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You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 257px; text-align: left;" valign="bottom"> <div style="-sec-ix-redline:true;-keep: true"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">(expenses that you pay each year as a percentage of the value of your investment)</span></p> </div> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 85px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">Class F Shares</span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 56px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.51</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Distribution (12b-1) Fees</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 56px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">None</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Other Expenses</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 56px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.61</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Total Annual Fund Operating Expenses</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 56px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.12</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0051 0 0.0061 0.0112 EXAMPLE <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 171px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 59px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">3 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 171px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">International Equity Fund — Class F Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">114</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">356</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">617</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1,363</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 114 356 617 1363 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 89% of the average value of its portfolio.</span></p> 0.89 Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the International Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. Equity securities may include common stocks, preferred stocks, warrants, participation notes and depositary receipts. The Fund will invest primarily in equity securities of issuers of all capitalization ranges that are located in at least three countries other than the U.S. It is expected that at least 40% of the Fund's assets will be invested outside the U.S. The </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Fund will invest primarily in companies located in developed countries, but may also invest in companies located in emerging markets. Generally, the Fund will invest less than 20% of its assets in emerging markets. Emerging market countries are those countries that: (i) are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) are included in an emerging markets index by a recognized index provider; or (iii) have similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. One or more Sub-Advisers may apply a quantitative investment style, which generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A Sub-Adviser may take long positions with respect to investments it believes to be undervalued and likely to increase in price, while also taking short positions (including through derivative instruments) with respect to investments it believes to be overvalued and likely to decrease in price.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest in futures contracts, forward contracts, options and swaps for hedging or investment purposes, including seeking to manage the Fund's currency exposure to foreign securities and mitigate the Fund's overall risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may purchase futures contracts or shares of exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Market Risk</i> — 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. Equity 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, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Investment/Emerging Markets Risk</i> — 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 because 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 </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Investment Style Risk</i> — The risk that developed international and emerging markets equity securities may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Currency Risk</i> — As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Small and Medium Capitalization Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Depositary Receipts Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Preferred Stock Risk</i> — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Participation Notes (P-Notes) Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Warrants Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Derivatives Risk</i> — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of the above risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. 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 shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Long/Short Risk</i> — The Fund seeks long exposure to certain financial instruments and short exposure to certain other financial instruments. There is no guarantee that the returns on the Fund's long or short positions will produce positive returns and the Fund could lose money if either or both the Fund's long and short positions produce negative returns.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Credit Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Leverage Risk</i> — The Fund's use of derivatives 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Liquidity Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Exchange-Traded Funds (ETFs) Risk</i> — 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</span></p> The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-DIAL-SEI <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <p style="margin:0pt 0pt 0pt 0pt"><img alt="" src="j2619232_ba002.jpg" style="-sec-ix-hidden: hidden-fact-4"/> </p></td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 137px; text-align: left;" valign="bottom"> <span style="font-size:8pt; font-family: Arial, Helvetica;">Best Quarter: 20.28% (06/30/2020)<br/>Worst Quarter: -25.26% (03/31/2020)<br/> <br/> <br/> <br/> <br/> <br/> <br/> <br/> </span></td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2028 2020-06-30 Worst Quarter: -0.2526 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">International Equity Fund — Class F Shares</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 61px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 86px; text-align: center;" valign="bottom"> <span style="-sec-ix-redline:true;font-size:7pt; font-family: Arial, Helvetica;">Since<br/>Inception<br/>(12/20/1989)</span> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return Before Taxes</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">37.03</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">9.81</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.61</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.73</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">31.63</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.49</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.34</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.84</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">24.74</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.32</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">6.81</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.73</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">MSCI ACWI ex-USA Index (net) (reflects no deduction for fees or expenses)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">32.39</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.91</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.41</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">5.46</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%^†​</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">MSCI EAFE Index Return (net) (reflects no deduction for fees or expenses)</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">31.22</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.92</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.18</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">5.29</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="-sec-ix-redline:true;margin:15pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">^†​ Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (12/20/1989 – 12/31/1989). Annualization calculation of the inception to date returns is based on the actual inception date (12/20/1989).</span></p> 1989-12-20 Return Before Taxes 0.3703 0.0981 0.0861 0.0473 Return After Taxes on Distributions 0.3163 0.0749 0.0734 0.0384 Return After Taxes on Distributions and Sale of Fund Shares 0.2474 0.0732 0.0681 0.0373 MSCI ACWI ex-USA Index (net) (reflects no deduction for fees or expenses) (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0841 0.0546 MSCI EAFE Index Return (net) (reflects no deduction for fees or expenses) 0.3122 0.0892 0.0818 0.0529 EMERGING MARKETS EQUITY FUND Investment Goal <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Capital appreciation.</span></p> Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 257px; text-align: left;" valign="bottom"> <div style="-sec-ix-redline:true;-keep: true"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">(expenses that you pay each year as a percentage of the value of your investment)</span></p> </div> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 85px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">Class F Shares</span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 56px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.70</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Distribution (12b-1) Fees</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 56px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">None</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Other Expenses</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 56px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.72</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Total Annual Fund Operating Expenses</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 56px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.42</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.007 0 0.0072 0.0142 EXAMPLE <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The effect of the Fund's fee waivers and expense reimbursements is reflected for only the first year in the below examples. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 171px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 59px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">3 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 171px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Emerging Markets Equity Fund — Class F Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">145</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">449</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">776</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1,702</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 145 449 776 1702 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 75% of the average value of its portfolio.</span></p> 0.75 Principal Investment Strategies <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Emerging Markets Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of emerging market issuers. Equity securities include equity-linked securities, common stocks, preferred stock, warrants, participation notes and depositary receipts of all capitalization ranges. The Fund normally maintains investments in at least six emerging market countries, however, it may invest a substantial amount of its assets in issuers located in a </span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">single country or a limited number of countries. Due to the size of its economy relative to other emerging market countries, it is expected that China will generally constitute a significant exposure in the Fund and may include investments in variable interest entities (VIEs). Emerging market countries are those countries that: (i) are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) are included in an emerging markets index by a recognized index provider; or (iii) have similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. SIMC and one or more Sub-Advisers may apply a quantitative investment style, which generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest in swaps based on a single security or an index of securities, futures contracts, forward contracts and options to synthetically obtain exposure to securities or baskets of securities or for hedging purposes, including seeking to manage the Fund's currency exposure to foreign securities and mitigate the Fund's overall risk. Swaps may be used to obtain exposure to different foreign equity markets.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may purchase futures contracts or shares of exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly. The Fund may also invest a portion of its assets in securities of companies located in developed foreign countries.