, comprising around 600 of more than 2,000 companies traded on the London Stock Exchange.

ICE BofA US High Yield Constrained Index: tracks the performance of below-investment-grade, U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market; exposure to individual issuers is capped at 2%.

JP Morgan EMBI Global Diversified Index: tracks the performance of external debt instruments (including U.S.-dollar-denominated and other external-currency-denominated Brady bonds, loans, eurobonds and local-market instruments) in emerging markets.

JP Morgan GBI-EM Global Diversified Composite Index: tracks the performance of debt instruments issued in local currencies by emerging-market governments.

MSCI Europe Index: is a free float-adjusted market-capitalization-weighted index designed to measure the performance of large- and mid-capitalization stocks across developed-market countries in Europe.

MSCI Emerging Markets Index: is a free float-adjusted market-capitalization-weighted index designed to measure the performance of global emerging-market equities.

MSCI World Index: is a free float-adjusted market-capitalization-weighted index that is designed to measure the equity-market performance of developed markets.

Russell 1000 Index: includes 1,000 of the largest U.S. stocks based on market cap and current index membership; it is used to measure the activity of the U.S. large-cap equity market.

Russell 2000 Index: The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

S&P 500 Index: is an unmanaged, market-weighted index that consists of approximately 500 of the largest publicly-traded U.S. companies and is considered representative of the broad U.S. stock market.

I. Objective

The Catholic Values Equity Fund (the “Fund”) seeks long-term capital appreciation.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of February 28, 2022: Allspring Global Investments, LLC (Allspring); Brandywine Global Investment Management, LLC (Brandywine); Coho Partners, Ltd. (Coho); Copeland Capital Management, LLC (Copeland); Fred Alger Management, Inc. (Alger); Lazard Asset Management LLC (Lazard); Leeward Investments, LLC (Leeward); and Parametric Portfolio Associates LLC. During the fiscal year, Easterly Investment Partners LLC was terminated from the Fund, while Leeward was added to the Fund.

III. Returns

For the period from March 1, 2021, through February 28, 2022, the Fund’s F class shares returned 8.72%. The Fund’s primary benchmark—the Russell 3000 Index (USD) (which tracks the performance of the 3,000 largest publicly-held U.S. companies)—returned 12.29%.

IV. Performance Discussion

For the full fiscal year, U.S. large-cap stocks (as indicated by the Russell 1000 Index) produced a positive return despite a decline in the final months of the reporting period. However, small-cap stocks (as indicated by the Russell 2000 Index) ended the period with a loss. Similarly, non-U.S. stocks (as indicated by the MSCI ACWI ex USA Index) also ended the fiscal year with a loss. Markets generally started the 12 months on a positive note, with optimism about a potential end to the pandemic. However, in the middle part of the fiscal year, the COVID-19 Delta variant caused significant concern; additionally, increased inflation weighed on investors’ minds. At the end of the fiscal year, investors grew less concerned about the pandemic, although inflation, rising interest rates, and the Russian military invasion of Ukraine drove negative investor sentiment.

As noted in the shareholder letter, value stocks performed relatively well as investors generally preferred cyclical sectors that were assumed to benefit from rising inflation and higher interest rates. Among growth stocks, mid-cap equities lagged significantly, while a handful of mega-cap

names still managed to outperform. Within the value stock universe, mid-cap equities performed relatively well.

From a sector perspective, the financials sector was expected to benefit from rising interest rates and outperformed accordingly. The energy sector also outperformed as oil and gas prices increased. The consumer staples sector outperformed as market sentiment turned to “risk-off” mode near the end of the fiscal year. Although many stocks with high price-to-earnings (P/E) ratios underperformed (as their lofty valuation multiples are more susceptible to contraction in periods of rising interest rates), the information technology sector managed to outperform within U.S. large-cap stocks and was primarily driven by a handful of mega caps. The communication services sector was the worst performer due to telecommunications and social media stocks.

The Fund produced a positive return during the fiscal year but lagged its benchmark. Diversification (exposure to non-U.S. and small-cap stocks) challenged returns relative to traditional U.S.-centric cap-weighted indexes. Within the growth segment, the Fund’s medium-capitalization stocks were laggards. The Fund was also held back by an underweight to the information technology sector. Despite this, the Fund benefited from a value tilt, as well as overweights to the outperforming financials, consumer staples and materials sectors.

Lazard was the worst performer and lagged due to its non-U.S. focus and limited exposure to deeper-value stocks. Alger underperformed due to its exposure to high P/E stocks, which experienced multiple compression during the fiscal year. In addition, its exposure to medium-capitalization growth stocks lagged, while an underweight to the energy sector detracted. Leeward was added during the fiscal year and detracted from Fund performance; its smaller-cap mandate struggled, while its value exposure contributed.

Brandywine was the best-performing manager as its U.S. value focus was rewarded. Brandywine had ample exposure to the financials, materials, and energy sectors, and this positioning was effective during a year in which inflation increased and expectations for higher interest rates became more significant. Coho also contributed and benefited from a consumer staples overweight, which helped offset a lack of exposure to mega-cap stocks in the information technology sector.

Copeland contributed to Fund performance as its small- and mid-cap role within the Fund performed well relative to those parts of the market.

Parametric provided exposure to the Russell 1000 Index and captured the return of that index when adjusted for the screens and ESG tilting.

Investing is subject to risk, including the possible loss of principal. Past performance is not an indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	One-Year Return	Three-Year Return	Five-Year Return	Annualized Inception to Date
Class F	8.72%	14.08%	12.18%	10.00%
Class Y	8.82%	14.21%	12.30%	10.16%
Russell 3000 Index	12.29%	17.56%	14.68%	13.11%
80/20 Russell 3000 Index & MSCI ACWI ex U.S. Index	9.70%	15.56%	13.21%	11.39%

Comparison of Change in the Value of a $10,000 Investment in the Catholic Values Equity Fund, Class F, versus the Russell 3000 Index and 80/20 Russell 3000 Index & MSCI ACWI ex U.S. Index

For the year ended 2/28/2022. Past performance is no indication of future performance. Class F shares were offered beginning on 4/30/2015 and Class Y shares were offered beginning 5/29/2015. The graph is based on only the Class F; performance for Class Y would be different due to differences in fee structures. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

Comparison of Change in the Value of a $10,000 Investment in the Catholic Values Equity Fund, Class Y, versus the Russell 3000 Index and 80/20 Russell 3000 Index & MSCI ACWI ex U.S. Index

For the year ended 2/28/2022. Past performance is no indication of future performance. Class Y shares were offered beginning on 5/29/2015 and Class F shares were offered beginning 4/30/2015. The graph is based on only the Class Y; performance for Class F would be different due to differences in fee structures. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

The Catholic Values Fixed Income Fund (the “Fund”) seeks a high level of current income with preservation of capital.

II. Investment Approach

III. Returns

For the period from March 1, 2021, through February 28, 2022, the Fund’s F class shares returned -2.29%. The Fund’s benchmark—the Bloomberg US Aggregate Bond Index (USD) (which tracks the performance of U.S. securities in Treasury, government-related, corporate and securitized sectors.)—returned -2.64%.

IV. Performance Discussion

As noted in the shareholder letter, the Federal Reserve (Fed) maintained a zero interest-rate policy throughout the year as the vaccine rollout in the U.S. led to a broad reopening of the economy during the first half of 2021. As the year progressed, unprecedented levels of monetary and fiscal stimulus, pent-up consumer demand, and supply-chain disruptions contributed to significant levels of inflation. In February 2022, the Consumer Price Index measured at a four-decade high of 7.9%, and at the end of the reporting period, markets were pricing in up to six interest-rate hikes in 2022; the Fed is expected to conclude the tapering of asset purchases by March and begin running off its balance sheet soon after. Additional further pressure on price levels were driven by sanctions imposed on Russia following its invasion of Ukraine and contributed to higher gas prices; crude oil closed the fiscal year at over $100 per barrel, up over 60% during the period. Following the invasion of Ukraine, volatility in financial markets picked up significantly, and risk assets largely underperformed for the trailing 12 months. Corporate spreads widened during the period over concerns that businesses would no longer be able to pass on rising costs to consumers as the conflict in Ukraine exacerbated pricing pressures. Agency mortgage-backed securities (MBS) underperformed as the Fed reduced the pace of its asset purchases. Asset-backed securities (ABS) outperformed as consumer strength was

aided by unemployment that fell below 4% and wage growth accelerated. Floating-rate structures, such as AAA collateralized loan obligations and student loan ABS benefited as financial markets increasingly priced in rate hikes throughout the year.

The two-year U.S. Treasury yield increased by 135 basis points to 1.48%, while the yield on 10-year Treasurys rose 43 basis points to 1.83%; 30-year Treasury yields rose only one basis point to 2.16%. This resulted in a flatter yield curve as markets priced in the likelihood that the Fed would be successful in its bid to combat longer-term inflation through short-term rate hikes.

While the Fund’s overweight to corporate credit detracted from outperformance, security selection within the industrials and financials sectors contributed. Energy benefited from the rise in oil prices throughout the year, while selection within consumer non-cyclical sectors added as the U.S. economy emerged out of health-induced lockdowns during the first half of the year following the vaccine rollout. Banks continued to be viewed as high-quality assets given their strong balance sheets and excess liquidity in the financial system. An overweight to ABS contributed to performance given the strength of the U.S. consumer. Americans entered the year with record levels of savings, and the employment landscape improved as vaccination rates and therapeutics against COVID-19 got better. The Fund’s allocation to non-agency MBS added as the robust housing market, driven by lack of supply and heightened demand, supported the sector. The Fund’s curve positioning added to performance as the Fund was overweight 30-year maturities and underweight 10-year maturities for much of the period. An underweight to U.S. Treasurys detracted following “risk-off” sentiment at the end of the reporting period. Selection within agency MBS also detracted from outperformance.

Western outperformed for the period and benefited from corporate security selection, particularly within industrials. An overweight to and selection within commercial mortgage-backed securities (CMBS) added as worst-case scenarios regarding the pandemic were generally abated and commercial property rebounded throughout 2021. An overweight to corporate sectors detracted. IRM also outperformed and benefited from selection within the industrials sector, while an underweight to U.S. Treasurys detracted following “risk-off” sentiment. Selection within the financials sector further contributed, as did an overweight to ABS.

The Fund used Treasury futures, eurodollar futures and to-be-announced (TBA) forward contracts to efficiently manage duration, yield-curve and market exposures. (TBA contracts confer the obligation to buy or sell future debt obligations of the three U.S. government-sponsored agencies that issue or guarantee MBS—Fannie Mae, Freddie Mac and Ginnie Mae.)

Investing is subject to risk, including the possible loss of principal. Past performance is not an indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	One-Year Return	Three-Year Return	Five-Year Return	Annualized Inception to Date
Class F	-2.29%	3.60%	2.99%	2.72%
Class Y	-2.21%	3.69%	3.08%	2.92%
Bloomberg U.S. Aggregate Bond Index	-2.64%	3.30%	2.71%	2.39%

Comparison of Change in the Value of a $10,000 Investment in the Fixed Income Fund, Class F, versus the Bloomberg U.S. Aggregate Bond Index

Comparison of Change in the Value of a $10,000 Investment in the Fixed Income Fund, Class Y, versus the Bloomberg U.S. Aggregate Bond Index

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


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 74.8%
Communication Services — 3.6%
AT&T Inc		65,696	$	1,556
Cable One Inc		159		228
Charter Communications Inc, Cl A *		128		77
Cogent Communications Holdings Inc		1,022		65
Comcast Corp, Cl A		14,311		669
Discovery *		2,402		67
Electronic Arts Inc		4,755		619
Facebook Inc, Cl A *		6,553		1,383
Fox Corp		2,882		115
IAC *		443		51
Interpublic Group of Cos Inc/The		4,252		157
Live Nation Entertainment Inc *		1,904		230
Loyalty Ventures *		560		13
Lumen Technologies		8,286		86
Madison Square Garden Sports C *		191		33
Match Group *		514		57
Netflix Inc *		129		51
New York Times Co/The, Cl A		2,073		91
Nexstar Media Group Inc, Cl A		616		114
Omnicom Group Inc		7,952		667
Pinterest Inc, Cl A *		15,783		422
Roku Inc, Cl A *		292		41
Snap Inc, Cl A *		24,345		972
Spotify Technology SA *		1,813		283
Take-Two Interactive Software Inc *		374		61
TEGNA		5,058		116
T-Mobile US Inc *		10,602		1,306
TripAdvisor Inc *		1,860		47
Twitter Inc *		14,173		504
Verizon Communications Inc		22,074		1,185
ViacomCBS Inc, Cl A		2,056		70
ViacomCBS Inc, Cl B		2,018		62
Vimeo Inc *		719		9
Walt Disney Co/The *		6,703		995
World Wrestling Entertainment, Cl A		1,782		106


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Zynga Inc, Cl A *		11,310	$	103
				12,611
Consumer Discretionary — 9.3%
Aaron's Co Inc		6,759		142
Advance Auto Parts Inc		623		127
Airbnb, Cl A *		556		84
Amazon.com Inc *		1,915		5,881
American Eagle Outfitters Inc		16,752		353
Aramark		2,596		96
AutoNation *		1,082		124
AutoZone Inc *		44		82
Best Buy Co Inc		976		94
Booking Holdings Inc *		106		230
BorgWarner Inc		537		22
Brunswick Corp		1,228		117
Burlington Stores Inc *		404		91
Caesars Entertainment *		1,069		90
Callaway Golf *		2,933		73
Capri Holdings *		2,143		145
CarMax Inc *		744		81
Carnival Corp *		4,654		95
Carter's Inc		1,053		102
Carvana Co, Cl A *		554		83
Chipotle Mexican Grill Inc, Cl A *		81		123
Choice Hotels International		641		93
Columbia Sportswear Co		602		56
Darden Restaurants Inc		1,745		253
Deckers Outdoor Corp *		281		81
Dick's Sporting Goods Inc		1,799		189
Dollar General Corp		9,398		1,864
Dollar Tree Inc *		565		80
Domino's Pizza Inc		993		429
DR Horton Inc		1,823		156
eBay Inc		5,427		296
Etsy Inc *		427		66
Expedia Group *		485		95
Foot Locker Inc		2,533		80
Ford Motor Co		6,427		113
frontdoor Inc *		1,979		59
Gap Inc/The		4,895		71
Garmin Ltd		814		90
General Motors Co *		23,419		1,094
Gentex		2,897		88
Goodyear Tire & Rubber Co/The *		5,890		91
Grand Canyon Education *		1,325		115
H&R Block Inc		6,724		167
Hanesbrands Inc		1,600		25
Hasbro Inc		526		51
Hilton Worldwide Holdings Inc *		1,519		226
Home Depot Inc/The		3,890		1,229
Hyatt Hotels Corp, Cl A *		774		75
KB Home		2,788		108


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kohl's Corp		839	$	47
Las Vegas Sands Corp *		9,875		423
Lear Corp		411		65
Lithia Motors, Cl A		418		142
Lowe's Cos Inc		14,262		3,153
lululemon athletica Inc *		285		91
Magna International Inc		12,236		909
Marriott International Inc/MD, Cl A *		679		116
Marriott Vacations Worldwide		610		98
Mattel Inc *		5,705		143
MGM Resorts International		16,812		745
Mohawk Industries Inc *		721		102
Monro Inc		4,052		189
Murphy USA		644		116
NIKE Inc, Cl B		8,460		1,155
Nordstrom Inc *		1,516		31
Norwegian Cruise Line Holdings Ltd *		2,379		46
NVR *		23		114
O'Reilly Automotive Inc *		141		92
Oxford Industries		1,191		105
Peloton Interactive Inc, Cl A *		1,049		31
Penske Automotive Group		933		92
Polaris Inc		549		67
Pool Corp		261		120
PulteGroup Inc		7,377		366
PVH Corp		1,066		104
Qurate Retail		12,316		68
Ralph Lauren, Cl A		847		112
Ross Stores Inc		18,294		1,672
Royal Caribbean Cruises Ltd *		765		62
Service Corp International/US		1,137		69
Shutterstock		560		51
Starbucks Corp		9,115		837
Steven Madden		2,716		116
Tapestry		2,532		104
Target Corp		1,620		324
Tempur Sealy International		2,754		91
Tesla Inc *		2,436		2,120
Thor Industries Inc		1,119		101
TJX Cos Inc/The		5,133		339
Tractor Supply Co		1,428		291
Travel + Leisure		1,185		66
Ulta Beauty Inc *		893		334
Under Armour, Cl A *		4,708		84
Urban Outfitters Inc *		2,117		58
Vail Resorts Inc		213		56
VF Corp		1,652		96
Wendy's Co/The		2,626		60
Whirlpool		461		93
Williams-Sonoma Inc		555		80
Wingstop Inc		789		115
Wyndham Hotels & Resorts Inc		874		76


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Yum China Holdings Inc		3,981	$	207
Yum! Brands Inc		560		69
				31,988
Consumer Staples — 6.8%
Altria Group Inc		30,349		1,557
Archer-Daniels-Midland Co		1,290		101
Brown-Forman Corp, Cl B		1,103		72
Bunge Ltd		963		101
Campbell Soup Co		2,145		96
Casey's General Stores Inc		344		65
Clorox Co/The		495		72
Coca-Cola Co/The		35,844		2,231
Colgate-Palmolive Co		7,124		548
Conagra Brands Inc		45,001		1,574
Constellation Brands Inc, Cl A		474		102
Costco Wholesale Corp		1,758		913
Darling Ingredients *		1,535		111
Energizer Holdings Inc		2,100		70
Estee Lauder, Cl A		422		125
Flowers Foods Inc		2,694		74
General Mills Inc		1,001		67
Grocery Outlet Holding Corp *		1,589		44
Hain Celestial Group Inc/The *		2,713		99
Hershey Co/The		1,957		396
Hormel Foods Corp		2,233		106
Ingredion Inc		6,376		566
JM Smucker Co/The		10,199		1,374
Kellogg Co		3,231		207
Keurig Dr Pepper Inc		1,806		70
Kimberly-Clark Corp		2,896		377
Kraft Heinz Co/The		1,549		61
Kroger Co/The		61,674		2,886
Lamb Weston Holdings Inc		1,288		85
McCormick & Co Inc/MD		1,882		179
MGP Ingredients		1,668		133
Molson Coors Beverage Co, Cl B		15,618		815
Mondelez International Inc, Cl A		10,695		700
Nomad Foods Ltd *		28,354		714
PepsiCo Inc		6,344		1,039
Philip Morris International Inc		18,448		1,865
Sysco Corp		23,898		2,081
TreeHouse Foods Inc *		3,179		125
Tyson Foods Inc, Cl A		5,815		539
US Foods Holding Corp *		13,632		533
Walgreens Boots Alliance Inc		9,524		439
				23,312
Energy — 2.6%
Antero Midstream		11,161		112
Baker Hughes Co, Cl A		29,228		859
Cabot Oil & Gas Corp		3,464		81
Cheniere Energy Inc		1,728		230
Chevron Corp		20,577		2,963


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ConocoPhillips		7,088	$	672
Devon Energy Corp		6,524		389
Diamondback Energy Inc		1,270		175
DT Midstream		465		25
EOG Resources Inc		1,358		156
EQT Corp		6,571		152
Exxon Mobil Corp		8,227		645
Halliburton Co		5,206		175
Helmerich & Payne Inc		3,831		139
Hess Corp		1,868		189
HollyFrontier Corp		2,771		84
Kinder Morgan Inc/DE		19,664		342
Marathon Oil Corp		9,442		213
Marathon Petroleum Corp		2,427		189
ONEOK Inc		2,578		168
Phillips 66		1,454		123
Pioneer Natural Resources Co		761		182
Schlumberger Ltd		4,621		181
Select Energy Services, Cl A *		16,447		136
Valero Energy Corp		1,795		150
Williams Inc		4,821		151
				8,881
Financials — 10.5%
Affiliated Managers Group Inc		631		87
Aflac Inc		1,184		72
AGNC Investment Corp ^‡		2,829		37
Allstate Corp/The		1,314		161
Ally Financial Inc		2,235		112
American Express Co		1,286		250
Ameriprise Financial Inc		528		158
Annaly Capital Management Inc ^‡		94,744		659
Apollo Global Management		2,038		133
Arch Capital Group *		2,300		108
Ares Management, Cl A		1,251		101
Assured Guaranty Ltd		1,974		122
Bank of America Corp		46,998		2,077
Bank of Hawaii Corp		618		53
Bank of New York Mellon Corp/The		6,146		327
Bank OZK		9,680		455
BankUnited Inc		2,425		107
Berkshire Hathaway Inc, Cl B *		5,813		1,869
BlackRock Inc, Cl A		522		388
Blackstone		1,004		128
BOK Financial Corp		794		82
Brighthouse Financial Inc *		2,043		107
Capital One Financial Corp		657		101
Carlyle Group		1,855		87
Charles Schwab Corp/The		8,887		751
Chimera Investment Corp ^‡		7,819		95
Chubb Ltd		1,561		318
Citigroup Inc		41,337		2,448
Citizens Financial Group Inc		14,083		738


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
CME Group Inc, Cl A		2,621	$	620
Cohen & Steers Inc		792		64
Comerica Inc		724		69
Commerce Bancshares Inc/MO		1,194		86
Cullen/Frost Bankers Inc		599		84
Discover Financial Services		1,133		140
Dynex Capital ^‡		5,368		83
East West Bancorp Inc		1,870		164
Equitable Holdings Inc		4,036		132
Erie Indemnity Co, Cl A		343		60
Essent Group Ltd		3,347		148
Evercore Inc, Cl A		786		100
Everest Re Group Ltd		248		74
FactSet Research Systems Inc		513		208
Fifth Third Bancorp		1,877		90
First Hawaiian Inc		1,924		56
First Horizon National Corp		10,810		254
First Republic Bank/CA		491		85
FNB Corp		33,393		448
Franklin Resources Inc		1,707		51
Globe Life		1,091		110
GoHealth Inc, Cl A *		26,247		59
Hartford Financial Services Group Inc/The		4,339		301
Hercules Capital		6,250		112
Home BancShares Inc/AR		4,338		102
Huntington Bancshares Inc/OH		11,006		171
Intercontinental Exchange Inc		565		72
Invesco Ltd		3,179		68
Jefferies Financial Group		2,802		100
JPMorgan Chase & Co		13,030		1,848
KeyCorp		3,317		83
KKR & Co Inc, Cl A		2,511		151
Lincoln National Corp		1,943		131
LPL Financial Holdings		709		128
M&T Bank Corp		568		104
MarketAxess Holdings Inc		311		119
Marsh & McLennan Cos Inc		16,359		2,542
MetLife Inc		4,026		272
Moody's Corp		248		80
Morgan Stanley		14,332		1,301
Morningstar Inc		253		71
MSCI Inc, Cl A		201		101
Nasdaq Inc		587		100
New Residential Investment ^‡		9,381		97
New York Community Bancorp		7,518		87
NMI Holdings, Cl A *		4,637		107
Northern Trust Corp		2,012		229
OneMain Holdings Inc, Cl A		1,860		95
PacWest Bancorp		5,717		283
People's United Financial Inc		4,672		98
Pinnacle Financial Partners		2,549		258
PNC Financial Services Group Inc/The		2,121		423


