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2021-01-01 2025-12-31 0000804239 ck0000804239:doc_MULTIASSET_CAPITAL_STABILITY_FUND_Class_Y_ProspectusMember ck0000804239:index_The_Funds_Blended_Benchmark_Return_reflects_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000804239 ck0000804239:doc_MULTIASSET_CAPITAL_STABILITY_FUND_Class_Y_ProspectusMember ck0000804239:index_The_Funds_Blended_Benchmark_Return_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-04-09 2025-12-31 0000804239 ck0000804239:doc_MULTIASSET_CAPITAL_STABILITY_FUND_Class_Y_ProspectusMember ck0000804239:index_The_Funds_Blended_Benchmark_Return_reflects_no_deduction_for_fees_expenses_or_taxesMember 2026-01-28 2026-01-28 pure iso4217:USD 2026-01-28 N-1A SEI INSTITUTIONAL MANAGED TRUST 2026-01-31 LARGE CAP FUND Investment Goal Long-term growth of capital and income. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class F Shares </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"> Management Fees </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"> 0.39 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.59 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 56px; text-align: right;" valign="bottom"> 0.98 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0039 0 0.0059 0.0098 EXAMPLE 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. 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: 233px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Large Cap Fund — Class F Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 100 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 312 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 542 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,201 </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> 100 312 542 1201 PORTFOLIO TURNOVER 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 42% of the average value of its portfolio. 0.42 Principal Investment Strategies Under normal circumstances, the Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities. 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 and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investment Style Risk — The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Preferred Stock Risk — 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. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Medium Capitalization Risk — The risk that 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, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. 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. 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. 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. 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"> <img alt="" src="j2621702_ba002.jpg" style="-sec-ix-hidden: hidden-fact-3"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 20.21% (06/30/2020) Worst Quarter: -24.00% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2021 2020-06-30 Worst Quarter: -0.24 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 267px; text-align: left;" valign="bottom"> Large Cap Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (9/30/2009) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.59 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.07 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.17 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.13 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 12.61 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 8.72 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 9.61 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 9.77 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.80 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.06 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.45 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.61 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 267px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 14.29 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.37 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.59 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.59 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.18 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2009-09-30 Return Before Taxes 0.1759 0.1207 0.1217 0.1213 Return After Taxes on Distributions 0.1261 0.0872 0.0961 0.0977 Return After Taxes on Distributions and Sale of Fund Shares 0.138 0.0906 0.0945 0.0961 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1429 Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1737 0.1359 0.1459 0.1418 LARGE CAP VALUE FUND Investment Goal Long-term growth of capital and income. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class F Shares </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"> Management Fees </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"> 0.35 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.59 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 56px; text-align: right;" valign="bottom"> 0.94 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0035 0 0.0059 0.0094 EXAMPLE 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. 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: 233px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Large Cap Value Fund — Class F Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 96 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 300 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 520 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,155 </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> 96 300 520 1155 PORTFOLIO TURNOVER 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 28% of the average value of its portfolio. 0.28 Principal Investment Strategies Under normal circumstances, the Large Cap Value Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund will primarily seek to purchase securities believed to be attractively valued in relation to various measures, which may include earnings, capital structure or return on invested capital. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Value Index (between $1.0 billion and $3.8 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Value Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities. 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 and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investment Style Risk — The risk that large capitalization securities and/or value stocks may underperform other segments of the equity markets or the equity markets as a whole. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Medium Capitalization Risk — The risk that 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, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. 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. Preferred Stock Risk — 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. 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. 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. 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"> <img alt="" src="j2621702_ba003.jpg" style="-sec-ix-hidden: hidden-fact-4"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 16.67% (12/31/2020) Worst Quarter: -29.98% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1667 2020-12-31 Worst Quarter: -0.2998 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 267px; text-align: left;" valign="bottom"> Large Cap Value Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception* (10/3/1994) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 18.92 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.07 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.92 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.69 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 15.20 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 9.78 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 8.20 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 7.57 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.79 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.31 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.77 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.35 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 267px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 11.05 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 1000 Value Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 15.91 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.33 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.53 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.89 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * The Fund's actual inception date is April 20, 1987. Between April 20, 1987 and October 3, 1994, the Fund was advised by a different investment adviser. Accordingly, performance shown in the chart above is from October 3, 1994. 1994-10-03 Return Before Taxes 0.1892 0.1207 0.0992 0.1069 Return After Taxes on Distributions 0.152 0.0978 0.082 0.0757 Return After Taxes on Distributions and Sale of Fund Shares 0.1379 0.0931 0.0777 0.0735 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1105 Russell 1000 Value Index Return (reflects no deduction for fees, expenses or taxes) 0.1591 0.1133 0.1053 0.0989 LARGE CAP GROWTH FUND Investment Goal Capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class F Shares</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"> Management Fees</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"> 0.40</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.58</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 56px; text-align: right;" valign="bottom"> 0.98</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.004 0 0.0058 0.0098 EXAMPLE 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. 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: 233px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Large Cap Growth Fund — Class F Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 100</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 312</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 542</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,201</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> 100 312 542 1201 PORTFOLIO TURNOVER 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 63% of the average value of its portfolio. 0.63 Principal Investment Strategies Under normal circumstances, the Large Cap Growth Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund will primarily seek to purchase securities believed to have attractive growth and appreciation potential. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Growth Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Growth Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs), as well as forward contracts and swaps for hedging and speculative purposes. The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities. 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 and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Sub-Adviser(s) may implement a long/short equity investment strategy by investing in securities, including through forwards and swaps on individual securities or baskets of securities, believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that are believed to be undervalued relative to their potential and likely to increase in price, and (ii) short positions with respect to investments that are believed to have significant risk of decreasing in price. The Sub-Adviser(s) seek returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated. The Fund implements the investment recommendations of SIMC and certain of the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each such Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the applicable Sub-Advisers and SIMC, with the weighting of each such Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investment Style Risk — The risk that large capitalization securities and/or growth stocks may underperform other segments of the equity markets or the equity markets as a whole. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, shareholders will be subject to two layers of fees and expenses with respect to investments in the Fund. Derivatives Risk — The Fund's use of forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. 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 is also subject to credit risk and valuation risk. Credit risk is 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. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a 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. Long/Short Risk — 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. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Leverage Risk — 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. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Active Management Risk — The Fund is subject to the risk that the Adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to other funds with similar objectives and investment strategies. Quantitative Investing Risk — A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. Medium Capitalization Risk — The risk that 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, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. 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. Preferred Stock Risk — 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. Non-Diversified Risk — 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 Code for classification as a RIC. 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. 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. 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"> <img alt="" src="j2621702_ba004.jpg" style="-sec-ix-hidden: hidden-fact-5"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 27.17% (06/30/2020) Worst Quarter: -20.21% (06/30/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2717 2020-06-30 Worst Quarter: -0.2021 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 267px; text-align: left;" valign="bottom"> Large Cap Growth Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (12/20/1994) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 18.22 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.24 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 15.94 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.51 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 12.31 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 10.15 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 12.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 9.07 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.00 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.51 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.53 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.84 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 11.14 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 1000 Growth Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 18.56 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 15.32 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 18.13 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.80 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 1994-12-20 Return Before Taxes 0.1822 0.1424 0.1594 0.1051 Return After Taxes on Distributions 0.1231 0.1015 0.1288 0.0907 Return After Taxes on Distributions and Sale of Fund Shares 0.14 0.1051 0.1253 0.0884 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1114 Russell 1000 Growth Index Return (reflects no deduction for fees, expenses or taxes) 0.1856 0.1532 0.1813 0.118 LARGE CAP INDEX FUND Investment Goal Seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class F Shares</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"> Management Fees</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"> 0.05</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.59</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 56px; text-align: right;" valign="bottom"> 0.64</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0005 0 0.0059 0.0064 EXAMPLE 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. 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: 233px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Large Cap Index Fund — Class F Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 65</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 205</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 357</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 798</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> 65 205 357 798 PORTFOLIO TURNOVER 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 4% of the average value of its portfolio. 0.04 Principal Investment Strategies The Fund is managed using a passive investment approach designed to track, before fees and expenses, the performance of the Russell 1000 Index (the Index). Under normal circumstances, the Fund will invest substantially all of its assets (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in securities (mostly common stocks) of companies that are included in the Index. The Index measures the performance of the large-cap segment of the U.S. equity universe and includes approximately 1000 of the largest securities based on their market capitalization. As of December 31, 2025, the market capitalization of the companies included in the Index ranged from $1.0 billion to $4.5 trillion. The market capitalization range and the composition of the Index are subject to change. The Fund may become "non-diversified," as defined in the Investment Company Act of 1940, as amended (the 1940 Act), as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. The Fund's sub-adviser (the Sub-Adviser) selects the Fund's securities under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). The Sub-Adviser's passive investment strategy seeks to track, before fees and expenses, the return of the index, and therefore differs from an "active" investment strategy where an investment manager buys and sells securities based on its own economic, market or financial analyses. The Sub-Adviser generally will attempt to invest in securities composing the Index in approximately the same proportions as they are represented in the Index (i.e., among other reasons, the Fund could experience high volumes of cash flows or a particular security could be difficult to obtain). In some cases, it may not be possible or practicable to purchase all of the securities composing the Index or to hold them in the same weightings as they are represented in the Index. In those circumstances, the Sub-Adviser may purchase a sampling of stocks in the Index in proportions expected to replicate generally the performance of the Index as a whole and may also use futures contracts to obtain exposure to the equity markets or to a particular security. The Sub-Adviser may sell securities that are represented in the Index or purchase securities that are not represented in the Index, prior to or after their removal or addition to the Index. The Fund's investment performance will depend on the Fund's tracking of the Index and the performance of the Index. The Fund's ability to replicate the performance of the Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund's expenses. Due to these differences, the Fund's performance generally will not be identical to that of the Index. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investment Style Risk — The risk that its investment approach, which attempts to replicate the performance of the Russell 1000 Index, may underperform other segments of the equity markets or the equity markets as a whole. The Fund is also subject to the risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole. Tracking Error Risk — The risk that the Fund's performance may vary substantially from the performance of the benchmark index it tracks as a result of cash flows, Fund expenses, imperfect correlation between the Fund's investments and the index's components and other factors. Derivatives Risk — The Fund's use of futures contracts is subject to leverage risk, correlation risk, liquidity risk and market risk. Market risk is described above, and leverage risk and liquidity risk are described below. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Medium Capitalization Risk — The risk that 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, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. 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. Leverage Risk — 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. Non-Diversification Risk — In seeking to track the Index, the Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. When it is non-diversified, the Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrence, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares. 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 seven calendar years and by showing how the Fund's average annual returns for 1 and 5 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. For current performance information, please call 1-800-DIAL-SEI. 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 seven calendar years and by showing how the Fund's average annual returns for 1 and 5 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"> <img alt="" src="j2621702_ba005.jpg" style="-sec-ix-hidden: hidden-fact-6"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 21.66% (06/30/2020) Worst Quarter: -20.21% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2166 2020-06-30 Worst Quarter: -0.2021 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 308px; text-align: left;" valign="bottom"> Large Cap Index Fund </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"> 1 Year </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"> 5 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;" valign="bottom"> Since Inception (1/31/2018) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 308px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.04 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.29 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.12 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 308px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 15.50 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 12.53 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 12.46 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 308px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.07 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.55 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.68 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 308px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 13.68 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 308px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.37 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.59 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.43 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2018-01-31 Return Before Taxes 0.1704 0.1329 0.1312 Return After Taxes on Distributions 0.155 0.1253 0.1246 Return After Taxes on Distributions and Sale of Fund Shares 0.1107 0.1055 0.1068 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1368 Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1737 0.1359 0.1343 TAX-MANAGED LARGE CAP FUND Investment Goal High long-term after-tax returns. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class F Shares </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"> Management Fees </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"> 0.40 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.51 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 56px; text-align: right;" valign="bottom"> 0.91 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.004 0 0.0051 0.0091 EXAMPLE 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. 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: 233px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Tax-Managed Large Cap Fund — Class F Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 93 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 290 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 504 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,120 </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> 93 290 504 1120 PORTFOLIO TURNOVER 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 14% of the average value of its portfolio. 0.14 Principal Investment Strategies Under normal circumstances, the Tax-Managed Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities. 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 and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund's securities transactions. The overlay manager seeks to manage the impact of taxes by, among other things, selling stocks with the highest tax cost first, opportunistically harvesting losses and deferring recognition of taxable gains, where possible. SIMC may also direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investment Style Risk — The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole. Taxation Risk — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Medium Capitalization Risk — The risk that 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, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. 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. Preferred Stock Risk — 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. 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. 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. 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"> <img alt="" src="j2621702_bc006.jpg" style="-sec-ix-hidden: hidden-fact-7"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 18.45% (06/30/2020) Worst Quarter: -21.71% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1845 2020-06-30 Worst Quarter: -0.2171 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 267px; text-align: left;" valign="bottom"> Tax-Managed Large Cap Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (3/5/1998) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 16.94 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.87 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.96 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.39 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 16.50 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 10.50 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 10.86 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 6.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.32 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.22 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.67 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.28 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 267px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 8.98 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.37 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.59 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.59 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.06 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 1998-03-05 Return Before Taxes 0.1694 0.1187 0.1196 0.0739 Return After Taxes on Distributions 0.165 0.105 0.1086 0.0688 Return After Taxes on Distributions and Sale of Fund Shares 0.1032 0.0922 0.0967 0.0628 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.0898 Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1737 0.1359 0.1459 0.0906 S&P 500 INDEX FUND Investment Goal Investment results that correspond to the aggregate price and dividend performance of the securities in the S&P 500 Index. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class F Shares</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"> Management Fees</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"> 0.03</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.51</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 56px; text-align: right;" valign="bottom"> 0.54</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0003 0 0.0051 0.0054 EXAMPLE 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. 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: 233px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> S&P 500 Index Fund — Class F Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 55</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 173</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 302</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 677</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> 55 173 302 677 PORTFOLIO TURNOVER 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 3% of the average value of its portfolio. 0.03 Principal Investment Strategies The Fund invests substantially all of its assets (at least 80%) in securities listed in the Standard & Poor's 500 Composite Stock Price Index (S&P 500 Index), which is composed of approximately 500 leading U.S. publicly traded companies from a broad range of industries (mostly common stocks). The Fund's investment results are expected to correspond to the aggregate price and dividend performance of the S&P 500 Index before the fees and expenses of the Fund. The Fund generally gives the same weight to a given stock as the S&P 500 Index does. The Fund may become "non-diversified," as defined in the Investment Company Act of 1940, as amended (the 1940 Act), as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index. In seeking to replicate the performance of the S&P 500 Index, the Fund may also invest in futures contracts, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also invest a portion of its assets in securities of companies located in developed foreign countries and securities of small and medium capitalization companies. The Fund's ability to replicate the performance of the S&P 500 Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund's expenses. The Fund may use futures contracts to obtain exposure to the equity market during high volume periods of investment into the Fund. The Fund's sub-adviser (the Sub-Adviser) selects the Fund's securities under the general supervision of the Fund's adviser, SEI Investments Management Corporation (SIMC or the Adviser), but the Sub-Adviser makes no attempt to "manage" the Fund in the traditional sense (i.e., by using economic, market or financial analyses). Instead, the Sub-Adviser purchases a basket of securities that includes most of the companies in the S&P 500 Index. However, the Sub-Adviser may sell an investment if the merit of the investment has been substantially impaired by extraordinary events or adverse financial conditions. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investment Style Risk — The risk that the Fund's investment approach, which attempts to replicate the performance of the S&P 500 Index, may underperform other segments of the equity markets or the equity markets as a whole. Tracking Error Risk — The risk that the Fund's performance may vary substantially from the performance of the benchmark index it tracks as a result of cash flows, Fund expenses, imperfect correlation between the Fund's investments and the benchmark and other factors. Derivatives Risk — The Fund's use of futures 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. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. 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. Depositary Receipts Risk — Depositary receipts, such as 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. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Leverage Risk — 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. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Non-Diversification Risk — In seeking to track the S&P 500 Index, the Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. When it is non-diversified, the Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrence, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares. 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. 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. 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"> <img alt="" src="j2621702_bc007.jpg" style="-sec-ix-hidden: hidden-fact-8"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 20.47% (06/30/2020) Worst Quarter: -19.67% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2047 2020-06-30 Worst Quarter: -0.1967 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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: 267px; text-align: left;" valign="bottom"> S&P 500 Index Fund — Class F* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (2/28/1996) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.57 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.13 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.49 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.83 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 15.19 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 11.89 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 12.77 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 8.81 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.99 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.90 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.71 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.34 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 10.22 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> * The Fund is the successor to SEI Index Funds' S&P 500 Index Fund (the Predecessor Fund). The Fund commenced operations on September 17, 2007. Accordingly, for periods prior to September 17, 2007, performance information is based on the performance of the Predecessor Fund's Class A Shares. 1996-02-28 Return Before Taxes 0.1757 0.1413 0.1449 0.0983 Return After Taxes on Distributions 0.1519 0.1189 0.1277 0.0881 Return After Taxes on Distributions and Sale of Fund Shares 0.1199 0.109 0.1171 0.0834 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1022 SMALL CAP FUND Investment Goal Capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class F Shares</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"> Management Fees</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"> 0.65</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.58</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 56px; text-align: right;" valign="bottom"> 1.23</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0058 0.0123 EXAMPLE 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. 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: 233px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Small Cap Fund — Class F Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 125</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 390</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 676</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,489</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> 125 390 676 1489 PORTFOLIO TURNOVER 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 80% of the average value of its portfolio. 0.80 Principal Investment Strategies Under normal circumstances, the Small Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (both common and preferred stocks) of small companies, including exchange-traded funds (ETFs) based on small capitalization indexes and securities of real estate investment trusts (REITs). For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund may also invest in warrants and, to a lesser extent, in securities of large capitalization companies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. 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. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and certain of its Sub-Advisers through the use of an overlay manager appointed by SIMC. Each applicable Sub-Adviser and SIMC provide a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for its portion of the Fund that represents the aggregation of the model portfolios of the applicable Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Small Capitalization Risk — Smaller 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 capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small 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. Investment Style Risk — The risk that small capitalization securities may underperform other segments of the equity markets or the equity markets as a whole. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Liquidity Risk — 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. Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance. 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. 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. 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"> <img alt="" src="j2621702_bc008.jpg" style="-sec-ix-hidden: hidden-fact-9"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 28.44% (12/31/2020) Worst Quarter: -31.27% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2844 2020-12-31 Worst Quarter: -0.3127 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 267px; text-align: left;" valign="bottom"> Small Cap Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (9/30/2009) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.06 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.29 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.76 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.57 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 7.52 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 5.57 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 6.77 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 7.49 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.79 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.94 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.57 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.32 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 14.29 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 2000 Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.81 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.09 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.62 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.57 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2009-09-30 Return Before Taxes 0.1006 0.0829 0.0876 0.0957 Return After Taxes on Distributions 0.0752 0.0557 0.0677 0.0749 Return After Taxes on Distributions and Sale of Fund Shares 0.0779 0.0594 0.0657 0.0732 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1429 Russell 2000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1281 0.0609 0.0962 0.1057 SMALL CAP VALUE FUND Investment Goal Capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class F Shares </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"> Management Fees </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"> 0.65 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.59 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 56px; text-align: right;" valign="bottom"> 1.24 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0059 0.0124 EXAMPLE 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. 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: 233px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Small Cap Value Fund — Class F Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 126 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 393 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 681 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,500 </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> 126 393 681 1500 PORTFOLIO TURNOVER 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 48% of the average value of its portfolio. 0.48 Principal Investment Strategies Under normal circumstances, the Small Cap Value Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small companies. The Fund will primarily seek to purchase securities believed to be attractively valued in relation to various measures, which may include earnings, capital structure or return on invested capital. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants, and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies. 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) to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Small Capitalization Risk — Smaller 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 capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small 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. Investment Style Risk — The risk that small capitalization securities and/or value stocks may underperform other segments of the equity markets or the equity markets as a whole. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Liquidity Risk — 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. Preferred Stock Risk — 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. 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. 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. 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"> <img alt="" src="j2621702_bc009.jpg" style="-sec-ix-hidden: hidden-fact-10"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 30.47% (12/31/2020) Worst Quarter: -39.12% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.3047 2020-12-31 Worst Quarter: -0.3912 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 267px; text-align: left;" valign="bottom"> Small Cap Value Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (12/20/1994) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.04 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.90 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.21 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 10.96 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 7.78 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 6.19 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 7.58 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.44 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.68 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.06 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.41 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 11.14 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 2000 Value Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.59 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.27 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.86 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 1994-12-20 Return Before Taxes 0.133 0.1004 0.079 0.0921 Return After Taxes on Distributions 0.1096 0.0778 0.0619 0.0758 Return After Taxes on Distributions and Sale of Fund Shares 0.0944 0.0768 0.0606 0.0741 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1114 Russell 2000 Value Index Return (reflects no deduction for fees, expenses or taxes) 0.1259 0.0888 0.0927 0.0986 SMALL CAP GROWTH FUND Investment Goal Long-term capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class F Shares </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"> Management Fees </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"> 0.65 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.59 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 56px; text-align: right;" valign="bottom"> 1.24 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0059 0.0124 EXAMPLE 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. 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: 233px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Small Cap Growth Fund — Class F Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 126 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 393 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 681 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,500 </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> 126 393 681 1500 PORTFOLIO TURNOVER 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 155% of the average value of its portfolio. 1.55 Principal Investment Strategies Under normal circumstances, the Small Cap Growth Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small companies. The Fund will primarily seek to purchase securities believed to have attractive growth and appreciation potential. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. 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) to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Small Capitalization Risk — Smaller 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 capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small 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. Investment Style Risk — The risk that small capitalization securities and/or growth stocks may underperform other segments of the equity markets or the equity markets as a whole. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Liquidity Risk — 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. Preferred Stock Risk — 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. Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance. 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. 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621702_be010.jpg" style="-sec-ix-hidden: hidden-fact-11"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 29.99% (06/30/2020) Worst Quarter: -31.51% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2999 2020-06-30 Worst Quarter: -0.3151 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 267px; text-align: left;" valign="bottom"> Small Cap Growth Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (4/20/1992) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.45 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.89 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.22 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.74 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 2.10 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 1.67 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 6.56 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 7.34 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.32 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.58 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.28 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.05 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 10.83 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 2000 Growth Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.18 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.57 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.07 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 1992-04-20 Return Before Taxes 0.0445 0.0389 0.0822 0.0874 Return After Taxes on Distributions 0.021 0.0167 0.0656 0.0734 Return After Taxes on Distributions and Sale of Fund Shares 0.0432 0.0258 0.0628 0.0705 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1083 Russell 2000 Growth Index Return (reflects no deduction for fees, expenses or taxes) 0.1301 0.0318 0.0957 0.0807 TAX-MANAGED SMALL/MID CAP FUND Investment Goal High long-term after-tax returns. Fees and Expenses This table describes the fees and expenses that you may pay if 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class F Shares </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"> Management Fees </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"> 0.65 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.59 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 56px; text-align: right;" valign="bottom"> 1.24 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0059 0.0124 EXAMPLE 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. 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: 233px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Tax-Managed Small/Mid Cap Fund — Class F Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 126 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 393 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 681 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,500 </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> 126 393 681 1500 PORTFOLIO TURNOVER 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 36% of the average value of its portfolio. 0.36 Principal Investment Strategies Under normal circumstances, the Tax-Managed Small/Mid Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small and medium capitalization companies. For purposes of this Fund, a small or medium capitalization company is a company with a market capitalization in the range of companies in the Russell 2500 Index (between approximately $1.3 million and $37.0 billion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 2500 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies. 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 and strategies to manage Fund assets under the general supervision of SIMC. In managing assets of the Fund not allocated to Sub-Advisers, SIMC may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund's securities transactions. The overlay manager seeks to manage the impact of taxes by, among other things, selling stocks with the highest tax cost first, opportunistically harvesting losses and deferring recognition of taxable gains, where possible. SIMC may also direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that small or medium capitalization securities may underperform other segments of the equity markets or the equity markets as a whole. Taxation Risk — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Liquidity Risk — 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. Preferred Stock Risk — 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. 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. 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. 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"> <img alt="" src="j2621702_be011.jpg" style="-sec-ix-hidden: hidden-fact-12"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 24.52% (12/31/2020) Worst Quarter: -30.74% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2452 2020-12-31 Worst Quarter: -0.3074 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 267px; text-align: left;" valign="bottom"> Tax-Managed Small/Mid Cap Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (10/31/2000) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.70 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.44 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.25 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.07 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 7.60 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 5.66 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 7.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 6.33 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.93 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.73 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.56 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.93 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 8.43 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 2500 Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.91 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.26 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.40 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.89 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2000-10-31 Return Before Taxes 0.087 0.0744 0.0825 0.0707 Return After Taxes on Distributions 0.076 0.0566 0.0701 0.0633 Return After Taxes on Distributions and Sale of Fund Shares 0.0593 0.0573 0.0656 0.0593 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.0843 Russell 2500 Index Return (reflects no deduction for fees, expenses or taxes) 0.1191 0.0726 0.104 0.0889 MID-CAP FUND Investment Goal Long-term capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class F Shares</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"> Management Fees</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"> 0.40</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.59</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 56px; text-align: right;" valign="bottom"> 0.99</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.004 0 0.0059 0.0099 EXAMPLE 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. 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: 233px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Mid-Cap Fund — Class F Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 101</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 315</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 547</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,213</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> 101 315 547 1213 PORTFOLIO TURNOVER 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 62% of the average value of its portfolio. 0.62 Principal Investment Strategies Under normal circumstances, the Mid-Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of medium-sized companies. For purposes of this Fund, a medium-sized company is a company with a market capitalization in the range of companies in the Russell Midcap Index (between approximately $1.0 billion and $101.6 billion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell Midcap Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, securities of small capitalization companies, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies. The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). In managing the Fund's assets, the Sub-Advisers select stocks of companies that have low price-earnings and price-book ratios, but that also have high sustainable growth levels and the probability of high positive earnings revisions. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that securities of medium capitalization companies may underperform other segments of the equity markets or the equity markets as a whole. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Liquidity Risk — 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. Preferred Stock Risk — 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. 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. 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. 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"> <img alt="" src="j2621702_be012.jpg" style="-sec-ix-hidden: hidden-fact-13"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 24.31% (06/30/2020) Worst Quarter: -30.47% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2431 2020-06-30 Worst Quarter: -0.3047 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 267px; text-align: left;" valign="bottom"> Mid-Cap Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (2/16/1993) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.96 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.84 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.95 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.85 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 5.09 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 7.19 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 7.84 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 8.07 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.27 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.31 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.56 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.87 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 10.84 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell Midcap Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.60 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.67 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.91 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 1993-02-16 Return Before Taxes 0.0996 0.0984 0.0995 0.0985 Return After Taxes on Distributions 0.0509 0.0719 0.0784 0.0807 Return After Taxes on Distributions and Sale of Fund Shares 0.0927 0.0731 0.0756 0.0787 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1084 Russell Midcap Index Return (reflects no deduction for fees, expenses or taxes) 0.106 0.0867 0.1101 0.1091 U.S. MANAGED VOLATILITY FUND Investment Goal Capital appreciation with less volatility than the broad U.S. equity markets. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class F Shares </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"> Management Fees </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"> 0.55 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.59 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 56px; text-align: right;" valign="bottom"> 1.14 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0055 0 0.0059 0.0114 EXAMPLE 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. 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: 233px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> U.S. Managed Volatility Fund — Class F Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 116 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 362 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 628 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,386 </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> 116 362 628 1386 PORTFOLIO TURNOVER 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 68% of the average value of its portfolio. 0.68 Principal Investment Strategies Under normal circumstances, the U.S. Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of U.S. companies of all capitalization ranges. These securities may include common stocks, preferred stocks, exchange-traded funds (ETFs) and warrants. The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs), real estate investment trusts (REITs) and securities of non-U.S. companies. 