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Market Risk</i> — 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. Equity 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, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Investment/Emerging Markets Risk</i> — 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 because 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 </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Country Concentration Risk</i> — The Fund's concentration of its assets in issuers located in a single country or a limited number of countries will increase the impact of, and potential losses associated with, the risks set forth in the Foreign Investment/Emerging Markets Risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Risk of Investing in China</i> — Because China is an emerging market that may be subject to considerable government intervention and varying degrees of economic, political and social instability, such investments may be subject to greater risk of stock market, interest rate, and currency fluctuations, as well as inflation. In addition, periodic U.S. Government restrictions on investments in Chinese companies may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Investment Style Risk</i> — The risk that emerging market equity securities may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Currency Risk</i> — As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Small and Medium Capitalization Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Depositary Receipts Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Preferred Stock Risk</i> — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Participation Notes (P-Notes) Risk</i> — 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 </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Warrants Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Derivatives Risk</i> — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of the above risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. 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 shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Credit Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Leverage Risk</i> — The Fund's use of derivatives 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Liquidity Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Exchange-Traded Funds (ETFs) Risk</i> — 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-DIAL-SEI <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <p style="margin:0pt 0pt 0pt 0pt"><img alt="" src="j2619232_ba003.jpg" style="-sec-ix-hidden: hidden-fact-5"/> </p></td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 137px; text-align: left;" valign="bottom"> <span style="font-size:8pt; font-family: Arial, Helvetica;">Best Quarter: 20.87% (06/30/2020)<br/>Worst Quarter: -25.69% (03/31/2020)<br/> <br/> <br/> <br/> <br/> <br/> <br/> <br/> </span></td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2087 2020-06-30 Worst Quarter: -0.2569 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">Emerging Markets Equity Fund — Class F Shares</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 61px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 86px; text-align: center;" valign="bottom"> <span style="-sec-ix-redline:true;font-size:7pt; font-family: Arial, Helvetica;">Since<br/>Inception<br/>(1/17/1995)</span> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return Before Taxes</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">35.91</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.71</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.76</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.82</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">34.54</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.04</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.39</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.34</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">22.19</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.02</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">6.47</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">MSCI ACWI ex-USA Index (net) (reflects no deduction for fees or expenses)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">32.39</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.91</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.41</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">6.14</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%*</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true"> <span style="font-size:8pt; font-family: Arial, Helvetica;">MSCI Emerging Markets Index Return (net) (reflects no deduction for <br/>fees or expenses)</span> </span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">33.57</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.20</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.42</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"><div style="-sec-ix-hidden: hidden-fact-0"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">NA^†​</span></p> </div></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="margin:15pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">^†​ The MSCI Emerging Markets Index Return (net) for the "Since Inception" period is not provided because returns for the MSCI Emerging Markets Index Return (net) are not available prior to 1999.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">* Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (1/17/1995 – 1/31/1995). Annualization calculation of the inception to date returns is based on the actual inception date (1/17/1995).</span></p> 1995-01-17 Return Before Taxes 0.3591 0.0371 0.0776 0.0482 Return After Taxes on Distributions 0.3454 0.0304 0.0739 0.0434 Return After Taxes on Distributions and Sale of Fund Shares 0.2219 0.0302 0.0647 0.0415 MSCI ACWI ex-USA Index (net) (reflects no deduction for fees or expenses) (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0841 0.0614 MSCI Emerging Markets Index Return (net) (reflects no deduction for fees or expenses) 0.3357 0.042 0.0842 INTERNATIONAL FIXED INCOME FUND Investment Goal <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Capital appreciation and current income.</span></p> Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 257px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 85px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">Class F Shares</span></p></td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Management Fees</span></p></td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 56px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.30</span></p></td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p></td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Distribution (12b-1) Fees</span></p></td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 56px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">None</span></p></td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px;" valign="bottom">  </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Other Expenses</span></p></td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 56px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.74</span></p></td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p></td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Total Annual Fund Operating Expenses</span></p></td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 56px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.04</span></p></td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 21px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p></td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.003 0 0.0074 0.0104 EXAMPLE <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 171px;" valign="bottom">  </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 59px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p></td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">3 Years</span></p></td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p></td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p></td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 171px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">International Fixed Income Fund — Class F Shares</span></p></td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">106</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">331</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">574</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1,271</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 106 331 574 1271 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 87% of the average value of its portfolio.</span></p> 0.87 Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the International Fixed Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund will invest primarily in investment grade foreign government and corporate fixed income securities, as well as foreign mortgage-backed and/or asset-backed fixed income securities, of issuers located in at least three countries other than the U.S. (including, to a lesser extent, emerging market countries). It is expected that at least 40% </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">of the Fund's assets will be invested in non-U.S. securities. Other fixed income securities in which the Fund may invest include: (i) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. commercial banks, such as certificates of deposit, time deposits, bankers' acceptances and bank notes; (ii) U.S. corporate debt securities and mortgage-backed and asset-backed securities; and (iii) obligations of supranational entities. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SEI Investments Management Corporation (SIMC), the Fund's adviser. In selecting investments for the Fund, the Sub-Advisers choose securities issued by corporations and governments located in various countries, looking for opportunities to achieve capital appreciation and gain, as well as current income. There are no restrictions on the Fund's average portfolio maturity or on the maturity of any specific security.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Sub-Advisers may seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers buy and sell currencies (<i>i.e.</i>, take long or short positions) using derivatives, principally futures, foreign currency forward contracts and currency swaps. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may also invest in futures contracts, forward contracts and swaps for speculative or hedging purposes. Futures contracts, forward contracts and swaps are used to synthetically obtain exposure to the securities identified above or baskets of such securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund will also invest in securities rated below investment grade (junk bonds). However, in general, the Fund will purchase bonds with a rating of CCC or above. The Fund also invests a portion of its assets in bank loans, which are generally non-investment grade floating rate instruments. The Fund may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may purchase shares of exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Market Risk</i> — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, 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 further decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities 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, epidemics, pandemics 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Investment/Emerging Markets Risk</i> — 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 because 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Investment Style Risk</i> — The risk that developed international fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Non-Diversified Risk</i> — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended (the Code) for classification as a regulated investment company (RIC).</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Interest Rate Risk</i> — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Duration Risk</i> — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Corporate Fixed Income Securities Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Credit Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Sovereign Debt Securities Risk</i> — The risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Derivatives Risk</i> — The Fund's use of swaps, futures and forward contracts is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of swaps and forward contracts is also subject to credit risk and valuation risk. Credit risk is described above. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of the above risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. 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 shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Currency Risk</i> — As a result of the Fund's investments in active positions in currencies and securities or other investments denominated in, and/or receiving revenues in, foreign currencies and the Fund's active management of its currency exposures, the Fund will be subject to 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. Due to the Fund's active positions in currencies, it will be subject to the risk that 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Asset-Backed Securities Risk</i> — 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. </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund acquires.