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Popular Inc		2,050	$	188
Primerica		683		89
Principal Financial Group Inc		1,152		81
Progressive Corp/The		6,508		689
Prosperity Bancshares Inc		1,900		141
Prudential Financial Inc		5,745		642
Raymond James Financial Inc		1,360		149
Regions Financial Corp		5,506		133
Rocket Inc, Cl A		6,200		80
S&P Global Inc		3,343		1,256
Signature Bank NY		2,304		795
SLM Corp		12,309		243
Starwood Property Trust ^‡		4,020		96
State Street Corp		25,760		2,198
Synchrony Financial		2,944		126
Synovus Financial Corp		5,299		279
T Rowe Price Group Inc		674		97
Travelers Cos Inc/The		433		74
Truist Financial Corp		2,659		165
Two Harbors Investment Corp ^‡		20,809		105
Umpqua Holdings Corp		25,167		537
Univest Financial Corp		3,549		103
Unum Group		3,649		102
US Bancorp		31,167		1,762
UWM Holdings		10,526		46
Virtu Financial Inc, Cl A		3,660		128
Voya Financial Inc		1,531		103
Webster Financial Corp		5,867		353
Western Alliance Bancorp		2,780		261
Wintrust Financial Corp		1,614		160
Zions Bancorp NA		1,209		86
				36,217
Health Care — 8.9%
ABIOMED Inc *		297		92
Adaptive Biotechnologies Corp *		995		14
Align Technology Inc *		210		107
Alnylam Pharmaceuticals Inc *		1,813		286
AmerisourceBergen Corp, Cl A		17,208		2,453
Anthem Inc		1,274		576
Avantor Inc *		22,760		790
Baxter International Inc		8,537		725
BioMarin Pharmaceutical Inc *		3,751		293
Boston Scientific Corp *		19,665		869
Bruker Corp		9,855		694
Cardinal Health Inc		3,870		209
Cerner Corp		7,854		732
Change Healthcare Inc *		2,000		43
Chemed Corp		218		104
Cigna Corp		3,950		939
CureVac *		2,530		43
CVS Health Corp		44,633		4,626
DaVita Inc *		1,288		145


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
DENTSPLY SIRONA Inc		1,719	$	93
DexCom Inc *		967		400
Edwards Lifesciences Corp *		6,662		749
Elanco Animal Health Inc *		29,854		848
Encompass Health Corp		2,370		156
Envista Holdings Corp *		2,745		132
Exact Sciences Corp *		2,022		158
Exelixis Inc *		13,403		275
Globus Medical Inc, Cl A *		824		58
Guardant Health Inc *		457		30
Henry Schein Inc *		2,467		213
Hologic Inc *		1,306		93
Humana Inc		151		66
ICU Medical Inc *		171		41
IDEXX Laboratories Inc *		489		260
Incyte Corp *		5,877		401
Insulet Corp *		385		102
Integra LifeSciences Holdings Corp *		1,163		78
Intra-Cellular Therapies, Cl A *		20,769		1,152
Intuitive Surgical Inc *		1,674		486
Ionis Pharmaceuticals Inc *		3,796		127
Iovance Biotherapeutics Inc *		1,232		19
IQVIA Holdings Inc *		3,329		766
Laboratory Corp of America Holdings *		513		139
LeMaitre Vascular		2,009		95
Masimo Corp *		645		102
McKesson Corp		370		102
Mettler-Toledo International Inc *		577		813
Nektar Therapeutics, Cl A *		22,857		234
Neurocrine Biosciences Inc *		2,482		223
Penumbra Inc *		330		73
Premier Inc, Cl A		12,059		433
Prestige Consumer Healthcare *		15,945		949
Quest Diagnostics Inc		2,735		359
Repligen Corp *		262		52
ResMed Inc		3,241		800
Sage Therapeutics Inc *		1,667		61
Sarepta Therapeutics Inc *		348		27
Seagen Inc *		1,536		198
Sotera Health *		29,186		638
Stryker Corp		2,405		633
Syneos Health, Cl A *		767		61
Teladoc Health Inc *		293		22
Teleflex Inc		1,029		346
United Therapeutics Corp *		3,075		511
US Physical Therapy Inc		1,056		97
Veeva Systems Inc, Cl A *		1,171		268
Waters Corp *		2,340		741
West Pharmaceutical Services Inc		2,061		798
Zimmer Biomet Holdings Inc		5,327		678
Zoetis Inc, Cl A		4,805		931
				30,827


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Industrials — 6.8%
3M Co		4,290	$	638
ABM Industries Inc		2,652		119
Acuity Brands		561		102
ADT Inc		6,874		50
AECOM		2,764		201
AerCap Holdings NV *		10,135		552
AGCO Corp		675		81
Air Lease Corp, Cl A		6,874		287
Alaska Air Group Inc *		775		43
American Airlines Group Inc *		4,404		76
AMETEK Inc		3,249		422
AO Smith Corp		943		65
Armstrong World Industries Inc		1,080		95
Booz Allen Hamilton Holding, Cl A		1,232		99
CACI International, Cl A *		373		104
Carrier Global		2,640		118
Caterpillar Inc		357		67
CH Robinson Worldwide Inc		994		96
Cintas Corp		215		81
Copart Inc *		809		99
CoStar Group Inc *		862		53
CSX Corp		4,524		153
Cummins Inc		1,667		340
Deere & Co		2,481		893
Delta Air Lines Inc *		3,480		139
Donaldson Co Inc		397		22
Dover Corp		1,366		214
EMCOR Group		908		105
Emerson Electric Co		1,607		149
Enerpac Tool Group, Cl A		46,925		809
EnPro Industries		1,183		131
Equifax Inc		375		82
Expeditors International of Washington Inc		896		93
Fastenal Co		1,480		76
FedEx Corp		2,248		500
Flowserve Corp		1,306		40
Fluence Energy, Cl A *		3,308		45
Fortive Corp		627		41
Fortune Brands Home & Security		945		82
FTI Consulting Inc *		918		134
GFL Environmental		2,633		77
Graco Inc		401		29
Harsco *		6,173		74
HEICO Corp		674		99
Hexcel Corp		889		51
Howmet Aerospace		2,891		104
Hubbell Inc, Cl B		100		18
Huron Consulting Group *		2,125		105
IDEX		425		82
Illinois Tool Works Inc		3,727		806
Ingersoll Rand Inc		1,197		60


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ITT		1,117	$	98
JB Hunt Transport Services Inc		477		97
JetBlue Airways Corp *		6,090		93
Kelly Services, Cl A		37,393		793
Kirby Corp *		2,029		132
Knight-Swift Transportation Holdings Inc, Cl A		1,702		93
Korn Ferry		1,643		109
Landstar System Inc		477		74
Lennox International Inc		194		52
Lincoln Electric Holdings		809		103
Lyft, Cl A *		1,618		63
ManpowerGroup Inc		944		100
ManTech International Corp/VA, Cl A		3,515		293
Masco Corp		1,719		96
Masonite International *		897		85
MasTec *		946		74
Mercury Systems *		1,569		94
Middleby *		535		95
MSA Safety Inc		672		93
MSC Industrial Direct Co Inc, Cl A		5,596		434
Nordson Corp		843		191
Norfolk Southern Corp		420		108
Old Dominion Freight Line		406		127
Otis Worldwide Corp		1,520		119
Owens Corning		790		74
PACCAR Inc		771		71
Parker-Hannifin Corp		356		106
Quanta Services		1,185		129
Regal Beloit Corp		733		118
Republic Services Inc, Cl A		700		84
Robert Half International Inc		1,607		193
Rockwell Automation Inc		1,053		281
Rollins Inc		2,023		66
Roper Technologies Inc		173		78
Ryder System Inc		2,375		187
Schneider National Inc, Cl B		2,470		65
Science Applications International		1,200		105
Shoals Technologies Group, Cl A *		4,644		73
SiteOne Landscape Supply *		487		84
Snap-on Inc		657		138
Southwest Airlines Co *		1,122		49
Spirit AeroSystems Holdings Inc, Cl A		1,276		64
Standex International		944		100
Stanley Black & Decker Inc		4,972		809
Sunrun Inc *		3,172		87
Tetra Tech Inc		1,268		201
Timken Co/The		1,209		79
Toro Co/The		721		68
TransDigm Group Inc *		581		387
Trex Inc *		956		88
Uber Technologies Inc *		15,622		563


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
UniFirst		449	$	81
Union Pacific Corp		3,457		850
United Airlines Holdings Inc *		1,164		52
United Parcel Service Inc, Cl B		7,148		1,504
United Rentals Inc *		308		99
Univar Solutions Inc *		2,330		72
Valmont Industries Inc		383		83
Verisk Analytics Inc, Cl A		474		84
Waste Management Inc		3,911		565
Watsco Inc		331		90
Westinghouse Air Brake Technologies Corp		720		67
WW Grainger Inc		5,076		2,422
Xylem Inc/NY		5,273		469
				23,402
Information Technology — 19.7%
Adobe Inc *		4,555		2,130
Advanced Micro Devices Inc *		14,792		1,824
Akamai Technologies Inc *		7,545		817
Alliance Data Systems Corp		1,401		94
Alteryx, Cl A *		1,413		88
Amdocs Ltd		872		69
Amphenol Corp, Cl A		1,822		138
Analog Devices Inc		2,222		356
ANSYS Inc *		247		80
Apple Inc		49,341		8,147
Applied Materials Inc		16,963		2,276
Arista Networks Inc *		5,978		734
Arrow Electronics Inc *		1,030		126
Aspen Technology Inc *		767		117
AudioCodes Ltd		3,496		99
Autodesk Inc *		816		180
Automatic Data Processing Inc		9,094		1,859
Avnet Inc		1,907		80
Bill.com Holdings *		559		133
Black Knight Inc *		1,137		64
Broadcom Inc		1,407		827
Broadridge Financial Solutions Inc		381		56
Cadence Design Systems Inc *		832		126
CDK Global		1,878		85
CDW Corp		774		133
Ceridian HCM Holding *		1,194		87
Ciena Corp *		1,878		128
Cirrus Logic Inc *		1,236		107
Cisco Systems Inc		20,414		1,139
Citrix Systems Inc		1,286		132
Cloudflare, Cl A *		666		78
CMC Materials Inc		872		162
Cognex Corp		774		52
Cognizant Technology Solutions Corp, Cl A		869		75
Coherent Inc *		769		203
CommScope Holding Co Inc *		77,705		741
Concentrix Corp		404		81


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Coupa Software Inc *		405	$	49
Crowdstrike Holdings Inc, Cl A *		517		101
Dell Technologies Inc, Cl C		1,116		57
DocuSign Inc, Cl A *		497		59
Dolby Laboratories Inc, Cl A		1,050		79
Dropbox Inc, Cl A *		2,225		50
DXC Technology Co *		2,083		71
Elastic NV *		642		56
Enphase Energy Inc *		552		92
Entegris		824		108
EPAM Systems Inc *		101		21
Everbridge Inc *		594		23
ExlService Holdings *		1,082		131
F5 Networks Inc *		506		102
Fair Isaac *		246		116
Fidelity National Information Services Inc		613		58
First Solar Inc *		343		26
Fiserv Inc *		689		67
FleetCor Technologies Inc *		370		87
Fortinet *		202		70
Gartner *		205		57
Genpact Ltd		1,375		58
Global Payments Inc		15,197		2,027
Globant SA *		1,953		535
GoDaddy Inc, Cl A *		9,133		762
Harmonic *		9,616		90
Hewlett Packard Enterprise Co		41,813		666
HP Inc		21,887		752
HubSpot Inc *		83		44
Intuit Inc		3,186		1,511
IPG Photonics Corp *		692		90
Jabil Inc		2,333		135
Jack Henry & Associates Inc		408		72
Jamf Holding Corp *		1,893		65
Juniper Networks Inc		15,906		537
Keysight Technologies Inc *		1,697		267
KLA Corp		445		155
Kulicke & Soffa Industries		1,690		88
Lam Research Corp		604		339
Littelfuse Inc		331		85
Lumentum Holdings *		1,071		106
Mandiant *		2,720		54
Manhattan Associates *		860		115
Marvell Technology		1,417		97
Mastercard Inc, Cl A		677		244
McAfee, Cl A		4,220		110
Microchip Technology Inc		19,850		1,396
Micron Technology Inc		28,024		2,490
Microsoft Corp		32,661		9,759
MKS Instruments Inc		668		101
MongoDB Inc, Cl A *		261		100
Monolithic Power Systems Inc		281		129


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Motorola Solutions Inc		302	$	67
National Instruments Corp		3,105		125
nCino *		762		35
NCR Corp *		1,832		74
NetApp Inc		1,531		120
New Relic Inc *		1,365		90
NortonLifeLock Inc		2,665		77
Nuance Communications *		2,270		126
Nutanix Inc, Cl A *		4,280		114
NVIDIA Corp		15,319		3,736
NXP Semiconductors NV		3,936		748
Okta Inc, Cl A *		3,344		611
ON Semiconductor Corp *		3,126		196
Palo Alto Networks *		134		80
Paychex Inc		550		65
Paycom Software Inc *		217		74
Paylocity Holding Corp *		467		99
PayPal Holdings Inc *		5,842		654
Power Integrations Inc		1,574		142
PTC Inc *		835		93
QUALCOMM Inc		12,064		2,075
Rackspace Technology *		4,409		49
RingCentral Inc, Cl A *		199		26
Rogers Corp *		544		149
salesforce.com Inc *		8,404		1,769
ServiceNow Inc *		97		56
Skyworks Solutions Inc		606		84
Smartsheet Inc, Cl A *		1,379		73
Snowflake, Cl A *		329		87
SolarWinds		4,538		61
Splunk Inc *		489		58
Square Inc, Cl A *		434		55
StoneCo Ltd, Cl A *		1,174		13
Switch Inc, Cl A		6,231		162
SYNNEX Corp		404		41
Synopsys Inc *		451		141
Teledyne Technologies Inc *		252		108
Teradata Corp *		1,199		60
Teradyne Inc		4,374		516
Texas Instruments Inc		5,529		940
Trade Desk Inc, Cl A *		1,530		131
Trimble Inc *		1,500		105
Twilio Inc, Cl A *		4,450		778
Tyler Technologies *		237		101
Ubiquiti		331		84
Unity Software *		585		62
Universal Display Corp		975		151
VeriSign Inc *		3,562		761
ViaSat Inc *		2,883		132
Viavi Solutions *		6,176		101
Visa Inc, Cl A		8,592		1,857
VMware Inc, Cl A		873		102


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Vontier Corp		17,207	$	418
Western Digital Corp *		2,446		125
Western Union Co		4,919		89
WEX Inc *		324		55
Wix.com *		336		31
Workday Inc, Cl A *		2,264		519
Xerox Holdings Corp		5,099		100
Zebra Technologies, Cl A *		214		88
Zendesk Inc *		700		82
Zoom Video Communications, Cl A *		186		25
Zscaler Inc *		487		116
				67,944
Materials — 2.8%
Air Products and Chemicals Inc		2,611		617
Alcoa Corp		13,307		1,003
AptarGroup Inc		1,090		133
Ardagh Metal Packaging *		14,317		119
Avery Dennison Corp		548		97
Axalta Coating Systems Ltd *		700		19
Ball Corp		927		83
Berry Global Group Inc *		4,044		245
Cabot Corp		1,164		85
Celanese, Cl A		707		98
CF Industries Holdings Inc		2,717		221
Chemours		3,046		84
Cleveland-Cliffs *		4,585		103
Corteva Inc		5,549		289
Crown Holdings Inc		2,788		342
Dow Inc		975		57
DuPont de Nemours Inc		10,129		784
Eastman Chemical Co		4,713		558
Ecolab Inc		466		82
FMC Corp		524		61
Freeport-McMoRan Inc		5,276		248
Graphic Packaging Holding		4,953		102
Huntsman Corp		4,477		181
Ingevity *		1,326		90
International Flavors & Fragrances Inc		737		98
International Paper Co		1,238		54
Livent Corp *		15,731		370
Louisiana-Pacific		1,691		122
LyondellBasell Industries NV, Cl A		607		59
Martin Marietta Materials		317		120
Mosaic Co/The		4,600		241
NewMarket Corp		145		46
Newmont Corp		14,973		991
Nucor Corp		870		115
O-I Glass Inc, Cl I *		8,446		108
Packaging Corp of America		655		96
PPG Industries Inc		510		68
Quaker Chemical Corp		241		45
Reliance Steel & Aluminum Co		701		134


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Royal Gold Inc		466	$	56
Sherwin-Williams Co/The		2,735		720
Sonoco Products Co		903		53
Steel Dynamics Inc		1,777		125
Sylvamo *		112		4
United States Steel Corp		4,118		112
Valvoline Inc		2,446		79
Vulcan Materials Co		363		66
Westrock Co		1,448		66
				9,649
Real Estate — 1.5%
Alexandria Real Estate Equities Inc ^‡		322		61
American Campus Communities Inc ^‡		1,095		59
American Tower Corp ^‡		1,117		253
Americold Realty Trust ^‡		2,617		70
AvalonBay Communities Inc ^‡		909		217
Boston Properties Inc ^‡		2,949		361
Brixmor Property Group ^‡		4,961		125
CBRE Group Inc, Cl A *^‡		2,688		260
Corporate Office Properties Trust ^‡		3,768		99
Cousins Properties ^‡		2,645		102
Crown Castle International Corp ^‡		685		114
CubeSmart ^‡		1,472		71
Digital Realty Trust Inc ^‡		437		59
Duke Realty ^‡		2,335		124
Equinix Inc ^‡		145		103
Equity Residential ^‡		780		67
Essex Property Trust Inc ^‡		187		59
Extra Space Storage Inc ^‡		438		82
Federal Realty Investment Trust ^‡		402		47
Gaming and Leisure Properties Inc ^‡		17		1
Healthpeak Properties Inc ^‡		3,935		122
Host Hotels & Resorts Inc *^‡		9,310		170
Howard Hughes Corp/The *^‡		411		39
Hudson Pacific Properties ^‡		3,556		94
Iron Mountain Inc ^‡		1,533		75
JBG SMITH Properties ^‡		3,147		84
Jones Lang LaSalle Inc *^‡		410		101
Kennedy-Wilson Holdings Inc ^‡		2,346		52
Kilroy Realty Corp ^‡		811		58
Kimco Realty Corp ^‡		2,506		59
Lamar Advertising, Cl A ^‡		862		94
Life Storage Inc ^‡		829		105
National Retail Properties Inc ^‡		993		42
Orion Office *^‡		163		3
Prologis Inc ^‡		2,414		352
Public Storage ^‡		298		106
Rayonier ^‡		2,788		111
Realty Income Corp ^‡		1,634		108
Regency Centers Corp ^‡		826		54
Ryman Hospitality Properties Inc *^‡		783		69
SBA Communications Corp, Cl A ^‡		364		111


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Simon Property Group Inc ^‡		566	$	78
SL Green Realty ^‡		583		46
STORE Capital Corp ^‡		1,477		45
UDR Inc ^‡		2,288		126
Ventas Inc ^‡		1,890		102
Vornado Realty Trust Co ^‡		765		33
Welltower Inc ^‡		1,829		152
Weyerhaeuser Co ^‡		2,954		115
				5,040
Utilities — 2.3%
AES Corp/The		4,013		85
Algonquin Power & Utilities Corp		3,894		56
Alliant Energy Corp		1,828		107
Ameren Corp		786		68
American Electric Power Co Inc		1,847		167
American Water Works Co Inc		2,358		356
Atmos Energy Corp		622		68
Avangrid Inc		2,174		97
Brookfield Renewable, Cl A		3,044		114
CMS Energy Corp		5,948		381
Consolidated Edison Inc		3,038		261
Constellation Energy		5,285		243
Dominion Energy Inc		1,583		126
DTE Energy Co		931		113
Duke Energy Corp		2,448		246
Edison International		5,927		376
Entergy Corp		595		63
Essential Utilities Inc		1,211		57
Evergy Inc		833		52
Eversource Energy		5,900		483
Exelon Corp		15,856		675
FirstEnergy Corp		9,890		414
Hawaiian Electric Industries Inc		1,502		62
IDACORP		994		103
MDU Resources Group Inc		2,166		58
NextEra Energy Inc		9,701		759
NiSource Inc		8,986		260
NRG Energy Inc		3,167		120
Pinnacle West Capital Corp		566		40
Portland General Electric		2,092		106
PPL Corp		23,068		604
Public Service Enterprise Group Inc		1,789		116
Sempra Energy		466		67
Southern Co/The		4,478		290
UGI Corp		8,267		318
Vistra Energy Corp		2,937		67
WEC Energy Group Inc		737		67
Xcel Energy Inc		6,735		453
				8,098


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Total Common Stock
(Cost $183,935) ($ Thousands)			$	257,969



FOREIGN COMMON STOCK — 21.2%
Australia — 0.0%
Qantas Airways Ltd		46,565		171
Brazil — 0.1%
Banco Bradesco SA ADR		22,178		86
CPFL Energia SA		27,055		159
				245

Canada — 1.0%
BRP		4,398		315
Canadian Natural Resources Ltd		23,024		1,285
Dollarama Inc		2,429		125
Home Capital Group Inc, Cl B		4,666		141
National Bank of Canada		5,435		436
SNC-Lavalin Group		38,282		861
Toromont Industries Ltd		4,070		345
				3,508

China — 0.5%
Alibaba Group Holding Ltd ADR *		6,708		706
LONGi Green Energy Technology, Cl A		53,860		663
Midea Group, Cl A		23,400		247
Oppein Home Group, Cl A		4,400		88
				1,704

