Former Chairman of the Vatican Bank brings decades of global governance and investment leadership to CBIS

Chicago – October 26, 2026 – Christian Brothers Investment Services, Inc. (CBIS), a leading Catholic investment management firm and registered investment adviser to Catholic investors around the world, today announced that Jean-Baptiste Douville de Franssu has joined the firm’s Board of Directors.

de Franssu brings more than three decades of leadership in global financial services, with deep expertise in governance, regulatory affairs, risk, and technology. He served as non-executive Chairman of the Istituto per le Opere di Religione (the Vatican Bank) from 2014 to 2026, and holds board positions with Groupe La Française, Crédit Agricole Indosuez Wealth Europe, Groupe Bayard, and several European family offices.

“Jean-Baptiste is exactly the kind of skilled, accomplished leader we’re honored to welcome to our Board,” said Jeffrey McCroy, President and Chief Executive Officer of CBIS. “He deeply understands how Catholic Responsible Investments can transform the world, reflecting CBIS’ belief that Catholic investors can seek sound financial returns while remaining faithful to their values. We’re privileged to have him join us.”

“I look forward to serving on the CBIS Board and contributing to a mission I believe in deeply,” said de Franssu. “CBIS has built a strong foundation working with over 850 Catholic organizations around the work, and I’m excited to support that work extend its reach and service to the Church.”

From 1990 to 2011, de Franssu led Invesco’s expansion across Europe, growing assets under management from zero to €40 billion. From 2009 till 2011 he also served as President of EFAMA, the European asset management industry’s trade association, leading regulatory negotiations following the 2008 financial crisis.

de Franssu holds a BA in European Business Administration from Middlesex University in the UK and a postgraduate degree in Actuarial Studies from Pierre and Marie Curie University in Paris.

Since its inception, CBIS has helped Catholic institutions align their unique charisms with moral investment choices. Today, CBIS serves a diverse range of Catholic investors with varying portfolio sizes, investment horizons, cash-flow needs, and risk tolerances.

About CBIS
Christian Brothers Investment Services, Inc. is a Catholic, socially responsible investment management firm and registered investment adviser. A trusted partner to Catholic investors around the world, the firm relies on its unique Catholic Responsible Investments℠ investing strategy to provide Catholic investors with sound financial returns while remaining faithful to the moral and social teachings of the Church. Founded in 1981 by the De La Salle Christian Brothers, CBIS engages third-party institutional investment firms to actively sub-advise its portfolios. Headquartered in Chicago, CBIS also has an office in Rome. For more information, visit www.cbisonline.com or call (1) 877-550-2247.

View the PDF.

CRI Multi-Style US Equity Fund Portfolio Construction Memo, September 2026

The updates in this document impact the following Catholic Responsible Investments Funds:

• Multi-Style US Equity (CRTSX/CRTVX)
• Magnus 45/55
• Magnus 75/25
• Magnus 60/40 Alpha Plus

The objective of Catholic Responsible Investments Multi-Style US Equity Fund (MSF) is long-term capital appreciation.

In an effort to achieve this objective the sub-advisers invest primarily in a broadly diversified portfolio of equity securities of predominantly mid- to large-capitalization companies included in the Russell 1000 Index that are believed to have above-average market appreciation potential.

The Fund is categorized as a U.S. Large Cap Core Equity Fund.

Portfolio Review

In its recent review of Catholic Responsible Investments Multi-Style US Equity Fund, the CBIS investment team determined that the Fund’s active risk had become concentrated in two of its four sub-advisers. Under the prior target allocations, Mar Vista and Boston Partners together accounted for 86% of the Fund’s active risk in June modeling. The Fund’s target allocations are being adjusted to distribute active risk more evenly across all four sub-advisers and improve overall portfolio balance, with the Russell 1000 benchmark unchanged.