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Below Investment Grade Securities (Junk Bonds) Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Leverage Risk</i> — The Fund's use of derivatives 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Liquidity Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>U.S. Government Securities Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Bank Loans Risk</i> — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Mortgage-Backed Securities Risk</i> — 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 refinancing 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Extension Risk</i> — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Prepayment Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Exchange-Traded Funds (ETFs) Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Portfolio Turnover Risk</i> — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-DIAL-SEI <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <p style="margin:0pt 0pt 0pt 0pt"><img alt="" src="j2619232_ba004.jpg" style="-sec-ix-hidden: hidden-fact-6"/> </p></td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 137px; text-align: left;" valign="bottom"> <span style="font-size:8pt; font-family: Arial, Helvetica;">Best Quarter: 5.83% (12/31/2023)<br/>Worst Quarter: -4.10% (06/30/2022)<br/> <br/> <br/> <br/> <br/> <br/> <br/> <br/> </span></td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0583 2023-12-31 Worst Quarter: -0.041 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">International Fixed Income Fund — Class F Shares</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 61px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 86px; text-align: center;" valign="bottom"> <span style="-sec-ix-redline:true;font-size:7pt; font-family: Arial, Helvetica;">Since<br/>Inception<br/>(9/1/1993)</span> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return Before Taxes</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.78</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.05</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.78</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.56</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.65</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">-1.26</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.70</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.09</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.65</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">-0.51</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.91</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.19</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true"> <span style="font-size:8pt; font-family: Arial, Helvetica;">Bloomberg Global Aggregate Index (reflects no deduction for <br/>fees, expenses or taxes)</span> </span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.17</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">-2.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.26</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.77</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%^†​</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true"> <span style="font-size:8pt; font-family: Arial, Helvetica;">Bloomberg Global Aggregate ex-US Index, Hedged Return (reflects no <br/>deduction for fees, expenses or taxes)</span> </span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.80</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.79</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.58</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.81</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="-sec-ix-redline:true;margin:15pt 0pt 0pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">^†​ Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (9/1/1993 – 9/30/1993). Annualization calculation of the inception to date returns is based on the actual inception date (9/1/1993).</span></p> 1993-09-01 Return Before Taxes 0.0278 0.0005 0.0178 0.0356 Return After Taxes on Distributions 0.0165 -0.0126 0.007 0.0209 Return After Taxes on Distributions and Sale of Fund Shares 0.0165 -0.0051 0.0091 0.0219 Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0817 -0.0215 0.0126 0.0377 Bloomberg Global Aggregate ex-US Index, Hedged Return (reflects no deduction for fees, expenses or taxes) 0.028 0.0079 0.0258 0.0481 EMERGING MARKETS DEBT FUND Investment Goal <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Maximize total return.</span></p> Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 257px; text-align: left;" valign="bottom"> <div style="-sec-ix-redline:true;-keep: true"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">(expenses that you pay each year as a percentage of the value of your investment)</span></p> </div> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 85px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">Class F Shares</span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 56px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.60</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Distribution (12b-1) Fees</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 56px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">None</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Other Expenses</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 56px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.73</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Total Annual Fund Operating Expenses</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 56px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.33</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.006 0 0.0073 0.0133 EXAMPLE <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 171px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 59px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">3 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 171px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Emerging Markets Debt Fund — Class F Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">135</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">421</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">729</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1,601</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 135 421 729 1601 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 149% of the average value of its portfolio.</span></p> 1.49 Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Emerging Markets Debt Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities of emerging market issuers. The Fund will invest in debt securities of government, government-related, supranational entities, and corporate issuers in emerging market countries, as well as debt securities of entities organized to restructure the outstanding debt of any such issuers. The Fund may obtain its exposures by investing directly </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">(<i>e.g.</i>, in fixed income securities and other instruments) or indirectly/synthetically (<i>e.g.</i>, through the use of derivative instruments, principally futures contracts, forward contracts and swaps and structured securities, such as credit-linked and inflation-linked notes). The Fund may invest in swaps based on a single security or an index of securities, including interest rate swaps, credit default swaps, currency swaps and fully-funded total return swaps. Emerging market countries are those countries that: (i) are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) are included in an emerging markets index by a recognized index provider; or (iii) have similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SEI Investments Management Corporation (SIMC), the Fund's adviser. The Sub-Advisers will spread the Fund's holdings across a number of countries and industries to limit its exposure to any single emerging market economy and may not invest more than 25% of its assets in any single country. There are no restrictions on the Fund's average portfolio maturity or on the maturity of any specific security. There is no minimum rating standard for the Fund's securities, and the Fund's securities will generally be in the lower or lowest rating categories (including those below the fourth highest rating category by a Nationally Recognized Statistical Rating Organization (NRSRO), commonly referred to as junk bonds).</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Sub-Advisers may seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers buy and sell currencies (<i>i.e.</i>, take long or short positions) using derivatives, principally futures, foreign currency forward contracts, options on foreign currencies and currency swaps. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may also invest in futures contracts, forward contracts and swaps for speculative or hedging purposes. Futures contracts, forward contracts and swaps are used to synthetically obtain exposure to the securities identified above or baskets of such securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may purchase shares of exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Market Risk</i> — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, 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 further decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities 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, epidemics, pandemics 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Investment/Emerging Markets Risk</i> — 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 because 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Investment Style Risk</i> — The risk that emerging market debt securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Non-Diversified Risk</i> — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended (the Code) for classification as a regulated investment company (RIC).</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Currency Risk</i> — As a result of the Fund's investments in active positions in currencies and securities or other investments denominated in, and/or receiving revenues in, foreign currencies and the Fund's active management of its currency exposures, the Fund will be subject to 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. Due to the Fund's active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Liquidity Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Sovereign Debt Securities Risk</i> — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Below Investment Grade Securities (Junk Bonds) Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Duration Risk</i> — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Interest Rate Risk</i> — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Credit Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Corporate Fixed Income Securities Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Extension Risk</i> — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Prepayment Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Derivatives Risk</i> — The Fund's use of futures contracts, forward contracts, options, swaps and credit-linked notes is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk and liquidity risk </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">are described above, and leverage risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts, options, credit-linked notes and swap agreements is also subject to credit risk and valuation risk. Credit risk is described above. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of the above risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. 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 shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Leverage Risk</i> — The Fund's use of derivatives 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Structured Securities Risk</i> — The payment and credit qualities of structured securities derive from their underlying assets, and they may behave in ways not anticipated by the Fund, or they may not receive tax, accounting or regulatory treatment anticipated by the Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Exchange-Traded Funds (ETFs) Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Portfolio Turnover Risk</i> — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-DIAL-SEI <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <p style="margin:0pt 0pt 0pt 0pt"><img alt="" src="j2619232_ba005.jpg" style="-sec-ix-hidden: hidden-fact-7"/> </p></td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 137px; text-align: left;" valign="bottom"> <span style="font-size:8pt; font-family: Arial, Helvetica;">Best Quarter: 12.67% (06/30/2020)<br/>Worst Quarter: -16.72% (03/31/2020)<br/> <br/> <br/> <br/> <br/> <br/> <br/> <br/> </span></td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1267 2020-06-30 Worst Quarter: -0.1672 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table compares the Fund's average annual total returns to those of the Bloomberg Global Aggregate Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. The Fund's additional indexes are the J.P. Morgan EMBI Global Diversified Index Return and the Fund's blended benchmark that is composed of the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index and the J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index weighted 50%/50%.