Denmark — 0.4%
Coloplast, Cl B		6,630		999
Demant*		5,854		248
				1,247

France — 1.6%
Cie de Saint-Gobain		24,309		1,527
Legrand SA		11,776		1,122
LVMH Moet Hennessy Louis Vuitton		1,987		1,473
Pernod Ricard SA		4,382		963
Sodexo SA		5,654		477
				5,562

Germany — 0.9%
SAP SE		11,307		1,287
Scout24 AG		8,933		524
Siemens AG		7,965		1,133
Siemens Energy		3,665		88
				3,032

Hong Kong — 1.4%
AIA Group Ltd		113,600		1,181
China Resources Land ^‡		136,000		661
JD.com, Cl A *		914		33
Samsonite International SA		282,600		630


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Sands China *		184,400	$	483
Tencent Holdings Ltd		19,200		1,035
Topsports International Holdings		230,000		238
Xinyi Glass Holdings Ltd		252,000		669
				4,930

India — 0.5%
HDFC Bank Ltd ADR		8,381		521
Tech Mahindra Ltd		65,967		1,234
				1,755

Isreal — 0.3%
Check Point Software Technologies Ltd*		8,007		1,160
Italy — 0.8%
Faurecia		7,019		272
Prysmian SpA		28,768		954
Stellantis		44,345		815
UniCredit		61,010		781
				2,822

Japan — 1.7%
Mitsubishi UFJ Financial Group		279,800		1,732
ORIX		40,900		811
Pigeon Corp		3,100		57
Shimano Inc		4,000		923
Showa Denko		57,800		1,056
SMS Co Ltd		30,100		806
Toei Animation Co Ltd		2,800		246
Workman Co Ltd		1,800		79
				5,710

Netherlands — 1.1%
ArcelorMittal		6,389		199
ASML Holding NV		3,039		2,044
ING Groep		47,079		555
NN Group NV		11,346		545
OCI NV *		5,211		148
Universal Music Group		3,536		81
Wolters Kluwer		2,597		265
				3,837

Norway — 0.4%
DNB Bank		64,852		1,453
Gjensidige Forsikring		4,629		115
				1,568

Panama — 0.0%
Copa Holdings SA, Cl A*		1,209		103
South Korea — 1.1%
Coway Co Ltd		18,893		1,133
Hana Financial Group		9,644		391
LG Household & Health Care		674		532
Samsung Electronics Co Ltd		21,843		1,310
SK Square *		877		41


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
SK Telecom		12,640	$	574
				3,981

Spain — 0.4%
Banco Santander SA ADR		64,215		216
Industria de Diseno Textil		40,289		1,068
				1,284

Sweden — 0.5%
Assa Abloy, Cl B		48,612		1,296
Hexagon, Cl B		23,067		315
				1,611

Switzerland — 0.7%
Holcim		31,872		1,601
Partners Group Holding AG		614		834
				2,435

Taiwan — 0.5%
Taiwan Semiconductor Manufacturing Co Ltd ADR		14,833		1,587
Thailand — 0.2%
Siam Commercial Bank		162,200		623
United Kingdom — 7.1%
Accenture PLC, Cl A		3,211		1,015
Allegion PLC		536		61
Amcor PLC		8,591		100
Aon PLC, Cl A		1,628		476
Aptiv PLC *		636		82
Atlassian Corp PLC, Cl A *		2,551		780
BP PLC ADR		29,443		860
CNH Industrial		14,670		211
ConvaTec Group PLC		104,676		253
Dechra Pharmaceuticals PLC		22,942		1,268
Diageo PLC		28,603		1,429
Eaton Corp PLC		8,845		1,365
Fresnillo PLC		25,853		249
Gates Industrial Corp PLC *		5,238		83
Greencore Group PLC		398,613		715
Horizon Therapeutics PLC *		5,701		520
Informa *		98,127		783
Intertek Group PLC		4,058		293
Janus Henderson Group PLC		2,562		86
Jazz Pharmaceuticals PLC *		9,965		1,369
Johnson Controls International PLC		10,634		691
Kingfisher PLC		389,885		1,602
London Stock Exchange Group		4,301		379
Medtronic PLC		25,899		2,719
Natwest Group		529,898		1,633
Nielsen Holdings PLC		2,443		43
nVent Electric PLC		2,436		83
Pentair PLC		1,364		79
Prudential PLC		40,299		614
RELX PLC		53,644		1,636


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Royalty Pharma PLC, Cl A		19,511	$	766
Sensata Technologies Holding PLC *		6,719		389
Shell PLC ADR ADR		1,811		95
STERIS PLC		2,039		489
Trane Technologies PLC		3,308		509
Unilever PLC		4,693		236
Willis Towers Watson PLC		1,659		369
				24,330

Total Foreign Common Stock
(Cost $66,825) ($ Thousands)				73,205



CASH EQUIVALENT — 3.2%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**^†		10,869,069		10,869

Total Cash Equivalent
(Cost $10,869) ($ Thousands)				10,869


Total Investments in Securities — 99.2%
(Cost $261,629) ($ Thousands)			$	342,043

A list of the open futures contracts held by the Fund at February 28, 2022 is as follows:

	Percentages are based on Net Assets of $344,722 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of February 28, 2022.
^†	Investment in Affiliated Security (see Note 2).
^‡	Real Estate Investment Trust.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

PLC — Public Limited Company

S&P— Standard & Poor's

The following is a list of the level of inputs used as of February 28, 2022, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Common Stock

257,969

–

257,969

Foreign Common Stock

73,205

–

73,205

Cash Equivalent

10,869

–

10,869

Total Investments in Securities

342,043

–

342,043

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(650	)		–		–		(650	)
Total Other Financial Instruments		(650	)		–		–		(650	)

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

For the year ended February 28, 2022, there were no transfers in or out of Level 3 securities.

The following is a summary of the Fund’s transactions with affiliates for the year ended February 28, 2022 ($ Thousands):

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


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS — 32.1%
U.S. Treasury Bills
0.064%, 08/11/2022 (A)	$	230	$	229
0.052%, 03/03/2022 (A)		840		840
0.050%, 03/17/2022 (A)		550		550
0.000%, 04/28/2022 (A)		380		380
0.000%, 05/03/2022 (A)		360		360
U.S. Treasury Bonds
3.750%, 11/15/2043		950		1,187
2.875%, 08/15/2045		70		77
2.750%, 08/15/2047		970		1,062
2.403%, 05/15/2049		410		226
2.375%, 05/15/2051		330		344
2.250%, 05/15/2041		10		10
2.000%, 11/15/2041		590		565
2.000%, 02/15/2050		330		316
2.000%, 08/15/2051		1,529		1,467
1.875%, 02/15/2051		5,473		5,095
1.875%, 11/15/2051		960		896
1.750%, 08/15/2041		1,946		1,784
1.625%, 11/15/2050		2,680		2,348
1.375%, 08/15/2050		3,706		3,051
1.250%, 05/15/2050		1,180		941
1.125%, 08/15/2040		4,595		3,807
U.S. Treasury Inflation Protected Securities
1.000%, 02/15/2049		115		151
0.125%, 01/15/2030		423		459
U.S. Treasury Notes
1.500%, 01/31/2027		5,500		5,435
1.375%, 10/31/2028		560		544
1.375%, 12/31/2028		730		709
1.250%, 11/30/2026		6,180		6,040
1.250%, 03/31/2028		580		562
1.250%, 04/30/2028		490		474
1.250%, 05/31/2028		640		619


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
1.250%, 06/30/2028	$	320	$	309
1.250%, 09/30/2028		1,380		1,330
1.250%, 08/15/2031		4,093		3,886
1.125%, 01/15/2025		3,000		2,958
1.125%, 10/31/2026		1,400		1,360
1.125%, 08/31/2028		430		412
1.125%, 02/15/2031		719		677
1.000%, 07/31/2028		640		608
0.750%, 04/30/2026		900		864
0.625%, 07/31/2026		6,181		5,886
0.375%, 08/15/2024		2,745		2,666
0.375%, 01/31/2026		180		171
0.250%, 05/31/2025		40		38
0.250%, 06/30/2025		250		238
0.250%, 08/31/2025		140		133
0.250%, 10/31/2025		100		95

Total U.S. Treasury Obligations
(Cost $63,635) ($ Thousands)				62,159



CORPORATE OBLIGATIONS — 28.8%
Communication Services — 2.8%
AT&T
5.350%, 09/01/2040		21		25
4.500%, 03/09/2048		39		42
4.350%, 06/15/2045		20		21
3.650%, 09/15/2059		32		29
3.550%, 09/15/2055		10		9
3.500%, 06/01/2041		151		144
3.500%, 09/15/2053		20		18
3.300%, 02/01/2052		10		9
3.100%, 02/01/2043		90		80
2.550%, 12/01/2033		299		277
2.300%, 06/01/2027		60		59
2.250%, 02/01/2032		50		46
1.650%, 02/01/2028		60		57
1.381%, ICE LIBOR USD 3 Month + 1.180%, 06/12/2024 (E)		462		470
CCO Holdings
4.500%, 05/01/2032		100		95
Charter Communications Operating
6.484%, 10/23/2045		20		24
6.384%, 10/23/2035		580		693
5.750%, 04/01/2048		90		99
5.375%, 04/01/2038		10		10
5.050%, 03/30/2029		40		43
4.908%, 07/23/2025		30		32
4.800%, 03/01/2050		30		29
3.500%, 03/01/2042		10		9
Comcast
4.250%, 10/15/2030		110		121


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.150%, 10/15/2028	$	40	$	43
4.000%, 03/01/2048		10		10
3.950%, 10/15/2025		70		74
3.750%, 04/01/2040		10		10
3.450%, 02/01/2050		20		19
3.400%, 04/01/2030		20		21
3.400%, 07/15/2046		10		9
3.375%, 08/15/2025		60		62
3.300%, 04/01/2027		190		197
3.150%, 03/01/2026		20		21
2.937%, 11/01/2056 (C)		27		23
2.887%, 11/01/2051 (C)		254		220
2.800%, 01/15/2051		30		25
2.350%, 01/15/2027		260		258
DISH DBS
5.250%, 12/01/2026 (C)		10		10
Fox
5.476%, 01/25/2039		70		82
Sprint Spectrum
4.738%, 03/20/2025 (C)		187		192
Telefonica Emisiones SAU
5.213%, 03/08/2047		150		163
T-Mobile USA
3.875%, 04/15/2030		90		93
3.750%, 04/15/2027		10		10
3.500%, 04/15/2025		150		154
3.500%, 04/15/2031 (C)		50		49
3.400%, 10/15/2052 (C)		30		27
3.000%, 02/15/2041		10		9
2.875%, 02/15/2031		20		19
2.625%, 02/15/2029		30		28
2.550%, 02/15/2031		20		19
2.250%, 02/15/2026		10		10
2.250%, 11/15/2031		10		9
Verizon Communications
5.500%, 03/16/2047		6		8
5.250%, 03/16/2037		20		24
4.862%, 08/21/2046		30		36
4.500%, 08/10/2033		170		189
4.329%, 09/21/2028		300		327
4.125%, 08/15/2046		30		31
4.000%, 03/22/2050		30		31
3.150%, 03/22/2030		30		30
3.000%, 03/22/2027		10		10
2.875%, 11/20/2050		10		8
2.650%, 11/20/2040		70		61
2.625%, 08/15/2026		10		10
2.550%, 03/21/2031		90		86
2.355%, 03/15/2032 (C)		93		87
2.100%, 03/22/2028		30		29
1.750%, 01/20/2031		130		117


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Vodafone Group
4.375%, 05/30/2028	$	40	$	43

				5,434

Consumer Discretionary — 2.1%
Amazon.com
4.950%, 12/05/2044		157		195
4.250%, 08/22/2057		10		12
4.050%, 08/22/2047		30		33
3.875%, 08/22/2037		230		252
3.150%, 08/22/2027		50		52
3.100%, 05/12/2051		120		116
2.100%, 05/12/2031		20		19
1.500%, 06/03/2030		30		28
1.200%, 06/03/2027		60		57
Cox Communications
3.350%, 09/15/2026 (C)		231		237
Dollar General
3.250%, 04/15/2023		10		10
Element Fleet Management
1.600%, 04/06/2024 (C)		491		483
Ford Motor
4.750%, 01/15/2043		20		19
3.250%, 02/12/2032		30		28
Ford Motor Credit
4.000%, 11/13/2030		200		198
General Motors
6.250%, 10/02/2043		50		61
6.125%, 10/01/2025		20		22
5.400%, 10/02/2023		20		21
5.150%, 04/01/2038		20		22
General Motors Financial
5.100%, 01/17/2024		200		210
4.150%, 06/19/2023		353		362
3.450%, 04/10/2022		10		10
Hilton Domestic Operating
5.750%, 05/01/2028 (C)		20		21
5.375%, 05/01/2025 (C)		30		31
Home Depot
3.350%, 04/15/2050		70		68
3.300%, 04/15/2040		198		198
2.700%, 04/15/2030		20		20
2.500%, 04/15/2027		30		30
Las Vegas Sands
3.200%, 08/08/2024		10		10
2.900%, 06/25/2025		210		202
Lennar
5.000%, 06/15/2027		10		11
4.750%, 11/29/2027		20		22
4.500%, 04/30/2024		20		21
Lowe's
5.000%, 04/15/2040		53		61


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.500%, 04/15/2030	$	20	$	22
3.700%, 04/15/2046		96		94
NIKE
3.375%, 03/27/2050		50		51
3.250%, 03/27/2040		10		10
2.750%, 03/27/2027		20		21
2.400%, 03/27/2025		30		30
Nissan Motor
3.522%, 09/17/2025 (C)		200		202
Sands China
2.300%, 03/08/2027 (C)		200		173
Target
2.250%, 04/15/2025		40		40
Time Warner Cable
7.300%, 07/01/2038		90		113
Time Warner Entertainment
8.375%, 07/15/2033		50		68
Toll Brothers Finance
4.375%, 04/15/2023		20		20
VOC Escrow
5.000%, 02/15/2028 (C)		30		29

				4,015

Consumer Staples — 1.4%
Altria Group
6.200%, 02/14/2059		4		5
5.950%, 02/14/2049		70		78
5.800%, 02/14/2039		90		99
4.800%, 02/14/2029		5		5
4.400%, 02/14/2026		37		39
3.875%, 09/16/2046		20		17
2.450%, 02/04/2032		90		80
2.350%, 05/06/2025		10		10
Anheuser-Busch
4.900%, 02/01/2046		568		642
3.650%, 02/01/2026		20		21
Anheuser-Busch InBev Worldwide
5.550%, 01/23/2049		10		13
4.500%, 06/01/2050		50		55
4.350%, 06/01/2040		50		53
4.000%, 04/13/2028		20		21
3.500%, 06/01/2030		20		21
BAT Capital
4.540%, 08/15/2047		60		56
3.734%, 09/25/2040		30		26
3.557%, 08/15/2027		40		40
Cargill
1.375%, 07/23/2023 (C)		30		30
Coca-Cola
3.375%, 03/25/2027		20		21
2.600%, 06/01/2050		20		18
1.450%, 06/01/2027		40		38


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Constellation Brands
4.750%, 11/15/2024	$	80	$	85
Costco Wholesale
1.600%, 04/20/2030		40		37
1.375%, 06/20/2027		70		67
CVS Health
5.125%, 07/20/2045		60		69
3.875%, 07/20/2025		18		19
CVS Pass-Through Trust
7.507%, 01/10/2032 (C)		349		422
6.036%, 12/10/2028		174		191
Hershey
0.900%, 06/01/2025		10		10
Kraft Heinz Foods
5.500%, 06/01/2050		10		12
5.200%, 07/15/2045		20		23
4.875%, 10/01/2049		20		22
4.375%, 06/01/2046		10		10
4.250%, 03/01/2031		10		11
Mars
3.200%, 04/01/2030 (C)		10		10
2.700%, 04/01/2025 (C)		30		30
Mondelez International
1.500%, 05/04/2025		70		68
PepsiCo
2.875%, 10/15/2049		20		19
1.625%, 05/01/2030		20		19
Philip Morris International
2.500%, 08/22/2022		50		50
2.500%, 11/02/2022		50		50
2.100%, 05/01/2030		20		19
1.125%, 05/01/2023		20		20
Reynolds American
5.850%, 08/15/2045		20		22

				2,673

Energy — 4.2%
Apache
7.750%, 12/15/2029		20		23
5.350%, 07/01/2049		20		20
4.750%, 04/15/2043		10		10
4.375%, 10/15/2028		110		111
4.250%, 01/15/2044		150		133
BP Capital Markets
3.535%, 11/04/2024		10		10
3.506%, 03/17/2025		100		104
BP Capital Markets America
3.633%, 04/06/2030		20		21
3.588%, 04/14/2027		10		10
3.000%, 02/24/2050		50		43
Cameron LNG
3.302%, 01/15/2035 (C)		70		69


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.902%, 07/15/2031 (C)	$	60	$	59
Cheniere Energy
4.625%, 10/15/2028		20		20
Cheniere Energy Partners
4.000%, 03/01/2031		10		10
3.250%, 01/31/2032 (C)		40		38
Chevron
3.078%, 05/11/2050		10		10
2.954%, 05/16/2026		30		31
1.554%, 05/11/2025		50		49
Chevron USA
3.850%, 01/15/2028		30		32
ConocoPhillips
4.300%, 08/15/2028 (C)		130		143
3.750%, 10/01/2027 (C)		20		21
Continental Resources
5.750%, 01/15/2031 (C)		40		45
4.900%, 06/01/2044		20		20
4.500%, 04/15/2023		30		31
4.375%, 01/15/2028		30		31
2.268%, 11/15/2026 (C)		20		19
Coterra Energy
4.375%, 03/15/2029 (C)		160		172
3.900%, 05/15/2027 (C)		80		83
DCP Midstream Operating
6.450%, 11/03/2036 (C)		10		12
Devon Energy
8.250%, 08/01/2023		30		32
5.850%, 12/15/2025		30		34
5.600%, 07/15/2041		50		59
5.000%, 06/15/2045		140		156
Diamondback Energy
3.500%, 12/01/2029		10		10
3.250%, 12/01/2026		10		10
Ecopetrol
5.875%, 05/28/2045		110		96
4.625%, 11/02/2031		20		18
Energy Transfer
6.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.134%(E)(D)		10		10
6.250%, 04/15/2049		60		69
5.250%, 04/15/2029		30		33
5.000%, 05/15/2050		30		31
4.950%, 06/15/2028		20		22
3.750%, 05/15/2030		110		112
3.450%, 01/15/2023		381		385
2.900%, 05/15/2025		10		10
Enterprise Products Operating
4.850%, 03/15/2044		50		55
4.150%, 10/16/2028		350		377


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
EOG Resources
4.950%, 04/15/2050	$	70	$	85
4.150%, 01/15/2026		20		21
3.900%, 04/01/2035		40		43
Equities
3.900%, 10/01/2027		10		10
3.625%, 05/15/2031 (C)		20		19
3.000%, 10/01/2022		50		50
Exxon Mobil
4.327%, 03/19/2050		30		34
4.114%, 03/01/2046		70		76
3.482%, 03/19/2030		40		42
3.043%, 03/01/2026		40		41
2.992%, 03/19/2025		295		303
1.571%, 04/15/2023		10		10
Halliburton
5.000%, 11/15/2045		40		45
3.800%, 11/15/2025		2		2
Kinder Morgan
5.300%, 12/01/2034		20		22
5.200%, 03/01/2048		10		11
4.300%, 06/01/2025		30		31
4.300%, 03/01/2028		110		117
Kinder Morgan Energy Partners
4.250%, 09/01/2024		40		42
3.500%, 09/01/2023		30		31
MEG Energy
5.875%, 02/01/2029 (C)		10		10
MPLX
5.500%, 02/15/2049		30		34
4.875%, 06/01/2025		110		117
4.800%, 02/15/2029		80		88
4.700%, 04/15/2048		60		62
4.500%, 04/15/2038		10		10
Occidental Petroleum
7.875%, 09/15/2031		10		12
7.500%, 05/01/2031		60		73
6.950%, 07/01/2024		10		11
6.200%, 03/15/2040		75		84
5.550%, 03/15/2026		30		32
4.863%, 10/10/2036 (A)		750		402
4.625%, 06/15/2045		20		19
4.400%, 04/15/2046		10		10
4.400%, 08/15/2049		70		67
4.100%, 02/15/2047		70		65
3.500%, 08/15/2029		20		20
3.400%, 04/15/2026		20		20
3.200%, 08/15/2026		30		30
3.000%, 02/15/2027		20		20
Pertamina Persero
6.000%, 05/03/2042 (C)		200		221


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Petrobras Global Finance BV
7.375%, 01/17/2027	$	410	$	460
6.850%, 06/05/2115		50		46
5.750%, 02/01/2029		50		52
Petroleos Mexicanos
6.625%, 06/15/2035		100		91
Petroleos Mexicanos MTN
6.875%, 08/04/2026		20		21
Phillips 66 Partners
3.605%, 02/15/2025		95		98
3.550%, 10/01/2026		232		239
Pioneer Natural Resources
2.150%, 01/15/2031		40		37
1.125%, 01/15/2026		10		10
Qatar Energy
3.125%, 07/12/2041 (C)		200		188
Range Resources
5.875%, 07/01/2022		4		4
5.000%, 03/15/2023		8		8
4.875%, 05/15/2025		30		30
Schlumberger Holdings
4.000%, 12/21/2025 (C)		30		31
3.900%, 05/17/2028 (C)		471		490
Shell International Finance BV
4.375%, 05/11/2045		50		55
4.000%, 05/10/2046		50		53
3.250%, 04/06/2050		50		48
2.875%, 05/10/2026		60		62
2.750%, 04/06/2030		20		20
Sinopec Group Overseas Development
4.375%, 04/10/2024 (C)		200		209
Targa Resources Partners
5.500%, 03/01/2030		20		21
5.000%, 01/15/2028		10		10
4.875%, 02/01/2031		30		31
Tennessee Gas Pipeline
2.900%, 03/01/2030 (C)		30		29
Transcontinental Gas Pipe Line
7.850%, 02/01/2026		50		59
Western Midstream Operating
5.750%, 02/01/2050		20		20
4.550%, 02/01/2030		100		103
4.500%, 03/01/2028		10		10
3.600%, 02/01/2025		30		30
1.844%, 01/13/2023 (E)		10		10
Williams
7.750%, 06/15/2031		140		183
7.500%, 01/15/2031		10		13
5.750%, 06/24/2044		40		47
3.700%, 01/15/2023		20		20