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. The Fund seeks to achieve an absolute return of the broad U.S. equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole. Preferred Stock Risk — 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. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. 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. 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. 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"> <img alt="" src="j2621702_be013.jpg" style="-sec-ix-hidden: hidden-fact-14"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 13.36% (12/31/2022) Worst Quarter: -23.18% (03/31/2020)</td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1336 2022-12-31 Worst Quarter: -0.2318 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the S&P 500 Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. 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. 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: 267px; text-align: left;" valign="bottom"> U.S. Managed Volatility Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (10/28/2004) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.45 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.00 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.77 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 6.38 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 5.62 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 6.27 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 6.95 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.72 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.78 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.71 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.98 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 11.00 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.31 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.92 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.98 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.15 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 13.15 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.29 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 10.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 2004-10-28 Return Before Taxes 0.1045 0.0942 0.09 0.0877 Return After Taxes on Distributions 0.0638 0.0562 0.0627 0.0695 Return After Taxes on Distributions and Sale of Fund Shares 0.0872 0.0678 0.0671 0.0698 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.11 MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, expenses or taxes) 0.0731 0.0801 0.0992 0.0898 Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1429 0.1088 GLOBAL MANAGED VOLATILITY FUND Investment Goal Capital appreciation with less volatility than the broad global equity markets. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class F Shares</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"> Management Fees</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"> 0.65</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.59</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 56px; text-align: right;" valign="bottom"> 1.24</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0059 0.0124 EXAMPLE 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. 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: 233px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Global Managed Volatility Fund — Class F Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 126</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 393</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 681</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,500</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> 126 393 681 1500 PORTFOLIO TURNOVER 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 78% of the average value of its portfolio. 0.78 Principal Investment Strategies The Global Managed Volatility Fund will typically invest in securities of U.S. and foreign companies of all capitalization ranges. These securities may include common stocks, preferred stocks, warrants, depositary receipts, exchange-traded funds (ETFs) and real estate investment trusts (REITs). The Fund also may use futures contracts and forward contracts.Under normal circumstances, the Fund will invest in at least three countries outside of the U.S., but will typically invest much more broadly. It is expected that at least 40% of the Fund's assets will be invested in non-U.S. securities. The Fund will invest primarily in companies located in developed countries, but may also invest in companies located in emerging markets. 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. This approach is intended to manage the risk characteristics of the Fund. The Fund seeks to achieve an absolute return of the broad global equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the MSCI World Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's country, sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that the Sub-Advisers believe will produce a less volatile return than the market over time. SIMC and each Sub-Adviser effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. In managing the Fund's currency exposure from foreign securities, the Fund may buy and sell futures or forward contracts on currencies for hedging purposes. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Depositary Receipts Risk — Depositary receipts, such as 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. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Derivatives Risk — The Fund's use of futures contracts 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 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 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 these 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 type 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Leverage Risk — 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Preferred Stock Risk — 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. 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. 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. 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"> <img alt="" src="j2621702_bg014.jpg" style="-sec-ix-hidden: hidden-fact-15"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 10.68% (06/30/2020) Worst Quarter: -19.29% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1068 2020-06-30 Worst Quarter: -0.1929 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. 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. 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: 267px; text-align: left;" valign="bottom"> Global Managed Volatility Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (7/27/2006) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.44 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.48 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.48 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.97 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 11.24 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 6.17 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 5.53 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 4.45 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.52 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.27 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.56 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.43 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> MSCI All Country World ex-USA Index (Net) (reflects no deduction for fees or expenses) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 32.39 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 7.91 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 8.41 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 5.29 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> MSCI World Minimum Volatility Index (Net) (reflects no deduction for fees or expenses) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.54 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.29 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.80 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.02 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> MSCI World Index Return (Net) (reflects no deduction for fees or expenses) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 21.09 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 12.15 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 12.17 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 8.46 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 2006-07-27 Return Before Taxes 0.1344 0.0848 0.0748 0.0597 Return After Taxes on Distributions 0.1124 0.0617 0.0553 0.0445 Return After Taxes on Distributions and Sale of Fund Shares 0.0952 0.0627 0.0556 0.0443 MSCI All Country World ex-USA Index (Net) (reflects no deduction for fees or expenses) (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0841 0.0529 MSCI World Minimum Volatility Index (Net) (reflects no deduction for fees or expenses) 0.1054 0.0629 0.078 0.0702 MSCI World Index Return (Net) (reflects no deduction for fees or expenses) 0.2109 0.1215 0.1217 0.0846 TAX-MANAGED MANAGED VOLATILITY FUND Investment Goal To maximize after-tax returns, but with a lower level of volatility than the broad U.S. equity markets. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class F Shares </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"> Management Fees </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"> 0.55 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.59 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 56px; text-align: right;" valign="bottom"> 1.14 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0055 0 0.0059 0.0114 EXAMPLE 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. Although your actual costs and 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: 233px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Tax-Managed Managed Volatility Fund — Class F Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 116 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 362 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 628 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,386 </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> 116 362 628 1386 PORTFOLIO TURNOVER 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 43% of the average value of its portfolio. 0.43 Principal Investment Strategies The Tax-Managed Managed Volatility Fund will typically invest in securities of U.S. companies of all capitalization ranges. These securities may include common stocks, preferred stocks, warrants and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs), real estate investment trusts (REITs) and securities of non-U.S. companies. Although the Fund will be measured against the Russell 3000 Index, the Fund is expected to have significant sector and market capitalization deviations from the index given its focus on absolute risk as opposed to index relative risk. This could lead to significant performance deviations relative to the index over shorter-term periods. 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 approaches to manage Fund assets under the general supervision of SIMC. The Fund seeks to achieve an absolute return of the broad U.S. equity markets in a tax-efficient fashion, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. This will tend to lead SIMC and the Fund's Sub-Advisers to construct portfolios with a low beta relative to the overall U.S. equity market. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each such Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each such Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole. Taxation Risk — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — 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. Due to the Fund's investments in securities denominated in foreign 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. Preferred Stock Risk — 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. 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. 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. 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"> <img alt="" src="j2621702_bg015.jpg" style="-sec-ix-hidden: hidden-fact-16"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 11.90% (06/30/2020) Worst Quarter: -20.36% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.119 2020-06-30 Worst Quarter: -0.2036 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the S&P 500 Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. 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. 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: 267px; text-align: left;" valign="bottom"> Tax-Managed Managed Volatility Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (12/20/2007) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.02 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.98 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.22 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.35 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 5.65 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 7.61 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 8.05 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 7.75 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.35 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.41 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.08 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.61 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 11.06 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.31 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.92 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.87 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.15 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 13.15 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.29 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 10.83 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 2007-12-20 Return Before Taxes 0.1102 0.1098 0.1022 0.0935 Return After Taxes on Distributions 0.0565 0.0761 0.0805 0.0775 Return After Taxes on Distributions and Sale of Fund Shares 0.1035 0.0841 0.0808 0.0761 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1106 MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, expenses or taxes) 0.0731 0.0801 0.0992 0.0887 Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1429 0.1083 TAX-MANAGED INTERNATIONAL MANAGED VOLATILITY FUND Investment Goal Tax-sensitive long-term capital appreciation with less volatility than the broad international equity markets. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class F Shares </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"> Management Fees </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"> 0.65 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.73 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 56px; text-align: right;" valign="bottom"> 1.38 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0073 0.0138 EXAMPLE 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. 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: 233px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Tax-Managed International Managed Volatility Fund — Class F Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 140 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 437 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 755 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,657 </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> 140 437 755 1657 PORTFOLIO TURNOVER 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 66% of the average value of its portfolio. 0.66 Principal Investment Strategies Under normal circumstances, the Tax-Managed International Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in non-U.S. equity securities. These securities may include common stocks and real estate investment trusts (REITs) of all capitalization ranges. Under normal circumstances, the Fund will invest in securities of issuers that are located in at least three countries outside of the U.S., but will typically invest much more broadly. The Fund will invest primarily in companies located in developed countries. 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 to investing, 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. This approach is intended to manage the risk characteristics of the Fund. The Fund seeks to achieve an absolute return similar to that of the broad international developed equity markets (International Market) in a tax-sensitive manner, but with lower absolute volatility. Over the long-term, the Fund seeks to achieve a return similar to that of the MSCI EAFE Index (Index), but with a lower level of volatility. Over shorter periods of time, however, due to its focus on absolute risk, the portfolio's country, sector and market capitalization exposures will typically vary from the International Market and it may experience significant performance deviations from the International Market. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that primarily exhibit a more stable historical or predicted price and earnings behavior (i.e. absolute risk), but also take into consideration low correlation attributes and expected returns. Generally, the Fund is likely to underperform in a steeply rising International Market, but seeks to mitigate losses in a falling International Market. The Fund implements the investment recommendations of Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models, primarily for the purpose of tax management of the portfolio's securities transactions. SIMC also may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager and SIMC each seek to manage the impact of taxes by using certain techniques, which may include selling stocks with the highest tax cost basis first to realize capital losses or defer capital gains, preventing wash sales, avoiding high portfolio turnover, controlling the holding period of a security to convert short-term capital gains to long-term capital gains, and, where appropriate, opportunistically harvesting losses to offset other capital gains. The Fund considers the security of an issuer to be "non-U.S." if the issuer is domiciled, incorporated, located and/or principally traded in a country other than the U.S. Developed market countries are those countries that are included in a developed markets index by a recognized index provider, or have similar developed characteristics, in each case determined at the time of purchase. 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. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole. Taxation Risk — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. 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 nine calendar years and by showing how the Fund's average annual returns for 1 and 5 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. For current performance information, please call 1-800-DIAL-SEI. 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 nine calendar years and by showing how the Fund's average annual returns for 1 and 5 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"> <img alt="" src="j2621702_bg016.jpg" style="-sec-ix-hidden: hidden-fact-17"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 14.33% (12/31/2022) Worst Quarter: -20.38% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1433 2022-12-31 Worst Quarter: -0.2038 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. 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. 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: 308px; text-align: left;" valign="bottom"> Tax-Managed International Managed Volatility Fund — Class F </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"> 1 Year </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"> 5 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;" valign="bottom"> Since Inception (10/17/2016) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 308px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 29.70 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.08 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.28 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 308px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 29.08 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 7.31 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 5.70 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 308px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 18.45 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.29 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.02 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 308px; text-align: left;" valign="bottom"> MSCI All Country World ex-USA Index (Net) (reflects no deduction for fees or expenses) </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: 33px; text-align: right;" valign="bottom"> 32.39 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 7.91 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 8.75 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 308px; background-color: #cceeff; text-align: left;" valign="bottom"> MSCI EAFE Minimum Volatility Index (Net) (reflects no deduction for fees or expenses) </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 25.79 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.20 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.39 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 308px; text-align: left;" valign="bottom"> MSCI EAFE Index Return (Net) (reflects no deduction for fees or expenses) </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 31.22 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 8.92 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 52px; text-align: right;" valign="bottom"> 9.03 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 2016-10-17 Return Before Taxes 0.297 0.0808 0.0628 Return After Taxes on Distributions 0.2908 0.0731 0.057 Return After Taxes on Distributions and Sale of Fund Shares 0.1845 0.0629 0.0502 MSCI All Country World ex-USA Index (Net) (reflects no deduction for fees or expenses) (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0875 MSCI EAFE Minimum Volatility Index (Net) (reflects no deduction for fees or expenses) 0.2579 0.062 0.0639 MSCI EAFE Index Return (Net) (reflects no deduction for fees or expenses) 0.3122 0.0892 0.0903 REAL ESTATE FUND Investment Goal Total return, including current income and capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class F Shares</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"> Management Fees</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"> 0.65</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.59</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 56px; text-align: right;" valign="bottom"> 1.24</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0059 0.0124 EXAMPLE 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. 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: 233px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Real Estate Fund — Class F Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 126</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 393</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 681</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,500</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> 126 393 681 1500 PORTFOLIO TURNOVER 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 72% of the average value of its portfolio. 0.72 Principal Investment Strategies Under normal circumstances, the Real Estate Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of real estate companies (e.g., common stocks, rights, warrants, exchange-traded funds (ETFs), convertible securities and preferred stocks of real estate investment trusts (REITs) and real estate operating companies (REOCs)). Generally, the Fund will invest in real estate companies operating in the United States. The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Real Estate Industry Risk — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. The Fund's investments are concentrated in issuers conducting business in the real estate industry, and therefore the Fund is subject to risks associated with legislative or regulatory changes, adverse market conditions and/or increased competition affecting that industry. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Investment Style Risk — The risk that the securities of issuers in the real estate industry may underperform other segments of the equity markets or the equity markets as a whole. Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Warrants and Rights Risk — Warrants and rights may lack a liquid secondary market for resale. The prices of warrants and rights may fluctuate as a result of speculation or other factors. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of their underlying securities and are highly volatile and speculative investments. If a warrant or right expires without being exercised, the Fund will lose any amount paid for the warrant or right. Small and Medium Capitalization Risk — The risk that small and medium capitalization REITs and other 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. 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. 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. 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"> <img alt="" src="j2621702_bg017.jpg" style="-sec-ix-hidden: hidden-fact-18"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 16.80% (12/31/2023) Worst Quarter: -22.77% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.168 2023-12-31 Worst Quarter: -0.2277 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 267px; text-align: left;" valign="bottom"> Real Estate Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (11/13/2003) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.86 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.92 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.89 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions^ </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> -1.11 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 4.84 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 3.44 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 6.07 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares^ </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.58 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.80 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.89 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.96 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 10.89 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Wilshire U.S. Real Estate Securities Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.47 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.04 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.74 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.10 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> ^ After tax figures are based on estimated amounts for the periods ended December 31, 2025. 2003-11-13 Return Before Taxes 0.0188 0.0686 0.0592 0.0789 Return After Taxes on Distributions^ -0.0111 0.0484 0.0344 0.0607 Return After Taxes on Distributions and Sale of Fund Shares^ 0.0258 0.048 0.0389 0.0596 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1089 Wilshire U.S. Real Estate Securities Index Return (reflects no deduction for fees, expenses or taxes) 0.0347 0.0704 0.0574 0.081 CORE FIXED INCOME FUND Investment Goal Current income consistent with the preservation of capital. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class F Shares</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"> Management Fees</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"> 0.28</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.46</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 56px; text-align: right;" valign="bottom"> 0.74</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0028 0 0.0046 0.0074 EXAMPLE 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. 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: 233px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Core Fixed Income Fund — Class F Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 76</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 237</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 411</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 918</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> 76 237 411 918 PORTFOLIO TURNOVER 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 394% of the average value of its portfolio. 3.94 Principal Investment Strategies Under normal circumstances, the Core 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 and non-investment grade (junk bond) U.S. corporate and government fixed income securities, including asset-backed securities, mortgage dollar rolls, mortgage-backed securities (including "to-be-announced" transactions) and securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities. The Fund may invest in securities denominated in either U.S. dollars or foreign currency. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. 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 Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Sub-Advisers are selected for their expertise in managing various kinds of fixed income securities, and each Sub-Adviser makes investment decisions based on an analysis of yield trends, credit ratings and other factors in accordance with its particular discipline. The Fund may also invest in futures contracts, forward contracts, options and swaps for speculative or hedging purposes. Futures contracts, forward contracts, options and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives may also be 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 may further be 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 a security or basket of securities. The Sub-Advisers may also engage in currency transactions using futures and foreign currency forward contracts either to seek to hedge the Fund's currency exposure or to enhance the Fund's returns. 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 will invest primarily in investment grade securities (those rated AAA, AA, A and BBB-). However, the Fund may also invest in non-rated securities or securities rated below investment grade (BB+, B and CCC). The Fund may also invest a portion of its assets in foreign securities and bank loans, which are, generally, non-investment grade (junk bond) 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. While each Sub-Adviser chooses securities of different types and maturities, the Fund, in the aggregate, generally will have a dollar-weighted average duration that is consistent with that of the broad U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility. The dollar-weighted average duration of the Bloomberg U.S. Aggregate Bond Index varies significantly over time, but as of December 31, 2025 it was 5.98 years. Market Risk — 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 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. Investment Style Risk — The risk that U.S. fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole. Interest Rate Risk — 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. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Duration Risk — 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. Currency Risk — Due to its active positions in 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. Due to the Fund's investments in securities denominated in foreign 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 U.S. or abroad. Derivatives Risk — 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 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 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 these 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. Leverage Risk — 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance. 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. 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. 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"> <img alt="" src="j2621702_bi001.jpg" style="-sec-ix-hidden: hidden-fact-19"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 7.29% (12/31/2023) Worst Quarter: -6.81% (03/31/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0729 2023-12-31 Worst Quarter: -0.0681 2022-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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: 267px; text-align: left;" valign="bottom"> Core Fixed Income Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (5/1/1987) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.04 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> -0.94 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.99 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.21 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 5.50 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -2.14 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 0.58 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 3.26 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.15 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> -1.22 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.93 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 5.38 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> %^ </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> ^ The benchmark's "Since Inception" return period begins 4/30/1987 due to the index provider calculating only month-end data points at that time. 1987-05-01 Return Before Taxes 0.0704 -0.0094 0.0199 0.0521 Return After Taxes on Distributions 0.055 -0.0214 0.0058 0.0326 Return After Taxes on Distributions and Sale of Fund Shares 0.0415 -0.0122 0.0093 0.033 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0538 HIGH YIELD BOND FUND Investment Goal Total return. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class F Shares</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"> Management Fees</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"> 0.49</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.50</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 56px; text-align: right;" valign="bottom"> 0.99</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0049 0 0.005 0.0099 EXAMPLE 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. 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: 233px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> High Yield Bond Fund — Class F Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 101</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 315</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 547</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,213</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> 101 315 547 1213 PORTFOLIO TURNOVER 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 66% of the average value of its portfolio. 0.66 Principal Investment Strategies Under normal circumstances, the High Yield Bond Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities. The Fund will invest primarily in fixed income securities rated below investment grade (junk bonds), including corporate bonds and debentures, convertible and preferred securities, zero coupon obligations and tranches of collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs). 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. In managing the Fund's assets, the Sub-Advisers and, to the extent applicable, SIMC, seek to select securities that offer a high current yield as well as total return potential. The Fund seeks to have a portfolio of securities that is diversified as to issuers and industries. The Fund's average weighted maturity may vary, but will generally not exceed ten years. There is no limit on the maturity or credit quality of any individual security in which the Fund may invest. As noted above, the Fund will invest primarily in securities rated BB, B, CCC, CC, C and D. However, it may also invest in non-rated securities or securities rated investment grade (AAA, AA, A and BBB). The Fund may also invest in exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities directly. The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade (junk bond) 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. The Fund may also invest in futures contracts, options and swaps for speculative or hedging purposes. Futures, options and swaps are used to synthetically obtain exposure to securities or baskets of 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. Market Risk — 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 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. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. Investment Style Risk — The risk that high yield fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole. Interest Rate Risk — 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. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. Collateralized Debt Obligations and Collateralized Loan Obligations Risk — CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. CDOs and CLOs also carry risks including, but not limited to, interest rate risk, which is described above, and credit risk, which is described below. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs or CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's or CLO's expenses. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower of the loan and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Derivatives Risk — The Fund's use of futures 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 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 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 these 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Leverage Risk — 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. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Duration Risk — 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. 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. 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. 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"> <img alt="" src="j2621702_bi002.jpg" style="-sec-ix-hidden: hidden-fact-20"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 8.92% (06/30/2020) Worst Quarter: -15.60% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0892 2020-06-30 Worst Quarter: -0.156 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 267px; text-align: left;" valign="bottom"> High Yield Bond Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (1/11/1995) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.54 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.09 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.51 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.72 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 3.85 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 1.22 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 3.00 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 3.29 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.40 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.14 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.61 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 4.63 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> ICE BofA U.S. High Yield Constrained Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.50 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.50 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.44 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"><div style="-sec-ix-hidden: hidden-fact-0"> N/A† </div></td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> † The ICE BofA U.S. High Yield Constrained Index Return for the "Since Inception" period is not provided because returns for the index are not available prior to 1996. 1995-01-11 Return Before Taxes 0.0754 0.0509 0.0651 0.0672 Return After Taxes on Distributions 0.0385 0.0122 0.03 0.0329 Return After Taxes on Distributions and Sale of Fund Shares 0.044 0.0214 0.0342 0.0361 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0463 ICE BofA U.S. High Yield Constrained Index Return (reflects no deduction for fees, expenses or taxes) 0.085 0.045 0.0644 CONSERVATIVE INCOME FUND Investment Goal Principal preservation and a high degree of liquidity while providing current income. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class F Shares</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"> Management Fees</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"> 0.10</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.49</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 56px; text-align: right;" valign="bottom"> 0.59</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.001 0 0.0049 0.0059 EXAMPLE 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. 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: 233px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Conservative Income Fund — Class F Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 60</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 189</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 329</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 738</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> 60 189 329 738 PORTFOLIO TURNOVER 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 0% of the average value of its portfolio. 0 Principal Investment Strategies Under normal circumstances, the Conservative Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. dollar-denominated debt securities that the Fund's sub-adviser (the Sub-Adviser) believes present minimal credit risks to the Fund. Under normal market conditions, the Fund will primarily invest in short-term US dollar denominated debt securities, including: (i) commercial paper, corporate bonds and asset-based securities of U.S. and foreign issuers; (ii) certificates of deposit, time deposits, bankers' acceptances, bank notes, and other obligations of U.S. savings and loan and thrift institutions, US banks or US branches or non-US branches of foreign banks; (iii) short-term obligations issued by state and local governments; (iv) U.S. Treasury obligations and obligations issued or guaranteed as to principal and interest by agencies or instrumentalities of the U.S. Government; and (v) obligations of foreign governments (including Canadian and Provincial Government and Crown Agency obligations). The Fund may also enter into fully-collateralized repurchase agreements. Although the Fund may invest in securities with any maturity or duration, the Fund generally seeks to maintain a weighted average maturity of 90 days or less. Under normal circumstances, the Fund will invest at least 25% of its assets in securities issued by companies in the financial services industry, but may invest less than 25% of its assets in this industry as a temporary defensive measure. The Fund uses a Sub-Adviser to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Through analysis of both macroeconomic factors and individual company attributes, the Sub-Adviser seeks to invest in securities that are marketable and liquid, offer competitive yields, and are of issuers that represent low credit risk. In selecting securities, the Sub-Adviser also considers factors such as the anticipated level of interest rates and the maturity of individual securities relative to the maturity of the Fund as a whole. The Fund is not a money market fund and does not seek to maintain a stable net asset value. Market Risk — 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 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. Interest Rate Risk — 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. Duration Risk — 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Concentration Risk — A downturn in the financial services industry would impact the Fund more than a portfolio that does not concentrate in securities issued by companies in the financial services industry. Financial Services Industry Risk — The Fund's portfolio is concentrated in investments in securities issued by companies in the financial services industry. The financial services industry is subject to extensive government regulation. Profitability is largely dependent on the availability and cost of capital, and can fluctuate significantly when interest rates change. Financial services companies are highly dependent on short-term interest rates and typically will be adversely affected by economic downturns or changes in banking regulations. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Repurchase Agreement Risk — Although the Fund's repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund's recovery of collateral. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. 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 nine calendar years and by showing how the Fund's average annual returns for 1 and 5 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. For current performance information, please call 1-800-DIAL-SEI. 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 nine calendar years and by showing how the Fund's average annual returns for 1 and 5 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"> <img alt="" src="j2621702_bi003.jpg" style="-sec-ix-hidden: hidden-fact-21"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 1.40% (09/30/2024) Worst Quarter: -0.09% (03/31/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.014 2024-09-30 Worst Quarter: -0.0009 2022-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 308px; text-align: left;" valign="bottom"> Conservative Income Fund — Class F </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"> 1 Year </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"> 5 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;" valign="bottom"> Since Inception (4/22/2016) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 308px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.23 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.19 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.24 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 308px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 2.48 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 1.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 1.32 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 308px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.48 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.32 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 308px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 1.76 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 308px; background-color: #cceeff; text-align: left;" valign="bottom"> ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.18 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.17 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.24 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2016-04-22 Return Before Taxes 0.0423 0.0319 0.0224 Return After Taxes on Distributions 0.0248 0.0188 0.0132 Return After Taxes on Distributions and Sale of Fund Shares 0.0248 0.0188 0.0132 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0176 ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes) 0.0418 0.0317 0.0224 Although the Fund's performance is benchmarked against the return of the ICE BofA U.S. 3-Month Treasury Bill Index, an investment in the Fund may differ from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund may potentially be more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest. TAX-FREE CONSERVATIVE INCOME FUND Investment Goal Preserving principal value and maintaining a high degree of liquidity while providing current income exempt from federal income taxes. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class F Shares</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"> Management Fees</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"> 0.10</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.49</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 56px; text-align: right;" valign="bottom"> 0.59</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.001 0 0.0049 0.0059 EXAMPLE 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. 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: 233px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Tax-Free Conservative Income Fund — Class F Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 60</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 189</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 329</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 738</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> 60 189 329 738 PORTFOLIO TURNOVER 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 0% of the average value of its portfolio. 0 Principal Investment Strategies Under normal circumstances, the Tax-Free Conservative Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in US dollar-denominated municipal securities that the Fund's sub-adviser (the Sub-Adviser) believes present minimal credit risks to the Fund and that pay interest that (i) is exempt from federal income taxes and (ii) is not taxable under the federal alternative minimum tax applicable to individuals. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, the District of Columbia, Puerto Rico and other U.S. territories and possessions. Under normal market conditions, the Fund will primarily invest in short-term US dollar-denominated debt securities including: US municipal bonds, notes, variable rate demand notes, tender option bonds, floating rate notes, industrial development bonds, pre-refunded bonds and commercial paper. The Fund may also, to a limited extent, invest in repurchase agreements and securities subject to the alternative minimum tax or in debt securities subject to federal income tax. Although the Fund may invest in securities with any maturity or duration, the Fund generally seeks to maintain a weighted average maturity of 90 days or less. The Fund uses a Sub-Adviser to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Through analysis of both macroeconomic factors and individual company attributes, the Sub-Adviser seeks to invest in securities that are marketable and liquid, offer competitive yields, and are of issuers that represent low credit risk. In selecting securities, the Sub-Adviser considers factors such as the anticipated level of interest rates and the maturity of individual securities relative to the maturity of the Fund as a whole. The Fund is not a money market fund and does not seek to maintain a stable net asset value. Market Risk — 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 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. Municipal Securities Risk — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Municipal obligations may be underwritten or guaranteed by a relatively small number of financial services firms, so changes in the municipal securities market that affect those firms may decrease the availability of municipal instruments in the market, thereby making it difficult for the Sub-Adviser to identify and obtain appropriate investments for the Fund's portfolio. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Taxation Risk — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Interest Rate Risk — 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. Duration Risk — 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. Income Risk — An investment in the Fund is subject to income risk, which is the possibility that the Fund's yield will decline due to falling interest rates. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Repurchase Agreement Risk — Although the Fund's repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund's recovery of collateral. Credit Risk — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Call Risk — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. 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 nine calendar years and by showing how the Fund's average annual returns for 1 and 5 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. For current performance information, please call 1-800-DIAL-SEI. 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 nine calendar years and by showing how the Fund's average annual returns for 1 and 5 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"> <img alt="" src="j2621702_bi004.jpg" style="-sec-ix-hidden: hidden-fact-22"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 0.88% (09/30/2024) Worst Quarter: 0.00% (03/31/2021) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0088 2024-09-30 Worst Quarter: 0 2021-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 308px; text-align: left;" valign="bottom"> Tax-Free Conservative Income Fund — Class F </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"> 1 Year </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"> 5 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;" valign="bottom"> Since Inception (4/22/2016) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 308px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.61 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.95 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.38 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 308px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 2.60 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 1.94 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 1.37 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 308px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.60 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.94 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.37 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 308px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 1.76 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 308px; background-color: #cceeff; text-align: left;" valign="bottom"> ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.18 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.17 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.24 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2016-04-22 Return Before Taxes 0.0261 0.0195 0.0138 Return After Taxes on Distributions 0.026 0.0194 0.0137 Return After Taxes on Distributions and Sale of Fund Shares 0.026 0.0194 0.0137 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0176 ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes) 0.0418 0.0317 0.0224 Although the Fund's performance is benchmarked against the return of the ICE BofA U.S. 3-Month Treasury Bill Index, an investment in the Fund may differ from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund may potentially be more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest. REAL RETURN FUND Investment Goal Total return exceeding the rate of inflation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class F Shares</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"> Management Fees</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"> 0.22</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.48</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 56px; text-align: right;" valign="bottom"> 0.70</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0022 0 0.0048 0.007 EXAMPLE 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. 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: 233px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Real Return Fund — Class F Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 72</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 224</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 390</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 871</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> 72 224 390 871 PORTFOLIO TURNOVER 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 29% of the average value of its portfolio. 0.29 Principal Investment Strategies The Real Return Fund seeks to produce a return similar to that of the Bloomberg 1-5 Year U.S. Treasury Inflation-Protected Securities (TIPS) Index, which is the Fund's benchmark index. Under normal circumstances, the Fund will invest a significant portion of its assets in investment grade fixed income securities, including inflation-indexed bonds of varying maturities issued by the U.S. Treasury, other U.S. Government agencies and instrumentalities. An inflation-indexed bond is a bond that is structured so that its principal value will change with inflation. TIPS are a type of inflation-indexed bond in which the Fund may invest. The Fund's exposure to fixed income securities is not restricted by maturity requirements. The Fund may also invest in securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as time deposits, U.S. and foreign corporate debt including commercial paper; and securitized issues, such as mortgage-backed securities issued by U.S. Government agencies. Although the Real Return Fund is able to use a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser) whereby Fund assets would be allocated among multiple sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers), the Fund's assets currently are managed directly by SIMC. Market Risk — 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 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. Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. Interest Rate Risk — 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. Investment Style Risk — The Fund is also subject to the risk that the Fund's securities may underperform other segments of the markets or the markets as a whole. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — 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. Due to the Fund's investments in securities denominated in foreign 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. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. 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. 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. 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"> <img alt="" src="j2621702_bk022.jpg" style="-sec-ix-hidden: hidden-fact-23"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 3.35% (03/31/2025) Worst Quarter: -3.25% (09/30/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0335 2025-03-31 Worst Quarter: -0.0325 2022-09-30 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 267px; text-align: left;" valign="bottom"> Real Return Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (7/2/2009) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.04 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.69 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.22 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 4.24 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 1.06 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 1.53 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 1.28 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.56 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.40 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.56 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.32 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 2.81 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Bloomberg 1-5 Year U.S. TIPS Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.55 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.32 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.16 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.67 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2009-07-02 Return Before Taxes 0.0604 0.0288 0.0269 0.0222 Return After Taxes on Distributions 0.0424 0.0106 0.0153 0.0128 Return After Taxes on Distributions and Sale of Fund Shares 0.0356 0.014 0.0156 0.0132 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0281 Bloomberg 1-5 Year U.S. TIPS Index Return (reflects no deduction for fees, expenses or taxes) 0.0655 0.0332 0.0316 0.0267 DYNAMIC ASSET ALLOCATION FUND Investment Goal Long-term total return. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</td> <td colspan="1"> </td> <td colspan="7" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 136px; text-align: center;" valign="bottom"> Class F Shares</td> <td colspan="1"> </td> </tr> <tr> <td colspan="11" style="padding:4pt .7pt 4pt 0pt; width: 393px; background-color: #cceeff; text-align: left;" valign="bottom"> Management Fees (of the Fund and Subsidiary)</td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> Management of the Fund</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: 33px; text-align: right;" valign="bottom"> 0.60</td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> %</td> <td colspan="1" style="width: 8px;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 66px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Management of the Subsidiary</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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> None</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 66px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; text-align: left;" valign="bottom"> Total Management Fees</td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> 0.60</td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 25px; text-align: left;" valign="bottom"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:6pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Distribution (12b-1) Fees</td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:6pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> None</td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="11" style="padding:0pt .7pt 4pt 0pt; width: 393px; text-align: left;" valign="bottom"> Other Expenses (of the Fund and Subsidiary)</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Other Expenses of the Fund</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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.58</td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 66px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; text-align: left;" valign="bottom"> Other Expenses of the Subsidiary</td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 33px; text-align: right;" valign="bottom"> None</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px;" valign="bottom"> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 66px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Total Other Expenses</td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 8px; background-color: #cceeff;" 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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.58</td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> %</td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:6pt .7pt 6pt 0pt; width: 257px; text-align: left;" valign="bottom"> Total Annual Fund Operating Expenses</td> <td colspan="1"> </td> <td colspan="3" style="padding:6pt .7pt 6pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 33px; text-align: right;" valign="bottom"> 1.18</td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 25px; text-align: left;" valign="bottom"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.006 0 0.006 0 0.0058 0 0.0058 0.0118 EXAMPLE 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. 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: 233px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Dynamic Asset Allocation Fund — Class F Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 120</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 375</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 649</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,432</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> 120 375 649 1432 PORTFOLIO TURNOVER 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 8% of the average value of its portfolio. 0.08 Principal Investment Strategies The Fund employs a dynamic investment strategy seeking to achieve, over time, a total return in excess of the broad U.S. equity market by selecting investments from among a broad range of asset classes or market exposures based upon SEI Investments Management Corporation's (SIMC or the Adviser) expectations of risk and return. Asset classes or market exposures in which the Fund may invest include U.S. and foreign equities and bonds, currencies, and investment exposures to various market characteristics such as interest rates or volatility. SIMC 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, as discussed below. The asset classes and market exposures used, and the Fund's allocations among them, are determined based on SIMC's views of fundamental, technical or valuation measures and may be dynamically adjusted (i.e. actively adjusted over long or short periods of time). The Fund may at any particular point in time be diversified across many exposures or concentrated in a limited number of exposures, including, possibly, a single asset class or market exposure. Although the Fund will seek to achieve excess total return through its dynamic investment selection, it will also normally maintain, as a primary component of its strategy, passive exposure to the large capitalization U.S. equity market. To the extent that the Fund is not dynamically invested in other asset classes or market exposures, the Fund's assets will generally be passively invested in a portfolio of securities designed to track, before fees and expenses, the performance of the large capitalization U.S. equity market. This passive exposure to the large capitalization U.S. equity market is implemented by the Sub-Adviser. The Fund may obtain asset class or market exposures by investing directly (e.g., in equity and fixed income securities and other instruments) or indirectly (e.g., through the use of other pooled investment vehicles, a wholly-owned subsidiary or derivative instruments, principally futures contracts, forward contracts, options and swaps). The particular types of securities and other instruments in which the Fund may invest are further described below. Equity Securities. The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants (including equity-linked warrants) and depositary receipts of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries. Fixed Income Securities. The Fund may invest in fixed income securities that are investment or non-investment grade (also known as "junk bonds"), U.S.- or foreign-issued (including emerging markets), and corporate- or government-issued. The Fund's fixed income investments may include mortgage-backed securities, corporate bonds and debentures, commercial paper, money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, zero coupon bonds, structured notes, obligations of foreign governments, and obligations of either supranational entities issued or guaranteed by certain banks and entities organized to restructure the outstanding debt of such issuers. The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government and Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities of both U.S. and non-U.S. governments and corporations.The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions. Other Instruments. The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies. Pooled Investment Vehicles. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, including open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs), to obtain the Fund's desired exposure to a particular asset class. Derivative and Commodity Instruments. The Fund may also purchase or sell futures contracts, forward contracts, options and swaps (including swaptions, caps, floors or collars) for return enhancement or hedging purposes or to obtain the Fund's desired exposure to a particular asset class or market exposure. Futures contracts, forward contracts and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives may also be used to mitigate the Fund's overall level of risk and/or the Fund's exposure to the risk of particular types of securities or market segments. The Fund may purchase or sell futures contracts (and options on futures contracts) on U.S. Government securities for return enhancement and hedging purposes. The Fund may purchase and sell forward contracts on currencies or securities for return enhancement and hedging purposes. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. Swaps may be used for return enhancement or hedging purposes. Securities index and single security swaps may be used to manage the inflation-adjusted return of the Fund or to more efficiently gain exposure to a particular security or basket of securities. 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 a security or basket of securities. The Fund may also, to a lesser extent, purchase or sell put or call options on securities, indexes or currencies for return enhancement or hedging purposes or to obtain the Fund's desired exposure to a particular asset class or market exposure. The Fund may seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts, commodity investments and commodity-linked derivative instruments. The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC. Currency Exposure. The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Fund may also seek to enhance its return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Fund may buy and sell currencies (i.e., take long or short positions) using futures, options and foreign currency forward contracts. 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 its currency exposure from foreign securities, the Fund may buy and sell currencies for hedging or for speculative purposes.Short Sales. The Fund may engage in short sales on equity securities that are expected to underperform the market or their peers. When the Sub-Adviser sells securities short, it may invest the proceeds from the short sales in an attempt to enhance returns. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss. Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Fixed Income Market Risk — 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 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. Duration Risk — 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. Leverage Risk — 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. Interest Rate Risk — 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. Derivatives Risk — The Fund's use of futures contracts, options, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above and liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. 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 these 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — 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. Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. Commodity-Linked Securities Risk — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Below Investment Grade Securities Risk (Junk Bonds) — 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. These risks may be increased in foreign and emerging markets. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Foreign Sovereign Debt Securities Risk — 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. Repurchase Agreement Risk — Although repurchase agreement transactions must be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund's recovery of collateral. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller 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 Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. Short Sales Risk — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund's share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action. Real Estate Industry Risk — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Depositary Receipts Risk — Depositary receipts, such as 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. Tax Risk — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income (when combined with its other investments that produce non-qualifying income) from such investments that do not generate qualifying income, to a maximum of 10% of its gross income to permit the Fund to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders. The Fund will gain most of its exposure to the commodities markets through its investment in the Subsidiary, which invests in commodity investments and derivative instruments. The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of the Code for qualification as a RIC. The Fund expects its income attributable to its investment in the Subsidiary to be treated as "qualifying income" for tax purposes. The Adviser will ensure that no more than 25% of the Fund's assets are invested in the Subsidiary. Investment Company and Exchange-Traded Funds Risk — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. Investment in the Subsidiary Risk — The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the 1940 Act) and, unless otherwise noted in this prospectus, is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could negatively affect the Fund and its shareholders. Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. 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. 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. 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"> <img alt="" src="j2621702_bk023.jpg" style="-sec-ix-hidden: hidden-fact-24"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 20.97% (06/30/2020) Worst Quarter: -19.16% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2097 2020-06-30 Worst Quarter: -0.1916 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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: 267px; text-align: left;" valign="bottom"> Dynamic Asset Allocation Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (7/30/2015) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 18.81 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.33 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.71 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.79 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 13.45 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 10.85 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 11.51 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 10.68 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.12 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.67 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.84 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.07 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 13.93 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 2015-07-30 Return Before Taxes 0.1881 0.1433 0.1371 0.1279 Return After Taxes on Distributions 0.1345 0.1085 0.1151 0.1068 Return After Taxes on Distributions and Sale of Fund Shares 0.1412 0.1067 0.1084 0.1007 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1393 MULTI-STRATEGY ALTERNATIVE FUND Investment Goal The Fund allocates its assets among a variety of investment strategies to seek to generate an absolute return with reduced correlation to the stock and bond markets. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </div> </td> <td colspan="1"> </td> <td colspan="7" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 136px; text-align: center;" valign="bottom"> Class F Shares </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"> Management Fees </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.50 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> None </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px;" valign="bottom"> </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="11" style="padding:0pt .7pt 4pt 0pt; width: 393px; background-color: #cceeff; text-align: left;" valign="bottom"> Other Expenses </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> Dividends on Shorts </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: 33px; text-align: right;" valign="bottom"> 0.59 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 66px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Remainder of Other Expenses </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.60 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 66px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; text-align: left;" valign="bottom"> Total Other Expenses </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> 1.19 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:6pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Acquired Fund Fees and Expenses (AFFE) </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:6pt .7pt 6pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.24 </td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> 2.93 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 25px; text-align: left;" valign="bottom"> %† </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> † Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements (or the "Financial Highlights" section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. 0.015 0 0.0059 0.006 0.0119 0.0024 0.0293 Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements (or the "Financial Highlights" section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. EXAMPLE 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. 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: 233px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 233px; background-color: #cceeff; text-align: left;" valign="bottom"> Multi-Strategy Alternative Fund — Class F Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 296 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 907 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,543 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3,252 </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> 296 907 1543 3252 PORTFOLIO TURNOVER 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 358% of the average value of its portfolio. 3.58 Principal Investment Strategies The Multi-Strategy Alternative Fund employs a strategy intended to generate an absolute (i.e., positive) return in various market cycles with reduced correlation to the stock and bond markets. The Fund allocates its assets among a variety of investment strategies through the use of: (i) affiliated and unaffiliated funds, including open-end funds, closed-end funds and exchange traded funds (Underlying Funds); and/or (ii) one or more investment sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers). In addition, SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets, which may include allocating assets to investments in Underlying Funds selected by SIMC. The Underlying Funds or Sub-Advisers that are employed may apply any of a variety of investment strategies, which may include: (i) directional or tactical strategies, such as long/short equity, long/short credit and global tactical asset allocation; (ii) event driven strategies, such as distressed securities, special situations and merger arbitrage; and (iii) arbitrage strategies, such as fixed income or interest rate arbitrage, convertible arbitrage, pairs trading and equity market neutral. The Fund will allocate its assets among Underlying Funds and/or Sub-Advisers based on SIMC's analysis of their investment strategies and historical performance as well as SIMC's analysis of the potential for each to perform independently of one another. By allocating its assets in this manner, the Fund will seek to reduce risk, lower volatility and achieve positive returns in various market cycles. Allocation of assets to any one Underlying Fund, Sub-Adviser or strategy will vary based on market conditions. By investing in an Underlying Fund, the Fund becomes a shareholder of that Underlying Fund. Underlying Funds and Sub-Advisers may invest in a broad range of asset classes, securities and other investments to achieve their designated investment strategies, which may include U.S., foreign and emerging markets securities, equity securities of all types and capitalization ranges, investment and non-investment grade fixed income securities (junk bonds) of any duration or maturity issued by corporations or governments, bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties, commodities, currencies, warrants, depositary receipts, exchange traded notes and derivative instruments, principally, equity options, futures contracts, options on futures contracts, forward contracts, swap agreements and credit default swaps. In addition, the Fund may invest in cash, money market instruments and other short-term obligations to achieve its investment goal. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. The Fund currently allocates assets to Sub-Advisers pursuant to SIMC's "manager of managers" model, and the Sub-Advisers manage Fund assets under the general supervision of SIMC. The Fund is intended to be only one component of an investor's broader investment program and is not designed to be a complete investment program. Investors who seek to add an alternative component to their overall investment program may wish to allocate a portion of their investment to the Fund. Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Fixed Income Market Risk — 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 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. Arbitrage Strategies Risk — Arbitrage strategies involve engaging in transactions that attempt to exploit price differences of identical, related or similar securities on different markets or in different forms. The Fund may realize losses or a reduced rate of return if underlying relationships among securities in which it takes investment positions change in an adverse manner or if a transaction is unexpectedly terminated or delayed. Trading to seek short-term capital appreciation can be expected to cause the Fund's portfolio turnover rate to be substantially higher than that of the average equity-oriented investment company. Directional or Tactical Strategies Risk — Directional or tactical strategies usually use long and short positions, which entail predicting the direction that particular securities or sectors or the overall market might move. Directional or tactical strategies may utilize leverage and hedging. There may be a significant risk of loss if the Fund's judgment is incorrect as to the direction, timing or extent of expected movements of particular securities or sectors or the market as a whole. Event-Driven Strategies Risk — Event-driven strategies involve making evaluations and predictions about both the likelihood that a particular event in the life of a company will occur and the impact such an event will have on the value of the company's securities. The transaction in which such a company is involved may be unsuccessful, take considerable time (or longer than anticipated) or may result in a distribution of cash or a new security, the value of which may be less than the purchase price of the company's security. If an anticipated transaction does not occur, the Fund may be required to sell its securities at a loss. Duration Risk — 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. Leverage Risk — 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. Interest Rate Risk — 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. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. Derivatives Risk — The Fund's use of futures contracts, options, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above and liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. 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 these 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — Due to its active positions in 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. Due to the Fund's investments in securities denominated in foreign 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 U.S. or abroad. Commodity-Linked Securities Risk — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower of the loan and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Distressed Securities Risk — Distressed securities frequently do not produce income while they are outstanding and may require the Fund to bear certain extraordinary expenses in order to protect and recover its investment. Distressed securities are at high risk for default. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance. Short Sales Risk — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action. Tax Risk — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income from such investments that do not generate qualifying income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to permit the Fund to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders. Investment Company and Exchange-Traded Funds (ETFs) Risk — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC 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. Exchange-Traded Notes (ETNs) Risk — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange. Depositary Receipts Risk — Depositary receipts, such as 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. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. 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. 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. 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"> <img alt="" src="j2621702_bk024.jpg" style="-sec-ix-hidden: hidden-fact-25"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 141px; text-align: left;" valign="bottom"> Best Quarter: 7.23% (12/31/2020) Worst Quarter: -6.44% (06/30/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0723 2020-12-31 Worst Quarter: -0.0644 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 267px; text-align: left;" valign="bottom"> Multi-Strategy Alternative Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (3/31/2010) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.62 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.20 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.80 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 8.51 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 2.04 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.83 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 1.75 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.21 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.69 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.74 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 2.60 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 267px; background-color: #cceeff; text-align: left;" valign="bottom"> ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.18 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.17 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.18 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.41 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2010-03-31 Return Before Taxes 0.1062 0.0401 0.042 0.028 Return After Taxes on Distributions 0.0851 0.0204 0.0283 0.0175 Return After Taxes on Distributions and Sale of Fund Shares 0.0636 0.0221 0.0269 0.0174 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.026 ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes) 0.0418 0.0317 0.0218 0.0141 Although the Fund's performance is benchmarked against the return of the ICE BofA U.S. 3-Month Treasury Bill Index, an investment in the Fund is substantially different from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund is expected to be substantially more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest. LARGE CAP FUND Investment Goal Long-term growth of capital and income. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class I Shares </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"> Management Fees </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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.39 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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: 55px; text-align: right;" valign="bottom"> None </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"> Other Expenses </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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.84 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 55px; text-align: right;" valign="bottom"> 1.23 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0039 0 0.0084 0.0123 EXAMPLE 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. 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: 168px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 168px; background-color: #cceeff; text-align: left;" valign="bottom"> Large Cap Fund — Class I Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 125 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 390 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 676 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,489 </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> 125 390 676 1489 PORTFOLIO TURNOVER 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 42% of the average value of its portfolio. 0.42 Principal Investment Strategies Under normal circumstances, the Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities. 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 and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investment Style Risk — The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Preferred Stock Risk — 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. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Medium Capitalization Risk — The risk that 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, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. 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. 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. 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. 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"> <img alt="" src="j2621703_ba002.jpg" style="-sec-ix-hidden: hidden-fact-26"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 1910px; text-align: left;" valign="bottom"> Best Quarter: 20.21% (06/30/2020) Worst Quarter: -24.00% (03/31/2020) As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For full calendar years through December 31, 2025, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class I Shares would have been invested in the same portfolio of securities, returns for Class I Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that the classes do not have the same total annual fund operating expenses. </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2021 2020-06-30 Worst Quarter: -0.24 2020-03-31 As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 285px; text-align: left;" valign="bottom"> Large Cap Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (9/30/2009) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.59 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.07 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.17 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.13 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 32px; text-align: right;" valign="bottom"> 12.61 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 8.72 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 9.61 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 9.77 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.80 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.06 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.45 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.61 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 32px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 14.29 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.37 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.59 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.59 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.18 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For periods prior to December 31, 2025, the performance of the Fund's Class F Shares has been used. Returns for Class I Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class I Shares have higher total annual fund operating expenses than Class F Shares. 2009-09-30 Return Before Taxes 0.1759 0.1207 0.1217 0.1213 Return After Taxes on Distributions 0.1261 0.0872 0.0961 0.0977 Return After Taxes on Distributions and Sale of Fund Shares 0.138 0.0906 0.0945 0.0961 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1429 Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1737 0.1359 0.1459 0.1418 For periods prior to December 31, 2025, the performance of the Fund's Class F Shares has been used. Returns for Class I Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class I Shares have higher total annual fund operating expenses than Class F Shares. LARGE CAP VALUE FUND Investment Goal Long-term growth of capital and income. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class I Shares </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"> Management Fees </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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.35 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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: 55px; text-align: right;" valign="bottom"> None </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"> Other Expenses </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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.84 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 55px; text-align: right;" valign="bottom"> 1.19 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0035 0 0.0084 0.0119 EXAMPLE 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. 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: 168px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 168px; background-color: #cceeff; text-align: left;" valign="bottom"> Large Cap Value Fund — Class I Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 121 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 378 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 654 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,443 </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> 121 378 654 1443 PORTFOLIO TURNOVER 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 28% of the average value of its portfolio. 0.28 Principal Investment Strategies Under normal circumstances, the Large Cap Value Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund will primarily seek to purchase securities believed to be attractively valued in relation to various measures, which may include earnings, capital structure or return on invested capital. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Value Index (between $1.0 billion and $3.8 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Value Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities. 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 and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investment Style Risk — The risk that large capitalization securities and/or value stocks may underperform other segments of the equity markets or the equity markets as a whole. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Medium Capitalization Risk — The risk that 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, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. 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. Preferred Stock Risk — 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. 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. 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. 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"> <img alt="" src="j2621703_ba003.jpg" style="-sec-ix-hidden: hidden-fact-27"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 1910px; text-align: left;" valign="bottom"> Best Quarter: 16.63% (12/31/2020) Worst Quarter: -30.02% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1663 2020-12-31 Worst Quarter: -0.3002 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 285px; text-align: left;" valign="bottom"> Large Cap Value Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (10/3/1994) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 18.64 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.82 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.68 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.75 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 32px; text-align: right;" valign="bottom"> 15.01 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 9.61 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 8.02 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 7.34 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.56 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.12 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.59 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.12 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table><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: 285px; text-align: left;" valign="bottom"> Large Cap Value Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (10/3/1994) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.05 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 285px; text-align: left;" valign="bottom"> Russell 1000 Value Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 15.91 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 11.33 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 10.53 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 9.89 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> * The Fund's Class I Shares commenced operations on August 6, 2001. 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. The Fund's actual inception date is April 20, 1987. Between April 20, 1987 and October 3, 1994, the Fund was advised by a different investment adviser. Accordingly, performance shown in the chart above is from October 3, 1994. 1994-10-03 Return Before Taxes 0.1864 0.1182 0.0968 0.0875 Return After Taxes on Distributions 0.1501 0.0961 0.0802 0.0734 Return After Taxes on Distributions and Sale of Fund Shares 0.1356 0.0912 0.0759 0.0712 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1105 Russell 1000 Value Index Return (reflects no deduction for fees, expenses or taxes) 0.1591 0.1133 0.1053 0.0989 LARGE CAP GROWTH FUND Investment Goal Capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class I Shares</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"> Management Fees</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.40</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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: 55px; text-align: right;" valign="bottom"> None</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"> Other Expenses</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.83</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 55px; text-align: right;" valign="bottom"> 1.23</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.004 0 0.0083 0.0123 EXAMPLE 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. 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: 168px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 168px; background-color: #cceeff; text-align: left;" valign="bottom"> Large Cap Growth Fund — Class I Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 125</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 390</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 676</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,489</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> 125 390 676 1489 PORTFOLIO TURNOVER 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 63% of the average value of its portfolio. 0.63 Principal Investment Strategies Under normal circumstances, the Large Cap Growth Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund will primarily seek to purchase securities believed to have attractive growth and appreciation potential. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Growth Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Growth Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs), as well as forward contracts and swaps for hedging and speculative purposes. The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities. 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 and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Sub-Adviser(s) may implement a long/short equity investment strategy by investing in securities, including through forwards and swaps on individual securities or baskets of securities, believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that are believed to be undervalued relative to their potential and likely to increase in price, and (ii) short positions with respect to investments that are believed to have significant risk of decreasing in price. The Sub-Adviser(s) seek returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated. The Fund implements the investment recommendations of SIMC and certain of the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each such Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the applicable Sub-Advisers and SIMC, with the weighting of each such Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investment Style Risk — The risk that large capitalization securities and/or growth stocks may underperform other segments of the equity markets or the equity markets as a whole. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, shareholders will be subject to two layers of fees and expenses with respect to investments in the Fund. Derivatives Risk — The Fund's use of forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. 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 is also subject to credit risk and valuation risk. Credit risk is 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. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a 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. Long/Short Risk — 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. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Leverage Risk — 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. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Active Management Risk — The Fund is subject to the risk that the Adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to other funds with similar objectives and investment strategies. Quantitative Investing Risk — A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. Medium Capitalization Risk — The risk that 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, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. 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. Preferred Stock Risk — 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. Non-Diversified Risk — 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 Code for classification as a RIC. 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. 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. 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"> <img alt="" src="j2621703_ba004.jpg" style="-sec-ix-hidden: hidden-fact-28"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 1910px; text-align: left;" valign="bottom"> Best Quarter: 27.09% (06/30/2020) Worst Quarter: -20.24% (06/30/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2709 2020-06-30 Worst Quarter: -0.2024 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 285px; text-align: left;" valign="bottom"> Large Cap Growth Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (12/20/1994) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.97 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.98 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 15.69 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.21 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 32px; text-align: right;" valign="bottom"> 11.80 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 9.74 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 12.54 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 8.75 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.06 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.29 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.29 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.56 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 32px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 11.14 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 1000 Growth Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 18.56 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 15.32 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 18.13 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.80 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * The Fund's Class I Shares commenced operations on August 6, 2001. 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. 1994-12-20 Return Before Taxes 0.1797 0.1398 0.1569 0.1021 Return After Taxes on Distributions 0.118 0.0974 0.1254 0.0875 Return After Taxes on Distributions and Sale of Fund Shares 0.1406 0.1029 0.1229 0.0856 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1114 Russell 1000 Growth Index Return (reflects no deduction for fees, expenses or taxes) 0.1856 0.1532 0.1813 0.118 S&P 500 INDEX FUND Investment Goal Investment results that correspond to the aggregate price and dividend performance of the securities in the S&P 500 Index. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class I Shares</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"> Management Fees</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.03</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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: 55px; text-align: right;" valign="bottom"> None</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"> Other Expenses</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.76</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 55px; text-align: right;" valign="bottom"> 0.79</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0003 0 0.0076 0.0079 EXAMPLE 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. 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: 168px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 168px; background-color: #cceeff; text-align: left;" valign="bottom"> S&P 500 Index Fund — Class I Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 81</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 252</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 439</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 978</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 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 3% of the average value of its portfolio. 0.03 Principal Investment Strategies The Fund invests substantially all of its assets (at least 80%) in securities listed in the Standard & Poor's 500 Composite Stock Price Index (S&P 500 Index), which is composed of approximately 500 leading U.S. publicly traded companies from a broad range of industries (mostly common stocks). The Fund's investment results are expected to correspond to the aggregate price and dividend performance of the S&P 500 Index before the fees and expenses of the Fund. The Fund generally gives the same weight to a given stock as the S&P 500 Index does. The Fund may become "non-diversified," as defined in the Investment Company Act of 1940, as amended (the 1940 Act), as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index. In seeking to replicate the performance of the S&P 500 Index, the Fund may also invest in futures contracts, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also invest a portion of its assets in securities of companies located in developed foreign countries and securities of small and medium capitalization companies. The Fund's ability to replicate the performance of the S&P 500 Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund's expenses. The Fund may use futures contracts to obtain exposure to the equity market during high volume periods of investment into the Fund. The Fund's sub-adviser (the Sub-Adviser) selects the Fund's securities under the general supervision of the Fund's adviser, SEI Investments Management Corporation (SIMC or the Adviser), but the Sub-Adviser makes no attempt to "manage" the Fund in the traditional sense (i.e., by using economic, market or financial analyses). Instead, the Sub-Adviser purchases a basket of securities that includes most of the companies in the S&P 500 Index. However, the Sub-Adviser may sell an investment if the merit of the investment has been substantially impaired by extraordinary events or adverse financial conditions. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investment Style Risk — The risk that the Fund's investment approach, which attempts to replicate the performance of the S&P 500 Index, may underperform other segments of the equity markets or the equity markets as a whole. Tracking Error Risk — The risk that the Fund's performance may vary substantially from the performance of the benchmark index it tracks as a result of cash flows, Fund expenses, imperfect correlation between the Fund's investments and the benchmark and other factors. Derivatives Risk — The Fund's use of futures 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. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. 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. Depositary Receipts Risk — Depositary receipts, such as 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. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Leverage Risk — 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. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Non-Diversification Risk — In seeking to track the S&P 500 Index, the Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. When it is non-diversified, the Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrence, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares. 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. 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. 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"> <img alt="" src="j2621703_ba005.jpg" style="-sec-ix-hidden: hidden-fact-29"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 1910px; text-align: left;" valign="bottom"> Best Quarter: 20.37% (06/30/2020) Worst Quarter: -19.75% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2037 2020-06-30 Worst Quarter: -0.1975 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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: 285px; text-align: left;" valign="bottom"> S&P 500 Index Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (2/28/1996) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.09 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.67 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.07 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.50 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 32px; text-align: right;" valign="bottom"> 14.86 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 11.57 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 12.47 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 8.55 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.63 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.56 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.39 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.06 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 285px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 10.22 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> * The Fund is the successor to SEI Index Funds' S&P 500 Index Fund (the Predecessor Fund). The Fund commenced operations on September 17, 2007. Accordingly, for periods prior to September 17, 2007, the performance information is based on the performance of the Predecessor Fund's Class A Shares (prior to June 28, 2002) and Class I Shares (between June 28, 2002 and September 16, 2007). 1996-02-28 Return Before Taxes 0.1709 0.1367 0.1407 0.095 Return After Taxes on Distributions 0.1486 0.1157 0.1247 0.0855 Return After Taxes on Distributions and Sale of Fund Shares 0.1163 0.1056 0.1139 0.0806 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1022 SMALL CAP FUND Investment Goal Capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class I Shares</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"> Management Fees</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.65</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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: 55px; text-align: right;" valign="bottom"> None</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"> Other Expenses</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.83</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 55px; text-align: right;" valign="bottom"> 1.48</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0083 0.0148 EXAMPLE 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. 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: 168px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 168px; background-color: #cceeff; text-align: left;" valign="bottom"> Small Cap Fund — Class I Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 151</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 468</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 808</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,768</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> 151 468 808 1768 PORTFOLIO TURNOVER 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 80% of the average value of its portfolio. 0.80 Principal Investment Strategies Under normal circumstances, the Small Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (both common and preferred stocks) of small companies, including exchange-traded funds (ETFs) based on small capitalization indexes and securities of real estate investment trusts (REITs). For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund may also invest in warrants and, to a lesser extent, in securities of large capitalization companies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. 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. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and certain of its Sub-Advisers through the use of an overlay manager appointed by SIMC. Each applicable Sub-Adviser and SIMC provide a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for its portion of the Fund that represents the aggregation of the model portfolios of the applicable Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Small Capitalization Risk — Smaller 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 capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small 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. Investment Style Risk — The risk that small capitalization securities may underperform other segments of the equity markets or the equity markets as a whole. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Liquidity Risk — 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. Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance. 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. 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. 