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span></p> This table compares the Fund's average annual total returns to those of the Bloomberg Global Aggregate Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. The Fund's additional indexes are the J.P. Morgan EMBI Global Diversified Index Return and the Fund's blended benchmark that is composed of the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index and the J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index weighted 50%/50% After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">Emerging Markets Debt Fund — Class F Shares</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 61px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 86px; text-align: center;" valign="bottom"> <span style="-sec-ix-redline:true;font-size:7pt; font-family: Arial, Helvetica;">Since<br/>Inception<br/>(6/26/1997)</span> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return Before Taxes</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">19.85</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.15</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.21</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">6.52</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">16.73</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.32</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.82</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.14</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">11.63</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.79</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.64</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.18</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true"> <span style="font-size:8pt; font-family: Arial, Helvetica;">Bloomberg Global Aggregate Index (reflects no deduction for <br/>fees, expenses or taxes)</span> </span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.17</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">-2.15</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.26</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.44</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%*</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true"> <span style="font-size:8pt; font-family: Arial, Helvetica;">J.P. Morgan EMBI Global Diversified Index Return (reflects no deduction for <br/>fees, expenses or taxes)</span> </span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">14.30</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.78</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.40</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.07</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; text-align: left;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true"> <span style="font-size:8pt; font-family: Arial, Helvetica;">The Fund's Blended Benchmark Return (reflects no deduction for <br/>fees, expenses or taxes)</span> </span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">16.79</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.48</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.19</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 53px; text-align: right;" valign="bottom"><div style="-sec-ix-hidden: hidden-fact-1"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">NA^†​</span></p> </div></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="-sec-ix-redline:true;margin:15pt 0pt 9pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">* Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (6/26/1997 – 6/30/1997). Annualization calculation of the inception to date returns is based on the actual inception date (6/26/1997).</span></p> <p style="margin:0pt 0pt 9pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">^†​ The Blended Benchmark Return for the "Since Inception" period is not provided because returns for the J.P. Morgan GBI-EM Global Diversified Index Return are not available prior to 2003.</span></p> 1997-06-26 Return Before Taxes 0.1985 0.0215 0.0421 0.0652 Return After Taxes on Distributions 0.1673 0.0032 0.0282 0.0414 Return After Taxes on Distributions and Sale of Fund Shares 0.1163 0.0079 0.0264 0.0418 Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0817 -0.0215 0.0126 0.0344 J.P. Morgan EMBI Global Diversified Index Return (reflects no deduction for fees, expenses or taxes) 0.143 0.0178 0.044 0.0707 The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 0.1679 0.0148 0.0419 INTERNATIONAL EQUITY FUND Investment Goal <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Long-term capital appreciation.</span></p> Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 257px; text-align: left;" valign="bottom"> <div style="-sec-ix-redline:true;-keep: true"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">(expenses that you pay each year as a percentage of the value of your investment)</span></p> </div> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 84px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">Class I Shares</span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.51</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Distribution (12b-1) Fees</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">None</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Other Expenses</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.86</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Total Annual Fund Operating Expenses</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 55px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.37</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0051 0 0.0086 0.0137 EXAMPLE <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 148px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 59px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">3 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 148px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">International Equity Fund — Class I Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">139</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">434</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">750</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1,646</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 139 434 750 1646 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 89% of the average value of its portfolio.</span></p> 0.89 Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the International Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. Equity securities may include common stocks, preferred stocks, warrants, participation notes and depositary receipts. The Fund will invest primarily in equity securities of issuers of all capitalization ranges that are located in at least three countries other than the U.S. It is expected that at least 40% of the Fund's assets will be invested outside the U.S. The Fund will invest primarily in companies located in developed countries, but may also invest in companies </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">located in emerging markets. Generally, the Fund will invest less than 20% of its assets in emerging markets. Emerging market countries are those countries that: (i) are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) are included in an emerging markets index by a recognized index provider; or (iii) have similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. One or more Sub-Advisers may apply a quantitative investment style, which generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A Sub-Adviser may take long positions with respect to investments it believes to be undervalued and likely to increase in price, while also taking short positions (including through derivative instruments) with respect to investments it believes to be overvalued and likely to decrease in price.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest in futures contracts, forward contracts, options and swaps for hedging or investment purposes, including seeking to manage the Fund's currency exposure to foreign securities and mitigate the Fund's overall risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may purchase futures contracts or shares of exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Market Risk</i> — 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. Equity 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, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Investment/Emerging Markets Risk</i> — 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 because 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 </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Investment Style Risk</i> — The risk that developed international and emerging markets equity securities may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Currency Risk</i> — As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Small and Medium Capitalization Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Depositary Receipts Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Preferred Stock Risk</i> — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Participation Notes (P-Notes) Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Warrants Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Derivatives Risk</i> — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of the above risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. 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 shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Long/Short Risk</i> — The Fund seeks long exposure to certain financial instruments and short exposure to certain other financial instruments. There is no guarantee that the returns on the Fund's long or short positions will produce positive returns and the Fund could lose money if either or both the Fund's long and short positions produce negative returns.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Credit Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Leverage Risk</i> — The Fund's use of derivatives 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Liquidity Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Exchange-Traded Funds (ETFs) Risk</i> — 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</span></p> The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-DIAL-SEI <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <p style="margin:0pt 0pt 0pt 0pt"><img alt="" src="j2619233_ba002.jpg" style="-sec-ix-hidden: hidden-fact-8"/> </p></td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 136px; text-align: left;" valign="bottom"> <span style="font-size:8pt; font-family: Arial, Helvetica;">Best Quarter: 20.23% (06/30/2020)<br/>Worst Quarter: -25.35% (03/31/2020)<br/> <br/> <br/> <br/> <br/> <br/> <br/> <br/> </span></td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2023 2020-06-30 Worst Quarter: -0.2535 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 256px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">International Equity Fund — Class I Shares*</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 62px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 86px; text-align: center;" valign="bottom"> <span style="-sec-ix-redline:true;font-size:7pt; font-family: Arial, Helvetica;">Since<br/>Inception<br/>(12/20/1989)</span> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 256px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return Before Taxes</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">36.60</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">9.53</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.33</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.48</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 256px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">31.62</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.34</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.17</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.54</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 256px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">24.39</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.14</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">6.61</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.43</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 256px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">MSCI ACWI ex-USA Index (net) (reflects no deduction for fees or expenses)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">32.39</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.91</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.41</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">5.46</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%^†​</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 256px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">MSCI EAFE Index Return (net) (reflects no deduction for fees or expenses)</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">31.22</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.92</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.18</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">5.29</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="margin:15pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">* The Fund's Class I Shares commenced operations on January 4, 2002. Therefore, the Fund's average annual total returns for the periods prior to that time are based on the average annual total returns of the Class F Shares, adjusted for the higher expenses of the Class I Shares.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">^†​ Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (12/20/1989 – 12/31/1989). Annualization calculation of the inception to date returns is based on the actual inception date (12/20/1989).