				8,179


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Financials — 9.8%
AIA Group MTN
3.200%, 03/11/2025 (C)	$	270	$	276
Ambac Assurance
5.100%(C)(D)		–		–
American International Group
3.750%, 07/10/2025		40		42
2.500%, 06/30/2025		464		466
Aviation Capital Group
1.950%, 01/30/2026 (C)		301		287
Bank of America
3.419%, ICE LIBOR USD 3 Month + 1.040%, 12/20/2028 (E)		42		43
3.311%, U.S. SOFR + 1.580%, 04/22/2042 (E)		185		177
3.004%, ICE LIBOR USD 3 Month + 0.790%, 12/20/2023 (E)		99		100
2.592%, U.S. SOFR + 2.150%, 04/29/2031 (E)		90		86
2.572%, U.S. SOFR + 1.210%, 10/20/2032 (E)		90		85
Bank of America MTN
5.000%, 01/21/2044		20		23
4.450%, 03/03/2026		10		11
4.330%, ICE LIBOR USD 3 Month + 1.520%, 03/15/2050 (E)		478		530
4.250%, 10/22/2026		50		53
4.083%, ICE LIBOR USD 3 Month + 3.150%, 03/20/2051 (E)		110		118
4.000%, 01/22/2025		300		311
3.970%, ICE LIBOR USD 3 Month + 1.070%, 03/05/2029 (E)		150		157
3.593%, ICE LIBOR USD 3 Month + 1.370%, 07/21/2028 (E)		90		93
3.550%, ICE LIBOR USD 3 Month + 0.780%, 03/05/2024 (E)		70		71
3.500%, 04/19/2026		224		232
Bank of Montreal MTN
1.850%, 05/01/2025		70		69
Bank of New York Mellon MTN
1.600%, 04/24/2025		20		20
Bank of Nova Scotia
1.300%, 06/11/2025		40		39
Barclays
5.088%, ICE LIBOR USD 3 Month + 3.054%, 06/20/2030 (E)		200		213
Barclays MTN
4.972%, ICE LIBOR USD 3 Month + 1.902%, 05/16/2029 (E)		200		217
Blackstone Holdings Finance
6.250%, 08/15/2042 (C)		118		156
5.000%, 06/15/2044 (C)		200		231


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
BNP Paribas
4.705%, ICE LIBOR USD 3 Month + 2.235%, 01/10/2025 (E)(C)	$	200	$	208
4.400%, 08/14/2028 (C)		200		213
2.591%, U.S. SOFR + 1.228%, 01/20/2028 (E)(C)		250		243
Brighthouse Financial
4.700%, 06/22/2047		4		4
Canadian Imperial Bank of Commerce
0.950%, 06/23/2023		40		39
Capital One Financial
3.900%, 01/29/2024		700		722
Citigroup
8.125%, 07/15/2039		60		94
4.650%, 07/23/2048		180		210
4.450%, 09/29/2027		90		96
4.412%, U.S. SOFR + 3.914%, 03/31/2031 (E)		233		252
4.125%, 07/25/2028		90		95
3.980%, ICE LIBOR USD 3 Month + 1.338%, 03/20/2030 (E)		110		116
3.700%, 01/12/2026		100		105
3.520%, ICE LIBOR USD 3 Month + 1.151%, 10/27/2028 (E)		148		152
3.400%, 05/01/2026		510		525
3.106%, U.S. SOFR + 2.842%, 04/08/2026 (E)		30		30
2.572%, U.S. SOFR + 2.107%, 06/03/2031 (E)		10		10
1.678%, U.S. SOFR + 1.667%, 05/15/2024 (E)		40		40
Cooperatieve Rabobank UA
4.375%, 08/04/2025		250		262
3.875%, 09/26/2023 (C)		392		404
Credit Agricole
8.125%, USD Swap Semi 30/360 5 Yr Curr + 6.185%(E)(C)(D)		260		293
Credit Suisse Group
4.550%, 04/17/2026		250		264
4.194%, U.S. SOFR + 3.730%, 04/01/2031 (E)(C)		250		260
1.305%, U.S. SOFR + 0.980%, 02/02/2027 (E)(C)		250		232
Five Corners Funding Trust
4.419%, 11/15/2023 (C)		390		405
Guardian Life Global Funding
1.100%, 06/23/2025 (C)		10		10
Intesa Sanpaolo
3.125%, 07/14/2022 (C)		200		201
Intesa Sanpaolo MTN
5.017%, 06/26/2024 (C)		200		206
JPMorgan Chase
4.950%, 06/01/2045		100		120


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.493%, U.S. SOFR + 3.790%, 03/24/2031 (E)	$	298	$	327
4.203%, ICE LIBOR USD 3 Month + 1.260%, 07/23/2029 (E)		590		628
4.023%, ICE LIBOR USD 3 Month + 1.000%, 12/05/2024 (E)		200		206
3.509%, ICE LIBOR USD 3 Month + 0.945%, 01/23/2029 (E)		210		215
3.109%, U.S. SOFR + 2.440%, 04/22/2051 (E)		10		9
2.522%, U.S. SOFR + 2.040%, 04/22/2031 (E)		130		124
2.083%, U.S. SOFR + 1.850%, 04/22/2026 (E)		60		59
1.514%, U.S. SOFR + 1.455%, 06/01/2024 (E)		100		100
KKR Group Finance III
5.125%, 06/01/2044 (C)		215		246
KKR Group Finance VIII
3.500%, 08/25/2050 (C)		137		127
Liberty Mutual Group
4.569%, 02/01/2029 (C)		349		388
4.250%, 06/15/2023 (C)		90		93
Lincoln National
3.400%, 01/15/2031		209		212
Lloyds Banking Group
4.375%, 03/22/2028		200		213
3.900%, 03/12/2024		536		553
2.858%, ICE LIBOR USD 3 Month + 1.249%, 03/17/2023 (E)		200		200
Macquarie Group
1.340%, U.S. SOFR + 1.069%, 01/12/2027 (E)(C)		302		285
Macquarie Group MTN
4.150%, ICE LIBOR USD 3 Month + 1.330%, 03/27/2024 (E)(C)		471		482
Massachusetts Mutual Life Insurance
3.375%, 04/15/2050 (C)		144		136
Metropolitan Life Insurance
7.800%, 11/01/2025 (C)		267		316
Moody's
3.250%, 05/20/2050		235		213
Morgan Stanley
3.737%, ICE LIBOR USD 3 Month + 0.847%, 04/24/2024 (E)		40		41
2.484%, U.S. SOFR + 1.360%, 09/16/2036 (E)		20		18
Morgan Stanley MTN
3.772%, ICE LIBOR USD 3 Month + 1.140%, 01/24/2029 (E)		90		93
3.622%, U.S. SOFR + 3.120%, 04/01/2031 (E)		384		397
3.125%, 07/27/2026		450		459


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.511%, U.S. SOFR + 1.200%, 10/20/2032 (E)	$	120	$	113
2.188%, U.S. SOFR + 1.990%, 04/28/2026 (E)		100		99
National Securities Clearing
1.500%, 04/23/2025 (C)		250		245
Natwest Group
3.073%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.550%, 05/22/2028 (E)		200		200
New York Life Global Funding
0.950%, 06/24/2025 (C)		30		29
Park Aerospace Holdings
5.250%, 08/15/2022 (C)		4		4
Peachtree Corners Funding Trust
3.976%, 02/15/2025 (C)		225		233
Principal Life Global Funding II
1.250%, 06/23/2025 (C)		10		10
Royal Bank of Canada MTN
1.600%, 04/17/2023		60		60
1.150%, 06/10/2025		40		38
Santander Holdings USA
4.500%, 07/17/2025		10		11
State Street
3.152%, U.S. SOFR + 2.650%, 03/30/2031 (E)		110		113
2.901%, U.S. SOFR + 2.600%, 03/30/2026 (E)		95		96
Teachers Insurance & Annuity Association of America
4.900%, 09/15/2044 (C)		90		105
Toronto-Dominion Bank MTN
1.150%, 06/12/2025		30		29
0.750%, 06/12/2023		80		79
UBS MTN
4.500%, 06/26/2048 (C)		400		451
UBS Group
1.364%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.080%, 01/30/2027 (E)(C)		200		189
UBS Group Funding Jersey
4.125%, 04/15/2026 (C)		449		472
US Bancorp
1.450%, 05/12/2025		30		29
WEA Finance
3.750%, 09/17/2024 (C)		200		205

				18,867

Health Care — 1.2%
Aetna
2.800%, 06/15/2023		10		10


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Anthem
3.650%, 12/01/2027	$	30	$	31
3.350%, 12/01/2024		20		21
2.950%, 12/01/2022		50		51
Cigna
4.800%, 08/15/2038		100		111
4.375%, 10/15/2028		160		173
4.125%, 11/15/2025		377		397
3.750%, 07/15/2023		14		14
3.400%, 03/01/2027		441		458
CVS Health
5.050%, 03/25/2048		140		164
4.300%, 03/25/2028		30		32
4.250%, 04/01/2050		70		75
4.125%, 04/01/2040		10		10
3.750%, 04/01/2030		30		31
3.625%, 04/01/2027		30		31
2.125%, 09/15/2031		30		28
Fresenius Medical Care US Finance II
4.750%, 10/15/2024 (C)		50		53
Humana
4.500%, 04/01/2025		10		11
Medtronic
3.500%, 03/15/2025		16		17
PeaceHealth Obligated Group
1.375%, 11/15/2025		430		415
SSM Health Care
3.688%, 06/01/2023		248		253

				2,386

Industrials — 2.8%
3M
3.700%, 04/15/2050		100		103
AerCap Ireland Capital DAC
3.000%, 10/29/2028		417		401
2.450%, 10/29/2026		150		145
Air Canada Pass-Through Trust, Ser 2015-1, Cl A
3.600%, 03/15/2027 (C)		221		222
Air Lease
3.375%, 07/01/2025		20		20
Burlington Northern Santa Fe
2.875%, 06/15/2052		30		27
Canadian National Railway
3.650%, 02/03/2048		151		155
Canadian Pacific Railway
6.125%, 09/15/2115		167		218
3.100%, 12/02/2051		40		36
3.000%, 12/02/2041		20		18
Carrier Global
2.700%, 02/15/2031		10		10


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Cintas No. 2
3.700%, 04/01/2027	$	30	$	32
2.900%, 04/01/2022		20		20
Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A
4.000%, 10/29/2024		143		146
CSX
3.800%, 04/15/2050		331		339
Deere
3.750%, 04/15/2050		40		42
3.100%, 04/15/2030		10		10
Delta Air Lines
7.375%, 01/15/2026		30		34
7.000%, 05/01/2025 (C)		190		211
4.750%, 10/20/2028 (C)		30		31
4.500%, 10/20/2025 (C)		30		31
2.900%, 10/28/2024		40		39
Delta Air Lines Pass-Through Trust, Ser 2020-1AA
2.000%, 06/10/2028		155		148
Eaton
4.150%, 11/02/2042		70		75
FedEx
5.250%, 05/15/2050		88		106
4.050%, 02/15/2048		237		242
Ferguson Finance
4.500%, 10/24/2028 (C)		394		426
3.250%, 06/02/2030 (C)		230		230
GFL Environmental
4.250%, 06/01/2025 (C)		20		20
International Lease Finance
5.875%, 08/15/2022		50		51
Mileage Plus Holdings
6.500%, 06/20/2027 (C)		40		42
Norfolk Southern
4.837%, 10/01/2041		200		230
Penske Truck Leasing LP
3.900%, 02/01/2024 (C)		457		471
Republic Services
2.500%, 08/15/2024		20		20
Spirit Airlines Pass-Through Trust, Ser 2017-1AA
3.375%, 02/15/2030		161		159
Spirit Loyalty Cayman
8.000%, 09/20/2025 (C)		24		26
United Airlines
4.625%, 04/15/2029 (C)		30		29
United Airlines Pass-Through Trust, Ser 2014-1, Cl A
4.000%, 04/11/2026		538		550
United Parcel Service
5.300%, 04/01/2050		66		89


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
United Rentals North America
3.875%, 02/15/2031	$	100	$	97
Verisk Analytics
3.625%, 05/15/2050		202		195

				5,496

Information Technology — 1.3%
Apple
3.850%, 08/04/2046		156		166
3.200%, 05/13/2025		80		83
1.125%, 05/11/2025		40		39
Broadcom
4.750%, 04/15/2029		253		275
4.110%, 09/15/2028		237		249
3.137%, 11/15/2035 (C)		150		139
1.950%, 02/15/2028 (C)		139		131
Genpact Luxembourg SARL
1.750%, 04/10/2026		292		283
Hewlett Packard Enterprise
4.900%, 10/15/2025		69		74
Lam Research
2.875%, 06/15/2050		92		82
Mastercard
3.850%, 03/26/2050		10		11
NVIDIA
3.700%, 04/01/2060		50		52
3.500%, 04/01/2040		70		72
3.500%, 04/01/2050		70		72
2.850%, 04/01/2030		20		20
NXP BV
4.625%, 06/01/2023 (C)		215		222
2.700%, 05/01/2025 (C)		30		30
PayPal Holdings
1.650%, 06/01/2025		30		29
1.350%, 06/01/2023		30		30
Prosus MTN
3.061%, 07/13/2031 (C)		200		168
salesforce.com
3.250%, 04/11/2023		40		41
Sprint Capital
8.750%, 03/15/2032		10		14
Texas Instruments
1.750%, 05/04/2030		20		19
Visa
4.300%, 12/14/2045		50		58
3.150%, 12/14/2025		70		73
2.050%, 04/15/2030		20		19

				2,451

Materials — 0.6%
Anglo American Capital
3.625%, 09/11/2024 (C)		200		205


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Ball
3.125%, 09/15/2031	$	20	$	18
Barrick North America Finance
5.700%, 05/30/2041		60		75
Equate Petrochemical BV MTN
4.250%, 11/03/2026 (C)		200		207
Freeport-McMoRan
5.450%, 03/15/2043		60		69
4.625%, 08/01/2030		10		10
4.550%, 11/14/2024		10		11
Glencore Funding
4.125%, 05/30/2023 (C)		70		72
4.000%, 03/27/2027 (C)		140		145
Southern Copper
5.250%, 11/08/2042		120		140
Suzano Austria GmbH
3.750%, 01/15/2031		90		84
3.125%, 01/15/2032		20		18
Vale Canada
7.200%, 09/15/2032		10		12
Vale Overseas
6.875%, 11/21/2036		10		12
WestRock RKT
4.000%, 03/01/2023		10		10

				1,088

Real Estate — 0.5%
Digital Realty Trust
3.700%, 08/15/2027		233		243
3.600%, 07/01/2029		78		80
Federal Realty Investment Trust
1.250%, 02/15/2026		233		223
Simon Property Group
1.750%, 02/01/2028		501		472

				1,018

Utilities — 2.1%
American Transmission Systems
2.650%, 01/15/2032 (C)		20		19
Aquarion
4.000%, 08/15/2024 (C)		192		198
Berkshire Hathaway Energy
4.450%, 01/15/2049		600		663
Consolidated Edison of New York
3.950%, 04/01/2050		20		21
3.350%, 04/01/2030		20		20
Duke Energy Carolinas
3.950%, 03/15/2048		98		102
Duke Energy Florida
3.200%, 01/15/2027		230		239
Duke Energy Ohio
3.650%, 02/01/2029		50		52


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Eversource Energy
3.150%, 01/15/2025	$	111	$	113
Exelon
5.625%, 06/15/2035		60		71
5.100%, 06/15/2045		328		379
4.700%, 04/15/2050		69		78
FirstEnergy
7.375%, 11/15/2031		270		338
5.350%, 07/15/2047		100		106
4.400%, 07/15/2027		50		52
1.600%, 01/15/2026		20		19
Interstate Power and Light
2.300%, 06/01/2030		295		283
NextEra Energy Capital Holdings
3.550%, 05/01/2027		292		303
NSTAR Electric
3.950%, 04/01/2030		230		247
Pacific Gas and Electric
3.300%, 08/01/2040		10		8
2.500%, 02/01/2031		20		18
2.100%, 08/01/2027		20		19
1.750%, 06/16/2022		60		60
Southern
3.250%, 07/01/2026		415		425
Virginia Electric & Power
3.150%, 01/15/2026		124		128
Xcel Energy
3.400%, 06/01/2030		188		194

				4,155

Total Corporate Obligations
(Cost $55,671) ($ Thousands)				55,762



MORTGAGE-BACKED SECURITIES — 26.1%
Agency Mortgage-Backed Obligations — 19.0%
FHLB DN
0.030%, 03/09/2022(A)		140		140
0.000%, 03/18/2022(B)		410		410
FHLMC
6.000%, 03/01/2035 to 07/01/2040		363		413
5.500%, 04/01/2030		108		117
5.000%, 06/01/2041 to 01/01/2049		265		289
4.500%, 06/01/2038 to 10/01/2048		542		587
4.000%, 07/01/2037 to 06/01/2048		733		783
3.500%, 04/01/2033 to 03/01/2050		1,724		1,793
3.000%, 09/01/2036 to 09/01/2050		2,806		2,872
2.500%, 01/01/2050 to 11/01/2051		2,378		2,359
2.000%, 09/01/2041 to 12/01/2051		2,308		2,221


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC ARM
3.092%, ICE LIBOR USD 12 Month + 1.622%, 02/01/2050(E)	$	94	$	96
3.013%, ICE LIBOR USD 12 Month + 1.628%, 11/01/2048(E)		68		70
2.873%, ICE LIBOR USD 12 Month + 1.620%, 11/01/2047(E)		78		80
1.901%, ICE LIBOR USD 12 Month + 1.596%, 06/01/2047(E)		157		161
1.890%, ICE LIBOR USD 12 Month + 1.626%, 10/01/2046(E)		326		336
FHLMC CMO, Ser 2014-328, Cl S4, IO
1.726%, 02/15/2038(E)		28		1
FHLMC CMO, Ser 2014-4415, Cl IO, IO
1.592%, 04/15/2041(E)		127		7
FHLMC CMO, Ser 2015-4494, Cl AI, IO
1.727%, 11/15/2038(E)		124		6
FHLMC CMO, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		18		18
FHLMC CMO, Ser 2020-5010, Cl JI, IO
2.500%, 09/25/2050		87		14
FHLMC CMO, Ser 2020-5018, Cl MI, IO
2.000%, 10/25/2050		91		12
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1517, Cl X1, IO
1.330%, 07/25/2035(E)		240		33
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1519, Cl X1, IO
0.609%, 12/25/2035(E)		2,112		131
FHLMC STACR Remic Trust, Ser 2020-DNA1, Cl B1
2.487%, ICE LIBOR USD 1 Month + 2.300%, 01/25/2050(E)(C)		180		173
FHLMC STACR Remic Trust, Ser 2020-DNA1, Cl M2
1.887%, ICE LIBOR USD 1 Month + 1.700%, 01/25/2050(E)(C)		84		84
FNMA
5.000%, 08/01/2049		25		27
4.500%, 07/01/2033 to 01/01/2059		2,055		2,208
4.000%, 01/01/2037 to 06/01/2057		2,439		2,579
3.500%, 12/01/2034 to 11/01/2051		3,049		3,175
3.160%, 05/01/2029		19		20
3.000%, 11/01/2034 to 01/01/2052		4,873		4,984
2.810%, 04/01/2025		40		41
2.790%, 08/01/2029		100		104
2.500%, 08/01/2035 to 03/01/2052		3,385		3,373
2.260%, 04/01/2030		96		97
2.000%, 12/01/2041 to 02/01/2052		2,897		2,789
FNMA ARM
2.525%, ICE LIBOR USD 12 Month + 1.590%, 04/01/2047(E)		196		203


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA CMO, Ser 2015-55, Cl IO, IO
1.395%, 08/25/2055(E)	$	124	$	5
FNMA CMO, Ser 2015-56, Cl AS, IO
5.963%, 08/25/2045(E)		144		28
FNMA CMO, Ser 2020-97, Cl AI, IO
2.000%, 01/25/2051		188		27
FNMA Connecticut Avenue Securities, Ser 2014-C02, Cl 1M2
2.787%, ICE LIBOR USD 1 Month + 2.600%, 05/25/2024(E)		106		107
FNMA Connecticut Avenue Securities, Ser 2017-C03, Cl 1M2
3.187%, ICE LIBOR USD 1 Month + 3.000%, 10/25/2029(E)		157		161
FNMA TBA
4.000%, 03/01/2039		100		104
3.500%, 03/15/2051		100		103
2.500%, 03/14/2052		200		197
FRESB Mortgage Trust, Ser 2019-SB63, Cl A5H
2.550%, 02/25/2039(E)		234		234
GNMA
4.500%, 01/15/2042 to 02/20/2050		912		987
4.000%, 08/15/2045 to 04/20/2050		418		445
3.500%, 04/20/2046 to 09/20/2048		409		428
3.000%, 09/15/2042 to 04/20/2048		418		429
2.500%, 09/20/2051		165		165
GNMA CMO, Ser 2007-51, Cl SG, IO
6.418%, 08/20/2037(E)		8		1
GNMA CMO, Ser 2012-34, Cl SA, IO
5.888%, 03/20/2042(E)		83		15
GNMA CMO, Ser 2012-43, Cl SN, IO
6.474%, 04/16/2042(E)		69		14
GNMA CMO, Ser 2012-H27, Cl AI, IO
1.743%, 10/20/2062(E)		51		2
GNMA CMO, Ser 2014-118, Cl HS, IO
6.038%, 08/20/2044(E)		141		26
GNMA CMO, Ser 2020-123, Cl NI, IO
2.500%, 08/20/2050		88		12
GNMA CMO, Ser 2020-160, Cl YI, IO
2.500%, 10/20/2050		91		12
GNMA CMO, Ser 2020-H09, Cl FL
1.312%, ICE LIBOR USD 1 Month + 1.150%, 05/20/2070(E)		78		81
GNMA TBA
3.500%, 03/15/2051		100		103
3.000%, 03/15/2045		200		203
GNMA, Ser 2018-130, Cl A
3.250%, 05/16/2059		7		7


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA, Ser 2020-178, Cl IO, IO
1.412%, 10/16/2060(E)	$	1,192	$	121