This enhancement is being pursued by:

• Increasing the allocation to T. Rowe Price from 15% to 25%, strengthening the Fund’s risk-controlled core foundation.
• Increasing the allocation to William Blair from 20% to 25%, expanding the Fund’s quality growth exposure.
• Reducing the allocation to Mar Vista from 30% to 20%, while retaining a meaningful concentrated GARP allocation.
• Reducing the allocation to Boston Partners from 35% to 30%, while retaining a meaningful relative value allocation.

Together, these changes shift target allocation from Mar Vista and Boston Partners toward T. Rowe Price and William Blair, giving the Fund’s core and quality growth strategies a larger role while spreading active risk more evenly across the portfolio. Modeling indicates lower tracking error and a modest improvement in diversification, with only a slight change in overall volatility.

Integrated Strategies Summary

All four sub-advisers remain in place, preserving the complementary investment approaches that define the Fund. Each continues to fill a distinct role in the portfolio:

• T. Rowe Price: risk-controlled core
• William Blair: quality growth
• Mar Vista: concentrated growth at a reasonable price (GARP)
• Boston Partners: relative value

The new targets create a more balanced contribution to active risk across these approaches. William Blair and T. Rowe Price take on a meaningfully larger share of the Fund’s active risk, while the contributions from Mar Vista and Boston Partners are reduced but remain significant. The benefit of this structure is a portfolio in which no single pair of sub-advisers dominates active risk, while the Fund keeps meaningful exposure to each of its core, quality growth, GARP, and value strategies.

Result of Portfolio Reconstruction

The allocations across sub-advisers have been adjusted to distribute active risk more evenly, reducing the Fund’s reliance on Mar Vista and Boston Partners as the primary drivers of active risk while increasing the weight of its core and quality growth strategies.

Current Allocation Target as of 30 September 2026		Prior Allocation
Boston Partners	30%	Boston Partners	35%
T. Rowe Price	25%	T. Rowe Price	15%
William Blair	25%	William Blair	20%
Mar Vista	20%	Mar Vista	30%

Allocations shown are targets. Actual sub-adviser weights will fluctuate with markets and cash flows. All four sub-advisers were held in the prior allocation; no new sub-advisers were added.

Important Information

Carefully consider the funds’ investment  objectives, risks, and charges and expenses.  This and other information can be found in the funds’ full and summary prospectus, which may be obtained by visiting www. cbisonline.com or by calling 1-866-348-6466. Please read the prospectus carefully before investing.

There are risks involved in investing, including loss of principal. Asset allocation may not protect against market risk. There is no guarantee that these strategies will result in positive performance. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. Mortgage-backed securities are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. There is no guarantee that the Fund’s income will be exempt from federal or state income taxes. Capital gains, if any, are subject to capital gains tax. Income from municipal bonds may be subject to the alternative minimum tax.

Catholic Responsible Investment (“CRI”) is an investment strategy designed specifically to help investors seek sound financial returns while remaining faithful to the teaching of the Roman Catholic Church. The Funds consider the CBIS’s CRI criteria in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investment in companies which have been identified as being in conflict with the CBIS’s CRI criteria. Funds may underperform other similar funds that do not consider CRI guidelines when making decision. The funds are distributed by SEI Investments Distribution Co. (SIDCO). SIDCO is not affiliated with CBIS, the adviser, or the sub-advisers, to the funds

CHICAGO, July 2, 2026 — Christian Brothers Investment Services, Inc. (CBIS), a Catholic investment management firm and registered investment adviser serving Catholic investors around the world, announced today that it has divested from and now excludes companies whose primary business involves the ownership, operation, or management of private prisons or detention facilities.

This exclusion includes divestment from CoreCivic and GEO Group, which were held in the CRI Small-Cap Fund and CRI Magnus Funds. The decision follows six years of shareholder engagement aimed at advancing human rights and restorative justice for incarcerated and detained individuals.