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"> <img alt="" src="j2621703_bc006.jpg" style="-sec-ix-hidden: hidden-fact-30"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 1910px; text-align: left;" valign="bottom"> Best Quarter: 28.44% (12/31/2020) Worst Quarter: -31.27% (03/31/2020) As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For full calendar years through December 31, 2025, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class I Shares would have been invested in the same portfolio of securities, returns for Class I Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that the classes do not have the same total annual fund operating expenses. </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2844 2020-12-31 Worst Quarter: -0.3127 2020-03-31 As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 285px; text-align: left;" valign="bottom"> Small Cap Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (9/30/2009) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.06 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.29 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.76 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.57 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 32px; text-align: right;" valign="bottom"> 7.52 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 5.57 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 6.77 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 7.49 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.79 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.94 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.57 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.32 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 32px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 14.29 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 2000 Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.81 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.09 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.62 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.57 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For periods prior to December 31, 2025, the performance of the Fund's Class F Shares has been used. Returns for Class I Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class I Shares have higher total annual fund operating expenses than Class F Shares. 2009-09-30 Return Before Taxes 0.1006 0.0829 0.0876 0.0957 Return After Taxes on Distributions 0.0752 0.0557 0.0677 0.0749 Return After Taxes on Distributions and Sale of Fund Shares 0.0779 0.0594 0.0657 0.0732 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1429 Russell 2000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1281 0.0609 0.0962 0.1057 For periods prior to December 31, 2025, the performance of the Fund's Class F Shares has been used. Returns for Class I Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class I Shares have higher total annual fund operating expenses than Class F Shares. SMALL CAP VALUE FUND Investment Goal Capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class I Shares </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"> Management Fees </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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.65 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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: 55px; text-align: right;" valign="bottom"> None </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"> Other Expenses </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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.84 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 55px; text-align: right;" valign="bottom"> 1.49 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0084 0.0149 EXAMPLE 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. 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: 168px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 168px; background-color: #cceeff; text-align: left;" valign="bottom"> Small Cap Value Fund — Class I Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 152 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 471 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 813 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,779 </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> 152 471 813 1779 PORTFOLIO TURNOVER 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 48% of the average value of its portfolio. 0.48 Principal Investment Strategies Under normal circumstances, the Small Cap Value Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small companies. The Fund will primarily seek to purchase securities believed to be attractively valued in relation to various measures, which may include earnings, capital structure or return on invested capital. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants, and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies. 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) to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Small Capitalization Risk — Smaller 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 capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small 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. Investment Style Risk — The risk that small capitalization securities and/or value stocks may underperform other segments of the equity markets or the equity markets as a whole. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Liquidity Risk — 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. Preferred Stock Risk — 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. 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. 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. 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"> <img alt="" src="j2621703_bc007.jpg" style="-sec-ix-hidden: hidden-fact-31"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 1910px; text-align: left;" valign="bottom"> Best Quarter: 30.40% (12/31/2020) Worst Quarter: -39.17% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.304 2020-12-31 Worst Quarter: -0.3917 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 285px; text-align: left;" valign="bottom"> Small Cap Value Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (12/20/1994) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.04 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.79 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.66 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.91 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 32px; text-align: right;" valign="bottom"> 10.75 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 7.57 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 6.00 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 7.33 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.27 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.49 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.16 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 32px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 11.14 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 2000 Value Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.59 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.88 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.27 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.86 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * The Fund's Class I Shares commenced operations on February 11, 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. 1994-12-20 Return Before Taxes 0.1304 0.0979 0.0766 0.0891 Return After Taxes on Distributions 0.1075 0.0757 0.06 0.0733 Return After Taxes on Distributions and Sale of Fund Shares 0.0927 0.0749 0.0588 0.0716 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1114 Russell 2000 Value Index Return (reflects no deduction for fees, expenses or taxes) 0.1259 0.0888 0.0927 0.0986 SMALL CAP GROWTH FUND Investment Goal Long-term capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class I Shares </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"> Management Fees </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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.65 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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: 55px; text-align: right;" valign="bottom"> None </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"> Other Expenses </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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.84 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 55px; text-align: right;" valign="bottom"> 1.49 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0084 0.0149 EXAMPLE 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. 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: 168px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 168px; background-color: #cceeff; text-align: left;" valign="bottom"> Small Cap Growth Fund — Class I Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 152 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 471 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 813 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,779 </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> 152 471 813 1779 PORTFOLIO TURNOVER 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 155% of the average value of its portfolio. 1.55 Principal Investment Strategies Under normal circumstances, the Small Cap Growth Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small companies. The Fund will primarily seek to purchase securities believed to have attractive growth and appreciation potential. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. 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) to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Small Capitalization Risk — Smaller 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 capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small 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. Investment Style Risk — The risk that small capitalization securities and/or growth stocks may underperform other segments of the equity markets or the equity markets as a whole. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Liquidity Risk — 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. Preferred Stock Risk — 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. Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance. 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. 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. 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"> <img alt="" src="j2621703_bc008.jpg" style="-sec-ix-hidden: hidden-fact-32"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 1910px; text-align: left;" valign="bottom"> Best Quarter: 29.93% (06/30/2020) Worst Quarter: -31.55% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2993 2020-06-30 Worst Quarter: -0.3155 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 285px; text-align: left;" valign="bottom"> Small Cap Growth Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (4/20/1992) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.18 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.63 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.94 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.43 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 32px; text-align: right;" valign="bottom"> 1.63 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 1.26 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 6.19 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 7.01 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.31 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.36 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.03 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.76 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 32px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 10.83 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 2000 Growth Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.01 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.18 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.57 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.07 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * The Fund's Class I Shares commenced operations on August 6, 2001. 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. 1992-04-20 Return Before Taxes 0.0418 0.0363 0.0794 0.0843 Return After Taxes on Distributions 0.0163 0.0126 0.0619 0.0701 Return After Taxes on Distributions and Sale of Fund Shares 0.0431 0.0236 0.0603 0.0676 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1083 Russell 2000 Growth Index Return (reflects no deduction for fees, expenses or taxes) 0.1301 0.0318 0.0957 0.0807 MID-CAP FUND Investment Goal Long-term capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class I Shares</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"> Management Fees</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.40</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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: 55px; text-align: right;" valign="bottom"> None</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"> Other Expenses</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.84</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 55px; text-align: right;" valign="bottom"> 1.24</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.004 0 0.0084 0.0124 EXAMPLE 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. 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: 168px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 168px; background-color: #cceeff; text-align: left;" valign="bottom"> Mid-Cap Fund — Class I Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 126</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 393</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 681</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,500</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> 126 393 681 1500 PORTFOLIO TURNOVER 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 62% of the average value of its portfolio. 0.62 Principal Investment Strategies Under normal circumstances, the Mid-Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of medium-sized companies. For purposes of this Fund, a medium-sized company is a company with a market capitalization in the range of companies in the Russell Midcap Index (between approximately $1.0 billion and $101.6 billion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell Midcap Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, securities of small capitalization companies, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies. The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). In managing the Fund's assets, the Sub-Advisers select stocks of companies that have low price-earnings and price-book ratios, but that also have high sustainable growth levels and the probability of high positive earnings revisions. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that securities of medium capitalization companies may underperform other segments of the equity markets or the equity markets as a whole. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Liquidity Risk — 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. Preferred Stock Risk — 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. 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. 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. 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"> <img alt="" src="j2621703_bc009.jpg" style="-sec-ix-hidden: hidden-fact-33"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 1910px; text-align: left;" valign="bottom"> Best Quarter: 24.27% (06/30/2020) Worst Quarter: -30.53% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2427 2020-06-30 Worst Quarter: -0.3053 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 285px; text-align: left;" valign="bottom"> Mid-Cap Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (2/16/1993) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.78 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.62 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.71 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.57 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 32px; text-align: right;" valign="bottom"> 5.01 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 7.03 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 7.68 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 7.80 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.12 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.14 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.39 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.61 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 32px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 10.84 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell Midcap Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.60 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.67 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.01 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.91 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * The Fund's Class I Shares commenced operations on October 1, 2007. 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. 1993-02-16 Return Before Taxes 0.0978 0.0962 0.0971 0.0957 Return After Taxes on Distributions 0.0501 0.0703 0.0768 0.078 Return After Taxes on Distributions and Sale of Fund Shares 0.0912 0.0714 0.0739 0.0761 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1084 Russell Midcap Index Return (reflects no deduction for fees, expenses or taxes) 0.106 0.0867 0.1101 0.1091 U.S. MANAGED VOLATILITY FUND Investment Goal Capital appreciation with less volatility than the broad U.S. equity markets. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class I Shares </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"> Management Fees </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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.55 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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: 55px; text-align: right;" valign="bottom"> None </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"> Other Expenses </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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.84 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 55px; text-align: right;" valign="bottom"> 1.39 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0055 0 0.0084 0.0139 EXAMPLE 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. 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: 168px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 168px; background-color: #cceeff; text-align: left;" valign="bottom"> U.S. Managed Volatility Fund — Class I Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 142 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 440 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 761 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,669 </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> 142 440 761 1669 PORTFOLIO TURNOVER 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 68% of the average value of its portfolio. 0.68 Principal Investment Strategies Under normal circumstances, the U.S. Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of U.S. companies of all capitalization ranges. These securities may include common stocks, preferred stocks, exchange-traded funds (ETFs) and warrants. The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs), real estate investment trusts (REITs) and securities of non-U.S. companies. 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. The Fund seeks to achieve an absolute return of the broad U.S. equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole. Preferred Stock Risk — 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. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. 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 performance of the Fund's Class I Shares 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. For current performance information, please call 1-800-DIAL-SEI. The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Class I Shares 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"> <img alt="" src="j2621703_be001.jpg" style="-sec-ix-hidden: hidden-fact-34"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 1910px; text-align: left;" valign="bottom"> Best Quarter: 13.30% (12/31/2022) Worst Quarter: -23.24% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.133 2022-12-31 Worst Quarter: -0.2324 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the S&P 500 Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. 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. 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: 285px; text-align: left;" valign="bottom"> U.S. Managed Volatility Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (10/28/2004) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.45 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.42 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.00 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.77 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 32px; text-align: right;" valign="bottom"> 6.38 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 5.62 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 6.27 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 6.95 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.72 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.78 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.71 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.98 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 32px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 11.00 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table><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: 285px; text-align: left;" valign="bottom"> U.S. Managed Volatility Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (10/28/2004) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, expenses or taxes) </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.31 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.01 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.92 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.98 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 285px; text-align: left;" valign="bottom"> Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 17.15 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 13.15 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.29 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 10.88 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> * The Fund's Class I Shares are not currently in operation and therefore have no current performance history. Accordingly, the Fund's average annual total returns shown are those of the Class F Shares, which have not been adjusted to reflect the higher expenses of the Class I Shares (which would have lowered performance). 2004-10-28 Return Before Taxes 0.1045 0.0942 0.09 0.0877 Return After Taxes on Distributions 0.0638 0.0562 0.0627 0.0695 Return After Taxes on Distributions and Sale of Fund Shares 0.0872 0.0678 0.0671 0.0698 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.11 MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, expenses or taxes) 0.0731 0.0801 0.0992 0.0898 Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1429 0.1088 GLOBAL MANAGED VOLATILITY FUND Investment Goal Capital appreciation with less volatility than the broad global equity markets. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class I Shares</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"> Management Fees</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.65</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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: 55px; text-align: right;" valign="bottom"> None</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"> Other Expenses</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.84</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 55px; text-align: right;" valign="bottom"> 1.49</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0084 0.0149 EXAMPLE 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. 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: 168px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 168px; background-color: #cceeff; text-align: left;" valign="bottom"> Global Managed Volatility Fund — Class I Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 152</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 471</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 813</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,779</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> 152 471 813 1779 PORTFOLIO TURNOVER 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 78% of the average value of its portfolio. 0.78 Principal Investment Strategies The Global Managed Volatility Fund will typically invest in securities of U.S. and foreign companies of all capitalization ranges. These securities may include common stocks, preferred stocks, warrants, depositary receipts, exchange-traded funds (ETFs) and real estate investment trusts (REITs). The Fund also may use futures contracts and forward contracts.Under normal circumstances, the Fund will invest in at least three countries outside of the U.S., but will typically invest much more broadly. It is expected that at least 40% of the Fund's assets will be invested in non-U.S. securities. The Fund will invest primarily in companies located in developed countries, but may also invest in companies located in emerging markets. 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. This approach is intended to manage the risk characteristics of the Fund. The Fund seeks to achieve an absolute return of the broad global equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the MSCI World Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's country, sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that the Sub-Advisers believe will produce a less volatile return than the market over time. SIMC and each Sub-Adviser effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. In managing the Fund's currency exposure from foreign securities, the Fund may buy and sell futures or forward contracts on currencies for hedging purposes. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Depositary Receipts Risk — Depositary receipts, such as 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. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Derivatives Risk — The Fund's use of futures contracts 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 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 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 these 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 type 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Leverage Risk — 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Preferred Stock Risk — 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. 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. 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. 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"> <img alt="" src="j2621703_be002.jpg" style="-sec-ix-hidden: hidden-fact-35"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 1910px; text-align: left;" valign="bottom"> Best Quarter: 10.60% (06/30/2020) Worst Quarter: -19.29% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.106 2020-06-30 Worst Quarter -0.1929 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. 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. 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: 285px; text-align: left;" valign="bottom"> Global Managed Volatility Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (7/27/2006) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.34 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.86 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.03 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.60 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 32px; text-align: right;" valign="bottom"> 9.35 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 5.59 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 5.13 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 4.10 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.13 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.80 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.22 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.13 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> MSCI All Country World ex-USA Index (Net) (reflects no deduction for fees or expenses) </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: 32px; text-align: right;" valign="bottom"> 32.39 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 7.91 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 8.41 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 5.29 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> MSCI World Minimum Volatility Index (Net) (reflects no deduction for fees or expenses) </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.54 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.29 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.80 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.02 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 285px; text-align: left;" valign="bottom"> MSCI World Index Return (Net) (reflects no deduction for fees or expenses) </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 21.09 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 12.15 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 12.17 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 8.46 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> * The Fund's Class I Shares commenced operations on June 29, 2007. 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. 2006-07-27 Return Before Taxes 0.1134 0.0786 0.0703 0.056 Return After Taxes on Distributions 0.0935 0.0559 0.0513 0.041 Return After Taxes on Distributions and Sale of Fund Shares 0.0813 0.058 0.0522 0.0413 MSCI All Country World ex-USA Index (Net) (reflects no deduction for fees or expenses) (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0841 0.0529 MSCI World Minimum Volatility Index (Net) (reflects no deduction for fees or expenses) 0.1054 0.0629 0.078 0.0702 MSCI World Index Return (Net) (reflects no deduction for fees or expenses) 0.2109 0.1215 0.1217 0.0846 REAL ESTATE FUND Investment Goal Total return, including current income and capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class I Shares</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"> Management Fees</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.65</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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: 55px; text-align: right;" valign="bottom"> None</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"> Other Expenses</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.84</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 55px; text-align: right;" valign="bottom"> 1.49</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0084 0.0149 EXAMPLE 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. 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: 168px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 168px; background-color: #cceeff; text-align: left;" valign="bottom"> Real Estate Fund — Class I Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 152</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 471</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 813</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,779</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> 152 471 813 1779 PORTFOLIO TURNOVER 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 72% of the average value of its portfolio. 0.72 Principal Investment Strategies Under normal circumstances, the Real Estate Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of real estate companies (e.g., common stocks, rights, warrants, exchange-traded funds (ETFs), convertible securities and preferred stocks of real estate investment trusts (REITs) and real estate operating companies (REOCs)). Generally, the Fund will invest in real estate companies operating in the United States. The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Real Estate Industry Risk — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. The Fund's investments are concentrated in issuers conducting business in the real estate industry, and therefore the Fund is subject to risks associated with legislative or regulatory changes, adverse market conditions and/or increased competition affecting that industry. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Investment Style Risk — The risk that the securities of issuers in the real estate industry may underperform other segments of the equity markets or the equity markets as a whole. Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Warrants and Rights Risk — Warrants and rights may lack a liquid secondary market for resale. The prices of warrants and rights may fluctuate as a result of speculation or other factors. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of their underlying securities and are highly volatile and speculative investments. If a warrant or right expires without being exercised, the Fund will lose any amount paid for the warrant or right. Small and Medium Capitalization Risk — The risk that small and medium capitalization REITs and other 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. 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. 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. 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"> <img alt="" src="j2621703_be003.jpg" style="-sec-ix-hidden: hidden-fact-36"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 1910px; text-align: left;" valign="bottom"> Best Quarter: 16.74% (12/31/2023) Worst Quarter: -22.80% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1674 2023-12-31 Worst Quarter: -0.228 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 285px; text-align: left;" valign="bottom"> Real Estate Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (11/13/2003) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.42 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.58 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.67 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.63 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Return After Taxes on Distributions^ </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: 32px; text-align: right;" valign="bottom"> -1.41 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 4.67 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 3.28 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 5.89 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares^ </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.31 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.63 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.75 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.79 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 32px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 10.89 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Wilshire U.S. Real Estate Securities Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.47 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.04 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.74 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.10 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * The Fund's Class I Shares commenced operations on October 1, 2007. 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. ^ After tax figures are based on estimated amounts for the periods ended December 31, 2025. 2003-11-13 Return Before Taxes 0.0142 0.0658 0.0567 0.0763 Return After Taxes on Distributions^ -0.0141 0.0467 0.0328 0.0589 Return After Taxes on Distributions and Sale of Fund Shares^ 0.0231 0.0463 0.0375 0.0579 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1089 Wilshire U.S. Real Estate Securities Index Return (reflects no deduction for fees, expenses or taxes) 0.0347 0.0704 0.0574 0.081 CORE FIXED INCOME FUND Investment Goal Current income consistent with the preservation of capital. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class I Shares</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"> Management Fees</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.28</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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: 55px; text-align: right;" valign="bottom"> None</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"> Other Expenses</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.71</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 55px; text-align: right;" valign="bottom"> 0.99</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0028 0 0.0071 0.0099 EXAMPLE 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. 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: 168px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 168px; background-color: #cceeff; text-align: left;" valign="bottom"> Core Fixed Income Fund — Class I Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 101</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 315</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 547</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,213</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> 101 315 547 1213 PORTFOLIO TURNOVER 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 394% of the average value of its portfolio. 3.94 Principal Investment Strategies Under normal circumstances, the Core 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 and non-investment grade (junk bond) U.S. corporate and government fixed income securities, including asset-backed securities, mortgage dollar rolls, mortgage-backed securities (including "to-be-announced" transactions) and securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities. The Fund may invest in securities denominated in either U.S. dollars or foreign currency. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. 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 Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Sub-Advisers are selected for their expertise in managing various kinds of fixed income securities, and each Sub-Adviser makes investment decisions based on an analysis of yield trends, credit ratings and other factors in accordance with its particular discipline. The Fund may also invest in futures contracts, forward contracts, options and swaps for speculative or hedging purposes. Futures contracts, forward contracts, options and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives may also be 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 may further be 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 a security or basket of securities. The Sub-Advisers may also engage in currency transactions using futures and foreign currency forward contracts either to seek to hedge the Fund's currency exposure or to enhance the Fund's returns. 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 will invest primarily in investment grade securities (those rated AAA, AA, A and BBB-). However, the Fund may also invest in non-rated securities or securities rated below investment grade (BB+, B and CCC). The Fund may also invest a portion of its assets in foreign securities and bank loans, which are, generally, non-investment grade (junk bond) 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. While each Sub-Adviser chooses securities of different types and maturities, the Fund, in the aggregate, generally will have a dollar-weighted average duration that is consistent with that of the broad U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility. The dollar-weighted average duration of the Bloomberg U.S. Aggregate Bond Index varies significantly over time, but as of December 31, 2025 it was 5.98 years. Market Risk — 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 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. Investment Style Risk — The risk that U.S. fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole. Interest Rate Risk — 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. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Duration Risk — 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. Currency Risk — Due to its active positions in 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. Due to the Fund's investments in securities denominated in foreign 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 U.S. or abroad. Derivatives Risk — 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 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 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 these 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. Leverage Risk — 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance. 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. 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. 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"> <img alt="" src="j2621703_be004.jpg" style="-sec-ix-hidden: hidden-fact-37"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 1910px; text-align: left;" valign="bottom"> Best Quarter: 7.12% (12/31/2023) Worst Quarter: -6.78% (03/31/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0712 2023-12-31 Worst Quarter: -0.0678 2022-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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: 285px; text-align: left;" valign="bottom"> Core Fixed Income Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (5/1/1987) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.70 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> -1.16 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.75 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.85 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 32px; text-align: right;" valign="bottom"> 5.26 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> -2.28 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 0.44 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 2.97 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.95 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> -1.35 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.79 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.03 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 285px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 5.38 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> %^ </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> * The Fund's Class I Shares commenced operations on August 6, 2001. 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. ^ The benchmark's "Since Inception" return period begins 4/30/1987 due to the index provider calculating only month-end data points at that time. 1987-05-01 Return Before Taxes 0.067 -0.0116 0.0175 0.0485 Return After Taxes on Distributions 0.0526 -0.0228 0.0044 0.0297 Return After Taxes on Distributions and Sale of Fund Shares 0.0395 -0.0135 0.0079 0.0303 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0538 HIGH YIELD BOND FUND Investment Goal Total return. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class I Shares </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"> Management Fees </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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.49 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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: 55px; text-align: right;" valign="bottom"> None </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"> Other Expenses </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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.81 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 55px; text-align: right;" valign="bottom"> 1.30 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0049 0 0.0081 0.013 EXAMPLE 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. 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: 168px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 168px; background-color: #cceeff; text-align: left;" valign="bottom"> High Yield Bond Fund — Class I Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 132 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 412 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 713 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,568 </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> 132 412 713 1568 PORTFOLIO TURNOVER 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 66% of the average value of its portfolio. 0.66 Principal Investment Strategies Under normal circumstances, the High Yield Bond Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities. The Fund will invest primarily in fixed income securities rated below investment grade (junk bonds), including corporate bonds and debentures, convertible and preferred securities, zero coupon obligations and tranches of collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs). 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. In managing the Fund's assets, the Sub-Advisers and, to the extent applicable, SIMC, seek to select securities that offer a high current yield as well as total return potential. The Fund seeks to have a portfolio of securities that is diversified as to issuers and industries. The Fund's average weighted maturity may vary, but will generally not exceed ten years. There is no limit on the maturity or credit quality of any individual security in which the Fund may invest. As noted above, the Fund will invest primarily in securities rated BB, B, CCC, CC, C and D. However, it may also invest in non-rated securities or securities rated investment grade (AAA, AA, A and BBB). The Fund may also invest in exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities directly. The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade (junk bond) 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. The Fund may also invest in futures contracts, options and swaps for speculative or hedging purposes. Futures, options and swaps are used to synthetically obtain exposure to securities or baskets of 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. Market Risk — 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 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. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. Investment Style Risk — The risk that high yield fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole. Interest Rate Risk — 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. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. Collateralized Debt Obligations and Collateralized Loan Obligations Risk — CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. CDOs and CLOs also carry risks including, but not limited to, interest rate risk, which is described above, and credit risk, which is described below. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs or CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's or CLO's expenses. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower of the loan and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Derivatives Risk — The Fund's use of futures 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 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 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 these 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Leverage Risk — 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. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Duration Risk — 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. 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. 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. 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"> <img alt="" src="j2621703_bg014.jpg" style="-sec-ix-hidden: hidden-fact-38"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 1910px; text-align: left;" valign="bottom"> Best Quarter: 8.78% (06/30/2020) Worst Quarter: -15.55% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0878 2020-06-30 Worst Quarter: -0.1555 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 285px; text-align: left;" valign="bottom"> High Yield Bond Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (1/11/1995) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.05 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.88 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.26 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.42 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 32px; text-align: right;" valign="bottom"> 3.46 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 1.05 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 2.81 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 3.03 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.11 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.00 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.25 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.39 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </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: 32px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 4.63 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> ICE BofA U.S. High Yield Constrained Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.50 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.50 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.44 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"><div style="-sec-ix-hidden: hidden-fact-1"> N/A† </div></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * The Fund's Class I Shares commenced operations on October 1, 2007. 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. † The ICE BofA U.S. High Yield Constrained Index Return for the "Since Inception" period is not provided because returns for the index are not available prior to 1996. 1995-01-11 Return Before Taxes 0.0705 0.0488 0.0626 0.0642 Return After Taxes on Distributions 0.0346 0.0105 0.0281 0.0303 Return After Taxes on Distributions and Sale of Fund Shares 0.0411 0.02 0.0325 0.0339 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0463 ICE BofA U.S. High Yield Constrained Index Return (reflects no deduction for fees, expenses or taxes) 0.085 0.045 0.0644 REAL RETURN FUND Investment Goal Total return exceeding the rate of inflation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class I Shares</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"> Management Fees</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.22</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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: 55px; text-align: right;" valign="bottom"> None</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"> Other Expenses</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: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.73</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 55px; text-align: right;" valign="bottom"> 0.95</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0022 0 0.0073 0.0095 EXAMPLE 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. 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: 168px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 168px; background-color: #cceeff; text-align: left;" valign="bottom"> Real Return Fund — Class I Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 97</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 303</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 525</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,166</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> 97 303 525 1166 PORTFOLIO TURNOVER 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 29% of the average value of its portfolio. 0.29 Principal Investment Strategies The Real Return Fund seeks to produce a return similar to that of the Bloomberg 1-5 Year U.S. Treasury Inflation-Protected Securities (TIPS) Index, which is the Fund's benchmark index. Under normal circumstances, the Fund will invest a significant portion of its assets in investment grade fixed income securities, including inflation-indexed bonds of varying maturities issued by the U.S. Treasury, other U.S. Government agencies and instrumentalities. An inflation-indexed bond is a bond that is structured so that its principal value will change with inflation. TIPS are a type of inflation-indexed bond in which the Fund may invest. The Fund's exposure to fixed income securities is not restricted by maturity requirements. The Fund may also invest in securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as time deposits, U.S. and foreign corporate debt including commercial paper; and securitized issues, such as mortgage-backed securities issued by U.S. Government agencies. Although the Real Return Fund is able to use a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser) whereby Fund assets would be allocated among multiple sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers), the Fund's assets currently are managed directly by SIMC. Market Risk — 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 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. Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. Interest Rate Risk — 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. Investment Style Risk — The Fund is also subject to the risk that the Fund's securities may underperform other segments of the markets or the markets as a whole. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — 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. Due to the Fund's investments in securities denominated in foreign 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. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. 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. 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. 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"> <img alt="" src="j2621703_bg015.jpg" style="-sec-ix-hidden: hidden-fact-39"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 1910px; text-align: left;" valign="bottom"> Best Quarter: 3.35% (03/31/2025) Worst Quarter: -3.25% (09/30/2022) As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For full calendar years through December 31, 2025, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class I Shares would have been invested in the same portfolio of securities, returns for Class I Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that the classes do not have the same total annual fund operating expenses. </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0335 2025-03-31 Worst Quarter: -0.0325 2022-09-30 As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 285px; text-align: left;" valign="bottom"> Real Return Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (7/2/2009) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.04 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.88 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.69 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.22 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 32px; text-align: right;" valign="bottom"> 4.24 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 1.06 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 1.53 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 1.28 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.56 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.40 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.56 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.32 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 285px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </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: 32px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 2.81 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 285px; background-color: #cceeff; text-align: left;" valign="bottom"> Bloomberg 1-5 Year U.S. TIPS Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.55 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.32 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.16 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.67 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For periods prior to December 31, 2025, the performance of the Fund's Class F Shares has been used. Returns for Class I Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class I Shares have higher total annual fund operating expenses than Class F Shares. 2009-07-02 Return Before Taxes 0.0604 0.0288 0.0269 0.0222 Return After Taxes on Distributions 0.0424 0.0106 0.0153 0.0128 Return After Taxes on Distributions and Sale of Fund Shares 0.0356 0.014 0.0156 0.0132 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0281 Bloomberg 1-5 Year U.S. TIPS Index Return (reflects no deduction for fees, expenses or taxes) 0.0655 0.0332 0.0316 0.0267 For periods prior to December 31, 2025, the performance of the Fund's Class F Shares has been used. Returns for Class I Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class I Shares have higher total annual fund operating expenses than Class F Shares. LARGE CAP FUND Investment Goal Long-term growth of capital and income. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class Y Shares </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"> Management Fees </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"> 0.39 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.34 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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"> 0.73 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0039 0 0.0034 0.0073 EXAMPLE 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. 