				36,823
Non-Agency Mortgage-Backed Obligations — 7.1%
BANK, Ser 2017-BNK8, Cl XA, IO
0.725%, 11/15/2050(E)		1,628		57
BANK, Ser 2021-BN36, Cl A5
2.470%, 09/15/2064		379		365
BANK, Ser 2021-BN38, Cl A5
2.521%, 12/15/2064		293		283
BBCCRE Trust, Ser 2015-GTP, Cl D
4.563%, 08/10/2033(E)(C)		140		136
Bear Stearns Asset-Backed Securities I Trust, Ser 2004-AC6, Cl A1
5.750%, 11/25/2034		56		54
Benchmark Mortgage Trust, Ser 2019-B15, Cl A5
2.928%, 12/15/2072		183		183
Benchmark Mortgage Trust, Ser 2019-B17, Cl A2
2.211%, 03/15/2053		395		390
Benchmark Mortgage Trust, Ser 2020-B22, Cl ASB
1.731%, 01/15/2054		474		449
BX Commercial Mortgage Trust, Ser 2019-XL, Cl A
1.111%, ICE LIBOR USD 1 Month + 0.920%, 10/15/2036(E)(C)		411		409
BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl A
0.891%, ICE LIBOR USD 1 Month + 0.700%, 09/15/2036(E)(C)		287		279
BXP Trust, Ser 2017-CQHP, Cl A
1.041%, ICE LIBOR USD 1 Month + 0.850%, 11/15/2034(E)(C)		190		187
Chevy Chase Funding Mortgage-Backed Certificates, Ser 2004-2A, Cl B1
0.646%, 05/25/2035(E)(C)		183		161
Chevy Chase Funding Mortgage-Backed Certificates, Ser 2004-2A, Cl A1
0.457%, ICE LIBOR USD 1 Month + 0.270%, 05/25/2035(E)(C)		53		53
CIM Trust, Ser 2020-INV1, Cl A2
2.500%, 04/25/2050(E)(C)		137		136
COMM Mortgage Trust, Ser 2013-CR6, Cl B
3.397%, 03/10/2046(C)		100		100
COMM Mortgage Trust, Ser 2013-CR8, Cl A4
3.334%, 06/10/2046		58		58
COMM Mortgage Trust, Ser 2015-CR24, Cl AM
4.028%, 08/10/2048(E)		90		93


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust, Ser 2015-CR26, Cl A4
3.630%, 10/10/2048	$	417	$	432
Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl F
2.841%, ICE LIBOR USD 1 Month + 2.650%, 05/15/2036(E)(C)		190		187
CSAIL Commercial Mortgage Trust, Ser 2015-C2, Cl AS
3.849%, 06/15/2057(E)		210		213
CSMC Trust, Ser 2017-TIME, Cl A
3.646%, 11/13/2039(C)		100		97
CSMC Trust, Ser 2018-J1, Cl A2
3.500%, 02/25/2048(E)(C)		157		157
CSMC Trust, Ser 2020-FACT, Cl F
6.348%, ICE LIBOR USD 1 Month + 6.157%, 10/15/2037(E)(C)		250		251
EverBank Mortgage Loan Trust, Ser 2018-1, Cl A22
3.500%, 02/25/2048(E)(C)		43		43
Flagstar Mortgage Trust, Ser 2021-6INV, Cl A4
2.500%, 08/25/2051(E)(C)		591		567
Flagstar Mortgage Trust, Ser 2021-8INV, Cl A3
2.500%, 09/25/2051(E)(C)		264		253
GS Mortgage Securities II, Ser 2018-SRP5, Cl A
1.741%, ICE LIBOR USD 1 Month + 1.550%, 09/15/2031(E)(C)		180		162
GS Mortgage Securities Trust, Ser 2018-SRP5, Cl B
2.941%, ICE LIBOR USD 1 Month + 2.750%, 09/15/2031(E)(C)		180		145
GS Mortgage Securities Trust, Ser 2020-GSA2, Cl AAB
1.662%, 12/12/2053		260		247
GS Mortgage-Backed Securities Trust, Ser 2020-INV1, Cl A14
2.959%, 10/25/2050(E)(C)		156		155
Impac CMB Trust, Ser 2005-4, Cl 1M1
0.832%, ICE LIBOR USD 1 Month + 0.430%, 05/25/2035(E)		28		28
Impac Secured Assets Trust, Ser 2006-2, Cl 2M3
1.837%, ICE LIBOR USD 1 Month + 1.650%, 08/25/2036(E)		73		73
JPMDB Commercial Mortgage Securities Trust, Ser 2017-C7, Cl XA, IO
0.852%, 10/15/2050(E)		1,393		52
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2012-C6, Cl A3
3.507%, 05/15/2045		40		40


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2012-CIBX, Cl A4
3.483%, 06/15/2045	$	65	$	65
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-PHH, Cl F
4.660%, ICE LIBOR USD 1 Month + 3.160%, 06/15/2035(E)(C)		250		51
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2020-MKST, Cl F
3.041%, ICE LIBOR USD 1 Month + 2.850%, 12/15/2036(E)(C)		170		155
JPMorgan Mortgage Trust, Ser 2005-S2, Cl 2A15
6.000%, 09/25/2035		97		87
JPMorgan Mortgage Trust, Ser 2018-5, Cl A1
3.500%, 10/25/2048(E)(C)		20		20
JPMorgan Mortgage Trust, Ser 2020-3, Cl A3A
3.000%, 08/25/2050(E)(C)		87		87
JPMorgan Mortgage Trust, Ser 2021-3, Cl A3
2.500%, 07/01/2051(E)(C)		332		319
KKR Industrial Portfolio Trust, Ser 2021-KDIP, Cl A
0.741%, ICE LIBOR USD 1 Month + 0.550%, 12/15/2037(E)(C)		210		205
Metlife Securitization Trust, Ser 2020-INV1, Cl A2A
2.500%, 05/25/2050(E)(C)		116		115
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C17, Cl A4
3.443%, 08/15/2047		345		347
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C23, Cl B
4.143%, 07/15/2050(E)		100		104
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2016-C32, Cl ASB
3.514%, 12/15/2049		271		278
Morgan Stanley Capital I Trust, Ser 2007-IQ16, Cl AJ
6.282%, 12/12/2049(E)		14		7
Morgan Stanley Capital I Trust, Ser 2018-H4, Cl A4
4.310%, 12/15/2051		313		339
Morgan Stanley Capital I Trust, Ser 2019-BPR, Cl A
1.591%, ICE LIBOR USD 1 Month + 1.400%, 05/15/2036(E)(C)		140		138
MSCG Trust, Ser 2015-ALDR, Cl A2
3.462%, 06/07/2035(E)(C)		110		111


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Natixis Commercial Mortgage Securities Trust, Ser 2019-FAME, Cl A
3.047%, 08/15/2036(C)	$	110	$	108
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B2
4.250%, 09/25/2059(E)(C)		213		222
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B1
4.000%, 09/25/2059(E)(C)		213		222
New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1
2.492%, 09/25/2059(E)(C)		57		57
Nomura Asset Acceptance Alternative Loan Trust, Ser 2007-1, Cl 1A4
6.138%, 03/25/2047		119		122
OBX Trust, Ser 2022-NQM1, Cl A2
3.001%, 11/25/2061(E)(C)		120		118
Residential Mortgage Loan Trust, Ser 2019-3, Cl A1
2.633%, 09/25/2059(E)(C)		26		26
Seasoned Credit Risk Transfer Trust, Ser 2018-3, Cl MA
3.500%, 08/25/2057(E)		208		213
Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MA
3.500%, 03/25/2058		283		292
Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA
3.500%, 08/25/2058		337		348
Seasoned Credit Risk Transfer Trust, Ser 2020-2, Cl MA
2.000%, 11/25/2059		175		173
Seasoned Credit Risk Transfer Trust, Ser 2020-3, Cl MA
2.000%, 05/25/2060		154		152
Seasoned Credit Risk Transfer Trust, Ser 2021-1, Cl MA
2.000%, 09/25/2060		233		230
Sequoia Mortgage Trust, Ser 2021-1, Cl A1
2.500%, 03/25/2051(E)(C)		349		335
SMRT, Ser 2022-MINI, Cl D
2.050%, TSFR1M + 1.950%, 01/15/2024(E)(C)		110		108
SREIT Trust, Ser 2021-MFP2, Cl A
1.013%, ICE LIBOR USD 1 Month + 0.822%, 11/15/2036(E)(C)		110		108
UBS Commercial Mortgage Trust, Ser 2018-C13, Cl ASB
4.241%, 10/15/2051		532		562
WaMu Mortgage Pass-Through Certificates Trust, Ser 2005-AR6, Cl 2A1A
0.647%, ICE LIBOR USD 1 Month + 0.460%, 04/25/2045(E)		129		128


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust, Ser 2015-C28, Cl AS
3.872%, 05/15/2048(E)	$	270	$	277
Wells Fargo Commercial Mortgage Trust, Ser 2021-C59, Cl A5
2.626%, 04/15/2054		475		464
WFRBS Commercial Mortgage Trust, Ser 2014-C24, Cl A5
3.607%, 11/15/2047		442		453


				13,641
Total Mortgage-Backed Securities
(Cost $51,765) ($ Thousands)				50,464



ASSET-BACKED SECURITIES — 7.0%
Automotive — 0.8%

Avis Budget Rental Car Funding AESOP, Ser 2021-1A, Cl A
1.380%, 08/20/2027 (C)		130		125
Ford Credit Auto Lease Trust, Ser 2020-A, Cl A3
1.850%, 03/15/2023		23		23
Ford Credit Auto Owner Trust, Ser 2020-1, Cl A
2.040%, 08/15/2031 (C)		400		397
Ford Credit Auto Owner Trust, Ser 2021-REV1, Cl A
1.370%, 10/17/2033 (C)		254		243
Ford Credit Floorplan Master Owner Trust, Ser 2018-4, Cl A
4.060%, 11/15/2030		150		163
Hertz Vehicle Financing, Ser 2021-1A, Cl A
1.210%, 12/26/2025 (C)		100		97
Toyota Auto Loan Extended Note Trust, Ser 2021-1A, Cl A
1.070%, 02/27/2034 (C)		456		437
				1,485

Mortgage Related Securities — 0.3%

Asset-Backed Securities Home Equity Loan Trust, Ser 2007-HE1, Cl A4
0.327%, ICE LIBOR USD 1 Month + 0.140%, 12/25/2036 (E)		119		117
Bear Stearns Asset-Backed Securities I Trust, Ser 2004-HE6, Cl M1
1.042%, ICE LIBOR USD 1 Month + 0.855%, 08/25/2034 (E)		253		250


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Bear Stearns Asset-Backed Securities I Trust, Ser 2004-HE7, Cl M1
1.087%, ICE LIBOR USD 1 Month + 0.900%, 08/25/2034 (E)	$	158	$	156
Option One Mortgage Loan Trust, Ser 2007-FXD1, Cl 3A4
5.860%, 01/25/2037		71		70
				593

Other Asset-Backed Securities — 5.9%

AMSR Trust, Ser 2021-SFR3, Cl A
1.476%, 10/17/2038 (C)		300		285
Applebee's Funding, Ser 2019-1A, Cl A2I
4.194%, 06/05/2049 (C)		139		138
BankAmerica Manufactured Housing Contract Trust, Ser 1996-1, Cl B1
7.875%, 10/10/2026		510		36
CCG Receivables Trust, Ser 2019-1, Cl A2
2.800%, 09/14/2026 (C)		16		16
CF Hippolyta, Ser 2020-1, Cl A1
1.690%, 07/15/2060 (C)		171		166
CIT Mortgage Loan Trust, Ser 2007-1, Cl 1M1
1.687%, ICE LIBOR USD 1 Month + 1.500%, 10/25/2037 (E)(C)		120		121
College Ave Student Loans, Ser 2021-C, Cl C
3.060%, 07/26/2055 (C)		150		146
Corevest American Finance Trust, Ser 2021-1, Cl A
1.569%, 04/15/2053 (C)		354		338
DB Master Finance, Ser 2021-1A, Cl A23
2.791%, 11/20/2051 (C)		477		447
DLLAA, Ser 2021-1A, Cl A3
0.670%, 04/17/2026 (C)		487		477
Domino's Pizza Master Issuer, Ser 2021-1A, Cl A2I
2.662%, 04/25/2051 (C)		365		350
First Franklin Mortgage Loan Trust, Ser 2006-FF15, Cl A2
0.307%, ICE LIBOR USD 1 Month + 0.120%, 11/25/2036 (E)		80		77
First Franklin Mortgage Loan Trust, Ser 2006-FF15, Cl A5
0.347%, ICE LIBOR USD 1 Month + 0.160%, 11/25/2036 (E)		94		93
FirstKey Homes Trust, Ser 2020-SFR2, Cl A
1.266%, 10/19/2037 (C)		251		239
GoodLeap Sustainable Home Solutions Trust, Ser 2022-1GS, Cl A
2.700%, 01/20/2049 (C)		100		100
Home Partners of America Trust, Ser 2021-2, Cl A
1.901%, 12/17/2026 (C)		318		306


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
JPMorgan Mortgage Acquisition, Ser 2005-OPT2, Cl M4
1.117%, ICE LIBOR USD 1 Month + 0.930%, 12/25/2035 (E)	$	180	$	179
Merrill Lynch Mortgage Investors Trust, Ser 2004-WMC5, Cl M1
1.117%, ICE LIBOR USD 1 Month + 0.930%, 07/25/2035 (E)		252		250
National Collegiate Student Loan Trust, Ser 2006-3, Cl B
0.547%, ICE LIBOR USD 1 Month + 0.360%, 01/26/2032 (E)		250		207
Navient Student Loan Trust, Ser 2016-3A, Cl A3
1.537%, ICE LIBOR USD 1 Month + 1.350%, 06/25/2065 (E)(C)		157		160
Oak Street Investment Grade Net Lease Fund, Ser 2020-1A, Cl A1
1.850%, 11/20/2050 (C)		466		448
Oak Street Investment Grade Net Lease Fund, Ser 2021-1A, Cl A2
1.930%, 01/20/2051 (C)		458		433
Palmer Square CLO, Ser 2021-2A, Cl A1A3
1.248%, ICE LIBOR USD 3 Month + 1.000%, 10/17/2031 (E)(C)		330		328
PFS Financing, Ser 2022-A, Cl A
2.470%, 02/16/2027 (C)		463		465
Progress Residential Trust, Ser 2019-SFR3, Cl A
2.271%, 09/17/2036 (C)		351		347
RAMP Trust, Ser 2006-RZ3, Cl M1
0.537%, ICE LIBOR USD 1 Month + 0.350%, 08/25/2036 (E)		312		307
Sabey Data Center Issuer, Ser 2020-1, Cl A2
3.812%, 04/20/2045 (C)		170		173
Sabey Data Center Issuer, Ser 2021-1, Cl A2
1.881%, 06/20/2046 (C)		466		447
SLM Student Loan Trust, Ser 2021-10A, Cl A4
0.873%, ICE LIBOR USD 3 Month + 0.670%, 12/17/2068 (E)(C)		130		130
Sofi Professional Loan Program Trust, Ser 2018-B, Cl A2FX
3.340%, 08/25/2047 (C)		40		40
Stack Infrastructure Issuer, Ser 2019-2A, Cl A2
3.080%, 10/25/2044 (C)		159		159
Structured Asset Investment Loan Trust, Ser 2003-BC12, Cl 2A
0.907%, ICE LIBOR USD 1 Month + 0.720%, 11/25/2033 (E)		153		150


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Structured Asset Securities Mortgage Loan Trust, Ser 2007-WF1, Cl A1
0.607%, ICE LIBOR USD 1 Month + 0.420%, 02/25/2037 (E)	$	172	$	169
Taco Bell Funding, Ser 2021-1A, Cl A2II
2.294%, 08/25/2051 (C)		282		269
Tricon American Homes Trust, Ser 2020-SFR2, Cl A
1.482%, 11/17/2039 (C)		253		235
U.S. Small Business Administration, Ser 2010-20B, Cl 1
4.140%, 02/01/2030		43		45
U.S. Small Business Administration, Ser 2011-20G, Cl 1
3.740%, 07/01/2031		190		196
U.S. Small Business Administration, Ser 2011-20H, Cl 1
3.290%, 08/01/2031		96		97
U.S. Small Business Administration, Ser 2013-20G, Cl 1
3.150%, 07/01/2033		368		377
U.S. Small Business Administration, Ser 2014-20C, Cl 1
3.210%, 03/01/2034		365		373
U.S. Small Business Administration, Ser 2015-20F, Cl 1
2.980%, 06/01/2035		107		110
U.S. Small Business Administration, Ser 2017-20H, Cl 1
2.750%, 08/01/2037		201		205
U.S. Small Business Administration, Ser 2018-20A, Cl 1
2.920%, 01/01/2038		211		217
U.S. Small Business Administration, Ser 2018-20B, Cl 1
3.220%, 02/01/2038		309		322
U.S. Small Business Administration, Ser 2018-20E, Cl 1
3.500%, 05/01/2038		205		216
U.S. Small Business Administration, Ser 2019-20D, Cl 1
2.980%, 04/01/2039		24		25
U.S. Small Business Administration, Ser 2019-25G, Cl 1
2.690%, 07/01/2044		25		26
Vantage Data Centers Issuer, Ser 2019-1A, Cl A2
3.188%, 07/15/2044 (C)		261		263
Vantage Data Centers, Ser 2020-1A, Cl A2
1.645%, 09/15/2045 (C)		387		370
Verizon Owner Trust, Ser 2020-A, Cl A1A
1.850%, 07/22/2024		211		212


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Wendy's Funding, Ser 2019-1A, Cl A2I
3.783%, 06/15/2049 (C)	$	141	$	143
				11,428

Total Asset-Backed Securities
(Cost $13,889) ($ Thousands)				13,506


LOAN PARTICIPATIONS — 2.7%
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-4 Loan, 1st Lien
1.959%, LIBOR + 1.750%, 11/19/2026		70		69
Air Canada, 1st Lien
4.250%, 08/11/2028		30		30
Ali Group, Term Loan B, 1st Lien
0.000%, 10/13/2028 (E)		70		69
Allied Universal Holdco LLC, Initial Term Loan, 1st Lien
4.250%, 05/12/2028		98		96
Alterra Mountain Company, Series B-2, 1st Lien
4.000%, 08/17/2028		39		38
Amwins Group Inc, 1st Lien
3.000%, 02/19/2028		34		33
Amwins Group Inc., Term Loan, 1st Lien
3.000%, 02/19/2028		6		6
APi Group, Term Loan B, 1st Lien
2.709%, 10/01/2026		95		94
Asplundh Tree Expert, LLC, 1st Lien
1.959%, 09/07/2027		30		29
Asurion LLC, B-8 Term Loan, 1st Lien
3.459%, 12/23/2026		44		43
Asurion LLC, B-9 Term Loan, 1st Lien
3.459%, 07/31/2027		30		29
Asurion, LLC (fka Asurion Corporation), New B-7 Term Loan, 1st Lien
3.209%, LIBOR + 3.000%, 11/03/2024		49		48
Athena Health Group, INC. Initial Term Loan
4.000%, 02/15/2029		111		110
Berry Global, Inc., 1st Lien
1.876%, 07/01/2026		51		50
Brightspring Health, Cov-Lite, 1st Lien
3.662%, 03/05/2026		40		39
Brightview Landscapes, LLC, Initial Term Loan (2018), 1st Lien
2.750%, LIBOR + 2.500%, 08/15/2025		19		19


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Brookfield Wec Holdings Inc., Initial Term Loan, 1st Lien
3.250%, 08/01/2025 (E)	$	20	$	19
Brown Group Holdings, LLC, Intitial Term Loan, 1st Lien
3.000%, 06/07/2028 (E)		40		39
Caesars Resort Collection, LLC (fka Caesars Growth Properties Holdings, LLC), Term B Loan, 1st Lien
2.959%, LIBOR + 2.750%, 12/23/2024		66		65
Caesars Resort Collection, LLC, 1st Lien
3.709%, 07/21/2025		49		49
Castlelake Avia, 1st Lien
3.250%, 10/22/2026		90		89
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien
3.500%, ICE LIBOR USD 1 Month + 2.500%, 03/01/2024 (E)		102		101
Charter Communications Operating, LLC, Term B-2 Loan, 1st Lien
1.960%, 02/01/2027		10		10
Charter Communications, Term Loan, 1st Lien
1.960%, 04/30/2025		115		115
Citadel Securities, 1st Lien
2.709%, 02/02/2028		49		49
Clarios Global, 1st Lien
3.459%, 04/30/2026		86		85
Cloudera, Inc., 1st Lien
4.250%, 10/08/2028		30		30
CSC Holdings, LLC, 1st Lien
2.441%, 01/15/2026		10		10
CSC Holdings, LLC, September 2019 Initial Term Loan, 1st Lien
2.691%, LIBOR + 2.500%, 04/15/2027		10		9
DCert Buyer, Inc., Initial Term Loan, 1st Lien
4.209%, LIBOR + 4.000%, 10/16/2026		108		108
Deerfield Dakora Holding, LLC, Term Loan, 1st Lien
4.750%, 04/09/2027		79		78
Energizer Holdings, 1st Lien
2.750%, 12/22/2027		20		20
Entain PLC, Facility B, 1st Lien
3.000%, 03/29/2027		20		20
Entercom Media Corp., Term B-2 Loan, 1st Lien
2.709%, LIBOR + 2.500%, 11/18/2024		23		23
Eyecare Partners, LLC, Term Loan, 1st Lien
3.974%, 02/18/2027		30		29


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
First Eagles Holdings, Inc., Term Loan
2.724%, 02/01/2027	$	19	$	19
Fleetcor Technologies Operating Company LLC, 1st Lien
1.959%, 04/28/2028		30		29
Focus Financial Partners, LLC, Term Loan 1st Lien
2.209%, 07/03/2024		49		48
Froneri International Limited, Facility B2, 1st Lien
2.459%, LIBOR + 2.250%, 01/29/2027		39		38
Garda World Security Corp, Term Loan B, 1st Lien
4.430%, 10/30/2026		14		14
Genesee & Wyoming Inc., Initial Term Loan, 1st Lien
2.224%, LIBOR + 2.000%, 12/30/2026		108		107
GFL Environmental, Refinancing Term Loan, 1st Lien
3.500%, 05/30/2025 (E)		9		9
Global Medical, Term Loan B, 1st Lien
5.250%, 10/02/2025		87		87
Go Daddy Operating Company LLC, Tranche B-1 Term Loan, 1st Lien
1.959%, 02/15/2024 (E)		15		15
Go Daddy, Tranche B-L Loan, 1st Lien
1.959%, 02/15/2024 (E)		5		5
Great Outdoors Group, LLC Term B-2 Loan
4.500%, 03/06/2028		30		30
Grifols Worldwide Operations Limited, Dollar Tranche B Term Loan, 1st Lien
2.209%, LIBOR + 2.000%, 11/15/2027		93		90
Harbor Freight Tools, Cov-Lite, Term Loan B, 1st Lien
3.250%, 10/19/2027		40		39
Hilton Worldwide Finance LLC, Refinanced Series B-2 Term Loan, 1st Lien
1.937%, LIBOR + 1.750%, 06/22/2026		112		111
Horizon Therapeutics, 1st Lien
2.250%, 03/15/2028		50		49
Hudson River, 1st Lien
3.305%, 03/20/2028		40		39
Hunter Douglas, 1st Lien
0.000%, 02/09/2029 (E)		80		79
Icon, Cov-Lite, Term Loan B, 1st Lien
2.750%, 07/03/2028		14		14
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.), New Term Loan, 1st Lien
3.209%, LIBOR + 3.000%, 05/01/2026		65		64