Since 2019, CBIS has engaged both companies through its Catholic Responsible Investments (CRI) process, seeking measurable improvements in detainee safety, health care, and living conditions. This engagement was part of our broader effort to promote an integral ecology rooted in human dignity, justice, and care for our common home; and it produced documented results. CoreCivic completed human rights assessments at detention facilities. GEO Group adopted a formal global human rights policy and implemented employee human rights training, both long-standing priorities of CBIS’ engagement.

However, CBIS believes the private prison business model has changed. Immigration detention has become an increasingly important source of growth and revenue for private prison operators. At the same time, changes at the federal level have significantly weakened oversight mechanisms, including offices responsible for reviewing detention complaints, civil rights concerns, medical care failures, and deaths in custody.¹

“The change in business model, coupled with weakened oversight, created an accountability gap we can no longer responsibly overlook,” said Jeffrey A. McCroy, President and Chief Executive Officer of CBIS. “CBIS has concluded that continued investment in the private prison industry is no longer consistent with our Catholic Responsible Investments approach.”
Although CBIS is excluding the private prison industry, McCroy said engagement and exclusion are both tools for pursuing meaningful change.

“CBIS will continue to engage with companies where dialogue and action can create measurable change. However, when circumstances warrant, we escalate to exclusion and divestment,” said McCroy. “For those who continue to engage with these companies, we support their efforts to create meaningful change.”

Consistent with USCCB, the Catholic investing framework that guides the CRI process, CBIS remains firmly committed to the issues of human dignity, accountability in detention, and restorative justice.

About CBIS
Christian Brothers Investment Services, Inc. is a Catholic investment management firm and registered investment adviser. A trusted partner to Catholic investors around the world, the firm relies on its Catholic Responsible Investments strategy to provide Catholic investors with sound financial returns while remaining faithful to the moral and social teachings of the Church. Founded in 1981 by the De La Salle Christian Brothers, CBIS engages third-party institutional investment firms to actively sub-advise its portfolios. As of March 31, 2026, CBIS had $12.4 billion in assets under management. Headquartered in Chicago, CBIS also has an office in Rome. For more information, visit www.cbisonline.com or call (1) 877-550-2247.

1.American Immigration Council, Immigration Detention Expansion in Trump’s Second Term, January

Important Information

Consider the funds’ investment objective, risk, and charges and expenses. This and other information can be found in the funds’ prospectus, and if available, the summary prospectus, which may be obtained by visiting www.cbisonline.com or by calling 1-866-348-6466. Please read the prospectus, or summary prospectus, carefully before investing.

Mutual fund investing involves risk, including possible loss of principal. There can be no assurance that the Fund will achieve its stated objectives. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility.

Current and future holdings are subject to change.

The securities identified and described do not represent all the securities purchased, sold, or recommended for the CRI Funds. This should not be regarded as investment advice or recommendation. The reader should not assume that an investment in the securities identified was or will be profitable. Visit our website for a complete list of securities offered during the period.

Under CBIS’ policy, quarterly holdings are shared publicly at www.cbisonline.com/us/catholic-responsible-investing/investments/. CBIS does not share complete holdings more often than on a quarterly basis.

Catholic Responsible Investment (CRI) is an investment strategy designed specifically to help investors seek sound financial returns while remaining faithful to the teaching of the Roman Catholic Church. The Fund considers the Adviser’s CRI criteria in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investment in companies which have been identified as being in conflict with the Adviser’s CRI criteria. Funds may underperform other similar funds that do not consider CRI guidelines when making decision.

The funds are distributed by SEI Investment Distribution Co. (SIDCO). SIDCO is not affiliated with CBIS.

Gian Luca Giurlani joins Catholic investment manager to lead sales and marketing efforts in Europe and the U.S.

Chicago – June 24, 2026 – Christian Brothers Investment Services, Inc. (CBIS), a leading Catholic investment management firm and registered investment adviser to Catholic investors around the world, today announced that Gian Luca Giurlani, a 27-year veteran of the investment industry, has agreed to serve as the firm’s Head of Global Distribution.