</span></p> 1989-12-20 Return Before Taxes 0.366 0.0953 0.0833 0.0448 Return After Taxes on Distributions 0.3162 0.0734 0.0717 0.0354 Return After Taxes on Distributions and Sale of Fund Shares 0.2439 0.0714 0.0661 0.0343 MSCI ACWI ex-USA Index (net) (reflects no deduction for fees or expenses) (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0841 0.0546 MSCI EAFE Index Return (net) (reflects no deduction for fees or expenses) 0.3122 0.0892 0.0818 0.0529 INTERNATIONAL EQUITY FUND Investment Goal <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Long-term capital appreciation.</span></p> Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 257px; text-align: left;" valign="bottom"> <div style="-sec-ix-redline:true;-keep: true"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">(expenses that you pay each year as a percentage of the value of your investment)</span></p> </div> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 86px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">Class Y Shares</span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 57px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.51</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Distribution (12b-1) Fees</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 57px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">None</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Other Expenses</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 57px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.36</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Total Annual Fund Operating Expenses</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 57px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.87</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0051 0 0.0036 0.0087 EXAMPLE <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 173px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 59px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">3 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 173px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">International Equity Fund — Class Y Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">89</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">278</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">482</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1,073</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 89 278 482 1073 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 89% of the average value of its portfolio.</span></p> 0.89 Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the International Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. Equity securities may include common stocks, preferred stocks, warrants, participation notes and depositary receipts. The Fund will invest primarily in equity securities of issuers of all capitalization ranges that are located in at least three countries other than the U.S. It is expected that at least 40% of the Fund's assets will be invested outside the U.S. The </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Fund will invest primarily in companies located in developed countries, but may also invest in companies located in emerging markets. Generally, the Fund will invest less than 20% of its assets in emerging markets. Emerging market countries are those countries that: (i) are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) are included in an emerging markets index by a recognized index provider; or (iii) have similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase. </span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. One or more Sub-Advisers may apply a quantitative investment style, which generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A Sub-Adviser may take long positions with respect to investments it believes to be undervalued and likely to increase in price, while also taking short positions (including through derivative instruments) with respect to investments it believes to be overvalued and likely to decrease in price.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest in futures contracts, forward contracts, options and swaps for hedging or investment purposes, including seeking to manage the Fund's currency exposure to foreign securities and mitigate the Fund's overall risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may purchase futures contracts or shares of exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Market Risk</i> — 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. Equity 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, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Investment/Emerging Markets Risk</i> — 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 because 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 </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Investment Style Risk</i> — The risk that developed international and emerging markets equity securities may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Currency Risk</i> — As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Small and Medium Capitalization Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Depositary Receipts Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Preferred Stock Risk </i>— Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Participation Notes (P-Notes) Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Warrants Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Derivatives Risk</i> — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of the above risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. 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 shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Long/Short Risk</i> — The Fund seeks long exposure to certain financial instruments and short exposure to certain other financial instruments. There is no guarantee that the returns on the Fund's long or short positions will produce positive returns and the Fund could lose money if either or both the Fund's long and short positions produce negative returns.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Credit Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Leverage Risk</i> — The Fund's use of derivatives 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Liquidity Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Exchange-Traded Funds (ETFs) Risk</i> — 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-DIAL-SEI <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <p style="margin:0pt 0pt 0pt 0pt"><img alt="" src="j2619234_ba002.jpg" style="-sec-ix-hidden: hidden-fact-9"/> </p></td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 137px; text-align: left;" valign="bottom"> <span style="font-size:8pt; font-family: Arial, Helvetica;">Best Quarter: 20.30% (06/30/2020)<br/>Worst Quarter: -25.22% (03/31/2020)</span></td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.203 2020-06-30 Worst Quarter: -0.2522 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 288px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">International Equity Fund*</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 62px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;" valign="bottom"> <span style="-sec-ix-redline:true;font-size:7pt; font-family: Arial, Helvetica;">Since<br/>Inception<br/>(12/20/1989)</span> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return Before Taxes</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">37.28</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">10.06</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.87</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.81</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">31.78</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.66</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.53</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.80</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">24.92</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.49</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.00</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.70</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">MSCI ACWI ex-USA Index (net) (reflects no deduction for fees or expenses)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">32.39</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.91</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.41</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">5.46</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%^†​</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">MSCI EAFE Index Return (net) (reflects no deduction for fees or expenses)</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">31.22</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.92</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.18</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">5.29</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="margin:14pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that the classes do not have the same total annual fund operating expenses.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">^†​ Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (12/20/1989 – 12/31/1989). Annualization calculation of the inception to date returns is based on the actual inception date (12/20/1989).</span></p> 1989-12-20 Return Before Taxes 0.3728 0.1006 0.0887 0.0481 Return After Taxes on Distributions 0.3178 0.0766 0.0753 0.038 Return After Taxes on Distributions and Sale of Fund Shares 0.2492 0.0749 0.07 0.037 MSCI ACWI ex-USA Index (net) (reflects no deduction for fees or expenses) (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0841 0.0546 MSCI EAFE Index Return (net) (reflects no deduction for fees or expenses) 0.3122 0.0892 0.0818 0.0529 EMERGING MARKETS EQUITY FUND Investment Goal <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Capital appreciation.</span></p> Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 257px; text-align: left;" valign="bottom"> <div style="-sec-ix-redline:true;-keep: true"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">(expenses that you pay each year as a percentage of the value of your investment)</span></p> </div> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 86px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">Class Y Shares</span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 57px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.70</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Distribution (12b-1) Fees</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 57px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">None</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Other Expenses</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 57px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.47</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Total Annual Fund Operating Expenses</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 57px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.17</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.007 0 0.0047 0.0117 EXAMPLE <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The effect of the Fund's fee waivers and expense reimbursements is reflected for only the first year in the below examples. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 173px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 59px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">3 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 173px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Emerging Markets Equity Fund — Class Y Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">119</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">372</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">644</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1,420</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 119 372 644 1420 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 75% of the average value of its portfolio.</span></p> 0.75 Principal Investment Strategies <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Emerging Markets Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of emerging market issuers. Equity securities include equity-linked securities, common stocks, preferred stock, warrants, participation notes and depositary receipts of all capitalization ranges. The Fund normally maintains investments in at least six emerging market countries, however, it may invest a substantial amount of its assets in issuers located in a </span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">single country or a limited number of countries. Due to the size of its economy relative to other emerging market countries, it is expected that China will generally constitute a significant exposure in the Fund and may include investments in variable interest entities (VIEs). Emerging market countries are those countries that: (i) are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) are included in an emerging markets index by a recognized index provider; or (iii) have similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SIMC. SIMC and one or more Sub-Advisers may apply a quantitative investment style, which generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest in swaps based on a single security or an index of securities, futures contracts, forward contracts and options to synthetically obtain exposure to securities or baskets of securities or for hedging purposes, including seeking to manage the Fund's currency exposure to foreign securities and mitigate the Fund's overall risk. Swaps may be used to obtain exposure to different foreign equity markets.