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
II-VI, Term Loan B, 1st Lien
0.000%, 12/08/2028 (E)	$	60	$	59
Ineos Styrolution Group, Tranche B Dollar Term Loan, 1st Lien
3.250%, 01/29/2026		40		39
Jane Street Group, LLC, Dollar Term Loan, 1st Lien
2.959%, 01/26/2028		58		58
Jazz Pharmaceuticals, Inc., 1st Lien
4.000%, 05/05/2028		90		89
Level 3 Financing, Inc., Tranche B Loan, 1st Lien
1.959%, LIBOR + 1.750%, 03/01/2027		85		83
LifePoint Health, Term Loan, 1st Lien
3.959%, 11/16/2025		55		54
McAfee, 1st Lien
5.750%, 07/27/2028		120		118
Michaels Stores Inc., 1st Lien
5.000%, 04/15/2028		30		28
Milano Acquistion, Term B Loan, 1st Lien
4.750%, 10/01/2027		89		89
Mozart Debt Merger, 1st Lien
3.750%, 10/23/2028 (E)(F)		70		69
MSG National, 1st Lien
2.750%, 07/03/2028		58		57
Nexstar Broadcasting, Inc., Term B-4 Loan, 1st Lien
2.606%, 09/18/2026		114		114
Numericable U.S. LLC, USD TLB-12 Term Loan, 1st Lien
3.927%, LIBOR + 3.688%, 01/31/2026		39		38
PCI Gaming Authority, Term B Facility Loan, 1st Lien
2.709%, LIBOR + 2.500%, 05/29/2026		32		32
Peraton Corp, 1st Lien
4.500%, 02/01/2028		89		89
Petco Health & Wellness, Tem Loan B, 1st Lien
4.000%, 03/03/2028		50		49
Phoenix Guarantor Inc., Tranche B-1 Term Loan, 1st Lien
3.459%, LIBOR + 3.250%, 03/05/2026		59		58
Pilot Travel Centers LLC, Initial Tranche B Term Loan, 1st Lien
2.209%, 08/04/2028		140		137
Prime Security Services Borrower, LLC, Refinancing Term B-1 Loan, 1st Lien
3.500%, 09/23/2026		102		101
Quikrete Holding, Term Loan B, 1st Lien
3.000%, 06/11/2028 (E)		30		30


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Rackspace Technology Global, Inc. Term B Loan, 1st Lien
3.500%, 02/15/2028	$	50	$	48
Realpage Inc, 1st Lien
3.750%, 04/24/2028		80		79
Reynolds Consumer Products LLC, Initial Term Loan, 1st Lien
1.959%, LIBOR + 1.750%, 02/04/2027		99		97
Scientific Games International, Inc., Initial Term B-5 Loan, 1st Lien
2.959%, LIBOR + 2.750%, 08/14/2024		76		75
Seattle SpinCo, Inc., Initial Term Loan, 1st Lien
2.959%, LIBOR + 2.500%, 06/21/2024 (E)		5		5
Setanta Aircraft, Term Loan B, 1st Lien
2.140%, 11/05/2028		80		79
Sotera, Health Holdings, LLC, Refinancing Loan, 1st Lien
3.250%, 12/11/2026 (E)		90		89
Station Casinos LLC, Term B-1 Facility Loan, 1st Lien
2.500%, LIBOR + 2.250%, 02/08/2027		50		49
Terrier Media Buyer, Term B Loan, 1st Lien
3.709%, 12/17/2026		39		39
TransDigm Inc., Tranche F Refinancing Term Loan, 1st Lien
2.459%, 12/09/2025		10		10
Triton Water Holdings, Intial Term Loan, 1st Lien
4.000%, 03/31/2028		5		5
Triton Water, 1st Lien
4.000%, 03/31/2028		54		53
UFC Holdings, LLC, 1st Lien
3.500%, 04/29/2026		26		26
United Airlines Inc., 1st Lien
4.500%, 04/21/2028		69		69
Univision, Cov-Lite, Term Loan B, 1st Lien
4.000%, 03/15/2026		57		56
Verscend, 1st Lien
4.209%, 08/27/2025		50		49
VFH Parent LLC, Initial Term Loan, 1st Lien
3.500%, 01/13/2029		30		30
Virgin Media Bristol LLC, N Facility, Term Loan, 1st Lien
2.691%, LIBOR + 2.500%, 01/31/2028		105		103
XPO Logistics, Inc., Refinancing Term Loan (2018)
1.858%, LIBOR + 0.053%, 02/24/2025 (E)		40		39


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1st Lien
3.209%, 03/09/2027 (E)	$	60	$	59
Zebra Buyer LLC, 1st Lien
3.750%, 11/01/2028		31		31
Ziggo Financing Partnership, Term Loan I Facility, 1st Lien
2.691%, LIBOR + 2.500%, 04/30/2028		80		79


Total Loan Participations
(Cost $5,250) ($ Thousands)				5,196



SOVEREIGN DEBT — 1.8%

Abu Dhabi Government International Bond
2.500%, 10/11/2022(C)		400		403
Argentine Republic Government International Bond
2.500%, 3.500%, 07/09/2022, 07/09/2041 (G)		20		7
1.125%, 1.500%, 07/09/2022, 07/09/2035 (G)		136		40
1.000%, 07/09/2029		14		4
0.500%, 0.750%, 07/09/2023, 07/09/2030 (G)		204		65
Brazilian Government International Bond
4.750%, 01/14/2050		200		167
4.625%, 01/13/2028		290		294
Colombia Government International Bond
5.625%, 02/26/2044		200		180
Egypt Government International Bond
5.577%, 02/21/2023(C)		200		202
Indonesia Government International Bond
4.350%, 01/11/2048		600		612
Mexico Government International Bond
4.600%, 02/10/2048		230		220
Nigeria Government International Bond MTN
6.500%, 11/28/2027(C)		200		190
Peruvian Government International Bond
6.550%, 03/14/2037		10		13
5.625%, 11/18/2050		90		112
Poland Government International Bond
4.000%, 01/22/2024		110		114
Provincia de Buenos Aires MTN
3.900%, 5.250%, 09/01/2022, 09/01/2037 (C)		217		92
Qatar Government International Bond
4.400%, 04/16/2050(C)		240		277


Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
South Africa Government International Bond
4.300%, 10/12/2028	$	200	$	192
Uruguay Government International Bond
4.375%, 01/23/2031		200		220

Total Sovereign Debt
(Cost $3,503) ($ Thousands)				3,404



MUNICIPAL BONDS — 0.8%
California — 0.2%
California State, Build America, GO
7.500%, 04/01/2034		280		409


Colorado — 0.1%
City & County of Denver, Airport System Revenue, Ser C, RB
1.722%, 11/15/2027		190		183


Illinois — 0.2%
Chicago, Metropolitan Water Reclamation District, GO
5.720%, 12/01/2038		345		457


Michigan — 0.1%
Michigan State, Finance Authority, RB
Callable 03/01/2023 @ 100
2.366%, 09/01/2049 (E)		220		222


New York — 0.2%
New York State, Urban Development, RB
5.770%, 03/15/2039		275		327



Total Municipal Bonds
(Cost $1,500) ($ Thousands)				1,598


	Shares
CASH EQUIVALENT — 1.1%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**^†		2,125,683		2,126

Total Cash Equivalent
(Cost $2,126) ($ Thousands)				2,126

Total Investments in Securities — 100.4%
(Cost $197,339) ($ Thousands)			$	194,215


Description	Contracts			Market Value ($ Thousands)
*PURCHASED OPTIONS — 0.0%**
Total Purchased Options (H)
(Cost $11) ($ Thousands)		33		$	34


Description	Contracts			Market Value ($ Thousands)
*WRITTEN OPTIONS — (0.0)%**
Total Written Options (H)
(Premiums Received $24) ($ Thousands)		(133	)	$	(46	)

A list of the open options held by the Fund at February 28, 2022, is as follows:

A list of the open futures contracts held by the Fund at February 28, 2022, is as follows:

A list of the open forward foreign currency contracts held by the Fund at February 28, 2022, is as follows:

A list of open centrally cleared swap agreements held by the Fund at February 28, 2022, is as follows:

	Percentages are based on Net Assets of $193,485 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of February 28, 2022.
^†	Investment in Affiliated Security (see Note 5).
(A)	Interest rate represents the security's effective yield at the time of purchase.
(B)	No interest rate available.

(E)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on 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.
(F)	Unsettled bank loan. Interest rate may not be available.
(G)	Step Bonds – Represents the current rate, the step rate, the step date and the final maturity date.
(H)	Refer to table below for details on Options Contracts.

ARM — Adjustable Rate Mortgage

Cl — Class

CLO — Collateralized Loan Obligation

CMO — Collateralized Mortgage Obligation

DAC — Designated Activity Company

DN— Discount Note

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FRESB — Freddie Mac Small Balance Mortgage Trust

GNMA — Government National Mortgage Association

GO — General Obligation

ICE— Intercontinental Exchange

IO — Interest Only — face amount represents notional amount

LIBOR— London Interbank Offered Rate

LLC — Limited Liability Company

L.P. — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

SOFR — Secure Overnight Financing Rate

STACR — Structured Agency Credit Risk

TBA — To Be Announced

USD — U.S. Dollar

VAR — Variable Rate

The following is a list of the inputs used as of February 28, 2022, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

U.S. Treasury Obligations

–

62,159

–

62,159

Corporate Obligations

–

55,762

–

55,762

Mortgage-Backed Securities

–

50,464

–

50,464

Asset-Backed Securities

–

13,506

–

13,506

Loan Participations

–

5,196

–

5,196

Sovereign Debt

–

3,404

–

3,404

Municipal Bonds

–

1,598

–

1,598

Cash Equivalent

2,126

–

2,126

Total Investments in Securities

2,126

192,089

–

194,215

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Purchased Options		34			–			–		34
Written Options		(46	)		–			–		(46	)
Futures Contracts*
Unrealized Appreciation		193			–			–		193
Unrealized Depreciation		(2	)		–			–		(2	)
Forwards Contracts*
Unrealized Appreciation		–			255			–		255
Unrealized Depreciation		–			(767	)		–		(767	)
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			732			–		732
Unrealized Depreciation		–			(78	)		–		(78	)
Centrally Cleared Swaps
Credit Default Swaps*
Unrealized Depreciation		–			(161	)		–		(161	)
Total Other Financial Instruments		179			(19	)		–		160

*	Futures contracts, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For the year ended February 28, 2022, there were no transfers in or out of Level 3 investments.

The following is a summary of the transactions with affiliates for the year ended February 28, 2022 ($ Thousands):

1. ORGANIZATION

SEI Catholic Values Trust (the “Trust”) is organized as a Delaware statutory trust under a Declaration of Trust dated December 8, 2014.

The Trust is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end investment company with two operational Funds: Catholic Values Equity Fund (“Equity Fund”) and Catholic Values Fixed Income Fund (“Fixed Income Fund”) (each a “Fund,” collectively, the “Funds”), both of which are diversified Funds. The Trust is registered to offer: Class F and Class Y shares of the Funds. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Funds’ prospectuses provide a description of each Fund’s investment objective and strategies.

In addition to its objective and strategies, each of the Funds makes investment decisions consistent with Catholic values on a range of social and moral concerns that may include: protecting human life; promoting human dignity; reducing arms production; pursuing economic justice; protecting the environment, and encouraging corporate responsibility. Potential investments for the Funds are first selected for financial soundness and then evaluated according to the Funds’ social criteria. The Adviser has engaged an independent compliance support organization that has identified a list of issuers that do not align with Catholic values. The Funds will not invest in issuers identified through this process. The Adviser reserves the right to modify the criteria from time to time to maintain alignment with evolving Catholic social and moral positions.

2. SIGNIFICANT ACCOUNTING POLICIES

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by 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 accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and 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.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (“NASDAQ”) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. The Funds value securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, 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. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of ETFs, which are priced as equity securities. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, the Funds will value the securities using a bid price from at least one independent broker. If such prices are not readily available or cannot be valued using the methodologies described above, the Funds will value the security using the Funds’ Fair Value Pricing Policies and Procedures (“Fair Value Procedures”), as described below.

On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Funds’ Fair Value Procedures until a price from an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less may be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or lower than the price a Fund would receive if it sold the instrument. Further, the value of securities in the Fund can be

expected to vary inversely with changes in prevailing interest rates. 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.

Options and warrants are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price.

Futures and swaps cleared through a central clearing house (“Centrally Cleared swaps”) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time a Fund calculates its NAV, the settlement price may not be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures or centrally cleared swaps position.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SEI Investments Management Corporation (“SIMC”) or a Sub-Adviser (“Sub-Adviser”), as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC or a Sub-Adviser, as applicable, monitors the reliability of prices obtained from any pricing service and shall promptly notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, notifies the Fair Value Pricing Committee (the “Committee”) if it receives such notification from SIMC or a Sub-Adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

The Funds’ Fair Value Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board of Trustees (“Board”) or its designated sub-committee. However, when the change would not materially affect valuation of a Fund’s net assets or involve a material departure in pricing methodology from that of the Fund’s existing pricing agent or pricing

methodology, approval may be obtained at the next regularly scheduled meeting of the Board.

Securities for which market prices are not readily available, for which market prices are determined to be unreliable, or which cannot be valued using the methodologies described above are valued in accordance with the Fair Value Procedures established by the Board. The Funds’ Fair Value Procedures are implemented through the Committee designated by the Board. The Committee is currently composed of two members of the Board, as well as representatives from SIMC and its affiliates. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: (i) the security’s trading has been halted or suspended, (ii) the security has been delisted from a national exchange, (iii) the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open, or (iv) the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the facts giving rise to the need to fair value, (ii) the last trade price, (iii) the performance of the market or the issuer’s industry, (iv) the liquidity of the security, (v) the size of the holding in a Fund, or (vi) any other appropriate information.

The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

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 (“NAV”). The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a “Significant Event”), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security’s last close and the time that the Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price

its shares. As a result, the NAV of the Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares.

A Significant Event may relate to a single issuer or to an entire market sector. If SIMC or a Sub-Adviser 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 the Funds calculate NAV, it may request that a Committee meeting be called. In addition, the Funds use several processes, with respect to certain securities to monitor the pricing data supplied by various sources, including price comparisons and price movements. Any identified discrepancies are researched and subject to the procedures described above.

The Equity Fund and Fixed Income Fund, which may hold international securities, use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, these Funds will value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2 — Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

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.

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, warrants, swaps and forward contracts.

The valuation techniques used by the Funds to measure fair value during the year ended February 28, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended February 28, 2022, there have been no significant changes to the Trust’s fair valuation methodologies. For details of the investment classifications reference the Schedules of Investments.

Security Transactions and Investment Income — Security transactions are recorded on the trade date. Costs used in determining net realized capital gains and losses on the sale of securities are on the basis of specific identification. Dividend income is recognized on the ex-dividend date, and interest income is recognized using the accrual basis of accounting. Income from payment-in-kind securities is recorded daily based on the effective interest method of accrual.

Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.

Amortization and accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security, which is not materially different from the effective interest method. Amortization of premiums and discounts is included in interest income.

Foreign Currency Translation — The books and records of the Funds investing in international securities are maintained in U.S. dollars on the following basis:

(i) market value of investment securities, assets and liabilities at the current rate of exchange; and

(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

Futures Contracts — To the extent consistent with its Investment Objective and Strategies, a Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. In addition, fixed income funds will utilize futures contracts to help manage duration and yield curve exposure. These Funds’ investments in futures contracts are designed to enable the Funds to more closely approximate the performance of their benchmark indices. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are market-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When contracts are closed, the Funds record 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 contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, futures contracts involve the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities.

It is the Funds’ policy to present the gross variation margin payable and the gross variation margin receivable of the future contracts separately on the Statements of Assets and Liabilities as the Funds do not have a master netting agreement with the counter party to the future contracts.

Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of February 28, 2022, if applicable.

Master Limited Partnerships — Investments in units of master limited partnerships (“MLPs”) involve risks that differ from an investment in common stock. Holders of the units of master limited partnerships have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of master limited partnerships. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of a master limited partnership, including a conflict arising as a result of incentive distribution payments. The benefit a Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to a Fund of distributions from the MLP, likely causing a reduction in the value of a Fund's shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on a Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole.

Inflation-Indexed Bonds — Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included in interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-

indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Options Written/Purchased — To the extent consistent with its investment objective and strategies, a Fund may invest in financial options contracts to add return or to hedge their existing portfolio securities. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from purchasing or writing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes. In connection with option agreement securities may be set aside as collateral by a Fund’s custodian.

The cost of purchased options and the premiums received for written options that are presented in the Schedule of Investments are representative of the volume of activity during the year ended February 28, 2022.

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open options contracts as of February 28, 2022, if applicable.

Securities Sold Short — To the extent consistent with its Investment Objective and Strategies, a Fund may engage in short sales. Short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. A Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by a Fund. Until the security is replaced,

a Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. Dividends and interest are shown as an expense for financial reporting purposes. To borrow the security, a Fund also may be required to pay a premium, which would decrease proceeds of the security sold. The proceeds of the short sale are retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the close of a short sale.

Refer to each Fund’s Schedule of Investments for details regarding securities sold short as of February 28, 2022, if applicable.

Swap Agreements — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in swap contracts as an efficient means to synthetically obtain exposure to securities or baskets of securities and to manage a Fund’s interest rate duration and yield curve exposure. Swap contracts may also be used to mitigate a Fund’s overall level of risk and/or a Fund’s risk to particular types of securities, currencies or market segments. Interest rate swaps may further be used to manage a Fund’s yield spread sensitivity. A Fund may buy credit default swaps in an attempt to manage credit risk where a Fund has credit exposure to an issuer, and a Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “Basket” of securities representing a particular index. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“Centrally Cleared swaps”). Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit default swaps involve periodic payments by a Fund or counterparty based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments

(i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the recovery rate used to settle the contracts. The recovery rate is a function of how many credit default swap investors wish to deliver the security or receive the security. The recovery rate is determined through an auction process. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR or some other form of indices on the notional amount. Payments received or made are recorded as realized gains or loss. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the Statements of Assets and Liabilities. Interest rate swap contracts outstanding at period end, if any, are listed after a Fund’s portfolio. In connection with swap agreements securities may be set aside as collateral by a Fund’s custodian.

Swaps are “marked-to-market” daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statements of Operations. Centrally Cleared swaps are valued at the settlement price established each day by the board on exchange on which they are traded. The daily settlement prices for centrally cleared swaps are provided by an independent source. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of Centrally Cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“Variation Margin”) on the Statements of Assets and Liabilities.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.

It is the Funds’ policy to present the gross variation margin payable and the gross variation margin receivable of the swap contracts separately on the Statements of Assets and Liabilities as the Funds do not have a master netting agreement with the counter party to the swap contracts. See Note 3 for further details. Refer to each Fund’s Schedule of Investments, for details regarding open swap agreements as of February 28, 2022, if applicable.

Delayed Delivery Transactions — To the extent consistent with its Investment Objective and Strategies, a Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Fund will set aside liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security.

Collateralized Debt Obligations — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in collateralized debt obligations (“CDOs”), which include collateralized loan obligations (“CLOs”) and other similarly structured securities. CLOs are a type of asset-backed securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses.

For CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “Equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CDO trust typically has a higher rating and lower yield than its underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CDO tranches

can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CDO securities as a class.

The risks of an investment in a CDO depend largely on its Class and its collateral securities. Normally, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Funds as illiquid securities; however, an active dealer market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities (e.g., interest rate risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Funds may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Restricted Securities — Throughout the period, the Funds may own private placement investments that were purchased through private offerings or acquired through initial public offerings that could not be sold without prior registration under the Securities Act of 1933 or pursuant to an exemption there from. In addition, the Funds had generally agreed to further restrictions on the disposition of certain holdings as set forth in various agreements entered into in connection with the purchase of those investments. These investments were valued at amortized cost, which approximates fair value, as determined in accordance with the procedures approved by the Board of Trustees. At February 28, 2022, the Funds did not own any restricted securities.

Classes — Class-specific expenses are borne by that class of shares. Income, expenses, and realized and unrealized gains/losses and non- class-specific expenses are allocated to the respective class on the basis of relative daily net assets.

Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Funds are prorated to the Funds on the basis of relative net assets.

Cash — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash equivalents on the Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

Dividends and Distributions to Shareholders — The Equity Fund will distribute its net investment income annually. The Fixed Income Fund declares its net investment income daily and distributes monthly. The Funds make distributions of capital gains, if any, at least annually.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including 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.

3. CREDIT DERIVATIVES

A Fund may use credit default swaps to reduce risk where a Fund has exposure to the issuer, or to take an active long or short position with respect to the likelihood of an event of default. The reference obligation of the swap can be a single issuer, a “basket” of issuers, or an index. The underlying referenced assets are corporate debt, sovereign debt and asset backed securities.

The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event for corporate or sovereign reference obligations means bankruptcy, failure to pay, obligation acceleration, repudiation/moratorium or restructuring. For credit default swaps on asset-backed securities, credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down.

If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.

If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount

As of February 28, 2022, the Fixed Income Fund is the seller (“Providing Protection”) on a total notional amount of $15.1 million. The notional amounts of the swaps are not recorded in the financial statements. The notional amounts approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund were the seller of protection and a credit event were to occur. Those credit default swaps (“CDS”) for which the Fund is providing protection at balance sheet date are summarized as follows:

1 Potential recoveries would include purchased credit derivatives to the extent they offset written credit derivatives which have an identical underlying, or a netting arrangement or credit support annex with the counterparty. There may be other potential recoveries from recourse provisions where agreements cover multiple derivative arrangements but those amounts have not been included.