Based in Rome, Giurlani will lead sales and marketing across U.S. and non-U.S. markets. In this new role for the firm, Giurlani will be tasked with building CBIS’ distribution framework and driving commercial momentum in alignment with CBIS’ strategic growth plans.

“This position will be transformative for our firm and for the investors we serve,” said Jeffrey McCroy, President and Chief Executive Officer of CBIS. “Ultimately, Gian Luca has the opportunity to shape CBIS’ future commercial strategy and position the firm for long-term success. I’m entirely confident he’s up to the task.”
Giurlani was previously with TCW, where he served as Managing Director responsible for business strategy, growth initiatives, and product development of the UCITS platform. He brings significant business-building success to his role at CBIS, notably securing distribution mandates across institutional portfolios and the intermediate market segments in Europe and Latin America.

A graduate of the Università degli Studi di Pisa with a degree in economics and commerce, Giurlani is fluent in Italian, Spanish, and English.

“It’s clear to me that CBIS’ growing lineup of investment solutions is built to serve Catholic investors wherever they are in the world,” said Giurlani. “I’m eager to get to work with Jeff and the team in the firm’s ongoing mission to serve Catholic investors looking to transform the world.”

From its inception, CBIS has sought to help devoted Catholic institutions around the world match their unique charisms with moral investment choices. Today, CBIS is the investment management firm of choice for a diverse range of investors in terms of portfolio size, investment horizon, anticipated cash inflows and outflows, and risk tolerance.

About CBIS

Christian Brothers Investment Services, Inc. is a Catholic, socially responsible investment management firm and Registered Investment Adviser. A trusted partner to Catholic investors around the world, the firm relies on its unique Catholic Responsible Investments℠ investing strategy to provide Catholic investors with sound financial returns while remaining faithful to the moral and social teachings of the Church. Founded in 1981 by the De La Salle Christian Brothers, CBIS engages third-party institutional investment firms to actively sub-advise its portfolios. As of March 31, 2026, the firm was responsible for the management of $12.4 billion in assets. Headquartered in Chicago, CBIS also has an office in Rome. For more information, visit www.cbisonline.com, or call (1) 877-550-2247.

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Buongiorno and greetings.

Once again, it is my privilege to look back on the past calendar year of CBIS. Along with the universal Church, we walked as pilgrims of hope to mark this year of Jubilee. That hope in the Holy Spirit was given dramatic expression as we mourned the loss of Pope Francis and celebrated the election of Pope Leo XIV. In a divided world, the Church showed a hope that brings unity and renewal.   

In the light of these historic moments, we reflect on the events that brought us here. I’m reminded of St. Paul’s lesson in 1 Corinthians, when he describes how we are one body with many members, each with a unique role. When we work together and bring our individual strengths to the table, we create something none of us could achieve alone.

I am thinking, of course, of the investors and employees who have shaped CBIS over the years. What we have built together is working. This year, CBIS continued to evolve and expand its capabilities in ways that serve the Catholic Church and Catholic investors better than ever. We strengthened our resources, broadened our outreach, and refined our processes to respond more effectively to the needs of those we serve. This progress has been shaped by the synodal renewal, which Pope Francis initiated, and Pope Leo has affirmed. A synodal approach calls us to walk together, listen closely, and adapt thoughtfully. By embracing this shared journey, we deepen partnerships and ensure our mission guides every step forward.

Let me share how CBIS’ journey reflects a global evolution, building competitive products, while continuing the advancement of Mensuram Bonam. 

CBIS’ Global Evolution

CBIS is committed to evolving with global markets, which have become more connected and sophisticated. The unanimous vote to transform the CBIS Global Funds lineup in November marked a defining moment in that evolution. The first trades in the new CRI Global Equity and CRI Global Bond Funds represented the culmination of more than four years of global collaboration. Your encouragement, patience, and prayers were essential in bringing it all to completion. Professionals across continents worked through time zones, disciplines, and cultures to bring these smart, investor-friendly offerings to market. 