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may purchase futures contracts or shares of exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly. The Fund may also invest a portion of its assets in securities of companies located in developed foreign countries.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Market Risk</i> — 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. Equity 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, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Investment/Emerging Markets Risk</i> — 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 because 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 </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Country Concentration Risk — </i>The Fund's concentration of its assets in issuers located in a single country or a limited number of countries will increase the impact of, and potential losses associated with, the risks set forth in the Foreign Investment/Emerging Markets Risk.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Risk of Investing in China</i> — Because China is an emerging market that may be subject to considerable government intervention and varying degrees of economic, political and social instability, such investments may be subject to greater risk of stock market, interest rate, and currency fluctuations, as well as inflation. In addition, periodic U.S. Government restrictions on investments in Chinese companies may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Investment Style Risk</i> — The risk that emerging market equity securities may underperform other segments of the equity markets or the equity markets as a whole.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Currency Risk</i> — As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Small and Medium Capitalization Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Depositary Receipts Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Preferred Stock Risk </i>— Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Participation Notes (P-Notes) Risk</i> — 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 </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Warrants Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Derivatives Risk</i> — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of the above risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. 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 shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Credit Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Leverage Risk</i> — The Fund's use of derivatives 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Liquidity Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Exchange-Traded Funds (ETFs) Risk</i> — 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.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-DIAL-SEI <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <p style="margin:0pt 0pt 0pt 0pt"><img alt="" src="j2619234_ba003.jpg" style="-sec-ix-hidden: hidden-fact-10"/> </p></td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 137px; text-align: left;" valign="bottom"> <span style="font-size:8pt; font-family: Arial, Helvetica;">Best Quarter: 20.87% (06/30/2020)<br/>Worst Quarter: -25.63% (03/31/2020)</span></td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2087 2020-06-30 Worst Quarter: -0.2563 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 288px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">Emerging Markets Equity Fund*</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 62px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;" valign="bottom"> <span style="-sec-ix-redline:true;font-size:7pt; font-family: Arial, Helvetica;">Since<br/>Inception<br/>(1/17/1995)</span> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return Before Taxes</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">36.26</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.97</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.04</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.92</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">34.78</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.21</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.59</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.35</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">22.42</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.19</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">6.68</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.16</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">MSCI ACWI ex-USA Index (net) (reflects no deduction for fees or expenses)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">32.39</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.91</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.41</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">6.14</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%**</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true"> <span style="font-size:8pt; font-family: Arial, Helvetica;">MSCI Emerging Markets Index Return (net) (reflects no deduction for <br/>fees or expenses)</span> </span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">33.57</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.20</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.42</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"><div style="-sec-ix-hidden: hidden-fact-2"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">NA^†​</span></p> </div></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="margin:15pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that the classes do not have the same total annual fund operating expenses.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">** Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (1/17/1995 – 1/31/1995). Annualization calculation of the inception to date returns is based on the actual inception date (1/17/1995).</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">^†​ The MSCI Emerging Markets Index Return (net) for the "Since Inception" period is not provided because returns for the MSCI Emerging Markets Index Return (net) are not available prior to 1999.</span></p> 1995-01-17 Return Before Taxes 0.3626 0.0397 0.0804 0.0492 Return After Taxes on Distributions 0.3478 0.0321 0.0759 0.0435 Return After Taxes on Distributions and Sale of Fund Shares 0.2242 0.0319 0.0668 0.0416 MSCI ACWI ex-USA Index (net) (reflects no deduction for fees or expenses) (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0841 0.0614 MSCI Emerging Markets Index Return (net) (reflects no deduction for fees or expenses) 0.3357 0.042 0.0842 INTERNATIONAL FIXED INCOME FUND Investment Goal <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Capital appreciation and current income.</span></p> Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 257px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 86px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">Class Y Shares</span></p></td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Management Fees</span></p></td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 57px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.30</span></p></td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p></td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Distribution (12b-1) Fees</span></p></td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 57px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">None</span></p></td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px;" valign="bottom">  </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Other Expenses</span></p></td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 57px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.49</span></p></td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p></td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Total Annual Fund Operating Expenses</span></p></td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom">  </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 57px; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.79</span></p></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 21px; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p></td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.003 0 0.0049 0.0079 EXAMPLE <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 173px;" valign="bottom">  </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 59px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p></td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">3 Years</span></p></td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p></td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: center;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p></td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 173px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">International Fixed Income Fund — Class Y Shares</span></p></td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">81</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">252</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">439</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">978</span></p></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom">  </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 81 252 439 978 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 87% of the average value of its portfolio.</span></p> 0.87 Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the International Fixed Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund will invest primarily in investment grade foreign government and corporate fixed income securities, as well as foreign mortgage-backed and/or asset-backed fixed income securities, of issuers located in at least three countries other than the U.S. (including, to a lesser extent, emerging market countries). It is expected that at least 40% </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">of the Fund's assets will be invested in non-U.S. securities. Other fixed income securities in which the Fund may invest include: (i) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. commercial banks, such as certificates of deposit, time deposits, bankers' acceptances and bank notes; (ii) U.S. corporate debt securities and mortgage-backed and asset-backed securities; and (iii) obligations of supranational entities. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. </span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SEI Investments Management Corporation (SIMC), the Fund's adviser. In selecting investments for the Fund, the Sub-Advisers choose securities issued by corporations and governments located in various countries, looking for opportunities to achieve capital appreciation and gain, as well as current income. There are no restrictions on the Fund's average portfolio maturity or on the maturity of any specific security.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Sub-Advisers may seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers buy and sell currencies (<i>i.e.</i>, take long or short positions) using derivatives, principally futures, foreign currency forward contracts and currency swaps. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may also invest in futures contracts, forward contracts and swaps for speculative or hedging purposes. Futures contracts, forward contracts and swaps are used to synthetically obtain exposure to the securities identified above or baskets of such securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund will also invest in securities rated below investment grade (junk bonds). However, in general, the Fund will purchase bonds with a rating of CCC or above. The Fund also invests a portion of its assets in bank loans, which are generally non-investment grade floating rate instruments. The Fund may invest in bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may purchase shares of exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Market Risk</i> — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, 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 further decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities 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, epidemics, pandemics 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Investment/Emerging Markets Risk</i> — 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 because 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Investment Style Risk</i> — The risk that developed international fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Non-Diversified Risk</i> — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended (the Code) for classification as a regulated investment company (RIC).</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Interest Rate Risk</i> — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Duration Risk</i> — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Corporate Fixed Income Securities Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Credit Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Sovereign Debt Securities Risk</i> — The risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Derivatives Risk</i> — The Fund's use of swaps, futures and forward contracts is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of swaps and forward contracts is also subject to credit risk and valuation risk. Credit risk is described above. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of the above risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. 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 shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Currency Risk</i> — As a result of the Fund's investments in active positions in currencies and securities or other investments denominated in, and/or receiving revenues in, foreign currencies and the Fund's active management of its currency exposures, the Fund will be subject to 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. Due to the Fund's active positions in currencies, it will be subject to the risk that 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Asset-Backed Securities Risk</i> — 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. </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund acquires.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Below Investment Grade Securities (Junk Bonds) Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Leverage Risk</i> — The Fund's use of derivatives 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Liquidity Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>U.S. Government Securities Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Bank Loans Risk</i> — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Mortgage-Backed Securities Risk</i> — 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 refinancing 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Extension Risk</i> — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Prepayment Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Exchange-Traded Funds (ETFs) Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Portfolio Turnover Risk </i>— Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-DIAL-SEI <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><img alt="" src="j2619234_ba004.jpg" style="-sec-ix-hidden: hidden-fact-11"/> </p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 137px; text-align: left;" valign="bottom"> <span style="-sec-ix-redline:true;font-size:8pt; font-family: Arial, Helvetica;">Best Quarter: 5.80% (12/31/2023)<br/>Worst Quarter: -4.09% (06/30/2022)</span> </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.058 2023-12-31 Worst Quarter: -0.0409 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table compares the Fund's average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund's investment strategy.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 288px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">International Fixed Income Fund*</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 62px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;" valign="bottom"> <span style="-sec-ix-redline:true;font-size:7pt; font-family: Arial, Helvetica;">Since<br/>Inception<br/>(9/1/1993)</span> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return Before Taxes</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.90</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.29</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.02</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.64</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.67</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">-1.08</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.87</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.14</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.72</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">-0.36</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.07</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.24</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; text-align: left;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true"> <span style="font-size:8pt; font-family: Arial, Helvetica;">Bloomberg Global Aggregate Index (reflects no deduction for fees, <br/>expenses or taxes)</span> </span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.17</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">-2.15</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.26</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.77</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%^†​</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true"> <span style="font-size:8pt; font-family: Arial, Helvetica;">Bloomberg Global Aggregate ex-US Index, Hedged Return (reflects no <br/>deduction for fees, expenses or taxes)</span> </span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.80</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.79</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.58</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.81</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> <p style="margin:15pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">* The Fund's Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that the classes do not have the same total annual fund operating expenses.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">^†​ Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (9/1/1993 – 9/30/1993). Annualization calculation of the inception to date returns is based on the actual inception date (9/1/1993).</span></p> 1993-09-01 Return Before Taxes 0.029 0.0029 0.0202 0.0364 Return After Taxes on Distributions 0.0167 -0.0108 0.0087 0.0214 Return After Taxes on Distributions and Sale of Fund Shares 0.0172 -0.0036 0.0107 0.0224 Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0817 -0.0215 0.0126 0.0377 Bloomberg Global Aggregate ex-US Index, Hedged Return (reflects no deduction for fees, expenses or taxes) 0.028 0.0079 0.0258 0.0481 EMERGING MARKETS DEBT FUND Investment Goal <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Maximize total return.</span></p> Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table describes the fees and expenses that you may pay if you buy, hold and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below.</span></p> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 257px; text-align: left;" valign="bottom"> <div style="-sec-ix-redline:true;-keep: true"> <p style="margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">(expenses that you pay each year as a percentage of the value of your investment)</span></p> </div> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 86px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">Class Y Shares</span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Management Fees</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 57px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.60</span></p> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Distribution (12b-1) Fees</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 57px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">None</span></p> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Other Expenses</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 57px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.48</span></p> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Total Annual Fund Operating Expenses</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 57px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.08</span></p> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.006 0 0.0048 0.0108 EXAMPLE <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. </span></p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 173px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 59px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">3 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 173px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Emerging Markets Debt Fund — Class Y Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">110</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">343</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">595</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 19px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">$</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1,317</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 110 343 595 1317 PORTFOLIO TURNOVER <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 149% of the average value of its portfolio.</span></p> 1.49 Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Emerging Markets Debt Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities of emerging market issuers. The Fund will invest in debt securities of government, government-related, supranational entities, and corporate issuers in emerging market countries, as well as debt securities of entities organized to restructure the outstanding debt of any such issuers. The Fund may obtain its exposures by investing directly (<i>e.g.</i>, in fixed income securities and other instruments) or indirectly/synthetically (<i>e.g.</i>, through the use of derivative </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">instruments, principally futures contracts, forward contracts and swaps and structured securities, such as credit-linked and inflation-linked notes). The Fund may invest in swaps based on a single security or an index of securities, including interest rate swaps, credit default swaps, currency swaps and fully-funded total return swaps. Emerging market countries are those countries that: (i) are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) are included in an emerging markets index by a recognized index provider; or (iii) have similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SEI Investments Management Corporation (SIMC), the Fund's adviser. The Sub-Advisers will spread the Fund's holdings across a number of countries and industries to limit its exposure to any single emerging market economy and may not invest more than 25% of its assets in any single country. There are no restrictions on the Fund's average portfolio maturity or on the maturity of any specific security. There is no minimum rating standard for the Fund's securities, and the Fund's securities will generally be in the lower or lowest rating categories (including those below the fourth highest rating category by a Nationally Recognized Statistical Rating Organization (NRSRO), commonly referred to as junk bonds).</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Sub-Advisers may seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers buy and sell currencies (<i>i.e.</i>, take long or short positions) using derivatives, principally futures, foreign currency forward contracts, options on foreign currencies and currency swaps. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing the Fund's currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may also invest in futures contracts, forward contracts and swaps for speculative or hedging purposes. Futures contracts, forward contracts and swaps are used to synthetically obtain exposure to the securities identified above or baskets of such securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities, currencies or market segments. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may purchase shares of exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Market Risk</i> — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, 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 further decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities 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, epidemics, pandemics 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Investment/Emerging Markets Risk</i> — 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 because 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Investment Style Risk</i> — The risk that emerging market debt securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Non-Diversified Risk</i> — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended (the Code) for classification as a regulated investment company (RIC).</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Currency Risk</i> — As a result of the Fund's investments in active positions in currencies and securities or other investments denominated in, and/or receiving revenues in, foreign currencies and the Fund's active management of its currency exposures, the Fund will be subject to 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. Due to the Fund's active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Liquidity Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Foreign Sovereign Debt Securities Risk</i> — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Below Investment Grade Securities (Junk Bonds) Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Duration Risk</i> — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Interest Rate Risk</i> — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Credit Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Corporate Fixed Income Securities Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Extension Risk</i> — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Prepayment Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Derivatives Risk</i> — The Fund's use of futures contracts, forward contracts, options, swaps and credit-linked notes is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk and liquidity risk </span></p><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">are described above, and leverage risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts, options, credit-linked notes and swap agreements is also subject to credit risk and valuation risk. Credit risk is described above. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of the above risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. 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 shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Leverage Risk</i> — The Fund's use of derivatives 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Structured Securities Risk</i> — The payment and credit qualities of structured securities derive from their underlying assets, and they may behave in ways not anticipated by the Fund, or they may not receive tax, accounting or regulatory treatment anticipated by the Fund.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Exchange-Traded Funds (ETFs) Risk</i> — 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.</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;"><i>Portfolio Turnover Risk </i>— Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.</span></p> You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The performance information shown is based on full calendar years. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</span></p> The bar chart and the performance table below provide some indication of the risks of investing in the Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1-800-DIAL-SEI <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <p style="margin:0pt 0pt 0pt 0pt"><img alt="" src="j2619234_ba005.jpg" style="-sec-ix-hidden: hidden-fact-12"/> </p></td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 137px; text-align: left;" valign="bottom"> <span style="font-size:8pt; font-family: Arial, Helvetica;">Best Quarter: 12.77% (06/30/2020)<br/>Worst Quarter: -16.65% (03/31/2020)<br/><br/><br/><br/><br/><br/><br/><br/></span></td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1277 2020-06-30 Worst Quarter: -0.1665 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">This table compares the Fund's average annual total returns to those of the Bloomberg Global Aggregate Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. The Fund's additional indexes are the J.P. Morgan EMBI Global Diversified Index Return and the Fund's blended benchmark that is composed of the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index and the J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index weighted 50%/50%.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span></p> This table compares the Fund's average annual total returns to those of the Bloomberg Global Aggregate Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. The Fund's additional indexes are the J.P. Morgan EMBI Global Diversified Index Return and the Fund's blended benchmark that is composed of the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index and the J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index weighted 50%/50%. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the Fund's return after taxes may exceed the Fund's return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <table border="0" cellpadding="0" style="border-spacing: 0px;" width="100%"> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 288px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">Emerging Markets Debt Fund*</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 62px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">1 Year</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">5 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:7pt; font-family: Arial, Helvetica;">10 Years</span></p> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;" valign="bottom"> <span style="-sec-ix-redline:true;font-size:7pt; font-family: Arial, Helvetica;">Since<br/>Inception<br/>(6/26/1997)</span> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return Before Taxes</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">20.10</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.40</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.47</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">6.62</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">16.82</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.41</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.92</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.19</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Return After Taxes on Distributions and Sale of Fund Shares</span></p> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">11.77</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">0.91</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">2.77</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.23</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt"><span style="font-size:8pt; font-family: Arial, Helvetica;">Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses or taxes)</span></p> </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">8.17</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">-2.15</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.26</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">3.44</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%**</span></p> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; background-color: #cceeff; text-align: left;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true"> <span style="font-size:8pt; font-family: Arial, Helvetica;">J.P. Morgan EMBI Global Diversified Index Return (reflects no deduction for <br/>fees, expenses or taxes)</span> </span> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">14.30</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.78</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.40</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">7.07</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px; background-color: #cceeff; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 288px; text-align: left;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true"> <span style="font-size:8pt; font-family: Arial, Helvetica;">The Fund's Blended Benchmark Return (reflects no deduction for fees, <br/>expenses or taxes)</span> </span> </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">16.79</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">1.48</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">4.19</span></p> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">%</span></p> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 53px; text-align: right;" valign="bottom"><div style="-sec-ix-hidden: hidden-fact-3"> <p style="-sec-ix-redline:true;margin:0pt 0pt 0pt 0pt; white-space:nowrap"><span style="font-size:8pt; font-family: Arial, Helvetica;">NA^†​</span></p> </div></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 28px;" valign="bottom"> <span style="-sec-ix-redline:true;-keep: true">   </span> </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> <p style="margin:15pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">* The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that the classes do not have the same total annual fund operating expenses.</span></p> <p style="-sec-ix-redline:true;margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">** Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (6/26/1997 – 6/30/1997). Annualization calculation of the inception to date returns is based on the actual inception date (6/26/1997).</span></p> <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><span style="font-size:8pt; font-family: Arial, Helvetica;">^†​ The Blended Benchmark Return for the "Since Inception" period is not provided because returns for the J.P. Morgan GBI-EM Global Diversified Index Return are not available prior to 2003.</span></p> 1997-06-26 Return Before Taxes 0.201 0.024 0.0447 0.0662 Return After Taxes on Distributions 0.1682 0.0041 0.0292 0.0419 Return After Taxes on Distributions and Sale of Fund Shares 0.1177 0.0091 0.0277 0.0423 Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0817 -0.0215 0.0126 0.0344 J.P. Morgan EMBI Global Diversified Index Return (reflects no deduction for fees, expenses or taxes) 0.143 0.0178 0.044 0.0707 The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 0.1679 0.0148 0.0419 <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom"><span>Best Quarter: 20.28% (06/30/2020)<br/>Worst Quarter: -25.26% (03/31/2020)<br/></span></td> </tr> </table> <p>&#xa0;</p> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom"><span>Best Quarter: 20.87% (06/30/2020)<br/>Worst Quarter: -25.69% (03/31/2020)</span></td> </tr> </table> <p>&#xa0;</p> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom"><span>Best Quarter: 5.83% (12/31/2023)<br/>Worst Quarter: -4.10% (06/30/2022)</span></td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom"><span>Best Quarter: 12.67% (06/30/2020)<br/>Worst Quarter: -16.72% (03/31/2020)</span></td> </tr> </table> <p>&#xa0;</p> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom"><span>Best Quarter: 20.23% (06/30/2020)<br/>Worst Quarter: -25.35% (03/31/2020)</span></td> </tr> </table> <p>&#xa0;</p> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom"><span>Best Quarter: 20.30% (06/30/2020)<br/>Worst Quarter: -25.22% (03/31/2020)</span></td> </tr> </table> <p>&#xa0;</p> <p>Best Quarter: 20.87% (06/30/2020)<br/>Worst Quarter: -25.63% (03/31/2020)</p> <p>&#xa0;</p> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom"><span>Best Quarter: 5.80% (12/31/2023)<br/>Worst Quarter: -4.09% (06/30/2022)</span></td> </tr> </table> <p>Best Quarter: 12.77% (06/30/2020)<br/>Worst Quarter: -16.65% (03/31/2020)</p> <p>&#xa0;</p> 485BPOS 0000835597 false -0.0053 0.2666 -0.1671 0.2241 0.1136 0.0996 -0.1596 0.1813 0.0675 0.3703 0.1249 0.3727 -0.1867 0.1975 0.1702 -0.0183 -0.2149 0.0980 0.0433 0.3591 0.0456 0.0179 0.0193 0.0655 0.0295 -0.0220 -0.0920 0.0713 0.0253 0.0278 0.0940 0.1425 -0.0873 0.1437 0.0404 -0.0583 -0.1544 0.1355 0.0264 0.1985 -0.0076 0.2631 -0.1699 0.2217 0.1103 0.0967 -0.1615 0.1779 0.0656 0.3660 -0.0031 0.2694 -0.1652 0.2274 0.1171 0.1013 -0.1568 0.1834 0.0705 0.3728 0.1277 0.3758 -0.1842 0.2005 0.1738 -0.0166 -0.2129 0.1009 0.0462 0.3626 0.0475 0.0210 0.0208 0.0681 0.0325 -0.0197 -0.0893 0.0736 0.0286 0.0290 0.0979 0.1454 -0.0848 0.1464 0.0426 -0.0563 -0.1521 0.1388 0.0288 0.2010 Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (12/20/1989 – 12/31/1989). Annualization calculation of the inception to date returns is based on the actual inception date (12/20/1989). Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (1/17/1995 – 1/31/1995). Annualization calculation of the inception to date returns is based on the actual inception date (1/17/1995). The MSCI Emerging Markets Index Return (net) for the "Since Inception" period is not provided because returns for the MSCI Emerging Markets Index Return (net) are not available prior to 1999. Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (9/1/1993 – 9/30/1993). Annualization calculation of the inception to date returns is based on the actual inception date (9/1/1993). Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (6/26/1997 – 6/30/1997). Annualization calculation of the inception to date returns is based on the actual inception date (6/26/1997). The Blended Benchmark Return for the "Since Inception" period is not provided because returns for the J.P. Morgan GBI-EM Global Diversified Index Return are not available prior to 2003. The Fund's Class I Shares commenced operations on January 4, 2002. Therefore, the Fund's average annual total returns for the periods prior to that time are based on the average annual total returns of the Class F Shares, adjusted for the higher expenses of the Class I Shares. Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (12/20/1989 – 12/31/1989). Annualization calculation of the inception to date returns is based on the actual inception date (12/20/1989). Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (12/20/1989 – 12/31/1989). Annualization calculation of the inception to date returns is based on the actual inception date (12/20/1989). The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that the classes do not have the same total annual fund operating expenses. The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that the classes do not have the same total annual fund operating expenses. The MSCI Emerging Markets Index Return (net) for the "Since Inception" period is not provided because returns for the MSCI Emerging Markets Index Return (net) are not available prior to 1999. Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (1/17/1995 – 1/31/1995). Annualization calculation of the inception to date returns is based on the actual inception date (1/17/1995). Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (9/1/1993 – 9/30/1993). Annualization calculation of the inception to date returns is based on the actual inception date (9/1/1993). The Fund's Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that the classes do not have the same total annual fund operating expenses. Benchmark returns since inception do not include the return for the partial month following inception date of the Fund (6/26/1997 – 6/30/1997). Annualization calculation of the inception to date returns is based on the actual inception date (6/26/1997). The Blended Benchmark Return for the "Since Inception" period is not provided because returns for the J.P. Morgan GBI-EM Global Diversified Index Return are not available prior to 2003. The Fund's Class Y Shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that the classes do not have the same total annual fund operating expenses.