* The credit spread on the underlying asset is generally indicative of the current status of the underlying risk of the Fund having to perform. The spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a contract. Higher credit spreads with a shorter contract term is indicative of a higher likelihood of performance by the Fund.

The credit spread disclosed above for each reference obligation where the Fund is the seller of protection is a representation of the current payment/performance risk of the swap.

The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the period. For Funds that held derivatives throughout the period with only one type of risk exposure, additional information can be found on the Schedule of Investments and the Statements of Operations.

The fair value of derivative instruments as of February 28, 2022 was as follows ($ Thousands):

The effect of derivative instruments on the Statements of Operations for the year ended February 28, 2022.

Amount of realized gain or (loss) on derivatives recognized in income ($ Thousands):

Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($ Thousands):

The following table discloses the volume of the Fund’s futures contracts, forward foreign currency contracts and swap activity during the year ended February 28, 2022 ($ Thousands):

	Catholic Values Equity Fund		Catholic Values Fixed Income Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long	$	7,939	$	–
Ending Notional Balance Long		12,025		–
Interest Contracts
Average Notional Balance Long		–		18,463
Average Notional Balance Short		–		2,286
Ending Notional Balance Long		–		30,412
Ending Notional Balance Short		–		155
Forward Foreign Currency Contracts:
Average Notional Balance Long		–		10,637
Average Notional Balance Short		–		10,709
Ending Notional Balance Long		–		9,860
Ending Notional Balance Short		–		10,372
Swaps:
Credit Contracts
Average Notional Balance Short		–		14,889
Ending Notional Balance Short		–		15,175
Interest Contracts
Average Notional Balance		–		2,220
Ending Notional Balance		–		20,063
Options/Swaptions:
Interest
Average Notional Balance Long^†		–		10
Average Notional Balance Short^†		–		17
Ending Notional Balance Long^†		–		11
Ending Notional Balance Short^†		–		24

^† Represents cost.

5. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUB-ADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory, Administration, Distribution and Custodian Agreements —SIMC serves as each Fund’s investment adviser (the “Adviser”) and “Manager of Managers” under an investment advisory agreement approved by the shareholders of each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each Fund.

SEI Investments Global Funds Services (the “Administrator”) provides the Trust with administrative and transfer agency services. For its services, the Administrator is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each Fund.

The Fund has adopted a shareholder servicing plan (the “Shareholder Servicing Plan”) under which a shareholder servicing fee of up to 0.25% of the average daily net assets

of Class F shares of the Funds will be paid to other service providers. Under the Shareholder Servicing Plan, other service providers may perform, or may compensate other service providers for performing, certain shareholder and administrative services.

The Adviser, Administrator and/or Distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, Trustee fees, prime broker fees, interest and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at a specified level.

The waivers by the Funds’ Adviser, Administrator and/or Distributor are limited to the Funds’ direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses. The waivers are voluntary and the Funds’ Adviser, Administrator and/or Distributor may discontinue all or part of any of these waivers at any time. In addition, some Funds may participate in a commission recapture program where the Funds’ trades may be executed through the Funds’ distributor, and a portion of the commissions paid on those trades are then used to pay the Funds’ expenses.

The following is a summary of annual fees payable to the Adviser and Distributor and the voluntary expense limitations for each Fund:

	Advisory Fee			Shareholder Servicing Fee			Voluntary Expense Limitation
Catholic Values Equity Fund
Class F		0.60	%		0.25	%		0.86	%
Class Y		0.60	%		0.00	%		0.76	%
Catholic Values Fixed Income Fund
Class F		0.35	%		0.25	%		0.71	%
Class Y		0.35	%		0.00	%		0.61	%

Investment Sub-Advisory Agreements — As of February 28, 2022, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:

Investment Sub-Adviser

Catholic Values Equity Fund

Brandywine Global Investment Management, LLC

Coho Partners, Ltd.

Copeland Capital Management, LLC

Fred Alger Management, Inc.

Lazard Asset Management, LLC

Leeward Investments, LLC

Parametric Portfolio Associates, LLC

Allspring Global Investments, LLC

Catholic Values Fixed Income Fund

Income Research & Management

Western Asset Management Company

Western Asset Management Company Limited

Under the investment sub-advisory agreements, each sub-adviser receives an annual fee, paid by SIMC.

U.S. Bank, N.A. serves as the custodian of the Fixed Income Fund. Brown Brothers Harriman & Co. serves as the custodian of the Equity Fund. The custodians play no role in determining the investment policies of the Funds or which securities are to be purchased or sold in the Funds.

Investment in Affiliated Securities — The Funds may invest in the SEI Daily Income Trust Government Fund, an affiliated money market fund to manage excess cash or to serve as margin or collateral for derivative positions. Refer to the Fund’s Schedule of Investments for details regarding transactions with affiliates for the year ended February 28, 2022, if applicable.

Payment to Affiliates — Certain officers and Trustees of the Trust are also officers and/or Trustees of the Administrator, Adviser, or the Distributor. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The Administrator, Adviser and/or the Distributor pays compensation of Officers and affiliated Trustees.

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the administrator, are paid for by the Trust as incurred.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (the “Program”) with existing or future investment

companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes.

Participation in the Program is voluntary for both borrowing and lending funds.

Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the Trust’s Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. For the year ended February 28, 2022 the Trust has not participated in the Program.

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities other than temporary cash investments, during the year ended February 28, 2022, were as follows:

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Catholic Values Equity Fund
Purchases	$	—	$	123,976	$	123,976
Sales		—		126,490		126,490
Catholic Values Fixed Income Fund
Purchases		144,793		17,937		162,730
Sales		111,308		21,605		132,913

7. FEDERAL TAX INFORMATION

It is each Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required.

The tax character of dividends and distributions during the last two fiscal years was as follows:

As of February 28, 2022, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows:

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at February 28, 2022, were as follows:

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of February 28, 2022, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. Policy to record interest and penalties, if any.

8. CONCENTRATION/RISKS

In the normal course of business, a Fund may enter into contracts that provide general indemnifications by a Fund to the counterparty to the contract. A Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against a Fund and, therefore,

cannot be established; however, based on experience, management believes the risk of loss from such claim is considered remote.

The market values of the Fixed Income Fund’s investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments.

The following descriptions provide additional information about some of the risks of investing in the Funds:

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely

on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade ( junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as “high yield bonds,” but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets.

Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer’s underlying asset portfolio and the issuer’s ability to issue new asset-backed commercial paper.

Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

Catholic Values Investing Risk — The Funds consider the United States Conference of Catholic Bishops' Socially Responsible Investing Guidelines (“Guidelines”) in its

investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Guidelines. This means that the Funds may underperform other similar mutual funds that do not consider the Guidelines when making investment decisions.

Currency Risk — Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Depositary Receipts Risk — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

Derivatives Risk — The Fund’s use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, credit risk, valuation risk and liquidity risk. Credit risk is described above. Leverage risk and liquidity risk are described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the investment. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a swap. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by some shareholders. Both U.S. and non-U.S. regulators have adopted and are in the process of

implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.

Duration Risk — The longer-term securities in which the Fund may invest are more volatile. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Economic Risks of Global Health Events — Global health events and pandemics, such as COVID-19, have the ability to affect—quickly, drastically and substantially the economies of many nations, states, individual companies and the markets in general and can cause disruptions that cannot necessarily be foreseen. The spread of COVID-19 around the world in 2020 resulted in a substantial number of nations implementing social distancing measures, quarantines, and the shutdown of non-essential businesses and governmental services. Further, it has caused significant volatility in U.S. and international markets. The impact of the outbreak may be short term or may last for an extended period of time.

Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government

restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

Foreign Sovereign Debt Securities Risk — The risk that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

Interest Rate Risk — The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly.

Investment Style Risk —The risk that the equity or fixed income securities in which a Fund invests may underperform other segments of the equity or fixed income markets or the equity or fixed income markets as a whole.

Leverage Risk — The Fund’s use of equity swaps may result in the Fund’s total investment exposure substantially exceeding the value of its portfolio securities and the Fund’s investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund’s use of leverage may result in a heightened risk of investment loss.

Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about

the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets 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, environmental and public health risks, such as natural disasters or epidemics, or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.

Manager Risk — The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Advisers and allocating assets to such Sub-Advisers, as well as the Sub-Advisers' success or failure in implementing the Fund's investment strategies. SIMC or a Sub-Adviser may be incorrect in assessing market trends, the value or growth capability of particular securities or asset classes.

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund’s actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund’s expectation. Along with prepayment risk, mortgage backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore

extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

Participation Notes (P-Notes) Risk — Participation notes (P-Notes) are participation interest notes that are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity, debt, currency or market. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies or foreign securities markets that they seek to replicate. However, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate.

Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund’s performance.

Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

Small and Medium Capitalization Risk —The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.

U.S. Government Securities Risk —Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that

the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

Please refer to each Fund’s current prospectus for additional disclosure regarding the risks associated with investing in the Funds. The foregoing is not intended to be a complete discussion of the risks associated with the investment strategies of the Funds.

9. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of February 28, 2022, SPTC held of record the following:

Catholic Values Equity Fund
Class F	98.99	%
Class Y	51.58	%
Catholic Values Fixed Income Fund
Class F	98.03	%
Class Y	59.43	%

SPTC is not a direct service provider to the Funds. However, SPTC performs a key role in the comprehensive investment solution that SEI provides to investors. SPTC holds the vast majority of shares in the Funds as custodian for shareholders that are clients of the advisors and financial planners. SPTC maintains accounts at SEI Institutional Transfer Agency (“SITA”), and operates in an omnibus fund account environment.

10. REGULATORY MATTERS

LIBOR Replacement — The elimination of the London Inter-Bank Offered Rate (LIBOR) may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. However, it remains unclear if LIBOR will continue to exist in its current, or a modified, form. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate,

which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments.

11. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements as of February 28, 2022.

To the Shareholders of the Funds and Board of Trustees SEI Catholic Values Trust:

We have audited the accompanying statements of assets and liabilities of SEI Catholic Values Trust, comprised of Catholic Values Equity Fund and Catholic Values Fixed Income Fund (collectively, the Funds), including the schedules of investments, as of February 28, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 28, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 and financial highlights 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 and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2022, by correspondence with the custodians, transfer agent, and brokers or by other appropriate auditing procedures when replies were not received. 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 and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more SEI Funds investment companies since 2005.

Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of positions in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-800-342-5794.

All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio 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 fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund’s average net assets; this percentage is known as the 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 (September 1, 2021 through February 28, 2022).

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 actual 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 “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other 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.

	Beginning Account Value 9/1/21		Ending Account Value 2/28/22		Annualized Expense Ratios			Expenses Paid During Period *
Catholic Values Equity Fund
Actual Fund Return
Class F	$	1,000.00	$	948.20		0.86	%	$	4.16
Class Y		1,000.00		948.10		0.76			3.68
Hypothetical 5% Return
Class F	$	1,000.00	$	1,020.55		0.86	%	$	4.31
Class Y		1,000.00		1,021.05		0.76			3.81

	Beginning Account Value 9/1/21		Ending Account Value 2/28/22		Annualized Expense Ratios			Expenses Paid During Period *
Catholic Values Fixed Income Fund
Actual Fund Return
Class F	$	1,000.00	$	954.90		0.71	%	$	3.45
Class Y		1,000.00		955.20		0.61			2.97
Hypothetical 5% Return
Class F	$	1,000.00	$	1,021.28		0.71	%	$	3.57
Class Y		1,000.00		1,021.78		0.61			3.07

BOARD OF TRUSTEES CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS

SEI Catholic Values Trust (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (each member, a “Trustee” and, collectively, the “Trustees” or the “Board”), the sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers’ skills and investment results in managing assets for specific asset classes, investment styles and strategies.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of a Fund’s Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”) cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In the case of the initial approval of a Sub-Advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required, pursuant to an exemptive order that has been granted to the Trust by the Securities and Exchange Commission. In connection with their consideration of such initial approvals and renewals, the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an investment advisory agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, during the course of the Trust’s fiscal year, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Advisers, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data; (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Advisers’ expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indexes.

BOARD OF TRUSTEES CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Concluded)

At the March 22-24, 2021, meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, each Sub-Advisory Agreement was either initially approved or, if the Sub-Advisory Agreement was already in effect (unless operating under an initial two-year term), renewed at meetings of the Board held during the course of the Trust’s fiscal year on March 22-24, 2021, June 21-23, 2021, September 13-15, 2021 and December 6-8, 2021. In each case, the Board’s approval (or renewal) was based on its consideration and evaluation of the factors described above, as discussed at the meetings and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and each Sub-Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support the renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or its affiliates.

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered a report compiled by Broadridge, an independent third-party that was engaged to prepare an assessment of the Funds in connection with the renewal of the Advisory Agreement (the “Broadridge Report”). The Broadridge Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the approval or renewal of Sub-Advisory Agreements, the Board considered the performance of the Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of each Sub-Adviser was sufficient to support approval or renewal of the Sub-Advisory Agreement.

Fees. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratios in comparison to those of the Funds’ respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various asset levels, actual management fees (including transfer agent expenses), and actual total expenses for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC’s and its affiliates’ voluntary waivers of management and other fees to prevent total Fund operating expenses from exceeding any applicable cap and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for its distribution channels. In determining the appropriateness of fees, the Board also took into consideration the impact of fees incurred indirectly by the Funds as a result of investments into underlying funds, including funds from which SIMC or its affiliates earn fees. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements. The Board

also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the approval or renewal of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC’s advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of SIMC and the Sub-Advisers is reasonable and supported renewal of the Investment Advisory Agreements.

Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. 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 determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the approval or renewal, as applicable, of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify 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.

Pursuant to Rule 22e-4 under the 1940 Act, the Trust, on behalf of the Funds, has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Program is overseen by the SIMC Liquidity Risk Oversight Committee, 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 Fund.

At a meeting of the Board held on March 23, 2021, the Trustees received a report from the SIMC Liquidity Risk Oversight Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation. The SIMC Liquidity Risk Oversight Committee determined, and reported to the Board, 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 since the Program was implemented on December 1, 2018. The SIMC Liquidity Risk Oversight Committee reported that 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 SIMC Liquidity Risk Oversight Committee further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

For shareholders who do not have a February 28, 2022, taxable year end, this notice is for informational purposes only. For shareholders with a February 28, 2022, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended February 28, 2022, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

* Shareholders who are residents of California, Connecticut and New York, these funds have not met the statutory threshold requirements to permit exemption of these amounts from state income tax.

Items (A), (B), (C) and (D) are based on the percentage of each fund’s total distribution.

Items (E) and (F) are based on the percentage of “Ordinary Income Distributions”.

Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.

Robert A. Nesher, Chairman

Trustees

William M. Doran

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Christine Reynolds

Officers

Robert A. Nesher

President and Chief Executive Officer

Ankit Puri

Controller and Chief Financial Officer

Glenn R. Kurdziel

Assistant Controller

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

Aaron Buser

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Bridget E. Sudall

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

For more information call

1 800 DIAL SEI

(1 800 342 5734)

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(a) (1) The Registrant’s Board of Trustees has determined that the Registrant has two audit committee financial experts serving on the audit committee.

(a) (2) The audit committee financial experts are Susan C. Cote, and Hubert L. Harris, Jr. Ms. Cote and Mr. Harris are independent as defined in Form N-CSR Item 3 (a) (2).

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2022 and 2021 as follows:

(e)(1) The Registrant’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 Registrant may be pre-approved. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules on auditor independence and whether the provision of such services would compromise the auditor’s independence.

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: (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise.

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 has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, 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. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.

The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor 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 (or the manner of their determination) 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 its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its 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:

(g)(1) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2022 and 2021 were $402,250 and $331,000, respectively. Non-audit fees consist of a SSAE No. 16 review of fund accounting and administration operations and an attestation report in accordance with Rule 17 Ad-13.

(h) During the past fiscal year, Registrant's principal accountant provided certain non-audit services to Registrant's investment adviser or to entities controlling, controlled by, or under common control with Registrant's investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of Registrant's Board of Trustees reviewed and considered these non-audit services provided by Registrant's principal accountant to Registrant's affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Catholic Values Equity Fund and the Catholic Values Fixed Income Fund are 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.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board.

Pursuant to the Committee's Charter, adopted on June 18, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

(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 Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

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.

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.

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized (Depreciation) (Thousands)
Long Contracts
Russell 2000 Index E-MINI		13		Mar-2022	$	1,396	$	1,329	$	(67	)
S&P 500 Index E-MINI		46		Mar-2022		10,629		10,046		(583	)
					$	12,025	$	11,375	$	(650	)

Security Description		Value at 2/28/2021				Purchases at Cost				Proceeds from Sales				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Value at 2/28/2022				Shares				Income				Capital Gains
SEI Daily Income Trust, Government Fund, Cl F		$	2,809			$	51,124			$	(43,064	)		$	—			$	—			$	10,869				10,869,069			$	1			$	—

Letter to Shareholders	1
Management Discussion and Analysis of Fund Performance	6
Schedules of Investments	10
Statements of Assets and Liabilities	43
Statements of Operations	44
Statements of Changes in Net Assets	45
Financial Highlights	46
Notes to Financial Statements	47
Report of Independent Registered Public Accounting Firm	63
Trustees and Officers of the Trust	64
Disclosure of Fund Expenses	68
Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements	69
Notice to Shareholders	72

Description	Number of Contracts			Notional Amount (Thousands)^†^†			Exercise Price		Expiration Date		Value (Thousands)
PURCHASED OPTIONS — 0.0%
Put Options
March 2022, IMM Eurodollar Future Option*		9		$	1		$	99.63		3/19/2022	$	6



Call Options
April 2022, U.S. 10-Year Future Option *		24			10			127.00		3/19/2022		28



Total Purchased Options				$	11						$	34
WRITTEN OPTIONS — (0.0)%
Put Options
March 2022, IMM Eurodollar Future Option*		(4	)	$	(1	)		99.38		03/19/22	$	(1	)
March 2022, IMM Eurodollar Future Option*		(8	)		(3	)		99.50		03/19/22		(3	)

					(4	)						(4	)


Call Options
May 2022, U.S. 10-Year Future Option *		(48	)		(9	)		129.00		04/16/22		(30	)
April 2022, U.S. 5-Year Future Option *		(17	)		(5	)		118.75		03/19/22		(7	)
April 2022, U.S. 5-Year Future Option *		(56	)		(6	)		120.25		03/19/22		(5	)

					(20	)						(42	)


Total Written Options				$	(24	)					$	(46	)

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Citigroup		04/19/22		USD	7		EUR	6	$	—
Citigroup		04/19/22		USD	149		ZAR	2,370		4
Citigroup		04/19/22		USD	554		GBP	409		(6	)
Citigroup		04/19/22		USD	677		BRL	3,940		77
Citigroup		04/19/22		USD	989		JPY	114,451		6
Citigroup		04/19/22		USD	1,075		AUD	1,499		13

Credit Default Swaps
Reference Entity/ Obligation	Buy/Sell Protection		(Pays)/Receives Rate		Payment Frequency		Termination Date		Notional Amount (Thousands)			Value (Thousands)		Upfront Payments/ Receipts (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
CDX.NA.HY.3712		Sell		5.00%		Quarterly		12/12/2026		(1,654	)	$	94	$	145	$	(51	)
CDX.NA.IG.3712		Sell		1.00%		Quarterly		12/20/2026		(13,521	)		188		298		(110	)
												$	282	$	443	$	(161	)

Interest Rate Swaps
Fund Pays	Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)			Upfront (Payments) Receipts (Thousands)			Net Unrealized Appreciation (Depreciation) (Thousands)
0.19%		3-MONTH USD - LIBOR		Semi-Annually		06/15/2022		USD		3,217	$	(4	)	$	–		$	(4	)
3-MONTH USD - LIBOR		1.20%		Quarterly		10/07/2050		USD		314		56			2			54
1.63%		SOFR-COMPOUNDING		Annually		05/15/2047		USD		400		10			16			(6	)
1.63%		USD-LIBOR-BBA		Quarterly		02/15/2047		USD		706		57			5			52
SOFR-COMPOUNDING		1.5%		Annually		02/15/2047		USD		175		8			1			7
2.0%		3-MONTH USD - LIBOR		Semi-Annually		02/15/2047		USD		376		1			5			(4	)
SOFR-COMPOUNDING		1.52%		Annually		02/15/2047		USD		268		13			(9	)		22
SOFR-COMPOUNDING		0.74%		Annually		08/19/2045		USD		310		61			–			61
SOFR-COMPOUNDING		0.56%		Annually		07/20/2045		USD		800		185			6			179
USD CPI INDEX		2.77%		Annually		10/20/2031		USD		830		(31	)		1			(32	)
SOFR-COMPOUNDING		1.7334		Annually		10/20/2031		USD		810		2			3			(1	)
SOFR-COMPOUNDING		1.2%		Annually		11/01/2028		USD		572		15			–			15
SOFR-COMPOUNDING		1.22%		Annually		08/15/2028		USD		736		17			–			17
SOFR-COMPOUNDING		1.13%		Annually		08/15/2028		USD		1,960		57			13			44
1.25%		USD-LIBOR-BBA		Quarterly		02/15/2028		USD		1,063		37			1			36
SOFR-COMPOUNDING		0.71%		Annually		05/15/2027		USD		3,408		147			2			145
SOFR-COMPOUNDING		1.52%		Annually		11/20/2026		USD		1,070		6			(3	)		9
0.37%		GBLO, USNY		Annually		11/18/2026		USD		930		(17	)		14			(31	)
USD CPI INDEX		2.95%		Annually		10/20/2026		USD		830		35			–			35
USNY, GBLO		3.97%		Annually		11/18/2023		USD		930		25			(4	)		29
USD-LIBOR-BBA		2.00%		Quarterly		06/03/2051		USD		21		–			–			–
3-MONTH USD - LIBOR		1.67%		Quarterly		07/09/2051		USD		337		25			(2	)		27
											$	705		$	51		$	654

(C)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On February 28, 2022, the value of these securities amounted to $31,325 ($ Thousands), representing 16.2% of the Net Assets of the Fund.
(D)	Perpetual security with no stated maturity date.