I’m confident these newly designed funds will appeal to a growing number of Catholics across an expanding range of markets. In expectation of serving more investors, we have strengthened our Rome team with a dedicated relationship manager, and we expect to hire a Europe-based portfolio manager shortly. We are also actively recruiting additional Europe-based team members, including a board member and a Catholic Responsible Investments Director dedicated to engagement, enhancement, and exclusion efforts.

As our global presence evolved, CBIS reached an all-time high of $12.8 billion in assets under management (AUM) in 2025. CBIS today is not only a global firm in scope but a global firm in action.

We Keep Building Competitive Products

As part of CBIS’ mission to serve more Catholic investors, our Catholic Responsible Investments team continues to carefully select sub-advisers whose qualities help define us as a trusted Catholic investment manager. Over our long history, we have developed a clear understanding of what we seek in investment professionals. Specifically, we look for managers who have:

• Demonstrated investor confidence, as shown through asset retention and AUM growth.
• A track record of important product development and innovation.
• Processes that are disciplined, repeatable, and built to deliver consistent performance.
• Trustworthy and collaborative people aligned with our values.

It is clear that combining distinct managers with unique strategies in a single allocation works for investors. Our investment results reflect the effectiveness of this approach.  In 2025, 80% of all CBIS active funds placed above median, and 40% were in the top third of their categories¹ while remaining aligned with Catholic Responsible Investments.

We have listened to our non-U.S. investors who have asked for access to more managers and competitive products. The global transformation is supporting this effort by providing a broader set of asset managers and asset classes. We look forward to introducing exciting new asset classes, like global high yield and emerging market debt, markets not previously been within our reach, which will be first introduced into the CRI Magnus for non-U.S. investors. Exciting, too, is the prospect of integrating ideas developed for non-U.S. investors into our U.S. funds, including CRI Magnus, U.S. Small Cap Equity, and Opportunistic Bond. Applying our learnings across regions supports a more unified, global investment process and benefits investors.

Continuing the Mensuram Bonam Journey

When the Vatican published Mensuram Bonam in 2022, CBIS was centrally positioned to advance the call to engage, enhance, and exclude. Aligning investments with faith is a journey, and we are grateful to serve in a role that supports our investors as they navigate their own paths in implementing Mensuram Bonam.

In 2025, the Catholic Responsible Investments Team led or participated in over 70 engagements, surpassing our ambitious goal to triple our historical average. As part of this progress, 36% of our corporate engagements now take place outside the U.S., a 29% increase from 2024, reflecting the global strength of our active ownership efforts.

CBIS also continues to advance enhancement efforts through strategic investments in impact bonds, supporting projects that promote the common good and environmental stewardship worldwide. In addition, CBIS remains a champion of the FSC Foundation, which advances educational programs globally. From its founding through 2025, the Foundation has awarded 1,764 grants, totaling more than $4.5 million, to organizations making a real difference. We are proud to highlight a few of these grant recipients in the annual CBIS Impact Report, a reminder of how our shared efforts extend well beyond investment performance.

To ensure Catholics can avoid ethical contradictions between investments and Church teaching, CBIS maintains a well-formed exclusion process that has excluded unsuitable companies for more than 40 years. Our approach combines active ownership considerations, several Bishops’ guidelines from around the world, and Mensuram Bonam principles to guide thoughtful and discerning exclusion.

CBIS was blessed by the insight of the De La Salle Christian Brothers more than four decades ago. With humility, I believe CBIS continues to lead the way for Catholic investors who are looking to transform the world.

Final Thoughts

The progress we made this year in our global evolution, in building competitive investment solutions, and continuing to evangelize Mensuram Bonam, was possible because of you, our CBIS investors, a reminder in the spirit of St. Paul that none of us could achieve this alone. 