	Catholic Values Equity Fund			Catholic Values Fixed Income Fund
Assets:
Investments, at Value ^†	$	331,174		$	192,089
Affiliated Investments, at Value ^†^†		10,869			2,126
Cash		1,912			278
Cash Collateral on Futures		568			194
Cash Collateral on Swap Contracts		–			690
Foreign Currency, at Value ^†^†^†		–			42
Receivable for Fund Shares Sold		8			3
Receivable for Investment Securities Sold		630			616
Dividends and Interest Receivable		377			883
Unrealized Appreciation on Forward Foreign Currency Contracts		–			255
Options Purchased, at Value ^†^†^†^†		–			34
Foreign Tax Reclaim Receivable		43			–
Receivable for Variation Margin on Swap Contracts		–			10
Receivable for Variation Margin on Futures Contracts		4			244
Prepaid Expenses		13			7
Total Assets		345,598			197,471
Liabilities:
Payable for Investment Securities Purchased		108			2,819
Payable for Fund Shares Redeemed		3			3
Income Distribution Payable		–			1
Options Written, at Value #		–			46
Payable to Custodian		461			–
Payable for Variation Margin on Futures Contracts		28			3
Payable for Variation Margin on Swap Contracts		–			185
Administration Fees Payable		68			9
Shareholder Servicing Fees Payable, Class F		23			11
Unrealized Depreciation on Foreign Currency Spot Contracts		1			–
Unrealized Depreciation on Forward Foreign Currency Contracts		–			767
Trustees Fees Payable		2			1
Investment Advisory Fees Payable		112			44
Accrued Expense Payable		34			97
Accrued Foreign Capital Gains Tax on Appreciated Securities		36			–
Total Liabilities		876			3,986
Net Assets	$	344,722		$	193,485
^† Cost of Investments	$	250,760		$	195,213
^†^† Cost of Affiliated Investments		10,869			2,126
^†^†^† Cost of Foreign Currency		–			38
^†^†^†^† Cost of Purchased Options		–			11
# Premiums Received on Written Options		–			24
Net Assets:
Paid-in Capital — (Unlimited Authorization — No Par Value)	$	258,419		$	198,397
Total Distributable Earnings/(Loss)		86,303			(4,912	)
Net Assets	$	344,722		$	193,485
Net Asset Value, Offering and Redemption Price Per Share — Class F	$	14.12		$	9.87
		($314,736,382 ÷ 22,296,766 shares	)		($147,409,424 ÷ 14,932,709 shares	)
Net Asset Value, Offering and Redemption Price Per Share — Class Y	$	14.09		$	9.88
		($29,985,729 ÷ 2,127,901 shares	)		($46,075,882 ÷ 4,663,975 shares	)

	Catholic Values Equity Fund			Catholic Values Fixed Income Fund
Investment Income:
Dividends	$	5,190		$	–
Income from Affiliated Registered Investment Company⁽¹⁾		1			1
Interest Income		–			4,076
Less: Foreign Taxes Withheld		(162	)		–
Total Investment Income		5,029			4,077
Expenses:
Investment Advisory Fees		2,058			651
Administration Fees		1,029			372
Shareholder Servicing Fees, Class F Shares		799			372
Professional Fees		69			38
Registration Fees		63			34
Custodian/Wire Agent Fees		40			31
Printing Fees		34			19
Pricing Fees		22			166
Trustees' Fees		7			4
Chief Compliance Officer Fees		2			1
Other Expenses		51			28
Total Expenses		4,174			1,716
Less:
Waiver of Investment Advisory Fees		(627	)		(93	)
Waiver of Shareholder Servicing Fees, Class F Shares		(479	)		(223	)
Waiver of Administration Fees		(137	)		(113	)
Net Expenses		2,931			1,287
Net Investment Income		2,098			2,790
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		30,720			179
Affiliated Investments		–			1
Futures Contracts		1,210			(465	)
Forward Foreign Currency Contracts		(6	)		(98	)
Foreign Currency Transactions		(58	)		–
Purchased and Written Options		–			14
Swap Contracts		–			650
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(6,857	)		(7,319	)
Futures Contracts		(563	)		367
Forward Foreign Currency Contracts		–			(435	)
Foreign Capital Gains Tax		(36	)		–
Foreign Currency and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(66	)		(2	)
Purchased and Written Options		–			(2	)
Swap Contracts		–			(324	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	26,442		$	(4,644	)

(1)	See Note 5 in the Notes to the Financial Statements.

	Amounts designated as "—" are $0 or have been rounded to $0.
	The accompanying notes are an integral part of the financial statements.

	Catholic Values Equity Fund						Catholic Values Fixed Income Fund
		2/28/2022		2/28/2021				2/28/2022		2/28/2021
Operations:
Net Investment Income	$	2,098		$	2,388		$	2,790		$	3,259
Net Realized Gain on Investments, Futures Contracts, Options and Swap Contracts		31,930			27,338			379			4,408
Net Realized (Loss) on Foreign Currency Transactions and Forward Foreign Currency Contracts		(64	)		(6	)		(98	)		(504	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Options and Swap Contracts		(7,420	)		54,889			(7,278	)		(4,581	)
Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(66	)		55			(437	)		300
Net change in unrealized appreciation (depreciation) on foreign capital tax gains on appreciated securities		(36	)		—			—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		26,442			84,664			(4,644	)		2,882
Distributions:
Class F		(48,224	)		(8,498	)		(3,483	)		(5,002	)
Class Y		(3,331	)		(839	)		(896	)		(2,452	)
Total Distributions		(51,555	)		(9,337	)		(4,379	)		(7,454	)
Capital Share Transactions:
Class F:
Proceeds from Shares Issued		18,689			23,310			21,329			31,734
Reinvestment of Dividends & Distributions		48,168			8,495			3,471			4,985
Cost of Shares Redeemed		(23,630	)		(24,549	)		(7,674	)		(11,871	)
Net Increase in Net Assets from Class F Transactions		43,227			7,256			17,126			24,848
Class Y:
Proceeds from Shares Issued		11,550			909			18,711			9,317
Reinvestment of Dividends & Distributions		3,331			839			895			2,451
Cost of Shares Redeemed		(4,703	)		(8,853	)		(9,605	)		(31,432	)
Net Increase (Decrease) in Net Assets from Class Y Transactions		10,178			(7,105	)		10,001			(19,664	)
Net Increase in Net Assets Derived from Capital Share Transactions		53,405			151			27,127			5,184
Net Increase in Net Assets		28,292			75,478			18,104			612
Net Assets:
Beginning of Year		316,430			240,952			175,381			174,769
End of Year	$	344,722		$	316,430		$	193,485		$	175,381
Capital Share Transactions:
Class F:
Shares Issued		1,146			1,919			2,080			2,978
Shares Issued in Lieu of Dividends & Distributions		3,225			584			337			469
Shares Redeemed		(1,460	)		(1,805	)		(745	)		(1,172	)
Net Increase in Shares Outstanding from Share Transactions		2,911			698			1,672			2,275
Capital Share Transactions:
Class Y:
Shares Issued		761			87			1,818			883
Shares Issued in Lieu of Dividends & Distributions		223			58			87			230
Shares Redeemed		(290	)		(596	)		(933	)		(2,987	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		694			(451	)		972			(1,874	)

	Net Asset Value, Beginning of Year		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gains (Losses) on Investments⁽¹⁾			Total from Operations			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Dividends and Distributions			Net Asset Value, End of Year		Total Return^†			Net Assets End of Year ($ Thousands)		Ratio of Net Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly and Waivers)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate^†
Catholic Values Equity Fund
Class F
2022	$	15.20	$	0.10	$	1.34		$	1.44		$	(0.10	)	$	(2.42	)	$	(2.52	)	$	14.12		8.72	%	$	314,736		0.86	%		1.23	%		0.61	%		37	%
2021		11.71		0.11		3.82			3.93			(0.12	)		(0.32	)		(0.44	)		15.20		33.76			294,671		0.86			1.23			0.87			65
2020		11.93		0.15		0.14			0.29			(0.15	)		(0.36	)		(0.51	)		11.71		2.09			218,926		0.86			1.24			1.19			34
2019		12.53		0.15		(0.13	)		0.02			(0.15	)		(0.47	)		(0.62	)		11.93		0.62			229,548		0.82			1.24			1.26			49
2018		10.61		0.11		1.90			2.01			(0.09	)		—			(0.09	)		12.53		18.93			225,146		0.86			1.24			0.94			56
Class Y
2022	$	15.17	$	0.11	$	1.35		$	1.46		$	(0.12	)	$	(2.42	)	$	(2.54	)	$	14.09		8.82	%	$	29,986		0.76	%		0.98	%		0.68	%		37	%
2021		11.69		0.13		3.81			3.94			(0.14	)		(0.32	)		(0.46	)		15.17		33.84			21,759		0.76			0.98			0.99			65
2020		11.90		0.16		0.15			0.31			(0.16	)		(0.36	)		(0.52	)		11.69		2.28			22,026		0.76			0.99			1.31			34
2019		12.51		0.16		(0.13	)		0.03			(0.17	)		(0.47	)		(0.64	)		11.90		0.71			35,207		0.76			0.99			1.31			49
2018		10.60		0.12		1.90			2.02			(0.11	)		—			(0.11	)		12.51		19.05			34,541		0.76			0.99			1.06			56
Catholic Values Fixed Income Fund
Class F
2022	$	10.34	$	0.15	$	(0.38	)	$	(0.23	)	$	(0.21	)	$	(0.03	)	$	(0.24	)	$	9.87		(2.29	)%	$	147,409		0.71	%		0.97	%		1.48	%		76	%
2021		10.56		0.19		0.05			0.24			(0.20	)		(0.26	)		(0.46	)		10.34		2.25			137,169		0.71			0.95			1.88			126
2020		9.83		0.25		0.84			1.09			(0.28	)		(0.08	)		(0.36	)		10.56		11.28			115,971		0.71			0.95			2.54			128
2019		9.79		0.25		0.07			0.32			(0.28	)		—			(0.28	)		9.83		3.29			107,715		0.67			0.96			2.66			159
2018		9.93		0.20		(0.11	)		0.09			(0.23	)		—			(0.23	)		9.79		0.87			116,124		0.71			0.96			2.06			194
Class Y
2022	$	10.35	$	0.16	$	(0.38	)	$	(0.22	)	$	(0.22	)	$	(0.03	)	$	(0.25	)	$	9.88		(2.21	)%	$	46,076		0.61	%		0.72	%		1.58	%		76	%
2021		10.56		0.21		0.05			0.26			(0.21	)		(0.26	)		(0.47	)		10.35		2.45			38,212		0.61			0.70			1.99			126
2020		9.84		0.27		0.82			1.09			(0.29	)		(0.08	)		(0.37	)		10.56		11.28			58,798		0.61			0.70			2.62			128
2019		9.81		0.26		0.06			0.32			(0.29	)		—			(0.29	)		9.84		3.29			35,686		0.61			0.71			2.72			159
2018		9.94		0.23		(0.12	)		0.11			(0.24	)		—			(0.24	)		9.81		1.07			35,191		0.61			0.74			2.35			194

^†	Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.
(1)	Per share net investment income and net realized and unrealized gains (losses) calculated using average shares.
	The accompanying notes are an integral part of the financial statements.
	Amounts designated as "—" are either $0 or have been rounded to $0.

FIXED INCOME FUND
WRITTEN CREDIT DERIVATIVE CONTRACTS	SINGLE NAME CREDIT DEFAULT SWAPS				CREDIT DEFAULT SWAP INDEX
REFERENCE ASSET	CORPORATE DEBT		SOVERIGN DEBT		ASSET BACKED SECURITIES		CORPORATE DEBT		Total
Fair value of written credit derivatives	$	—	$	—	$	—	$	281,612	$	281,612
Maximum potential amount of future payments		—		—		—		15,175,250		15,175,250
Recourse provisions with third parties to recover any amounts paid under the credit derivative (including any purchased credit protection)¹		—		—		—		—		—
Collateral held by the Fund can obtain upon occurrence of triggering event		—		—		—		—		—

MAXIMUM POTENTIAL AMOUNT OF FUTURE PAYMENTS BY CONTRACT TERM
FIXED INCOME FUND		0-6 MONTHS		6-12 MONTHS		1-5 YEARS		5-10 YEARS		> 10 YEARS	Total
Current credit spread* on underlying (in basis points)
0-100	$	—	$	—	$	13,521,250	$	—	$	—	$	13,521,250
> than 100		—		—		1,654,000		—		—		1,654,000
Total	$	—	$	—	$	15,175,250	$	—	$	—	$	15,175,250

	Asset Derivatives				Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value			Statements of Assets and Liabilities Location	Fair Value
Derivatives not accounted for as hedging instruments:
Catholic Values Fixed Income Fund
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts	$	193	*	Net Assets — Unrealized depreciation on futures contracts	$	2	*
	Net Assets — Unrealized appreciation on swap contracts		732	^†	Net Assets — Unrealized depreciation on swap contracts		78	^†
	Options purchased, at value		34		Options written, at value		46
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		255		Unrealized loss on forward foreign currency contracts		767
Credit Contracts	Net Assets — Unrealized appreciation on swap contracts		0	^†	Net Assets — Unrealized depreciation on swap contracts		161	^†
Total Derivatives not accounted for as hedging instruments		$	1,214			$	1,054

Derivatives Not Accounted for as Hedging Instruments	Options		Futures			Forward Currency Contracts			Swaps		Total
Catholic Values Equity Fund
Equity Contracts	$	—	$	1,210		$	—		$	—	$	1,210
Foreign Exchange Contracts		—		—			(6	)		—		(6	)
Total	$	—	$	1,210		$	(6	)	$	—		$1,204
Catholic Values Fixed Income Fund
Interest Rates	$	14	$	(465	)	$	—		$	406	$	(45	)
Foreign exchange contracts		—		—			(98	)		—		(98	)
Credit contracts		—		—			—			244		244
Total	$	14	$	(465	)	$	(98	)	$	650	$	101

	First $1.5 Billion		Next $500 Million		Next $500 Million		Next $500 Million		Over $3 Billion
Catholic Values Equity Fund	0.300	%	0.260	%	0.210	%	0.1700	%	0.120	%
Catholic Values Fixed Income Fund	0.200	%	0.1775	%	0.1550	%	0.1325	%	0.110	%

	Ordinary Income ($ Thousands)		Long-term Capital Gain ($ Thousands)		Total ($ Thousands)
Catholic Values Equity Fund
2022	$	19,665	$	31,890	$	51,555
2021		3,944		5,393		9,337
Catholic Values Fixed Income Fund
2022		4,379		—		4,379
2021		6,610		844		7,454

	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)		Post- October Losses ($ Thousands)			Late Year Ordinary Losses ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Distributable Earnings/ (Accumulated Losses) ($ Thousands)
Catholic Values Equity Fund	$	342	$	7,214	$	—	$	—		$	—	$	78,768		$	(21	)	$	86,303
Catholic Values Fixed Income Fund		—		—		—		(775	)		—		(3,024	)		(1,113	)		(4,912	)

	Federal Tax Cost ($ Thousands)		Aggregate Gross Unrealized Appreciation ($ Thousands)		Aggregate Gross Unrealized Depreciation ($ Thousands)			Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
Catholic Values Equity Fund	$	263,292	$	94,776	$	(16,040	)	$	78,736
Catholic Values Fixed Income Fund		197,736		2,476		(5,500	)		(3,024	)

Name, Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
INTERESTED TRUSTEES
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 75 yrs. old	Chairman of the Board of Trustees*	since 2015	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	93	President and Director of SEI Structured Credit Fund, LP. Director of 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 Multi-Strategy Funds PLC, SEI Global Nominee Ltd and SEI Investments—Unit Trust Management (UK) Limited. President, Director and Chief Executive Officer of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 1989 to 2016. President, Chief Executive Officer and Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of The KP Funds from 2013 to 2020. Vice Chairman of O'Connor EQUUS (closed-end investment company) from 2014 to 2016. Vice Chairman of Winton Series Trust from 2014 to 2017. Vice Chairman of The Advisors' Inner Circle Fund III and Winton Diversified Opportunities Fund (closed-end investment company) from 2014 to 2018. Vice Chairman of Gallery Trust from 2015 to 2018. Vice Chairman of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2018. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. President, Chief Executive Officer and Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, The New Covenant Funds and SEI Catholic Values Trust.
William M. Doran One Freedom Valley Drive Oaks, PA 19456 81 yrs. old	Trustee*	since 2015	Self-employed consultant since 2003.Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003, counsel to the Trust, SEI, SIMC, the Administrator and the Distributor.	93	Director of SEI Investments since 1985; Secretary of SEI Investments since 1978. Director of SEI Investments Distribution Co. since 2003. Director of SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Investments (Asia) Limited, SEI Global Nominee Ltd. and SEI Investments—Unit Trust Management (UK) Limited. Trustee of SEI Liquid Asset Trust from 1982 to 2016. Trustee of O'Connor EQUUS (closed-end investment company) from 2014 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of Winton Series Trust from 2014 to 2017. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds from 1991 to 2018. Trustee of The KP Funds from 2013 to 2018. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) from 2014 to 2018. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2021. Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds and SEI Catholic Values Trust.

Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
TRUSTEES (continued)
Nina Lesavoy One Freedom Valley Drive, Oaks, PA 19456 64 yrs. old	Trustee	since 2015	Founder and Managing Director, Avec Capital (strategic fundraising firm) since 2008. Managing Director, Cue Capital (strategic fundraising firm) from March 2002-March 2008.	93	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2003 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee/Director of SEI Structured Credit Fund, L.P., SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
James M. Williams One Freedom Valley Drive, Oaks, PA 19456 74 yrs. old	Trustee	since 2015	Vice President and Chief Investment Officer, J. Paul Getty Trust, Non-Profit Foundation for Visual Arts, since December 2002. President, Harbor Capital Advisors and Harbor Mutual Funds, 2000-2002. Manager, Pension Asset Management, Ford Motor Company, 1997-1999.	93	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2004 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee/Director of Ariel Mutual Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
Mitchell A. Johnson One Freedom Valley Drive, Oaks, PA 19456 79 yrs. old	Trustee	since 2015	Retired Private Investor since 1994.	93	Director, Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2007 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of The KP Funds from 2013 to 2020. Trustee of the Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Catholic Responsible Investments Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds and SEI Catholic Values Trust.
Hubert L. Harris, Jr. One Freedom Valley Drive, Oaks, PA 19456 78 yrs. old	Trustee	since 2015	Retired since December 2005. Owner of Harris Plantation, Inc. since 1995. Chief Executive Officer of Harris CAPM, a consulting asset and property management entity. Chief Executive Officer, INVESCO North America, August 2003-December 2005. Chief Executive Officer and Chair of the Board of Directors, AMVESCAP Retirement, Inc., January 1998- August 2005.	93	Director of AMVESCAP PLC from 1993-2004. Served as a director of a bank holding company, 2003-2009. Director, Aaron’s Inc., 2012-present. Member of the Board of Councilors of the Carter Center (nonprofit corporation) and served on the board of other non-profit organizations. Director of SEI Alpha Strategy Portfolios, LP from 2008 to 2013. Trustee of SEI Liquid Asset Trust from 2008 to 2016. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
Susan C. Cote One Freedom Valley Drive Oaks, PA 19456 67 years old	Trustee	since 2015	Retired since July 2015. Treasurer and Chair of Finance, Investment and Audit Committee of the New York Women's Foundation from 2009 to 2017. Americas Director of Asset Management, Ernst & Young LLP from 2006-2013. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006-2015. Partner, Ernst & Young LLP from 1997-2015. Prudential, 1983-1997. Member of the Ernst & Young LLP Retirement Investment Committee, 2009-2015.	93	Trustee of SEI Insurance Products Trust from 2016 to 2020. Trustee of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
James B. Taylor One Freedom Valley Drive Oaks, PA 19456 71 years old	Trustee	since 2018	Retired since December 2017. Chief Investment Officer at Georgia Tech Foundation from 2008 to 2017. Director at Delta Air Lines from 1983 to 1985. Assistant Vice President at Delta Air Lines from 1985 to 1995. Chief Investment Officer at Delta Air Lines from 1995 to 2007. Member of the Investment Committee at the Institute of Electrical and Electronic Engineers from 1999 to 2004. President, Vice President and Treasurer at Southern Benefits Conference from 1998 to 2000.	93	Trustee of SEI Insurance Products Trust from 2018 to 2020. 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 and SEI Catholic Values Trust.
Christine Reynolds One Freedom Valley Drive Oaks, PA 19456 63 years old	Trustee	since 2019	Retired since December 2016. Executive Vice President, Fidelity Investments from 2014-2016. President, Fidelity Pricing and Cash Management Services and Chief Financial Officer of Fidelity Funds from 2008-2014. Chief Operating Officer, Fidelity Pricing and Cash Management Services from 2007-2008. President and Treasurer, Fidelity Funds from 2004-2007. Anti-Money Laundering Officer, Fidelity Funds in 2004. Executive Vice President, Fidelity Funds from 2002-2004. Audit Partner, PricewaterhouseCoopers from 1992-2002.	93	Trustee of SEI Insurance Products Trust from 2019 to 2020. 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 and SEI Catholic Values Trust.

	(A) Return of Capital		(B) Long Term Capital Gains Distributions (Tax Basis)		(C) Ordinary Income Distributions (Tax Basis)		(D) Total Distributions (Tax Basis)		(E) Dividends Qualifying for Corporate Dividends Rec. Deduction (1)		(F) Qualifying Dividend Income (15% Tax Rate for QDI) (2)		Qualifying Business Income (3)		(G) U.S. Government Interest (4)		(H) Interest Related Dividends (5)		(I) Short-Term Capital Gain Dividends (6)
Equity Fund*		0.00%		61.86%		38.14%		100.00%		37.03%		51.16%		0.00%		0.00%		0.00%		100.00%
Fixed Income Fund*		0.00%		0.00%		100.00%		100.00%		0.00%		0.00%		0.00%		0.00%		87.76%		100.00%

		Fiscal Year 2022			Fiscal Year 2021
		All fees and services to the Registrant 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 Registrant 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)	$61,220	$0	N/A	$58,220	$0	N/A
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees	$0	$0	$0	$0	$0	$0
(d)	All Other Fees(2)	$0	$402,250	$0	$0	$331,000	$0

	Fiscal 2022	Fiscal 2021
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

	SEI Catholic Values Trust

By	/s/ Robert A. Nesher
	Robert A. Nesher, President & CEO
Date: May 6, 2022

By	/s/ Ankit Puri
	Ankit Puri, Controller & CFO
Date: May 6, 2022