Thank you for your patience, your support, and your trust. Most importantly, thank you for the work you do, caring for the sick, educating the young, sheltering the homeless, and safeguarding the Church’s treasury. The continuum of our work together in making an impact will be featured in our upcoming 2026 Impact Report.

On behalf of everyone at CBIS, let me say we look forward to serving you in 2026 and beyond. We are honored to walk alongside you in that synodal spirit of prayer and listening as you meet the demands and dreams of your charisms. 

Peace.

¹eVestment Alliance Peer Group and Morningstar data is presented gross of management fees. Peer ranking based on 5-year gross returns. Products are classified into eVestment and Morningstar universes by using a combination of performance and style analysis, portfolio characteristics, country and currency allocations, and a review of the strategy’s narratives. eVestment and Morningstar consider both qualitative and quantitative data points and creates the most accurate and relevant peer groups. Peer group ranking is based on the number of managers representing private and registered funds who have reported to eVestment at the time the report was run, rankings are based upon the highest gross return reported for the period; Short Duration Bond: 216; Opportunistic Bond: 216; Bond: 177; Ultra Short Bond: 51; International Equity: 59; EAA Fund Europe Large-Cap Blend Equity: 1371; World Equity: 267; EAA Fund EUR Government Bond: 96; World Bond: 74. CBIS pays a subscription fee to eVestment and Morningstar; however, does not participate or pay for the information extracted. The rating is not indicative of the adviser’s future performance. For CRI Funds with more than one share class, the Institutional Share class is used for comparison, performance and ranking for other share classes will vary.

Consider the CRI Funds’ investment objective, risk, and charges and expenses. This and other information can be found in the funds’ prospectus, and if available, the summary prospectus, which may be obtained by visiting www.cbisonline.com or by calling 1-866-348-6466. Please read the prospectus, or summary prospectus, carefully before investing.

Mutual fund investing involves risk, including possible loss of principal. There can be no assurance that the Fund will achieve its stated objectives. Current and future holdings are subject to risk.

The CRI Funds are distributed by SEI Investment Distribution Co. (SIDCO). SIDCO is not affiliated with CBIS.

It is with profound sadness that I share the news of Brother Michael O’Hern’s passing.

Brother Michael served as President and CEO of CBIS from 1989 to 2017. His leadership helped shape not only the direction of our organization, but the very spirit in which we work and serve. He was a remarkable man—patient in his wisdom, generous in his counsel, and deeply thoughtful in his care for others.

I am incredibly thankful for the relationship Brother Michael and I developed over the years. I had such admiration for him, and to this day, I value his guidance.

As we mourn this loss, we also celebrate a life beautifully lived. Eternal rest grant unto him, O Lord, and let perpetual light shine upon him. May he rest in peace. Amen.

Peace

Jeffrey A. McCroy

With deep sorrow, we share that Brother Martín Rocha Pedrajo, FSC, passed away on Sunday, June 29. All of us at CBIS are thankful for his life of service as a De La Salle Brother and his dedication to CBIS as a former Board Member and Bursar. We pray for the eternal rest of his soul and for consolation for his family, his Brothers, and all those who mourn his passing.

Live Jesus in our hearts.

To Our CBIS Investors and Partners,

We join the world in mourning the passing of His Holiness Pope Francis, who entered eternal rest following the celebration of the Easter Triduum and Easter Sunday. His final days were marked, as ever, by humility, prayer, and a quiet devotion to the Gospel.

Pope Francis will be remembered as a living example of Christ’s message—offering love, dignity, and accompaniment to all, especially those who have been marginalized or overlooked. His pontificate reflected a deep commitment to empathy, pastoral care, and the renewal of the Church in service to humanity.

Among his many contributions, Pope Francis offered strong support for Mensuram Bonam, encouraging Catholic institutions to align their financial practices with their faith. His call for greater integrity in economic life continues to resonate across the global Church.

At CBIS, we have long been guided by this vision—serving Catholic investors who seek to transform the world through faith-consistent investing rooted in Catholic social teaching. We pray that the momentum Pope Francis inspired through this work will continue to grow in the years ahead.

In keeping with his character, Pope Francis requested that his funeral rites be simple, focused not on the trappings of papal office but on his identity as a disciple and servant of Christ. His humility and example leave a lasting imprint on the Church—and on all who seek to live the Gospel with integrity.

We offer our prayers for the College of Cardinals as they gather in solemn discernment to choose the next Pope. May the Holy Spirit guide their hearts and minds with wisdom, unity, and grace as they carry out this sacred responsibility for the good of the Church and the world.

May he rest in the peace of Christ.

Jeffrey A. McCroy
President & Chief Executive Officer

Catholic Money Manager Promotes Five Individuals to Senior Directors

Chicago – August 5, 2024 – Christian Brothers Investment Services, Inc. (CBIS), a leading investment management firm and Registered Investment Advisor to Catholic investors around the world, today announced five individuals who are being promoted to senior directors…

Read the press release here

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Overview

The Catholic Responsible Investments International Small-Cap Fund seeks long-term capital appreciation by investing primarily in a broadly diversified portfolio of equity securities of small-capitalization companies located in countries included in the MSCI All Country World ex-USA Small Cap Index.

This update impacts the following Catholic Responsible Investments Funds:

• International Small-Cap
• Magnus 45/55
• Magnus 75/25
• Magnus 60/40 Alpha Plus
• Magnus 60/40 Beta Plus

Portfolio Review

In its recent review, the Catholic Responsible Investments Committee determined that the Fund’s return and risk characteristics, particularly upside and downside capture ratios and quality of returns, could be improved.

Enhancements to Portfolio Construction

To improve outcomes, the Fund is being enhanced through two key changes:

Addition of Allspring Global Investments, LLC as a sub-adviser to bring quality and growth characteristics to the portfolio, while also improving risk reduction when paired with the existing sub-adviser, Lazard Asset Management.

Replacement of Global Alpha Capital Management Ltd. due to insufficient contribution to risk diversification and evolving strategy focus that no longer aligned with portfolio construction objectives.

Integrated Strategies Summary

The updated portfolio combines complementary strategies designed to enhance diversification and improve risk-adjusted returns.

Allspring’s approach focuses on high-quality companies with durable competitive advantages, strong balance sheets, and sustainable cash flows, aiming to provide a lower-risk profile and capital preservation across market environments.

Lazard continues to provide a systematic, quantitatively driven investment approach, evaluating companies based on growth potential, valuation, market sentiment, and financial quality, while maintaining risk exposures aligned with the benchmark.

Portfolio Reconstruction and Allocation

The revised portfolio construction reflects a shift toward improved diversification and balanced risk contributions across managers. The target allocations are designed so that each sub-adviser contributes equally to expected portfolio risk, enhancing overall efficiency without sacrificing return potential.

Investment Approach

The updated structure emphasizes diversification across complementary investment styles and geographies. By combining systematic and fundamental strategies, the Fund aims to improve consistency of returns and resilience across varying market conditions.

Important Information

Carefully consider the funds’ investment objectives, risks, and charges and expenses. This and other information can be found in the funds’ full and summary prospectus, which may be obtained by visiting www.cbisonline.com or by calling 1-866-348-6466. Please read the prospectus carefully before investing.

Investing involves risk, including loss of principal. Asset allocation does not guarantee protection against market risk. There is no guarantee that these strategies will result in positive performance.

Catholic Responsible Investment is designed to align financial returns with the teachings of the Roman Catholic Church. Investment decisions may exclude or sell companies that conflict with these criteria, which could impact performance. Funds may underperform those that do not apply these guidelines.

The funds are distributed by SEI Investments Distribution Co., which is not affiliated with CBIS, the adviser, or the sub-advisers.