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: 234px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Large Cap Fund — Class Y Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 75 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 233 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 406 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 906 </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> 75 233 406 906 PORTFOLIO TURNOVER 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 42% of the average value of its portfolio. 0.42 Principal Investment Strategies Under normal circumstances, the Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities. 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 and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investment Style Risk — The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Preferred Stock Risk — 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. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Medium Capitalization Risk — The risk that 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, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. 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. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621704_ba002.jpg" style="-sec-ix-hidden: hidden-fact-40"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 20.29% (06/30/2020) Worst Quarter: -23.93% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2029 2020-06-30 Worst Quarter: -0.2393 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 296px; text-align: left;" valign="bottom"> Large Cap Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (9/30/2009) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.85 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.34 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.44 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.32 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 12.80 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 8.92 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 9.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 9.81 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.00 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.26 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.66 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.65 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 14.29 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.37 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.59 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.59 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.18 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 2009-09-30 Return Before Taxes 0.1785 0.1234 0.1244 0.1232 Return After Taxes on Distributions 0.128 0.0892 0.0982 0.0981 Return After Taxes on Distributions and Sale of Fund Shares 0.14 0.0926 0.0966 0.0965 S&P 500 Index Return (reflects no deduction for fees,expenses or taxes) (reflects no deduction for fees,expenses or taxes) 0.1788 0.1442 0.1482 0.1429 Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1737 0.1359 0.1459 0.1418 LARGE CAP VALUE FUND Investment Goal Long-term growth of capital and income. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class Y Shares </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"> Management Fees </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"> 0.35 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.34 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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"> 0.69 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0035 0 0.0034 0.0069 EXAMPLE 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. 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: 234px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Large Cap Value Fund — Class Y Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 70 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 221 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 384 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 859 </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> 70 221 384 859 PORTFOLIO TURNOVER 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 28% of the average value of its portfolio. 0.28 Principal Investment Strategies Under normal circumstances, the Large Cap Value Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund will primarily seek to purchase securities believed to be attractively valued in relation to various measures, which may include earnings, capital structure or return on invested capital. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Value Index (between $1.0 billion and $3.8 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Value Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities. 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 and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investment Style Risk — The risk that large capitalization securities and/or value stocks may underperform other segments of the equity markets or the equity markets as a whole. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Medium Capitalization Risk — The risk that 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, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. 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. Preferred Stock Risk — 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. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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 13pt 0pt; width: 8px; text-align: left;" valign="top"> <img alt="" src="j2621704_ba003.jpg" style="-sec-ix-hidden: hidden-fact-41"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 13pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 16.76% (12/31/2020) Worst Quarter: -29.95% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1676 2020-12-31 Worst Quarter: -0.2995 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 296px; text-align: left;" valign="bottom"> Large Cap Value Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (10/3/1994) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 19.22 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.35 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.20 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.12 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 15.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 9.99 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 8.40 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 7.49 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.52 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.98 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.27 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 11.05 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 1000 Value Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 15.91 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.33 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.53 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.89 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. The Fund's actual inception date is April 20, 1987. Between April 20, 1987 and October 3, 1994, the Fund was advised by a different investment adviser. Accordingly, performance shown in the chart above is from October 3, 1994. 1994-10-03 Return Before Taxes 0.1922 0.1235 0.102 0.0912 Return After Taxes on Distributions 0.1542 0.0999 0.084 0.0749 Return After Taxes on Distributions and Sale of Fund Shares 0.1401 0.0952 0.0798 0.0727 S&P 500 Index Return (reflects no deduction for fees,expenses or taxes) (reflects no deduction for fees,expenses or taxes) 0.1788 0.1442 0.1482 0.1105 Russell 1000 Value Index Return (reflects no deduction for fees, expenses or taxes) 0.1591 0.1133 0.1053 0.0989 LARGE CAP GROWTH FUND Investment Goal Capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class Y Shares</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"> Management Fees</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"> 0.40</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.33</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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"> 0.73</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.004 0 0.0033 0.0073 EXAMPLE 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. 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: 234px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Large Cap Growth Fund — Class Y Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 75</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 233</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 406</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 906</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> 75 233 406 906 PORTFOLIO TURNOVER 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 63% of the average value of its portfolio. 0.63 Principal Investment Strategies Under normal circumstances, the Large Cap Growth Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. The Fund will primarily seek to purchase securities believed to have attractive growth and appreciation potential. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Growth Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Growth Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs), as well as forward contracts and swaps for hedging and speculative purposes. The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities. 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 and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Sub-Adviser(s) may implement a long/short equity investment strategy by investing in securities, including through forwards and swaps on individual securities or baskets of securities, believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that are believed to be undervalued relative to their potential and likely to increase in price, and (ii) short positions with respect to investments that are believed to have significant risk of decreasing in price. The Sub-Adviser(s) seek returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated. The Fund implements the investment recommendations of SIMC and certain of the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each such Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the applicable Sub-Advisers and SIMC, with the weighting of each such Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investment Style Risk — The risk that large capitalization securities and/or growth stocks may underperform other segments of the equity markets or the equity markets as a whole. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, shareholders will be subject to two layers of fees and expenses with respect to investments in the Fund. Derivatives Risk — The Fund's use of forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. 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 is also subject to credit risk and valuation risk. Credit risk is 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. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a 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. Long/Short Risk — 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. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Leverage Risk — 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. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Active Management Risk — The Fund is subject to the risk that the Adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to other funds with similar objectives and investment strategies. Quantitative Investing Risk — A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. Medium Capitalization Risk — The risk that 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, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. 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. Preferred Stock Risk — 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. Non-Diversified Risk — 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 Code for classification as a RIC. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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 13pt 0pt; width: 8px; text-align: left;" valign="top"> <img alt="" src="j2621704_ba004.jpg" style="-sec-ix-hidden: hidden-fact-42"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 13pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 27.19% (06/30/2020) Worst Quarter: -20.16% (06/30/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2719 2020-06-30 Worst Quarter: -0.2016 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 296px; text-align: left;" valign="bottom"> Large Cap Growth Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (12/20/1994) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 18.54 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.52 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 16.23 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.60 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 12.59 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 10.41 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 13.13 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 9.11 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.16 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.73 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.75 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 11.14 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 1000 Growth Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 18.56 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 15.32 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 18.13 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.80 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 1994-12-20 Return Before Taxes 0.1854 0.1452 0.1623 0.106 Return After Taxes on Distributions 0.1259 0.1041 0.1313 0.0911 Return After Taxes on Distributions and Sale of Fund Shares 0.1416 0.1073 0.1275 0.0888 S&P 500 Index Return (reflects no deduction for fees,expenses or taxes) (reflects no deduction for fees,expenses or taxes) 0.1788 0.1442 0.1482 0.1114 Russell 1000 Growth Index Return (reflects no deduction for fees, expenses or taxes) 0.1856 0.1532 0.1813 0.118 TAX-MANAGED LARGE CAP FUND Investment Goal High long-term after-tax returns. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class Y Shares </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"> Management Fees </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"> 0.40 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.26 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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"> 0.66 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.004 0 0.0026 0.0066 EXAMPLE 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. 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: 234px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Tax-Managed Large Cap Fund — Class Y Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 67 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 211 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 368 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 822 </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> 67 211 368 822 PORTFOLIO TURNOVER 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 14% of the average value of its portfolio. 0.14 Principal Investment Strategies Under normal circumstances, the Tax-Managed Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $1.0 billion and $4.5 trillion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to change. The Fund will invest primarily in common stocks, preferred stocks, warrants, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in common and preferred stocks of small and medium capitalization companies. The Fund may invest up to 20% of its assets in foreign securities. 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 and strategies to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund's securities transactions. The overlay manager seeks to manage the impact of taxes by, among other things, selling stocks with the highest tax cost first, opportunistically harvesting losses and deferring recognition of taxable gains, where possible. SIMC may also direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Investment Style Risk — The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole. Taxation Risk — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Medium Capitalization Risk — The risk that 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, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. 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. Preferred Stock Risk — 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. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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 13pt 0pt; width: 8px; text-align: left;" valign="top"> <img alt="" src="j2621704_ba005.jpg" style="-sec-ix-hidden: hidden-fact-43"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 13pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 18.53% (06/30/2020) Worst Quarter: -21.68% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1853 2020-06-30 Worst Quarter: -0.2168 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 296px; text-align: left;" valign="bottom"> Tax-Managed Large Cap Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (3/5/1998) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.23 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.14 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.23 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.49 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 16.72 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 10.70 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 11.07 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 6.87 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.53 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.89 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.28 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 8.98 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 17.37 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.59 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.59 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.06 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 1998-03-05 Return Before Taxes 0.1723 0.1214 0.1223 0.0749 Return After Taxes on Distributions 0.1672 0.107 0.1107 0.0687 Return After Taxes on Distributions and Sale of Fund Shares 0.1053 0.0942 0.0989 0.0628 S&P 500 Index Return (reflects no deduction for fees,expenses or taxes) (reflects no deduction for fees,expenses or taxes) 0.1788 0.1442 0.1482 0.0898 Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1737 0.1359 0.1459 0.0906 SMALL CAP FUND Investment Goal Capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class Y Shares</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"> Management Fees</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"> 0.65</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.33</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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"> 0.98</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0033 0.0098 EXAMPLE 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. 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: 234px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Small Cap Fund — Class Y Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 100</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 312</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 542</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,201</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> 100 312 542 1201 PORTFOLIO TURNOVER 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 80% of the average value of its portfolio. 0.80 Principal Investment Strategies Under normal circumstances, the Small Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (both common and preferred stocks) of small companies, including exchange-traded funds (ETFs) based on small capitalization indexes and securities of real estate investment trusts (REITs). For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund may also invest in warrants and, to a lesser extent, in securities of large capitalization companies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. 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. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and certain of its Sub-Advisers through the use of an overlay manager appointed by SIMC. Each applicable Sub-Adviser and SIMC provide a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for its portion of the Fund that represents the aggregation of the model portfolios of the applicable Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Small Capitalization Risk — Smaller 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 capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small 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. Investment Style Risk — The risk that small capitalization securities may underperform other segments of the equity markets or the equity markets as a whole. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Liquidity Risk — 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. Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621704_bc006.jpg" style="-sec-ix-hidden: hidden-fact-44"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 28.39% (12/31/2020) Worst Quarter: -31.17% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2839 2020-12-31 Worst Quarter: -0.3117 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 296px; text-align: left;" valign="bottom"> Small Cap Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (9/30/2009) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.33 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.56 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.02 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.75 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 7.76 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 5.79 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 7.00 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 7.61 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.97 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.14 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.78 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 14.29 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 2000 Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.81 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.09 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.62 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.57 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 2009-09-30 Return Before Taxes 0.1033 0.0856 0.0902 0.0975 Return After Taxes on Distributions 0.0776 0.0579 0.07 0.0761 Return After Taxes on Distributions and Sale of Fund Shares 0.0797 0.0614 0.0678 0.0742 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1429 Russell 2000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1281 0.0609 0.0962 0.1057 SMALL CAP VALUE FUND Investment Goal Capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class Y Shares </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"> Management Fees </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"> 0.65 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.34 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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"> 0.99 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0034 0.0099 EXAMPLE 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. 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: 234px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Small Cap Value Fund — Class Y Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 101 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 315 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 547 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,213 </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> 101 315 547 1213 PORTFOLIO TURNOVER 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 48% of the average value of its portfolio. 0.48 Principal Investment Strategies Under normal circumstances, the Small Cap Value Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small companies. The Fund will primarily seek to purchase securities believed to be attractively valued in relation to various measures, which may include earnings, capital structure or return on invested capital. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants, and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies. 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) to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Small Capitalization Risk — Smaller 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 capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small 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. Investment Style Risk — The risk that small capitalization securities and/or value stocks may underperform other segments of the equity markets or the equity markets as a whole. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Liquidity Risk — 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. Preferred Stock Risk — 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. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621704_bc007.jpg" style="-sec-ix-hidden: hidden-fact-45"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 30.55% (12/31/2020) Worst Quarter: -39.10% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.3055 2020-12-31 Worst Quarter: -0.391 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 296px; text-align: left;" valign="bottom"> Small Cap Value Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (12/20/1994) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.57 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.32 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.17 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 11.16 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 7.98 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 6.39 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 7.59 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.64 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.26 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.41 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 11.14 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 2000 Value Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.59 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.27 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.86 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 1994-12-20 Return Before Taxes 0.1357 0.1032 0.0817 0.093 Return After Taxes on Distributions 0.1116 0.0798 0.0639 0.0759 Return After Taxes on Distributions and Sale of Fund Shares 0.0964 0.0788 0.0626 0.0741 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1114 Russell 2000 Value Index Return (reflects no deduction for fees, expenses or taxes) 0.1259 0.0888 0.0927 0.0986 SMALL CAP GROWTH FUND Investment Goal Long-term capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class Y Shares </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"> Management Fees </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"> 0.65 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.34 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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"> 0.99 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0034 0.0099 EXAMPLE 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. 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: 234px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Small Cap Growth Fund — Class Y Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 101 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 315 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 547 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,213 </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> 101 315 547 1213 PORTFOLIO TURNOVER 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 155% of the average value of its portfolio. 1.55 Principal Investment Strategies Under normal circumstances, the Small Cap Growth Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small companies. The Fund will primarily seek to purchase securities believed to have attractive growth and appreciation potential. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $1.3 million and $31.3 billion as of December 31, 2025), as determined at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. 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) to manage Fund assets under the general supervision of SIMC. In managing its portion of the Fund's assets, SIMC or each Sub-Adviser may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Small Capitalization Risk — Smaller 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 capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small 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. Investment Style Risk — The risk that small capitalization securities and/or growth stocks may underperform other segments of the equity markets or the equity markets as a whole. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Liquidity Risk — 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. Preferred Stock Risk — 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. Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance. 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 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621704_bc008.jpg" style="-sec-ix-hidden: hidden-fact-46"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 30.08% (06/30/2020) Worst Quarter: -31.47% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.3008 2020-06-30 Worst Quarter: -0.3147 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 296px; text-align: left;" valign="bottom"> Small Cap Growth Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (4/20/1992) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.73 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.15 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.48 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 2.38 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 1.92 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 6.83 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 7.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.49 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.78 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.50 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.11 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 10.83 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 2000 Growth Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.18 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.57 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.07 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 1992-04-20 Return Before Taxes 0.0473 0.0415 0.0848 0.0882 Return After Taxes on Distributions 0.0238 0.0192 0.0683 0.0742 Return After Taxes on Distributions and Sale of Fund Shares 0.0449 0.0278 0.065 0.0711 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1083 Russell 2000 Growth Index Return (reflects no deduction for fees, expenses or taxes) 0.1301 0.0318 0.0957 0.0807 TAX-MANAGED SMALL/MID CAP FUND Investment Goal High long-term after-tax returns. Fees and Expenses This table describes the fees and expenses that you may pay if 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class Y Shares </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"> Management Fees </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"> 0.65 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.34 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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"> 0.99 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0034 0.0099 EXAMPLE 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. 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: 234px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Tax-Managed Small/Mid Cap Fund — Class Y Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 101 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 315 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 547 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,213 </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> 101 315 547 1213 PORTFOLIO TURNOVER 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 36% of the average value of its portfolio. 0.36 Principal Investment Strategies Under normal circumstances, the Tax-Managed Small/Mid Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small and medium capitalization companies. For purposes of this Fund, a small or medium capitalization company is a company with a market capitalization in the range of companies in the Russell 2500 Index (between approximately $1.3 million and $37.0 billion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 2500 Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies. 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 and strategies to manage Fund assets under the general supervision of SIMC. In managing assets of the Fund not allocated to Sub-Advisers, SIMC may apply a variety of quantitative and/or fundamental investment styles. A quantitative investment style generally involves a systematic or rules-based approach to selecting investments based on specific measurable factors. A fundamental investment style generally involves selecting investments through research and analysis of financial statements, relevant industry and economic data, or other characteristics. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models, primarily for the purpose of efficient tax management of the Fund's securities transactions. The overlay manager seeks to manage the impact of taxes by, among other things, selling stocks with the highest tax cost first, opportunistically harvesting losses and deferring recognition of taxable gains, where possible. SIMC may also direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that small or medium capitalization securities may underperform other segments of the equity markets or the equity markets as a whole. Taxation Risk — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Liquidity Risk — 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. Preferred Stock Risk — 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. 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 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621704_bc009.jpg" style="-sec-ix-hidden: hidden-fact-47"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 24.54% (12/31/2020) Worst Quarter: -30.71% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2454 2020-12-31 Worst Quarter: -0.3071 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 296px; text-align: left;" valign="bottom"> Tax-Managed Small/Mid Cap Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (10/31/2000) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.92 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.68 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.49 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.18 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 7.76 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 5.84 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 7.20 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 6.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.10 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.91 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.74 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.97 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 8.43 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell 2500 Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.91 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.26 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.40 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.89 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 2000-10-31 Return Before Taxes 0.0892 0.0768 0.0849 0.0718 Return After Taxes on Distributions 0.0776 0.0584 0.072 0.0636 Return After Taxes on Distributions and Sale of Fund Shares 0.061 0.0591 0.0674 0.0597 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.0843 Russell 2500 Index Return (reflects no deduction for fees, expenses or taxes) 0.1191 0.0726 0.104 0.0889 MID-CAP FUND Investment Goal Long-term capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class Y Shares</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"> Management Fees</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"> 0.40</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.34</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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"> 0.74</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.004 0 0.0034 0.0074 EXAMPLE 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. 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: 234px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Mid-Cap Fund — Class Y Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 76</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 237</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 411</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 918</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> 76 237 411 918 PORTFOLIO TURNOVER 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 62% of the average value of its portfolio. 0.62 Principal Investment Strategies Under normal circumstances, the Mid-Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of medium-sized companies. For purposes of this Fund, a medium-sized company is a company with a market capitalization in the range of companies in the Russell Midcap Index (between approximately $1.0 billion and $101.6 billion as of December 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell Midcap Index are subject to change. The Fund's investments in equity securities may include common and preferred stocks, warrants and, to a lesser extent, securities of small capitalization companies, real estate investment trusts (REITs), exchange-traded funds (ETFs) and securities of large capitalization companies. The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). In managing the Fund's assets, the Sub-Advisers select stocks of companies that have low price-earnings and price-book ratios, but that also have high sustainable growth levels and the probability of high positive earnings revisions. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that securities of medium capitalization companies may underperform other segments of the equity markets or the equity markets as a whole. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Liquidity Risk — 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. Preferred Stock Risk — 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. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621704_bc010.jpg" style="-sec-ix-hidden: hidden-fact-48"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 24.39% (06/30/2020) Worst Quarter: -30.42% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2439 2020-06-30 Worst Quarter: -0.3042 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 296px; text-align: left;" valign="bottom"> Mid-Cap Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (2/16/1993) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.23 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.12 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.22 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.93 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 5.27 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 7.38 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 8.03 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 8.07 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.46 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.51 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.76 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 10.84 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Russell Midcap Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.60 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.67 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.01 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.91 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 1993-02-16 Return Before Taxes 0.1023 0.1012 0.1022 0.0993 Return After Taxes on Distributions 0.0527 0.0738 0.0803 0.0807 Return After Taxes on Distributions and Sale of Fund Shares 0.0946 0.0751 0.0776 0.0788 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1084 Russell Midcap Index Return (reflects no deduction for fees, expenses or taxes) 0.106 0.0867 0.1101 0.1091 U.S. MANAGED VOLATILITY FUND Investment Goal Capital appreciation with less volatility than the broad U.S. equity markets. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class Y Shares </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"> Management Fees </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"> 0.55 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.34 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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"> 0.89 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0055 0 0.0034 0.0089 EXAMPLE 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. 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: 234px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> U.S. Managed Volatility Fund — Class Y Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 91 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 284 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 493 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,096 </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> 91 284 493 1096 PORTFOLIO TURNOVER 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 68% of the average value of its portfolio. 0.68 Principal Investment Strategies Under normal circumstances, the U.S. Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of U.S. companies of all capitalization ranges. These securities may include common stocks, preferred stocks, exchange-traded funds (ETFs) and warrants. The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs), real estate investment trusts (REITs) and securities of non-U.S. companies. 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. The Fund seeks to achieve an absolute return of the broad U.S. equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole. Preferred Stock Risk — 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. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621704_be011.jpg" style="-sec-ix-hidden: hidden-fact-49"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 13.43% (12/31/2022) Worst Quarter: -23.09% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1343 2022-12-31 Worst Quarter: -0.2309 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the S&P 500 Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. 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. 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: 296px; text-align: left;" valign="bottom"> U.S. Managed Volatility Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (10/28/2004) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.73 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.69 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.27 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.91 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 6.57 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 5.80 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 6.46 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 6.90 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.92 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.96 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.90 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.93 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 11.00 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.31 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.01 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.92 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.98 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.15 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 13.15 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.29 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 10.88 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 2004-10-28 Return Before Taxes 0.1073 0.0969 0.0927 0.0891 Return After Taxes on Distributions 0.0657 0.058 0.0646 0.069 Return After Taxes on Distributions and Sale of Fund Shares 0.0892 0.0696 0.069 0.0693 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.11 MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, expenses or taxes) 0.0731 0.0801 0.0992 0.0898 Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1429 0.1088 GLOBAL MANAGED VOLATILITY FUND Investment Goal Capital appreciation with less volatility than the broad global equity markets. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class Y Shares</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"> Management Fees</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"> 0.65</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.34</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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"> 0.99</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0034 0.0099 EXAMPLE 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. 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: 234px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Global Managed Volatility Fund — Class Y Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 101</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 315</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 547</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,213</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> 101 315 547 1213 PORTFOLIO TURNOVER 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 78% of the average value of its portfolio. 0.78 Principal Investment Strategies The Global Managed Volatility Fund will typically invest in securities of U.S. and foreign companies of all capitalization ranges. These securities may include common stocks, preferred stocks, warrants, depositary receipts, exchange-traded funds (ETFs) and real estate investment trusts (REITs). The Fund also may use futures contracts and forward contracts.Under normal circumstances, the Fund will invest in at least three countries outside of the U.S., but will typically invest much more broadly. It is expected that at least 40% of the Fund's assets will be invested in non-U.S. securities. The Fund will invest primarily in companies located in developed countries, but may also invest in companies located in emerging markets. 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. This approach is intended to manage the risk characteristics of the Fund. The Fund seeks to achieve an absolute return of the broad global equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the MSCI World Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's country, sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that the Sub-Advisers believe will produce a less volatile return than the market over time. SIMC and each Sub-Adviser effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. In managing the Fund's currency exposure from foreign securities, the Fund may buy and sell futures or forward contracts on currencies for hedging purposes. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Depositary Receipts Risk — Depositary receipts, such as 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. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Derivatives Risk — The Fund's use of futures contracts 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 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 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 these 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 type 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Leverage Risk — 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Preferred Stock Risk — 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. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621704_be012.jpg" style="-sec-ix-hidden: hidden-fact-50"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 10.66% (06/30/2020) Worst Quarter: -19.18% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1066 2020-06-30 Worst Quarter: -0.1918 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. 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. 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: 296px; text-align: left;" valign="bottom"> Global Managed Volatility Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (7/27/2006) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.68 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.75 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.75 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.12 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 11.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 6.37 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 5.72 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 4.48 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.71 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.47 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.75 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.46 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> MSCI All Country World ex-USA Index (Net) (reflects no deduction for fees or expenses) </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: 33px; text-align: right;" valign="bottom"> 32.39 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 7.91 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 8.41 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 5.29 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> MSCI World Minimum Volatility Index (Net) (reflects no deduction for fees or expenses) </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.54 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.29 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.80 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.02 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> MSCI World Index Return (Net) (reflects no deduction for fees or expenses) </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 21.09 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 12.15 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 12.17 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 8.46 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 2006-07-27 Return Before Taxes 0.1368 0.0875 0.0775 0.0612 Return After Taxes on Distributions 0.1142 0.0637 0.0572 0.0448 Return After Taxes on Distributions and Sale of Fund Shares 0.0971 0.0647 0.0575 0.0446 MSCI All Country World ex-USA Index (Net) (reflects no deduction for fees or expenses) (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0841 0.0529 MSCI World Minimum Volatility Index (Net) (reflects no deduction for fees or expenses) 0.1054 0.0629 0.078 0.0702 MSCI World Index Return (Net) (reflects no deduction for fees or expenses) 0.2109 0.1215 0.1217 0.0846 TAX-MANAGED MANAGED VOLATILITY FUND Investment Goal To maximize after-tax returns, but with a lower level of volatility than the broad U.S. equity markets. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class Y Shares </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"> Management Fees </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"> 0.55 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.34 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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"> 0.89 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0055 0 0.0034 0.0089 EXAMPLE 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. Although your actual costs and 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: 234px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Tax-Managed Managed Volatility Fund — Class Y Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 91 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 284 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 493 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,096 </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> 91 284 493 1096 PORTFOLIO TURNOVER 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 43% of the average value of its portfolio. 0.43 Principal Investment Strategies The Tax-Managed Managed Volatility Fund will typically invest in securities of U.S. companies of all capitalization ranges. These securities may include common stocks, preferred stocks, warrants and exchange-traded funds (ETFs). The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs), real estate investment trusts (REITs) and securities of non-U.S. companies. Although the Fund will be measured against the Russell 3000 Index, the Fund is expected to have significant sector and market capitalization deviations from the index given its focus on absolute risk as opposed to index relative risk. This could lead to significant performance deviations relative to the index over shorter-term periods. 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 approaches to manage Fund assets under the general supervision of SIMC. The Fund seeks to achieve an absolute return of the broad U.S. equity markets in a tax-efficient fashion, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. This will tend to lead SIMC and the Fund's Sub-Advisers to construct portfolios with a low beta relative to the overall U.S. equity market. The Fund implements the investment recommendations of SIMC and the Sub-Advisers through the use of an overlay manager appointed by SIMC. Each such Sub-Adviser and SIMC provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's or SIMC's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers and SIMC, with the weighting of each such Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models. For example, SIMC may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager may also vary the portfolio implementation to seek trading efficiencies, loss harvesting, portfolio rebalancing or other portfolio construction objectives as directed by SIMC. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole. Taxation Risk — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Depositary Receipts Risk — Depositary receipts, such as 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. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — 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. Due to the Fund's investments in securities denominated in foreign 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. Preferred Stock Risk — 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. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621704_be013.jpg" style="-sec-ix-hidden: hidden-fact-51"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 11.91% (06/30/2020) Worst Quarter: -20.26% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1191 2020-06-30 Worst Quarter: -0.2026 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the S&P 500 Index (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. 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. 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: 296px; text-align: left;" valign="bottom"> Tax-Managed Managed Volatility Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (12/20/2007) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.29 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.24 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.49 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.51 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 5.84 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 7.80 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 8.25 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 7.73 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.56 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.61 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.28 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.59 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 11.06 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.31 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.01 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.92 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.87 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.15 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 13.15 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.29 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 10.83 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> * The Fund's Class Y Shares commenced operations on April 30, 2015. For periods prior to April 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 2007-12-20 Return Before Taxes 0.1129 0.1124 0.1049 0.0951 Return After Taxes on Distributions 0.0584 0.078 0.0825 0.0773 Return After Taxes on Distributions and Sale of Fund Shares 0.1056 0.0861 0.0828 0.0759 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1106 MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, expenses or taxes) 0.0731 0.0801 0.0992 0.0887 Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1429 0.1083 TAX-MANAGED INTERNATIONAL MANAGED VOLATILITY FUND Investment Goal Tax-sensitive long-term capital appreciation with less volatility than the broad international equity markets. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class Y Shares </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"> Management Fees </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"> 0.65 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.48 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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"> 1.13 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0048 0.0113 EXAMPLE 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. 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: 234px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Tax-Managed International Managed Volatility Fund — Class Y Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 115 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 359 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 622 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,375 </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> 115 359 622 1375 PORTFOLIO TURNOVER 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 66% of the average value of its portfolio. 0.66 Principal Investment Strategies Under normal circumstances, the Tax-Managed International Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in non-U.S. equity securities. These securities may include common stocks and real estate investment trusts (REITs) of all capitalization ranges. Under normal circumstances, the Fund will invest in securities of issuers that are located in at least three countries outside of the U.S., but will typically invest much more broadly. The Fund will invest primarily in companies located in developed countries. 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 to investing, 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. This approach is intended to manage the risk characteristics of the Fund. The Fund seeks to achieve an absolute return similar to that of the broad international developed equity markets (International Market) in a tax-sensitive manner, but with lower absolute volatility. Over the long-term, the Fund seeks to achieve a return similar to that of the MSCI EAFE Index (Index), but with a lower level of volatility. Over shorter periods of time, however, due to its focus on absolute risk, the portfolio's country, sector and market capitalization exposures will typically vary from the International Market and it may experience significant performance deviations from the International Market. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that primarily exhibit a more stable historical or predicted price and earnings behavior (i.e. absolute risk), but also take into consideration low correlation attributes and expected returns. Generally, the Fund is likely to underperform in a steeply rising International Market, but seeks to mitigate losses in a falling International Market. The Fund implements the investment recommendations of Sub-Advisers through the use of an overlay manager appointed by SIMC. Each Sub-Adviser provides a model portfolio to the overlay manager on an ongoing basis that represents that Sub-Adviser's recommendation as to the securities to be purchased, sold or retained by the Fund. The overlay manager then constructs a portfolio for the Fund that represents the aggregation of the model portfolios of the Sub-Advisers, with the weighting of each Sub-Adviser's model in the total portfolio determined by SIMC. Pursuant to direction from SIMC, the overlay manager has limited authority to vary from the models, primarily for the purpose of tax management of the portfolio's securities transactions. SIMC also may direct the overlay manager to adjust the portfolio to implement SIMC's forward looking views regarding various portfolio characteristics or factors, or for risk management purposes. The overlay manager and SIMC each seek to manage the impact of taxes by using certain techniques, which may include selling stocks with the highest tax cost basis first to realize capital losses or defer capital gains, preventing wash sales, avoiding high portfolio turnover, controlling the holding period of a security to convert short-term capital gains to long-term capital gains, and, where appropriate, opportunistically harvesting losses to offset other capital gains. The Fund considers the security of an issuer to be "non-U.S." if the issuer is domiciled, incorporated, located and/or principally traded in a country other than the U.S. Developed market countries are those countries that are included in a developed markets index by a recognized index provider, or have similar developed characteristics, in each case determined at the time of purchase. 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. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Investment Style Risk — The risk that securities selected as part of a managed volatility strategy may underperform other segments of the equity markets or the equity markets as a whole. Taxation Risk — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. 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 Class Y Shares of the Fund by showing changes in the Fund's performance from year to year for the past nine calendar years and by showing how the Fund's average annual returns for 1 and 5 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. For current performance information, please call 1-800-DIAL-SEI. 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 nine calendar years and by showing how the Fund's average annual returns for 1 and 5 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"> <img alt="" src="j2621704_be014.jpg" style="-sec-ix-hidden: hidden-fact-52"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 14.39% (12/31/2022) Worst Quarter: -20.29% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1439 2022-12-31 Worst Quarter: -0.2029 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund's investment strategy. 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. 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: 295px; text-align: left;" valign="bottom"> Tax-Managed International Managed Volatility Fund — Class Y </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"> 1 Year </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"> 5 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;" valign="bottom"> Since Inception (10/17/2016) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 295px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 30.07 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.35 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.54 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 295px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 29.38 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 7.50 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 5.89 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 295px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 18.72 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.49 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.22 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 295px; text-align: left;" valign="bottom"> MSCI All Country World ex-USA Index (Net) (reflects no deduction for fees or expenses) </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: 33px; text-align: right;" valign="bottom"> 32.39 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 7.91 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 8.75 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 295px; background-color: #cceeff; text-align: left;" valign="bottom"> MSCI EAFE Minimum Volatility Index (Net) (reflects no deduction for fees or expenses) </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 25.79 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.20 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.39 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 295px; text-align: left;" valign="bottom"> MSCI EAFE Index Return (Net) (reflects no deduction for fees or expenses) </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: 33px; text-align: right;" valign="bottom"> 31.22 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 8.92 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 9.03 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 2016-10-17 Return Before Taxes 0.3007 0.0835 0.0654 Return After Taxes on Distributions 0.2938 0.075 0.0589 Return After Taxes on Distributions and Sale of Fund Shares 0.1872 0.0649 0.0522 MSCI All Country World ex-USA Index (Net) (reflects no deduction for fees or expenses) (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0875 MSCI EAFE Minimum Volatility Index (Net) (reflects no deduction for fees or expenses) 0.2579 0.062 0.0639 MSCI EAFE Index Return (Net) (reflects no deduction for fees or expenses) 0.3122 0.0892 0.0903 REAL ESTATE FUND Investment Goal Total return, including current income and capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class Y Shares</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"> Management Fees</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"> 0.65</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.34</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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"> 0.99</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0065 0 0.0034 0.0099 EXAMPLE 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. 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: 234px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Real Estate Fund — Class Y Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 101</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 315</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 547</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,213</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> 101 315 547 1213 PORTFOLIO TURNOVER 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 72% of the average value of its portfolio. 0.72 Principal Investment Strategies Under normal circumstances, the Real Estate Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of real estate companies (e.g., common stocks, rights, warrants, exchange-traded funds (ETFs), convertible securities and preferred stocks of real estate investment trusts (REITs) and real estate operating companies (REOCs)). Generally, the Fund will invest in real estate companies operating in the United States. The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Real Estate Industry Risk — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. The Fund's investments are concentrated in issuers conducting business in the real estate industry, and therefore the Fund is subject to risks associated with legislative or regulatory changes, adverse market conditions and/or increased competition affecting that industry. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Investment Style Risk — The risk that the securities of issuers in the real estate industry may underperform other segments of the equity markets or the equity markets as a whole. Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Warrants and Rights Risk — Warrants and rights may lack a liquid secondary market for resale. The prices of warrants and rights may fluctuate as a result of speculation or other factors. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of their underlying securities and are highly volatile and speculative investments. If a warrant or right expires without being exercised, the Fund will lose any amount paid for the warrant or right. Small and Medium Capitalization Risk — The risk that small and medium capitalization REITs and other 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621704_bg001.jpg" style="-sec-ix-hidden: hidden-fact-53"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 16.93% (12/31/2023) Worst Quarter: -22.71% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1693 2023-12-31 Worst Quarter: -0.2271 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 296px; text-align: left;" valign="bottom"> Real Estate Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (11/13/2003) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.06 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.12 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.18 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.02 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions^ </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: 33px; text-align: right;" valign="bottom"> -1.03 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 4.99 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 3.58 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 6.14 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares^ </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.69 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.96 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.04 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.04 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 10.89 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Wilshire U.S. Real Estate Securities Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.47 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.04 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.74 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.10 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. ^ After tax figures are based on estimated amounts for the periods ended December 31, 2025. 2003-11-13 Return Before Taxes 0.0206 0.0712 0.0618 0.0802 Return After Taxes on Distributions^ -0.0103 0.0499 0.0358 0.0614 Return After Taxes on Distributions and Sale of Fund Shares^ 0.0269 0.0496 0.0404 0.0604 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1089 Wilshire U.S. Real Estate Securities Index Return (reflects no deduction for fees, expenses or taxes) 0.0347 0.0704 0.0574 0.081 CORE FIXED INCOME FUND Investment Goal Current income consistent with the preservation of capital. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class Y Shares</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"> Management Fees</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"> 0.28</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.21</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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"> 0.49</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0028 0 0.0021 0.0049 EXAMPLE 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. 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: 234px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Core Fixed Income Fund — Class Y Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 50</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 157</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 274</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 616</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> 50 157 274 616 PORTFOLIO TURNOVER 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 394% of the average value of its portfolio. 3.94 Principal Investment Strategies Under normal circumstances, the Core 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 and non-investment grade (junk bond) U.S. corporate and government fixed income securities, including asset-backed securities, mortgage dollar rolls, mortgage-backed securities (including "to-be-announced" transactions) and securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities. The Fund may invest in securities denominated in either U.S. dollars or foreign currency. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. 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 Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Sub-Advisers are selected for their expertise in managing various kinds of fixed income securities, and each Sub-Adviser makes investment decisions based on an analysis of yield trends, credit ratings and other factors in accordance with its particular discipline. The Fund may also invest in futures contracts, forward contracts, options and swaps for speculative or hedging purposes. Futures contracts, forward contracts, options and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives may also be 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 may further be 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 a security or basket of securities. The Sub-Advisers may also engage in currency transactions using futures and foreign currency forward contracts either to seek to hedge the Fund's currency exposure or to enhance the Fund's returns. 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 will invest primarily in investment grade securities (those rated AAA, AA, A and BBB-). However, the Fund may also invest in non-rated securities or securities rated below investment grade (BB+, B and CCC). The Fund may also invest a portion of its assets in foreign securities and bank loans, which are, generally, non-investment grade (junk bond) 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. While each Sub-Adviser chooses securities of different types and maturities, the Fund, in the aggregate, generally will have a dollar-weighted average duration that is consistent with that of the broad U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility. The dollar-weighted average duration of the Bloomberg U.S. Aggregate Bond Index varies significantly over time, but as of December 31, 2025 it was 5.98 years. Market Risk — 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 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. Investment Style Risk — The risk that U.S. fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole. Interest Rate Risk — 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. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Duration Risk — 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. Currency Risk — Due to its active positions in 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. Due to the Fund's investments in securities denominated in foreign 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 U.S. or abroad. Derivatives Risk — 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 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 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 these 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. Leverage Risk — 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621704_bg002.jpg" style="-sec-ix-hidden: hidden-fact-54"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 7.35% (12/31/2023) Worst Quarter: -6.74% (03/31/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0735 2023-12-31 Worst Quarter: -0.0674 2022-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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: 296px; text-align: left;" valign="bottom"> Core Fixed Income Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (5/1/1987) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> -0.69 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.24 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.28 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 5.65 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> -1.99 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 0.73 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 3.31 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.30 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> -1.08 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.07 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.35 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 5.38 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> %^ </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> * The Fund's Class Y Shares commenced operations on June 30, 2015. For periods prior to June 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. ^ The benchmark's "Since Inception" return period begins 4/30/1987 due to the index provider calculating only month-end data points at that time. 1987-05-01 Return Before Taxes 0.073 -0.0069 0.0224 0.0528 Return After Taxes on Distributions 0.0565 -0.0199 0.0073 0.0331 Return After Taxes on Distributions and Sale of Fund Shares 0.043 -0.0108 0.0107 0.0335 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0538 HIGH YIELD BOND FUND Investment Goal Total return. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class Y Shares</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"> Management Fees</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"> 0.49</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.25</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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"> 0.74</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0049 0 0.0025 0.0074 EXAMPLE 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. 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: 234px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> High Yield Bond Fund — Class Y Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 76</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 237</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 411</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 918</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> 76 237 411 918 PORTFOLIO TURNOVER 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 66% of the average value of its portfolio. 0.66 Principal Investment Strategies Under normal circumstances, the High Yield Bond Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities. The Fund will invest primarily in fixed income securities rated below investment grade (junk bonds), including corporate bonds and debentures, convertible and preferred securities, zero coupon obligations and tranches of collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs). 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. In managing the Fund's assets, the Sub-Advisers and, to the extent applicable, SIMC, seek to select securities that offer a high current yield as well as total return potential. The Fund seeks to have a portfolio of securities that is diversified as to issuers and industries. The Fund's average weighted maturity may vary, but will generally not exceed ten years. There is no limit on the maturity or credit quality of any individual security in which the Fund may invest. As noted above, the Fund will invest primarily in securities rated BB, B, CCC, CC, C and D. However, it may also invest in non-rated securities or securities rated investment grade (AAA, AA, A and BBB). The Fund may also invest in exchange-traded funds (ETFs) to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities directly. The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade (junk bond) 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. The Fund may also invest in futures contracts, options and swaps for speculative or hedging purposes. Futures, options and swaps are used to synthetically obtain exposure to securities or baskets of 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. Market Risk — 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 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. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. Investment Style Risk — The risk that high yield fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole. Interest Rate Risk — 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. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. Collateralized Debt Obligations and Collateralized Loan Obligations Risk — CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. CDOs and CLOs also carry risks including, but not limited to, interest rate risk, which is described above, and credit risk, which is described below. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs or CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's or CLO's expenses. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower of the loan and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Derivatives Risk — The Fund's use of futures 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 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 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 these 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. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Leverage Risk — 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. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Duration Risk — 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. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621704_bg003.jpg" style="-sec-ix-hidden: hidden-fact-55"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 8.99% (06/30/2020) Worst Quarter: -15.55% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0899 2020-06-30 Worst Quarter: -0.1555 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 296px; text-align: left;" valign="bottom"> High Yield Bond Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (1/11/1995) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.81 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.35 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.76 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.81 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 4.00 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 1.37 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 3.13 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 3.34 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.55 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.29 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.56 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.65 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 4.63 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> ICE BofA U.S. High Yield Constrained Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.50 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.50 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.44 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"><div style="-sec-ix-hidden: hidden-fact-2"> N/A† </div></td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. † The ICE BofA U.S. High Yield Constrained Index Return for the "Since Inception" period is not provided because returns for the index are not available prior to 1996. 1995-01-11 Return Before Taxes 0.0781 0.0535 0.0676 0.0681 Return After Taxes on Distributions 0.04 0.0137 0.0313 0.0334 Return After Taxes on Distributions and Sale of Fund Shares 0.0455 0.0229 0.0356 0.0365 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0463 ICE BofA U.S. High Yield Constrained Index Return (reflects no deduction for fees, expenses or taxes) 0.085 0.045 0.0644 CONSERVATIVE INCOME FUND Investment Goal Principal preservation and a high degree of liquidity while providing current income. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class Y Shares </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"> Management Fees </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"> 0.10 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.24 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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"> 0.34 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.001 0 0.0024 0.0034 EXAMPLE 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. 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: 234px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Conservative Income Fund — Class Y Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 35 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 109 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 191 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 431 </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> 35 109 191 431 PORTFOLIO TURNOVER 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 0% of the average value of its portfolio. 0 Principal Investment Strategies Under normal circumstances, the Conservative Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. dollar-denominated debt securities that the Fund's sub-adviser (the Sub-Adviser) believes present minimal credit risks to the Fund. Under normal market conditions, the Fund will primarily invest in short-term US dollar denominated debt securities, including: (i) commercial paper, corporate bonds and asset-based securities of U.S. and foreign issuers; (ii) certificates of deposit, time deposits, bankers' acceptances, bank notes, and other obligations of U.S. savings and loan and thrift institutions, US banks or US branches or non-US branches of foreign banks; (iii) short-term obligations issued by state and local governments; (iv) U.S. Treasury obligations and obligations issued or guaranteed as to principal and interest by agencies or instrumentalities of the U.S. Government; and (v) obligations of foreign governments (including Canadian and Provincial Government and Crown Agency obligations). The Fund may also enter into fully-collateralized repurchase agreements. Although the Fund may invest in securities with any maturity or duration, the Fund generally seeks to maintain a weighted average maturity of 90 days or less. Under normal circumstances, the Fund will invest at least 25% of its assets in securities issued by companies in the financial services industry, but may invest less than 25% of its assets in this industry as a temporary defensive measure. The Fund uses a Sub-Adviser to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Through analysis of both macroeconomic factors and individual company attributes, the Sub-Adviser seeks to invest in securities that are marketable and liquid, offer competitive yields, and are of issuers that represent low credit risk. In selecting securities, the Sub-Adviser also considers factors such as the anticipated level of interest rates and the maturity of individual securities relative to the maturity of the Fund as a whole. The Fund is not a money market fund and does not seek to maintain a stable net asset value. Market Risk — 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 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. Interest Rate Risk — 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. Duration Risk — 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Concentration Risk — A downturn in the financial services industry would impact the Fund more than a portfolio that does not concentrate in securities issued by companies in the financial services industry. Financial Services Industry Risk — The Fund's portfolio is concentrated in investments in securities issued by companies in the financial services industry. The financial services industry is subject to extensive government regulation. Profitability is largely dependent on the availability and cost of capital, and can fluctuate significantly when interest rates change. Financial services companies are highly dependent on short-term interest rates and typically will be adversely affected by economic downturns or changes in banking regulations. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Repurchase Agreement Risk — Although the Fund's repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund's recovery of collateral. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. 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 nine calendar years and by showing how the Fund's average annual returns for 1 and 5 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. For current performance information, please call 1-800-DIAL-SEI. 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 nine calendar years and by showing how the Fund's average annual returns for 1 and 5 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"> <img alt="" src="j2621704_bg004.jpg" style="-sec-ix-hidden: hidden-fact-56"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 1.42% (09/30/2024) Worst Quarter: 0.00% (06/30/2021) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0142 2024-09-30 Worst Quarter: 0 2021-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 295px; text-align: left;" valign="bottom"> Conservative Income Fund — Class Y </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"> 1 Year </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"> 5 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;" valign="bottom"> Since Inception (4/22/2016) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 295px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.33 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.30 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.35 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 295px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 2.54 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 1.95 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 1.38 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 295px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.54 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.94 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.38 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 295px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 1.76 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 295px; background-color: #cceeff; text-align: left;" valign="bottom"> ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.18 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.17 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.24 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2016-04-22 Return Before Taxes 0.0433 0.033 0.0235 Return After Taxes on Distributions 0.0254 0.0195 0.0138 Return After Taxes on Distributions and Sale of Fund Shares 0.0254 0.0194 0.0138 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0176 ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes) 0.0418 0.0317 0.0224 Although the Fund's performance is benchmarked against the return of the ICE BofA U.S. 3-Month Treasury Bill Index, an investment in the Fund may differ from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund may potentially be more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest. TAX-FREE CONSERVATIVE INCOME FUND Investment Goal Preserving principal value and maintaining a high degree of liquidity while providing current income exempt from federal income taxes. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class Y Shares</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"> Management Fees</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"> 0.10</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.24</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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"> 0.34</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.001 0 0.0024 0.0034 EXAMPLE 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. 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: 234px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Tax-Free Conservative Income Fund — Class Y Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 35</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 109</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 191</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 431</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> 35 109 191 431 PORTFOLIO TURNOVER 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 0% of the average value of its portfolio. 0 Principal Investment Strategies Under normal circumstances, the Tax-Free Conservative Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in US dollar-denominated municipal securities that the Fund's sub-adviser (the Sub-Adviser) believes present minimal credit risks to the Fund and that pay interest that (i) is exempt from federal income taxes and (ii) is not taxable under the federal alternative minimum tax applicable to individuals. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, the District of Columbia, Puerto Rico and other U.S. territories and possessions. Under normal market conditions, the Fund will primarily invest in short-term US dollar-denominated debt securities including: US municipal bonds, notes, variable rate demand notes, tender option bonds, floating rate notes, industrial development bonds, pre-refunded bonds and commercial paper. The Fund may also, to a limited extent, invest in repurchase agreements and securities subject to the alternative minimum tax or in debt securities subject to federal income tax. Although the Fund may invest in securities with any maturity or duration, the Fund generally seeks to maintain a weighted average maturity of 90 days or less. The Fund uses a Sub-Adviser to manage Fund assets under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser). Through analysis of both macroeconomic factors and individual company attributes, the Sub-Adviser seeks to invest in securities that are marketable and liquid, offer competitive yields, and are of issuers that represent low credit risk. In selecting securities, the Sub-Adviser considers factors such as the anticipated level of interest rates and the maturity of individual securities relative to the maturity of the Fund as a whole. The Fund is not a money market fund and does not seek to maintain a stable net asset value. Market Risk — 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 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. Municipal Securities Risk — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Municipal obligations may be underwritten or guaranteed by a relatively small number of financial services firms, so changes in the municipal securities market that affect those firms may decrease the availability of municipal instruments in the market, thereby making it difficult for the Sub-Adviser to identify and obtain appropriate investments for the Fund's portfolio. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Taxation Risk — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Interest Rate Risk — 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. Duration Risk — 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. Income Risk — An investment in the Fund is subject to income risk, which is the possibility that the Fund's yield will decline due to falling interest rates. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Repurchase Agreement Risk — Although the Fund's repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund's recovery of collateral. Credit Risk — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Call Risk — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. 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 nine calendar years and by showing how the Fund's average annual returns for 1 and 5 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. For current performance information, please call 1-800-DIAL-SEI. 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 nine calendar years and by showing how the Fund's average annual returns for 1 and 5 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"> <img alt="" src="j2621704_bi019.jpg" style="-sec-ix-hidden: hidden-fact-57"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 0.97% (12/31/2023) Worst Quarter: 0.00% (06/30/2021) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0097 2023-12-31 Worst Quarter: 0 2021-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 295px; text-align: left;" valign="bottom"> Tax-Free Conservative Income Fund — Class Y </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"> 1 Year </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"> 5 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;" valign="bottom"> Since Inception (4/22/2016) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 295px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.71 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.07 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.48 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 295px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 2.70 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 2.06 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 1.48 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 295px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.70 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.05 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.47 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 295px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 52px; text-align: right;" valign="bottom"> 1.76 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 295px; background-color: #cceeff; text-align: left;" valign="bottom"> ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.18 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.17 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 52px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.24 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2016-04-22 Return Before Taxes 0.0271 0.0207 0.0148 Return After Taxes on Distributions 0.027 0.0206 0.0148 Return After Taxes on Distributions and Sale of Fund Shares 0.027 0.0205 0.0147 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0176 ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes) 0.0418 0.0317 0.0224 Although the Fund's performance is benchmarked against the return of the ICE BofA U.S. 3-Month Treasury Bill Index, an investment in the Fund may differ from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund may potentially be more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest. REAL RETURN FUND Investment Goal Total return exceeding the rate of inflation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class Y Shares</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"> Management Fees</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"> 0.22</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.23</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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"> 0.45</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0022 0 0.0023 0.0045 EXAMPLE 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. 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: 234px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Real Return Fund — Class Y Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 46</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 144</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 252</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 567</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> 46 144 252 567 PORTFOLIO TURNOVER 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 29% of the average value of its portfolio. 0.29 Principal Investment Strategies The Real Return Fund seeks to produce a return similar to that of the Bloomberg 1-5 Year U.S. Treasury Inflation-Protected Securities (TIPS) Index, which is the Fund's benchmark index. Under normal circumstances, the Fund will invest a significant portion of its assets in investment grade fixed income securities, including inflation-indexed bonds of varying maturities issued by the U.S. Treasury, other U.S. Government agencies and instrumentalities. An inflation-indexed bond is a bond that is structured so that its principal value will change with inflation. TIPS are a type of inflation-indexed bond in which the Fund may invest. The Fund's exposure to fixed income securities is not restricted by maturity requirements. The Fund may also invest in securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as time deposits, U.S. and foreign corporate debt including commercial paper; and securitized issues, such as mortgage-backed securities issued by U.S. Government agencies. Although the Real Return Fund is able to use a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser) whereby Fund assets would be allocated among multiple sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers), the Fund's assets currently are managed directly by SIMC. Market Risk — 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 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. Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. Interest Rate Risk — 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. Investment Style Risk — The Fund is also subject to the risk that the Fund's securities may underperform other segments of the markets or the markets as a whole. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Currency Risk — 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. Due to the Fund's investments in securities denominated in foreign 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. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621704_bi020.jpg" style="-sec-ix-hidden: hidden-fact-58"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 3.44% (03/31/2025) Worst Quarter: -3.21% (09/30/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0344 2025-03-31 Worst Quarter: -0.0321 2022-09-30 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 296px; text-align: left;" valign="bottom"> Real Return Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (7/2/2009) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.12 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.97 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.79 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.29 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 4.28 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 1.11 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 1.59 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 1.33 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.61 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.46 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.62 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.37 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 2.81 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Bloomberg 1-5 Year U.S. TIPS Index Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.55 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.32 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.16 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.67 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 2009-07-02 Return Before Taxes 0.0612 0.0297 0.0279 0.0229 Return After Taxes on Distributions 0.0428 0.0111 0.0159 0.0133 Return After Taxes on Distributions and Sale of Fund Shares 0.0361 0.0146 0.0162 0.0137 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0281 Bloomberg 1-5 Year U.S. TIPS Index Return (reflects no deduction for fees, expenses or taxes) 0.0655 0.0332 0.0316 0.0267 DYNAMIC ASSET ALLOCATION FUND Investment Goal Long-term total return. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</td> <td colspan="1"> </td> <td colspan="7" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 136px; text-align: center;" valign="bottom"> Class Y Shares</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"> Management Fees (of the Fund and Subsidiary)</td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff;" valign="bottom"> </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"> Management of the Fund</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: 33px; text-align: right;" valign="bottom"> 0.60</td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> %</td> <td colspan="1" style="width: 8px;"> </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: 33px; text-align: right;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px;" 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"> Management of the Subsidiary</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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> None</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="width: 8px; 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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 25px; background-color: #cceeff;" valign="bottom"> </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"> Total Management Fees</td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> 0.60</td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 25px; text-align: left;" valign="bottom"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:6pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Distribution (12b-1) Fees</td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:6pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> None</td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff;" valign="bottom"> </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"> Other Expenses (of the Fund and Subsidiary)</td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px;" valign="bottom"> </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"> Other Expenses of the Fund</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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.33</td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff;" valign="bottom"> </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"> Other Expenses of the Subsidiary</td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 33px; text-align: right;" valign="bottom"> None</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px;" valign="bottom"> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 33px; text-align: right;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 25px;" valign="bottom"> </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"> Total Other Expenses</td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 8px; background-color: #cceeff;" 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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.33</td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> %</td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:6pt .7pt 0pt 0pt; width: 257px; text-align: left;" valign="bottom"> Total Annual Fund Operating Expenses</td> <td colspan="1"> </td> <td colspan="3" style="padding:6pt .7pt 0pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="1" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 33px; text-align: right;" valign="bottom"> 0.93</td> <td colspan="1" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 25px; text-align: left;" valign="bottom"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.006 0 0.006 0 0.0033 0 0.0033 0.0093 EXAMPLE 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. 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: 234px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Dynamic Asset Allocation Fund — Class Y Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 95</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 296</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 515</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,143</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> 95 296 515 1143 PORTFOLIO TURNOVER 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 8% of the average value of its portfolio. 0.08 Principal Investment Strategies The Fund employs a dynamic investment strategy seeking to achieve, over time, a total return in excess of the broad U.S. equity market by selecting investments from among a broad range of asset classes or market exposures based upon SEI Investments Management Corporation's (SIMC or the Adviser) expectations of risk and return. Asset classes or market exposures in which the Fund may invest include U.S. and foreign equities and bonds, currencies, and investment exposures to various market characteristics such as interest rates or volatility. SIMC 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, as discussed below. The asset classes and market exposures used, and the Fund's allocations among them, are determined based on SIMC's views of fundamental, technical or valuation measures and may be dynamically adjusted (i.e. actively adjusted over long or short periods of time). The Fund may at any particular point in time be diversified across many exposures or concentrated in a limited number of exposures, including, possibly, a single asset class or market exposure. Although the Fund will seek to achieve excess total return through its dynamic investment selection, it will also normally maintain, as a primary component of its strategy, passive exposure to the large capitalization U.S. equity market. To the extent that the Fund is not dynamically invested in other asset classes or market exposures, the Fund's assets will generally be passively invested in a portfolio of securities designed to track, before fees and expenses, the performance of the large capitalization U.S. equity market. This passive exposure to the large capitalization U.S. equity market is implemented by the Sub-Adviser. The Fund may obtain asset class or market exposures by investing directly (e.g., in equity and fixed income securities and other instruments) or indirectly (e.g., through the use of other pooled investment vehicles, a wholly-owned subsidiary or derivative instruments, principally futures contracts, forward contracts, options and swaps). The particular types of securities and other instruments in which the Fund may invest are further described below. Equity Securities — The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants (including equity-linked warrants) and depositary receipts of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries. Fixed Income Securities — The Fund may invest in fixed income securities that are investment or non-investment grade (also known as "junk bonds"), U.S.- or foreign-issued (including emerging markets), and corporate- or government-issued. The Fund's fixed income investments may include mortgage-backed securities, corporate bonds and debentures, commercial paper, money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, zero coupon bonds, structured notes, obligations of foreign governments, and obligations of either supranational entities issued or guaranteed by certain banks and entities organized to restructure the outstanding debt of such issuers. The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government and Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities of both U.S. and non-U.S. governments and corporations.The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions. Other Instruments — The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies. Pooled Investment Vehicles — In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, including open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs), to obtain the Fund's desired exposure to a particular asset class. Derivative and Commodity Instruments — The Fund may also purchase or sell futures contracts, forward contracts, options and swaps (including swaptions, caps, floors or collars) for return enhancement or hedging purposes or to obtain the Fund's desired exposure to a particular asset class or market exposure. Futures contracts, forward contracts and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives may also be used to mitigate the Fund's overall level of risk and/or the Fund's exposure to the risk of particular types of securities or market segments. The Fund may purchase or sell futures contracts (and options on futures contracts) on U.S. Government securities for return enhancement and hedging purposes. The Fund may purchase and sell forward contracts on currencies or securities for return enhancement and hedging purposes. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. Swaps may be used for return enhancement or hedging purposes. Securities index and single security swaps may be used to manage the inflation-adjusted return of the Fund or to more efficiently gain exposure to a particular security or basket of securities. 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 a security or basket of securities. The Fund may also, to a lesser extent, purchase or sell put or call options on securities, indexes or currencies for return enhancement or hedging purposes or to obtain the Fund's desired exposure to a particular asset class or market exposure. The Fund may seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts, commodity investments and commodity-linked derivative instruments. The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC. Currency Exposure — The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Fund may also seek to enhance its return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Fund may buy and sell currencies (i.e., take long or short positions) using futures, options and foreign currency forward contracts. 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 its currency exposure from foreign securities, the Fund may buy and sell currencies for hedging or for speculative purposes.Short Sales — The Fund may engage in short sales on equity securities that are expected to underperform the market or their peers. When the Sub-Adviser sells securities short, it may invest the proceeds from the short sales in an attempt to enhance returns. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss. Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Fixed Income Market Risk — 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 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. Duration Risk — 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. Leverage Risk — 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. Interest Rate Risk — 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. Derivatives Risk — The Fund's use of futures contracts, options, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above and liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. 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 these 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — 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. Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. Commodity-Linked Securities Risk — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Below Investment Grade Securities Risk (Junk Bonds) — 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. These risks may be increased in foreign and emerging markets. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Foreign Sovereign Debt Securities Risk — 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. Repurchase Agreement Risk — Although repurchase agreement transactions must be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund's recovery of collateral. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like. The seller 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 Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. Short Sales Risk — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund's share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action. Real Estate Industry Risk — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC 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. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Depositary Receipts Risk — Depositary receipts, such as 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. Tax Risk — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income (when combined with its other investments that produce non-qualifying income) from such investments that do not generate qualifying income, to a maximum of 10% of its gross income to permit the Fund to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders. The Fund will gain most of its exposure to the commodities markets through its investment in the Subsidiary, which invests in commodity investments and derivative instruments. The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of the Code for qualification as a RIC. The Fund expects its income attributable to its investment in the Subsidiary to be treated as "qualifying income" for tax purposes. The Adviser will ensure that no more than 25% of the Fund's assets are invested in the Subsidiary. Investment Company and Exchange-Traded Funds Risk — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. Investment in the Subsidiary Risk — The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the 1940 Act) and, unless otherwise noted in this prospectus, is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could negatively affect the Fund and its shareholders. Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. 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. 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. 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"> <img alt="" src="j2621704_bi021.jpg" style="-sec-ix-hidden: hidden-fact-59"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 21.04% (06/30/2020) Worst Quarter: -19.09% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.2104 2020-06-30 Worst Quarter: -0.1909 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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: 296px; text-align: left;" valign="bottom"> Dynamic Asset Allocation Fund — Class Y </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (7/30/2015) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 19.12 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.61 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.98 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.06 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 13.68 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 11.06 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 11.69 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 10.87 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 14.31 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.87 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 11.02 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.26 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 296px; text-align: left;" valign="bottom"> S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; text-align: right;" valign="bottom"> 17.88 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 14.42 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 14.82 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; text-align: right;" valign="bottom"> 13.93 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 2015-07-30 Return Before Taxes 0.1912 0.1461 0.1398 0.1306 Return After Taxes on Distributions 0.1368 0.1106 0.1169 0.1087 Return After Taxes on Distributions and Sale of Fund Shares 0.1431 0.1087 0.1102 0.1026 S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1393 MULTI-STRATEGY ALTERNATIVE FUND Investment Goal The Fund allocates its assets among a variety of investment strategies to seek to generate an absolute return with reduced correlation to the stock and bond markets. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </div> </td> <td colspan="1"> </td> <td colspan="7" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 136px; text-align: center;" valign="bottom"> Class Y Shares </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"> Management Fees </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.50 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> None </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px;" valign="bottom"> </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"> Other Expenses </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff;" valign="bottom"> </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"> Dividends on Shorts </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: 33px; text-align: right;" valign="bottom"> 0.59 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 33px; text-align: right;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px;" 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"> Remainder of Other Expenses </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.35 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; 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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 25px; background-color: #cceeff;" valign="bottom"> </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"> Total Other Expenses </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> 0.94 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:6pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Acquired Fund Fees and Expenses (AFFE) </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:6pt .7pt 6pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.24 </td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> 2.68 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 25px; text-align: left;" valign="bottom"> %† </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> † Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements (or the "Financial Highlights" section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. 0.015 0 0.0059 0.0035 0.0094 0.0024 0.0268 Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements (or the "Financial Highlights" section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. EXAMPLE 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. 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: 234px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 234px; background-color: #cceeff; text-align: left;" valign="bottom"> Multi-Strategy Alternative Fund — Class Y Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 271 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 832 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,420 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3,012 </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> 271 832 1420 3012 PORTFOLIO TURNOVER 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 358% of the average value of its portfolio. 3.58 Principal Investment Strategies The Multi-Strategy Alternative Fund employs a strategy intended to generate an absolute (i.e., positive) return in various market cycles with reduced correlation to the stock and bond markets. The Fund allocates its assets among a variety of investment strategies through the use of: (i) affiliated and unaffiliated funds, including open-end funds, closed-end funds and exchange traded funds (Underlying Funds); and/or (ii) one or more investment sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers). In addition, SEI Investments Management Corporation, the Fund's adviser (SIMC or the Adviser), directly manages a portion of the Fund's assets, which may include allocating assets to investments in Underlying Funds selected by SIMC. The Underlying Funds or Sub-Advisers that are employed may apply any of a variety of investment strategies, which may include: (i) directional or tactical strategies, such as long/short equity, long/short credit and global tactical asset allocation; (ii) event driven strategies, such as distressed securities, special situations and merger arbitrage; and (iii) arbitrage strategies, such as fixed income or interest rate arbitrage, convertible arbitrage, pairs trading and equity market neutral. The Fund will allocate its assets among Underlying Funds and/or Sub-Advisers based on SIMC's analysis of their investment strategies and historical performance as well as SIMC's analysis of the potential for each to perform independently of one another. By allocating its assets in this manner, the Fund will seek to reduce risk, lower volatility and achieve positive returns in various market cycles. Allocation of assets to any one Underlying Fund, Sub-Adviser or strategy will vary based on market conditions. By investing in an Underlying Fund, the Fund becomes a shareholder of that Underlying Fund. Underlying Funds and Sub-Advisers may invest in a broad range of asset classes, securities and other investments to achieve their designated investment strategies, which may include U.S., foreign and emerging markets securities, equity securities of all types and capitalization ranges, investment and non-investment grade fixed income securities (junk bonds) of any duration or maturity issued by corporations or governments, bank loans in the form of participations in the loans or assignments of all or a portion of the loans from third parties, commodities, currencies, warrants, depositary receipts, exchange traded notes and derivative instruments, principally, equity options, futures contracts, options on futures contracts, forward contracts, swap agreements and credit default swaps. In addition, the Fund may invest in cash, money market instruments and other short-term obligations to achieve its investment goal. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. The Fund currently allocates assets to Sub-Advisers pursuant to SIMC's "manager of managers" model, and the Sub-Advisers manage Fund assets under the general supervision of SIMC. The Fund is intended to be only one component of an investor's broader investment program and is not designed to be a complete investment program. Investors who seek to add an alternative component to their overall investment program may wish to allocate a portion of their investment to the Fund. Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Fixed Income Market Risk — 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 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. Arbitrage Strategies Risk — Arbitrage strategies involve engaging in transactions that attempt to exploit price differences of identical, related or similar securities on different markets or in different forms. The Fund may realize losses or a reduced rate of return if underlying relationships among securities in which it takes investment positions change in an adverse manner or if a transaction is unexpectedly terminated or delayed. Trading to seek short-term capital appreciation can be expected to cause the Fund's portfolio turnover rate to be substantially higher than that of the average equity-oriented investment company. Directional or Tactical Strategies Risk — Directional or tactical strategies usually use long and short positions, which entail predicting the direction that particular securities or sectors or the overall market might move. Directional or tactical strategies may utilize leverage and hedging. There may be a significant risk of loss if the Fund's judgment is incorrect as to the direction, timing or extent of expected movements of particular securities or sectors or the market as a whole. Event-Driven Strategies Risk — Event-driven strategies involve making evaluations and predictions about both the likelihood that a particular event in the life of a company will occur and the impact such an event will have on the value of the company's securities. The transaction in which such a company is involved may be unsuccessful, take considerable time (or longer than anticipated) or may result in a distribution of cash or a new security, the value of which may be less than the purchase price of the company's security. If an anticipated transaction does not occur, the Fund may be required to sell its securities at a loss. Duration Risk — 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. Leverage Risk — 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. Interest Rate Risk — 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. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. Derivatives Risk — The Fund's use of futures contracts, options, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above and liquidity risk is described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. 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 these 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — Due to its active positions in 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. Due to the Fund's investments in securities denominated in foreign 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 U.S. or abroad. Commodity-Linked Securities Risk — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower of the loan and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Distressed Securities Risk — Distressed securities frequently do not produce income while they are outstanding and may require the Fund to bear certain extraordinary expenses in order to protect and recover its investment. Distressed securities are at high risk for default. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance. Short Sales Risk — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action. Tax Risk — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income from such investments that do not generate qualifying income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to permit the Fund to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders. Investment Company and Exchange-Traded Funds (ETFs) Risk — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC 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. Exchange-Traded Notes (ETNs) Risk — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange. Depositary Receipts Risk — Depositary receipts, such as 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. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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:9pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> <img alt="" src="j2621704_bi022.jpg" style="-sec-ix-hidden: hidden-fact-60"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:9pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 7.29% (12/31/2020) Worst Quarter: -6.34% (06/30/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0729 2020-12-31 Worst Quarter: -0.0634 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) 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. 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. 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: 296px; text-align: left;" valign="bottom"> Multi-Strategy Alternative Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;" valign="bottom"> Since Inception (3/31/2010) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.81 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.29 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.46 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.97 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </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: 33px; text-align: right;" valign="bottom"> 8.58 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> 2.20 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 2.98 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 1.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.47 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.37 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.85 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.82 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 296px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </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: 33px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 55px; text-align: right;" valign="bottom"> 2.60 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 25px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 296px; background-color: #cceeff; text-align: left;" valign="bottom"> ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.18 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.17 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.18 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 55px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.41 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; width: 25px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * The Fund's Class Y Shares commenced operations on April 30, 2015. For periods prior to April 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 2010-03-31 Return Before Taxes 0.1081 0.0429 0.0446 0.0297 Return After Taxes on Distributions 0.0858 0.022 0.0298 0.0182 Return After Taxes on Distributions and Sale of Fund Shares 0.0647 0.0237 0.0285 0.0182 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.026 ICE BofA U.S. 3-Month Treasury Bill Index (reflects no deduction for fees, expenses or taxes) 0.0418 0.0317 0.0218 0.0141 Although the Fund's performance is benchmarked against the return of the ICE BofA U.S. 3-Month Treasury Bill Index, an investment in the Fund is substantially different from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund is expected to be substantially more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest. MULTI-ASSET ACCUMULATION FUND Investment Goal Total return, including capital appreciation and income. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </div> </td> <td colspan="1"> </td> <td colspan="7" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 132px; text-align: center;" valign="bottom"> Class F Shares </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"> Management Fees (of the Fund and Subsidiary) </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> </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"> Management Fees of the Fund </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: 33px; text-align: right;" valign="bottom"> 0.75 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </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: 33px; text-align: right;" valign="bottom"> </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"> Management Fees of the Subsidiary </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> None </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="width: 8px; 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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> </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"> Total Management Fees </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> 0.75 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:6pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Distribution (12b-1) Fees </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:6pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> None </td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> </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"> Other Expenses (of the Fund and Subsidiary) </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> </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 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Other Expenses of the Fund </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.59 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> </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"> Other Expenses of the Subsidiary </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 33px; text-align: right;" valign="bottom"> None </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px;" valign="bottom"> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 33px; text-align: right;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px;" valign="bottom"> </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"> Total Other Expenses </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 8px; background-color: #cceeff;" 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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.59 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:6pt .7pt 6pt 0pt; width: 257px; text-align: left;" valign="bottom"> Total Annual Fund Operating Expenses </td> <td colspan="1"> </td> <td colspan="3" style="padding:6pt .7pt 6pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 33px; text-align: right;" valign="bottom"> 1.34 </td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0075 0 0.0075 0 0.0059 0 0.0059 0.0134 EXAMPLE 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. 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: 183px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 183px; background-color: #cceeff; text-align: left;" valign="bottom"> Multi-Asset Accumulation Fund — Class F Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 136 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 425 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 734 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,613 </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> 136 425 734 1613 PORTFOLIO TURNOVER The Fund will pay 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. 0.75 Principal Investment Strategies Under normal circumstances, the Fund will seek to generate total return over time by selecting investments from among a broad range of asset classes based upon SEI Investments Management Corporation's (SIMC) or the sub-adviser's (each, a Sub-Adviser and collectively, the Sub-Advisers) expectations of risk and return. The asset classes used and the Fund's allocations among asset classes will be determined based on SIMC's or the Sub-Adviser's views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments. SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies. The Fund may allocate all or a portion of its assets using a "risk parity" approach that seeks to balance risk across all capital market exposures, which may result in asset classes with lower perceived risk having a greater notional allocation within the Fund's portfolio than asset classes with higher perceived risk. Notional allocation refers to the Fund's use of one or more derivative contracts to attempt to obtain exposure to a potential gain or loss on the market value of the instruments underlying the Fund's derivative contracts (e.g., a security, currency or commodity (or a basket or index)). The market value of such underlying instruments generally exceeds the amount of cash or assets required to establish or maintain the derivative contracts. In addition, the Fund may further adjust asset allocations and capital market exposures based on realized and expected measures of volatility with the goal of managing the Fund's volatility. This may result in the Fund increasing capital market exposures during periods of perceived falling risk and decreasing capital market exposures during periods of perceived rising risk. The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries. The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued. The Fund's fixed income investments may include asset-backed securities, mortgage-backed securities, corporate bonds and debentures, commercial paper, exchange traded notes (ETNs), money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of either supranational entities issued or guaranteed by certain banks and entities organized to restructure the outstanding debt of such issuers. The Fund's fixed income investments may also include obligations of U.S. and foreign banks, such as certificates of deposit and time deposits, U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, and Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities of both U.S. and non-U.S. governments and corporations, and municipal bonds and debentures. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs) (including leveraged and inverse ETFs). The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies. A portion of the Fund's assets may also be invested in commodity investments to provide exposure to the investment returns of the commodities markets. Commodity investments include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes. The Fund may also invest in equity securities of issuers in commodity-related industries. The Fund may also seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts and commodity investments (including through derivatives). The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC. The Fund, either directly or through its investment in the Subsidiary, may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Futures contracts, forward contracts, options and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. Due to the Fund's structure and level of turnover, derivative instruments may be an efficient method of obtaining exposure to various types of markets. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. Securities index swaps may be used to obtain exposure to different U.S. and foreign equity markets. Futures and swaps on futures may be used to gain exposure to U.S. and foreign sovereign bond markets, equity markets and commodities markets. 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 a security or basket of securities. The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also 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 may buy and sell currencies (i.e., take long or short positions) using futures and foreign currency forward contracts. 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. Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity 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. Fixed Income Market Risk — 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 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. Duration Risk — 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. Leverage Risk — 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. Interest Rate Risk — 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. Derivatives Risk — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity 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 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 may be valued incorrectly. Each of these 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — As a result of the Fund's investments in securities or other investments 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 U.S. or abroad. Income Risk — The possibility that the Fund's yield will decline due to falling interest rates. Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. Commodity Investments and Derivatives Risk — Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. The value of a commodity investment or a derivative investment in commodities is typically based upon the price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments. Commodity-Linked Securities Risk — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Foreign Sovereign Debt Securities Risk — 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. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. 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. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Repurchase Agreements and Reverse Repurchase Agreements Risk — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and 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. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. Short Sales Risk — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. In addition, shorting a future contract may require posting only a margin that may amount to less than notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action. Real Estate Industry Risk — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses. Exchange-Traded Notes Risk — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC 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. Depositary Receipts Risk — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Tax Risk — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income from such investments that do not generate qualifying income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to permit the Fund to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders. The Fund will gain most of its exposure to the commodities markets through its investment in a Subsidiary, which invests in commodity investments and derivative instruments. The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. The Fund expects its income attributable to its investment in the Subsidiary to be treated as "qualifying income" for tax purposes. The Adviser will ensure that no more than 25% of the Fund's assets are invested in the Subsidiary. Investment Company Risk — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. Investment in the Subsidiary Risk — The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the 1940 Act) and, unless otherwise noted in this prospectus, is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could negatively affect the Fund and its shareholders. Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. Municipal Securities Risk — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Any changes in the financial condition of municipal issuers also may adversely affect the value of the Fund's securities. 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 Class F 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. For current performance information, please call 1-800-DIAL-SEI. The bar chart and the performance table below provide some indication of the risks of investing in the Class F 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"> <img alt="" src="j2621705_ba002.jpg" style="-sec-ix-hidden: hidden-fact-61"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 138px; text-align: left;" valign="bottom"> Best Quarter: 10.18% (03/31/2019) Worst Quarter: -12.58% (06/30/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1018 2019-03-31 Worst Quarter: -0.1258 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (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 MSCI World Index (net) (Hedged) (USD) and the Fund's 60/40 blended benchmark, that is composed of the MSCI World Index (net) (Hedged) (USD) (60%) and the Bloomberg Global Aggregate Index, Hedged (USD) (40%). 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. This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (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 MSCI World Index (net) (Hedged) (USD) and the Fund's 60/40 blended benchmark, that is composed of the MSCI World Index (net) (Hedged) (USD) (60%) and the Bloomberg Global Aggregate Index, Hedged (USD) (40%). 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: 239px; text-align: left;" valign="bottom"> Multi-Asset Accumulation Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;" valign="bottom"> Since Inception (4/9/2012) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.10 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.28 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.76 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.14 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 10.79 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -1.03 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.46 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.17 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.03 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.85 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.43 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; text-align: left;" valign="bottom"> MSCI All Country World ex-USA Index (Net) (reflects no deductions for fees, expenses or taxes, (except foreign withholding taxes)) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 32.39 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 7.91 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 8.41 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 6.99 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; background-color: #cceeff; text-align: left;" valign="bottom"> MSCI World Index (net) (Hedged) (USD) (reflects no deductions for fees, expenses or taxes (except foreign withholding taxes)) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 19.03 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.67 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.99 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.74 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; text-align: left;" valign="bottom"> The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 13.28 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 8.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 8.84 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 8.79 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 2012-04-09 Return Before Taxes 0.121 0.0128 0.0476 0.0414 Return After Taxes on Distributions 0.1079 -0.0103 0.0246 0.0201 Return After Taxes on Distributions and Sale of Fund Shares 0.0717 0.0003 0.0285 0.0243 MSCI All Country World ex-USA Index (Net) (reflects no deductions for fees, expenses or taxes, (except foreign withholding taxes)) 0.3239 0.0791 0.0841 0.0699 MSCI World Index (net) (Hedged) (USD) (reflects no deductions for fees, expenses or taxes (except foreign withholding taxes)) 0.1903 0.1367 0.1299 0.1274 The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1328 0.083 0.0884 0.0879 MULTI-ASSET INCOME FUND Investment Goal The Fund seeks total return with an emphasis on current income. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class F Shares </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"> Management Fees </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"> 0.60 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.61 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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: 56px; text-align: right;" valign="bottom"> 1.21 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.006 0 0.0061 0.0121 EXAMPLE 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. 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: 183px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 183px; background-color: #cceeff; text-align: left;" valign="bottom"> Multi-Asset Income Fund — Class F Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 123 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 384 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 665 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,466 </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> 123 384 665 1466 PORTFOLIO TURNOVER The Fund will pay 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 59% of the average value of its portfolio. 0.59 Principal Investment Strategies Under normal circumstances, the Fund will seek to generate total return with an emphasis on income by selecting investments from among a broad range of asset classes based upon SEI Investments Management Corporation's (SIMC) or the sub-adviser's (each, a Sub-Adviser and collectively, the Sub-Advisers) expectations for income and, to a lesser extent, capital appreciation. The asset classes used and the Fund's allocations among asset classes will be determined based on SIMC's or the Sub-Adviser's views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments. SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies. The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts, of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries. The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued. The Fund may invest in a wide range of fixed income investments, including asset-backed securities, mortgage-backed securities, collateralized debt and collateralized loan obligations (CDOs and CLOs, respectively), corporate and municipal bonds and debentures, structured notes, construction loans, commercial paper, exchange traded notes (ETNs), money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks. The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, and Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions. The Fund may invest up to 25% of its assets in master limited partnership (MLP) units and may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs) (including leveraged and inverse ETFs). The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies. The Fund may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes, including currency or interest rate exposure. Futures contracts and forward contracts may be used to synthetically obtain exposure to securities or baskets of securities. The Fund may use total return swaps to efficiently obtain exposure to segments of the equity or fixed income markets when other means of obtaining exposure, such as through an ETF, are suboptimal. Interest rate swaps may be used to manage the Fund's yield spread sensitivity. The Fund may write (sell) or purchase call options or put options on a security or a basket of securities, and such options may be covered or uncovered (or "naked"). The purchaser of a call option will pay the Fund a premium for undertaking the obligations under the option contract. Options may also provide a partial hedge to another position of the Fund. 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 a security or basket of securities. The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also 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 may buy and sell currencies (i.e., take long or short positions) using futures and foreign currency forward contracts. 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. Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity 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. Fixed Income Market Risk — 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 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. Duration Risk — 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. Leverage Risk — 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. Interest Rate Risk — 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. Derivatives Risk — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity 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 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 may be valued incorrectly. Each of these 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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 U.S. or abroad. Income Risk — The possibility that the Fund's yield will decline due to falling interest rates. Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The portfolio may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Foreign Sovereign Debt Securities Risk — 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. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Collateralized Debt Obligations and Collateralized Loan Obligations Risk — CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. CDOs and CLOs also carry risks including, but not limited to, interest rate risk and credit risk, which are described above. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs or CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's or CLO's expenses. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Repurchase Agreements and Reverse Repurchase Agreements Risk — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and 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. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. Short Sales Risk — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. In addition, shorting a future contract may require posting only a margin that may amount to less than notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action. Private Placements Risk — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded. Real Estate Industry Risk — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses. Exchange-Traded Notes Risk — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC 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. Depositary Receipts Risk — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Investment Company Risk — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its share price being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. Municipal Securities Risk — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities generally respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Any changes in the financial condition of municipal issuers also may adversely affect the value of the Fund's securities. Master Limited Partnership (MLP) Risk — Investments in units of MLPs involve risks that differ from an investment in common stock. Holders of the units of MLPs have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of MLPs. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of an MLP, including a conflict arising as a result of incentive distribution payments. The benefit the Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be a reduction in the after-tax return to the Fund of distributions from the MLP, likely causing a reduction in the value of the Fund's shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The Internal Revenue Code of 1986, as amended, provides that the Fund is permitted to invest up to 25% of its assets in one or more qualified publicly traded partnerships (QPTPs), which will include certain MLPs, and treat the income allocated by such QPTPs as qualifying income for purposes of the regulated investment company annual qualifying income requirements described in the section titled "Taxes" in the SAI. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. 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 Class F 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. For current performance information, please call 1-800-DIAL-SEI. The bar chart and the performance table below provide some indication of the risks of investing in the Class F 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"> <img alt="" src="j2621705_ba003.jpg" style="-sec-ix-hidden: hidden-fact-62"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 138px; text-align: left;" valign="bottom"> Best Quarter: 11.20% (06/30/2020) Worst Quarter: -14.23% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.112 2020-06-30 Worst Quarter: -0.1423 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. The additional index is the Fund's blended benchmark index that is composed of the Bloomberg U.S. Aggregate Bond Index (45%), the ICE BofA U.S. High Yield Constrained Index (40%) and the MSCI All Country World Index (Net) (15%). 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. 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. The additional index is the Fund's blended benchmark index that is composed of the Bloomberg U.S. Aggregate Bond Index (45%), the ICE BofA U.S. High Yield Constrained Index (40%) and the MSCI All Country World Index (Net) (15%). 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: 239px; text-align: left;" valign="bottom"> Multi-Asset Income Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;" valign="bottom"> Since Inception (4/9/2012) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.07 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.47 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.04 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.27 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 7.80 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 1.25 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 3.08 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 3.21 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.05 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.68 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.04 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.18 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; background-color: #cceeff; text-align: left;" valign="bottom"> The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.99 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.61 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.67 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2012-04-09 Return Before Taxes 0.1007 0.0347 0.0504 0.0527 Return After Taxes on Distributions 0.078 0.0125 0.0308 0.0321 Return After Taxes on Distributions and Sale of Fund Shares 0.0605 0.0168 0.0304 0.0318 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0201 The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 0.0999 0.0361 0.0567 0.0536 MULTI-ASSET INFLATION MANAGED FUND Investment Goal Total return exceeding the rate of inflation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </div> </td> <td colspan="1"> </td> <td colspan="11" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 199px; text-align: center;" valign="bottom"> Class F Shares </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"> Management Fees (of the Fund and Subsidiary) </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 59px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> Management Fees of the Fund </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 59px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> 0.55 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Management Fees of the Subsidiary </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 59px; background-color: #cceeff;" valign="bottom"> </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> None </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 21px; background-color: #cceeff;" valign="bottom"> </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"> Total Management Fees </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 59px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 33px; text-align: right;" valign="bottom"> 0.55 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 21px; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 59px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> None </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> </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"> Other Expenses (of the Fund and Subsidiary) </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 59px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Other Expenses of the Fund </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 59px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> Dividends on Shorts </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: 30px; text-align: right;" valign="bottom"> 0.11 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Interest Expense on Reverse Repurchase Agreements </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 30px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.03 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> Remainder of Other Expenses </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: 30px; text-align: right;" valign="bottom"> 0.60 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Total Other Expenses of the Fund </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 59px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.74 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; text-align: left;" valign="bottom"> Other Expenses of the Subsidiary </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 59px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 33px; text-align: right;" valign="bottom"> None </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 21px;" valign="bottom"> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Total Other Expenses </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 59px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.74 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 59px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 33px; text-align: right;" valign="bottom"> 1.29 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0055 0 0.0055 0 0.0011 0.0003 0.006 0.0074 0 0.0074 0.0129 EXAMPLE 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. 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: 183px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 183px; background-color: #cceeff; text-align: left;" valign="bottom"> Multi-Asset Inflation Managed Fund — Class F Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 131 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 409 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 708 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,556 </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> 131 409 708 1556 PORTFOLIO TURNOVER The Fund will pay 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 44% of the average value of its portfolio. 0.44 Principal Investment Strategies Under normal circumstances, the Fund will seek to generate "real return" (i.e., total returns that exceed the rate of inflation over a full market cycle, regardless of market conditions) by selecting investments from among a broad range of asset classes, including fixed income and equity securities and commodity investments. The asset classes used and the Fund's allocations among asset classes will be determined based on SEI Investments Management Corporation's (SIMC's) or the sub-advisers' (each, a Sub-Adviser and collectively, the Sub-Advisers) views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments. The Fund uses a multi-manager approach under the general supervision of SIMC, allocating its assets among one or more Sub-Advisers using different investment strategies. SIMC may also directly manage a portion of the Fund's portfolio. Equity securities may include common or preferred stocks, warrants, rights, depositary receipts, equity-linked securities and other equity interests. The Fund may invest in securities of issuers of any market capitalization and may invest in both foreign and domestic equity securities. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, including open-end funds, closed-end funds and exchange-traded funds (ETFs). The Fund may also invest in real estate investment trusts (REITs) and U.S. and non-U.S. real estate companies. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and ETFs (including leveraged and inverse ETFs). The Fund may also invest in REITs and securities issued by U.S. and non-U.S. real estate companies. The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets), and corporate- or government-issued. The Fund may invest in a wide range of fixed income investments, including obligations of U.S. and foreign commercial banks, such as certificates of deposit, time deposits, bankers' acceptances, bank notes and bank loans, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks, U.S. and foreign corporate debt securities, including commercial paper, and fully collateralized repurchase and reverse repurchase agreements with highly rated counterparties (those rated A or better) and securitized issues such as mortgage-backed securities, asset-backed securities, commercial mortgage-backed securities and collateralized debt obligations (CDOs). The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities, and municipal bonds and debentures. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions. The Fund may also enter into repurchase or reverse repurchase agreements with respect to its investment in the fixed income securities listed above and may use the cash received to enter into a short position on U.S. Treasury bonds. A portion of the Fund's assets may also be invested in commodity investments to provide exposure to the investment returns of the commodities markets. Commodity investments include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes. The Fund may also invest in equity securities of issuers in commodity-related industries. The Fund may also seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts and commodity investments (including through derivative instruments). The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC. The Fund, either directly or through its investment in the Subsidiary, may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Interest rate futures contracts are primarily used to hedge interest rate risk in the Fund's U.S. bond holdings. Commodity futures contracts are primarily used to obtain exposure to a diversified set of commodity markets. Interest rate swaps and swaps on indexes may further be used to manage the Fund's interest rate risk or may be used to manage the inflation-adjusted return of the Fund. 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 a security or basket of securities. Options may be used to gain exposure to or hedge exposures in the equity and commodity markets. Foreign currency forward rate agreements may be used to hedge all or a portion of the currency risk resulting from investments in non-U.S. equity and fixed income securities. The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also 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 may buy and sell currencies (i.e., take long or short positions) using futures and foreign currency forward contracts. 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. The Sub-Advisers may engage in short sales in an attempt to capitalize on equity securities that it believes will underperform the market or their peers. When a Sub-Adviser sells securities short, it may invest the proceeds from the short sales in an attempt to enhance returns. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss. Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Fixed Income Market Risk — 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 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. Duration Risk — 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. Leverage Risk — 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. Interest Rate Risk — 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. Derivatives Risk — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity 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 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 may be valued incorrectly. Each of these 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — As a result of the Fund's investments in securities or other investments 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 U.S. or abroad. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Income Risk — The possibility that the Fund's yield will decline due to falling interest rates. Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. Commodity Investments and Derivatives Risk — Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. The value of a commodity investment or a derivative investment in commodities is typically based upon the price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments. Commodity-Linked Securities Risk — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Foreign Sovereign Debt Securities Risk — 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. Collateralized Debt Obligations Risk — CDOs are securities backed by an underlying portfolio of debt obligations. CDOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO securities as a class. The risks of investing in CDOs depend largely on the tranche invested in and the type of the underlying debts in the tranche of the CDO in which the Fund invests. CDOs also carry risks including, but not limited to, interest rate risk and credit risk, which are described above. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's expenses. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Repurchase Agreements and Reverse Repurchase Agreements Risk — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and 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. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. Short Sales Risk — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investing in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund's share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action. Real Estate Industry Risk — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses. Exchange-Traded Notes Risk — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC 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. Depositary Receipts Risk — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Tax Risk — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income from such investments that do not generate qualifying income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to permit the Fund to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders. The Fund will gain most of its exposure to the commodities markets through its investment in a Subsidiary, which invests in commodity investments and derivative instruments. The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. The Fund expects its income attributable to its investment in the Subsidiary to be treated as "qualifying income" for tax purposes. The Adviser will ensure that no more than 25% of the Fund's assets are invested in the Subsidiary. Investment Company Risk — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. Investment in the Subsidiary Risk — The Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act) and, unless otherwise noted in this prospectus, is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could negatively affect the Fund and its shareholders. Municipal Securities Risk — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Any changes in the financial condition of municipal issuers also may adversely affect the value of the Fund's securities. Preferred Stock Risk — 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. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. 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 Class F 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. For current performance information, please call 1-800-DIAL-SEI. The bar chart and the performance table below provide some indication of the risks of investing in the Class F 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"> <img alt="" src="j2621705_bc004.jpg" style="-sec-ix-hidden: hidden-fact-63"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 138px; text-align: left;" valign="bottom"> Best Quarter: 8.31% (03/31/2022) Worst Quarter: -10.32% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0831 2022-03-31 Worst Quarter: -0.1032 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), and an additional index with characteristics relevant to the Fund's investment strategy. The Fund's additional index is the Fund's 70/20/10 blended benchmark that is composed of the Bloomberg 1-5 Year U.S. TIPS Index (70%), the Bloomberg Commodity Index (20%) and the S&P 500 Index (10%). In prior years, the Fund also compared its performance to the Bloomberg 1-5 Year U.S. TIPS Index. 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. This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), and an additional index with characteristics relevant to the Fund's investment strategy. The Fund's additional index is the Fund's 70/20/10 blended benchmark that is composed of the Bloomberg 1-5 Year U.S. TIPS Index (70%), the Bloomberg Commodity Index (20%) and the S&P 500 Index (10%). In prior years, the Fund also compared its performance to the Bloomberg 1-5 Year U.S. TIPS Index. 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: 239px; text-align: left;" valign="bottom"> Multi-Asset Inflation Managed Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;" valign="bottom"> Since Inception (4/9/2012) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.81 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.04 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.15 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 6.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 3.38 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 1.58 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 0.09 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.74 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.47 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.74 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.44 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; background-color: #cceeff; text-align: left;" valign="bottom"> The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.57 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.04 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.99 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.93 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2012-04-09 Return Before Taxes 0.0782 0.0581 0.0304 0.0115 Return After Taxes on Distributions 0.0601 0.0338 0.0158 0.0009 Return After Taxes on Distributions and Sale of Fund Shares 0.0474 0.0347 0.0174 0.0044 Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0201 The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 0.0957 0.0604 0.0499 0.0293 MULTI-ASSET CAPITAL STABILITY FUND Investment Goal Manage risk of a loss while providing current income and an opportunity for capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class F Shares</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"> Management Fees</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"> 0.40</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.58</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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: 56px; text-align: right;" valign="bottom"> 0.98</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.004 0 0.0058 0.0098 EXAMPLE 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. 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: 183px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 183px; background-color: #cceeff; text-align: left;" valign="bottom"> Multi-Asset Capital Stability Fund — Class F Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 100</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 312</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 542</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,201</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> 100 312 542 1201 PORTFOLIO TURNOVER The Fund will pay 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 260% of the average value of its portfolio. 2.60 Principal Investment Strategies Under normal circumstances, the Fund will attempt to manage the risk of loss while still seeking to generate some growth by selecting investments from among a broad range of asset classes. Managing the risk of loss does not mean preventing losses, but rather managing the Fund in a manner intended to limit the level of losses that the Fund could incur over any particular period. The Fund's investments are expected to include U.S. debt obligations and investment grade bonds, and, to a lesser extent, riskier asset classes as detailed below, such as equities and non-investment grade securities (also known as junk bonds). The asset classes used and the Fund's allocations among asset classes will be determined based on SEI Investments Management Corporation's (SIMC) or the sub-adviser's (each, a Sub-Adviser and collectively, the Sub-Advisers) views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies. The Fund may allocate all or a portion of its assets using a "risk parity" approach that seeks to balance anticipated drawdown risk (peak-to-trough decline in asset value) across all capital market exposures in the Fund. This approach may result in asset classes with lower perceived drawdown risk, e.g. high-quality government bonds, having a greater notional allocation within the Fund's portfolio than they would otherwise receive in a non-risk parity approach. Notional allocation generally refers to the Fund's use of one or more derivative contracts to obtain exposure to a potential gain or loss on the market value of the instruments underlying the Fund's derivative contracts (e.g., a security, basket of securities or index). The market value of such underlying instruments generally exceeds the amount of cash or assets required to establish or maintain the derivative contracts. The Fund may further adjust asset allocations and capital market exposures based on realized and expected measures of drawdown risk with the goal of managing the Fund's total drawdown risk. This may result in the Fund increasing capital market exposures during periods of perceived falling drawdown risk and decreasing capital market exposures during periods of perceived rising drawdown risk. The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, and warrants, of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries. The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued. The Fund's fixed income investments may include asset-backed securities, mortgage-backed securities, corporate bonds and debentures, commercial paper, exchange traded notes (ETNs), money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks, as well as entities organized to restructure the outstanding debt of such issuers. The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities and obligations of U.S. and foreign commercial banks, such as certificates of deposit and time deposits. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs) (including leveraged and inverse ETFs). The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies. The Fund may also purchase or sell futures contracts, options, forward contracts and swaps, including single security swaps, to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Due to the Fund's structure and level of turnover, derivative instruments may be an efficient method of obtaining exposure to various types of markets. Futures contracts may be used to gain exposure to U.S. and foreign sovereign bond markets. Index futures and securities index swaps may be used to gain exposure to U.S. and foreign equity markets. Interest rate swaps may be used to manage the Fund's yield spread sensitivity. Options may be used to gain exposure to or hedge risks in U.S. and foreign equity and fixed income markets. 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 a security or basket of securities. Foreign currency forward rate agreements may be used to hedge all or a portion of the currency risk resulting from investments in non-U.S. equity and fixed income securities. The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Fund may also seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Fund may buy and sell currencies (i.e., take long or short positions) using futures contracts, foreign currency forward contracts and options. 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 Fund may buy and sell currencies for hedging or for speculative purposes. Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Fixed Income Market Risk — 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 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. Duration Risk — 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. Leverage Risk — 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. Interest Rate Risk — 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. Derivatives Risk — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity 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 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 may be valued incorrectly. Each of these 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — As a result of the Fund's investments in securities or other investments 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 U.S. or abroad. Income Risk — The possibility that the Fund's yield will decline due to falling interest rates. Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Foreign Sovereign Debt Securities Risk — 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. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Repurchase Agreements and Reverse Repurchase Agreements Risk — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and 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. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance. Private Placements Risk — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded. Real Estate Industry Risk — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses. Exchange-Traded Notes Risk — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC 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. Investment Company Risk — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. 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 Class F 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. For current performance information, please call 1-800-DIAL-SEI. The bar chart and the performance table below provide some indication of the risks of investing in the Class F 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"> <img alt="" src="j2621705_bc005.jpg" style="-sec-ix-hidden: hidden-fact-64"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 138px; text-align: left;" valign="bottom"> Best Quarter: 3.85% (12/31/2023) Worst Quarter: -2.08% (06/30/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0385 2023-12-31 Worst Quarter: -0.0208 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), and an additional index with characteristics relevant to the Fund's investment strategy. The Fund's additional index is the Fund's 95/5 blended benchmark that is composed of the Bloomberg 1-3 Year U.S. Government/Credit Index (95%) and the S&P 500 Index (5%). In prior years, the Fund also compared its performance to the Bloomberg 1-3 Year U.S. Government/Credit Index. 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. This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), and an additional index with characteristics relevant to the Fund's investment strategy. The Fund's additional index is the Fund's 95/5 blended benchmark that is composed of the Bloomberg 1-3 Year U.S. Government/Credit Index (95%) and the S&P 500 Index (5%). In prior years, the Fund also compared its performance to the Bloomberg 1-3 Year U.S. Government/Credit Index. 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: 239px; text-align: left;" valign="bottom"> Multi-Asset Capital Stability Fund — Class F </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;" valign="bottom"> Since Inception (4/9/2012) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.49 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.19 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.02 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.45 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 5.77 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 1.82 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 1.96 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 1.58 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.92 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.91 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.91 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.56 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 239px; background-color: #cceeff; text-align: left;" valign="bottom"> The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.97 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.61 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.75 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.38 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 2012-04-09 Return Before Taxes 0.0649 0.0319 0.0302 0.0245 Return After Taxes on Distributions 0.0577 0.0182 0.0196 0.0158 Return After Taxes on Distributions and Sale of Fund Shares 0.0392 0.0191 0.0191 0.0156 Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0201 The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 0.0597 0.0261 0.0275 0.0238 MULTI-ASSET ACCUMULATION FUND Investment Goal Total return, including capital appreciation and income. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </div> </td> <td colspan="1"> </td> <td colspan="7" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 132px; text-align: center;" valign="bottom"> Class Y Shares </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"> Management Fees (of the Fund and Subsidiary) </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> Management Fees of the Fund </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: 33px; text-align: right;" valign="bottom"> 0.75 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Management Fees of the Subsidiary </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> None </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; text-align: left;" valign="bottom"> Total Management Fees </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> 0.75 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:6pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Distribution (12b-1) Fees </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:6pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> None </td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> </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"> Other Expenses (of the Fund and Subsidiary) </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Other Expenses of the Fund </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.34 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; text-align: left;" valign="bottom"> Other Expenses of the Subsidiary </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 33px; text-align: right;" valign="bottom"> None </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px;" valign="bottom"> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Total Other Expenses </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 8px; background-color: #cceeff;" 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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.34 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:6pt .7pt 6pt 0pt; width: 257px; text-align: left;" valign="bottom"> Total Annual Fund Operating Expenses </td> <td colspan="1"> </td> <td colspan="3" style="padding:6pt .7pt 6pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; width: 33px; text-align: right;" valign="bottom"> 1.09 </td> <td colspan="1" style="padding:6pt .7pt 6pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0075 0 0.0075 0 0.0034 0 0.0034 0.0109 EXAMPLE 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. 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: 184px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 184px; background-color: #cceeff; text-align: left;" valign="bottom"> Multi-Asset Accumulation Fund — Class Y Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 111 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 347 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 601 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,329 </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> 111 347 601 1329 PORTFOLIO TURNOVER The Fund will pay 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. 0.75 Principal Investment Strategies Under normal circumstances, the Fund will seek to generate total return over time by selecting investments from among a broad range of asset classes based upon SEI Investments Management Corporation's (SIMC) or the sub-adviser's (each, a Sub-Adviser and collectively, the Sub-Advisers) expectations of risk and return. The asset classes used and the Fund's allocations among asset classes will be determined based on SIMC's or the Sub-Adviser's views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments. SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies. The Fund may allocate all or a portion of its assets using a "risk parity" approach that seeks to balance risk across all capital market exposures, which may result in asset classes with lower perceived risk having a greater notional allocation within the Fund's portfolio than asset classes with higher perceived risk. Notional allocation refers to the Fund's use of one or more derivative contracts to attempt to obtain exposure to a potential gain or loss on the market value of the instruments underlying the Fund's derivative contracts (e.g., a security, currency or commodity (or a basket or index)). The market value of such underlying instruments generally exceeds the amount of cash or assets required to establish or maintain the derivative contracts. In addition, the Fund may further adjust asset allocations and capital market exposures based on realized and expected measures of volatility with the goal of managing the Fund's volatility. This may result in the Fund increasing capital market exposures during periods of perceived falling risk and decreasing capital market exposures during periods of perceived rising risk. The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries. The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued. The Fund's fixed income investments may include asset-backed securities, mortgage-backed securities, corporate bonds and debentures, commercial paper, exchange traded notes (ETNs), money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of either supranational entities issued or guaranteed by certain banks and entities organized to restructure the outstanding debt of such issuers. The Fund's fixed income investments may also include obligations of U.S. and foreign banks, such as certificates of deposit and time deposits, U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, and Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities of both U.S. and non-U.S. governments and corporations, and municipal bonds and debentures. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs) (including leveraged and inverse ETFs). The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies. A portion of the Fund's assets may also be invested in commodity investments to provide exposure to the investment returns of the commodities markets. Commodity investments include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes. The Fund may also invest in equity securities of issuers in commodity-related industries. The Fund may also seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts and commodity investments (including through derivatives). The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC. The Fund, either directly or through its investment in the Subsidiary, may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Futures contracts, forward contracts, options and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. Due to the Fund's structure and level of turnover, derivative instruments may be an efficient method of obtaining exposure to various types of markets. Interest rate swaps are further used to manage the Fund's yield spread sensitivity. Securities index swaps may be used to obtain exposure to different U.S. and foreign equity markets. Futures and swaps on futures may be used to gain exposure to U.S. and foreign sovereign bond markets, equity markets and commodities markets. 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 a security or basket of securities. The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also 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 may buy and sell currencies (i.e., take long or short positions) using futures and foreign currency forward contracts. 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. Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity 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. Fixed Income Market Risk — 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 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. Duration Risk — 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. Leverage Risk — 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. Interest Rate Risk — 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. Derivatives Risk — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity 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 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 may be valued incorrectly. Each of these 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — As a result of the Fund's investments in securities or other investments 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 U.S. or abroad. Income Risk — The possibility that the Fund's yield will decline due to falling interest rates. Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. Commodity Investments and Derivatives Risk — Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. The value of a commodity investment or a derivative investment in commodities is typically based upon the price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments. Commodity-Linked Securities Risk — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Foreign Sovereign Debt Securities Risk — 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. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. 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. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Repurchase Agreements and Reverse Repurchase Agreements Risk — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and 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. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. Short Sales Risk — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. In addition, shorting a future contract may require posting only a margin that may amount to less than notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action. Real Estate Industry Risk — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses. Exchange-Traded Notes Risk — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC 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. Depositary Receipts Risk — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Tax Risk — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income from such investments that do not generate qualifying income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to permit the Fund to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders. The Fund will gain most of its exposure to the commodities markets through its investment in a Subsidiary, which invests in commodity investments and derivative instruments. The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. The Fund expects its income attributable to its investment in the Subsidiary to be treated as "qualifying income" for tax purposes. The Adviser will ensure that no more than 25% of the Fund's assets are invested in the Subsidiary. Investment Company Risk — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. Investment in the Subsidiary Risk — The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the 1940 Act) and, unless otherwise noted in this prospectus, is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could negatively affect the Fund and its shareholders. Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. Municipal Securities Risk — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Any changes in the financial condition of municipal issuers also may adversely affect the value of the Fund's securities. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621706_ba002.jpg" style="-sec-ix-hidden: hidden-fact-65"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 10.23% (03/31/2019) Worst Quarter: -12.47% (06/30/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1023 2019-03-31 Worst Quarter: -0.1247 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (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 MSCI World Index (net) (Hedged) (USD) and the Fund's 60/40 blended benchmark, that is composed of the MSCI World Index (net) (Hedged) (USD) (60%) and the Bloomberg Global Aggregate Index, Hedged (USD) (40%). 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. This table compares the Fund's average annual total returns to those of the MSCI All Country World ex-USA Index (Net) (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 MSCI World Index (net) (Hedged) (USD) and the Fund's 60/40 blended benchmark, that is composed of the MSCI World Index (net) (Hedged) (USD) (60%) and the Bloomberg Global Aggregate Index, Hedged (USD) (40%). 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: 246px; text-align: left;" valign="bottom"> Multi-Asset Accumulation Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;" valign="bottom"> Since Inception (4/9/2012) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.42 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.51 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.98 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.33 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 11.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -0.89 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.61 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 2.14 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 7.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.16 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.99 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.55 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; text-align: left;" valign="bottom"> MSCI All Country World ex-USA Index (Net) (reflects no deductions for fees, expenses or taxes, (except foreign withholding taxes)) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 32.39 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 7.91 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 8.41 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 6.99 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; background-color: #cceeff; text-align: left;" valign="bottom"> MSCI World Index (net) (Hedged) (USD) (reflects no deductions for fees, expenses or taxes, (except foreign withholding taxes)) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 19.03 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 13.67 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.99 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 12.74 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; text-align: left;" valign="bottom"> The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 13.28 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 8.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 8.84 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 8.79 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 2012-04-09 Return Before Taxes 0.1242 0.0151 0.0498 0.0433 Return After Taxes on Distributions 0.1101 -0.0089 0.0261 0.0214 Return After Taxes on Distributions and Sale of Fund Shares 0.0736 0.0016 0.0299 0.0255 MSCI All Country World ex-USA Index (Net) (reflects no deductions for fees, expenses or taxes, (except foreign withholding taxes)) 0.3239 0.0791 0.0841 0.0699 MSCI World Index (net) (Hedged) (USD) (reflects no deductions for fees, expenses or taxes, (except foreign withholding taxes)) 0.1903 0.1367 0.1299 0.1274 The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1328 0.083 0.0884 0.0879 MULTI-ASSET INCOME FUND Investment Goal The Fund seeks total return with an emphasis on current income. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </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"> Class Y Shares </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"> Management Fees </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"> 0.60 </td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Distribution (12b-1) Fees </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"> None </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"> Other Expenses </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"> 0.36 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </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"> 0.96 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.006 0 0.0036 0.0096 EXAMPLE 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. 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: 184px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 184px; background-color: #cceeff; text-align: left;" valign="bottom"> Multi-Asset Income Fund — Class Y Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 98 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 306 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 531 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,178 </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> 98 306 531 1178 PORTFOLIO TURNOVER The Fund will pay 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 59% of the average value of its portfolio. 0.59 Principal Investment Strategies Under normal circumstances, the Fund will seek to generate total return with an emphasis on income by selecting investments from among a broad range of asset classes based upon SEI Investments Management Corporation's (SIMC) or the sub-adviser's (each, a Sub-Adviser and collectively, the Sub-Advisers) expectations for income and, to a lesser extent, capital appreciation. The asset classes used and the Fund's allocations among asset classes will be determined based on SIMC's or the Sub-Adviser's views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments. SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies. The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts, of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries. The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued. The Fund may invest in a wide range of fixed income investments, including asset-backed securities, mortgage-backed securities, collateralized debt and collateralized loan obligations (CDOs and CLOs, respectively), corporate and municipal bonds and debentures, structured notes, construction loans, commercial paper, exchange traded notes (ETNs), money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks. The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, and Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions. The Fund may invest up to 25% of its assets in master limited partnership (MLP) units and may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs) (including leveraged and inverse ETFs). The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies. The Fund may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes, including currency or interest rate exposure. Futures contracts and forward contracts may be used to synthetically obtain exposure to securities or baskets of securities. The Fund may use total return swaps to efficiently obtain exposure to segments of the equity or fixed income markets when other means of obtaining exposure, such as through an ETF, are suboptimal. Interest rate swaps may be used to manage the Fund's yield spread sensitivity. The Fund may write (sell) or purchase call options or put options on a security or a basket of securities, and such options may be covered or uncovered (or "naked"). The purchaser of a call option will pay the Fund a premium for undertaking the obligations under the option contract. Options may also provide a partial hedge to another position of the Fund. 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 a security or basket of securities. The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also 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 may buy and sell currencies (i.e., take long or short positions) using futures and foreign currency forward contracts. 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. Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Equity 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. Fixed Income Market Risk — 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 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. Duration Risk — 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. Leverage Risk — 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. Interest Rate Risk — 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. Derivatives Risk — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity 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 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 may be valued incorrectly. Each of these 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — As a result of the Fund's investments in securities or other investments 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. Due to the Fund's investments in securities denominated in foreign 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 U.S. or abroad. Income Risk — The possibility that the Fund's yield will decline due to falling interest rates. Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The portfolio may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Foreign Sovereign Debt Securities Risk — 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. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Collateralized Debt Obligations and Collateralized Loan Obligations Risk — CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. CDOs and CLOs also carry risks including, but not limited to, interest rate risk and credit risk, which are described above. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs or CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's or CLO's expenses. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Repurchase Agreements and Reverse Repurchase Agreements Risk — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and 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. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. Short Sales Risk — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. In addition, shorting a future contract may require posting only a margin that may amount to less than notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action. Private Placements Risk — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded. Real Estate Industry Risk — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses. Exchange-Traded Notes Risk — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC 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. Depositary Receipts Risk — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Investment Company Risk — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its share price being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. Municipal Securities Risk — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities generally respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Any changes in the financial condition of municipal issuers also may adversely affect the value of the Fund's securities. Master Limited Partnership (MLP) Risk — Investments in units of MLPs involve risks that differ from an investment in common stock. Holders of the units of MLPs have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of MLPs. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of an MLP, including a conflict arising as a result of incentive distribution payments. The benefit the Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be a reduction in the after-tax return to the Fund of distributions from the MLP, likely causing a reduction in the value of the Fund's shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The Internal Revenue Code of 1986, as amended, provides that the Fund is permitted to invest up to 25% of its assets in one or more qualified publicly traded partnerships (QPTPs), which will include certain MLPs, and treat the income allocated by such QPTPs as qualifying income for purposes of the regulated investment company annual qualifying income requirements described in the section titled "Taxes" in the SAI. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621706_ba003.jpg" style="-sec-ix-hidden: hidden-fact-66"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 11.22% (06/30/2020) Worst Quarter: -14.21% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.1122 2020-06-30 Worst Quarter: -0.1421 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) 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. The additional index is the Fund's blended benchmark index that is composed of the Bloomberg U.S. Aggregate Bond Index (45%), the ICE BofA U.S. High Yield Constrained Index (40%) and the MSCI All Country World Index (Net) (15%). 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. 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. The additional index is the Fund's blended benchmark index that is composed of the Bloomberg U.S. Aggregate Bond Index (45%), the ICE BofA U.S. High Yield Constrained Index (40%) and the MSCI All Country World Index (Net) (15%). 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: 246px; text-align: left;" valign="bottom"> Multi-Asset Income Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;" valign="bottom"> Since Inception (4/9/2012) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 10.18 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.57 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.14 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 7.87 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 1.31 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 3.14 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 3.26 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.11 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.74 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.10 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.23 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; background-color: #cceeff; text-align: left;" valign="bottom"> The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.99 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.61 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.67 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 2012-04-09 Return Before Taxes 0.1018 0.0357 0.0514 0.0536 Return After Taxes on Distributions 0.0787 0.0131 0.0314 0.0326 Return After Taxes on Distributions and Sale of Fund Shares 0.0611 0.0174 0.031 0.0323 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0201 The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 0.0999 0.0361 0.0567 0.0536 MULTI-ASSET INFLATION MANAGED FUND Investment Goal Total return exceeding the rate of inflation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment) </div> </td> <td colspan="1"> </td> <td colspan="11" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 198px; text-align: center;" valign="bottom"> Class Y Shares </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"> Management Fees (of the Fund and Subsidiary) </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 58px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:4pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> Management Fees of the Fund </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 58px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> 0.55 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Management Fees of the Subsidiary </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 58px; background-color: #cceeff;" valign="bottom"> </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: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> None </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 257px; text-align: left;" valign="bottom"> Total Management Fees </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 58px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px;" valign="bottom"> </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: 33px; text-align: right;" valign="bottom"> 0.55 </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"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:6pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Distribution (12b-1) Fees </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:6pt .7pt 4pt 0pt; width: 58px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:6pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> None </td> <td colspan="1" style="padding:6pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff;" valign="bottom"> </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"> Other Expenses (of the Fund and Subsidiary) </td> <td colspan="1"> </td> <td colspan="7" style="padding:0pt .7pt 4pt 0pt; width: 128px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Other Expenses of the Fund </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="7" style="padding:0pt .7pt 4pt 0pt; width: 128px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> Dividends on Shorts </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: 29px; text-align: right;" valign="bottom"> 0.11 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Interest Expense on Reverse Repurchase Agreements </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"> </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 29px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.03 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 257px; text-align: left;" valign="bottom"> Remainder of Other Expenses </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: 29px; text-align: right;" valign="bottom"> 0.35 </td> <td colspan="1" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 4pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Total Other Expenses of the Fund </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 58px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.49 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; text-align: left;" valign="bottom"> Other Expenses of the Subsidiary </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 58px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 33px; text-align: right;" valign="bottom"> None </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 21px;" valign="bottom"> </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 257px; background-color: #cceeff; text-align: left;" valign="bottom"> Total Other Expenses </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 58px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="3" style="padding:0pt .7pt 6pt 0pt; width: 62px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 33px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.49 </td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> Total Annual Fund Operating Expenses </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 58px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; width: 62px;" valign="bottom"> </td> <td colspan="1"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 33px; text-align: right;" valign="bottom"> 1.04 </td> <td colspan="1" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.0055 0 0.0055 0 0.0011 0.0003 0.0035 0.0049 0 0.0049 0.0104 EXAMPLE 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. 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: 184px;" 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"> 1 Year </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"> 3 Years </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 184px; background-color: #cceeff; text-align: left;" valign="bottom"> Multi-Asset Inflation Managed Fund — Class Y Shares </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 106 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 331 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 574 </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"> $ </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,271 </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 The Fund will pay 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 44% of the average value of its portfolio. 0.44 Principal Investment Strategies Under normal circumstances, the Fund will seek to generate "real return" (i.e., total returns that exceed the rate of inflation over a full market cycle, regardless of market conditions) by selecting investments from among a broad range of asset classes, including fixed income and equity securities and commodity investments. The asset classes used and the Fund's allocations among asset classes will be determined based on SEI Investments Management Corporation's (SIMC's) or the sub-advisers' (each, a Sub-Adviser and collectively, the Sub-Advisers) views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments. The Fund uses a multi-manager approach under the general supervision of SIMC, allocating its assets among one or more Sub-Advisers using different investment strategies. SIMC may also directly manage a portion of the Fund's portfolio. Equity securities may include common or preferred stocks, warrants, rights, depositary receipts, equity-linked securities and other equity interests. The Fund may invest in securities of issuers of any market capitalization and may invest in both foreign and domestic equity securities. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, including open-end funds, closed-end funds and exchange-traded funds (ETFs). The Fund may also invest in real estate investment trusts (REITs) and U.S. and non-U.S. real estate companies. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and ETFs (including leveraged and inverse ETFs). The Fund may also invest in REITs and securities issued by U.S. and non-U.S. real estate companies. The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets), and corporate- or government-issued. The Fund may invest in a wide range of fixed income investments, including obligations of U.S. and foreign commercial banks, such as certificates of deposit, time deposits, bankers' acceptances, bank notes and bank loans, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks, U.S. and foreign corporate debt securities, including commercial paper, and fully collateralized repurchase and reverse repurchase agreements with highly rated counterparties (those rated A or better) and securitized issues such as mortgage-backed securities, asset-backed securities, commercial mortgage-backed securities and collateralized debt obligations (CDOs). The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities, and municipal bonds and debentures. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions. The Fund may also enter into repurchase or reverse repurchase agreements with respect to its investment in the fixed income securities listed above and may use the cash received to enter into a short position on U.S. Treasury bonds. A portion of the Fund's assets may also be invested in commodity investments to provide exposure to the investment returns of the commodities markets. Commodity investments include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes. The Fund may also invest in equity securities of issuers in commodity-related industries. The Fund may also seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts and commodity investments (including through derivative instruments). The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC. The Fund, either directly or through its investment in the Subsidiary, may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Interest rate futures contracts are primarily used to hedge interest rate risk in the Fund's U.S. bond holdings. Commodity futures contracts are primarily used to obtain exposure to a diversified set of commodity markets. Interest rate swaps and swaps on indexes may further be used to manage the Fund's interest rate risk or may be used to manage the inflation-adjusted return of the Fund. 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 a security or basket of securities. Options may be used to gain exposure to or hedge exposures in the equity and commodity markets. Foreign currency forward rate agreements may be used to hedge all or a portion of the currency risk resulting from investments in non-U.S. equity and fixed income securities. The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Sub-Advisers may also 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 may buy and sell currencies (i.e., take long or short positions) using futures and foreign currency forward contracts. 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.The Sub-Advisers may engage in short sales in an attempt to capitalize on equity securities that it believes will underperform the market or their peers. When a Sub-Adviser sells securities short, it may invest the proceeds from the short sales in an attempt to enhance returns. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss. Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Fixed Income Market Risk — 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 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. Duration Risk — 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. Leverage Risk — 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. Interest Rate Risk — 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. Derivatives Risk — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity 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 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 may be valued incorrectly. Each of these 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — As a result of the Fund's investments in securities or other investments 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 U.S. or abroad. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Income Risk — The possibility that the Fund's yield will decline due to falling interest rates. Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. Commodity Investments and Derivatives Risk — Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. The value of a commodity investment or a derivative investment in commodities is typically based upon the price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments. Commodity-Linked Securities Risk — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Foreign Sovereign Debt Securities Risk — 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. Collateralized Debt Obligations Risk — CDOs are securities backed by an underlying portfolio of debt obligations. CDOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO securities as a class. The risks of investing in CDOs depend largely on the tranche invested in and the type of the underlying debts in the tranche of the CDO in which the Fund invests. CDOs also carry risks including, but not limited to, interest rate risk and credit risk, which are described above. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO's expenses. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Repurchase Agreements and Reverse Repurchase Agreements Risk — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and 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. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. Short Sales Risk — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investing in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund's share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action. Real Estate Industry Risk — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses. Exchange-Traded Notes Risk — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC 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. Depositary Receipts Risk — Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Tax Risk — To the extent the Fund invests in commodities and certain commodity-linked derivative instruments directly, it will seek to restrict its income from such investments that do not generate qualifying income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to permit the Fund to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). Failure to comply with the qualifying income test could have significant negative consequences to Fund shareholders. The Fund will gain most of its exposure to the commodities markets through its investment in a Subsidiary, which invests in commodity investments and derivative instruments. The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. The Fund expects its income attributable to its investment in the Subsidiary to be treated as "qualifying income" for tax purposes. The Adviser will ensure that no more than 25% of the Fund's assets are invested in the Subsidiary. Investment Company Risk — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. Investment in the Subsidiary Risk — The Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act) and, unless otherwise noted in this prospectus, is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could negatively affect the Fund and its shareholders. Municipal Securities Risk — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great a concentration in municipal obligations. Any changes in the financial condition of municipal issuers also may adversely affect the value of the Fund's securities. Preferred Stock Risk — 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. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621706_bc004.jpg" style="-sec-ix-hidden: hidden-fact-67"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 8.44% (03/31/2022) Worst Quarter: -10.22% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0844 2022-03-31 Worst Quarter: -0.1022 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), and an additional index with characteristics relevant to the Fund's investment strategy. The Fund's additional index is the Fund's 70/20/10 blended benchmark that is composed of the Bloomberg 1-5 Year U.S. TIPS Index (70%), the Bloomberg Commodity Index (20%) and the S&P 500 Index (10%). In prior years, the Fund also compared its performance to the Bloomberg 1-5 Year U.S. TIPS Index. 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. This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), and an additional index with characteristics relevant to the Fund's investment strategy. The Fund's additional index is the Fund's 70/20/10 blended benchmark that is composed of the Bloomberg 1-5 Year U.S. TIPS Index (70%), the Bloomberg Commodity Index (20%) and the S&P 500 Index (10%). In prior years, the Fund also compared its performance to the Bloomberg 1-5 Year U.S. TIPS Index. 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: 246px; text-align: left;" valign="bottom"> Multi-Asset Inflation Managed Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;" valign="bottom"> Since Inception (4/9/2012) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 8.11 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.09 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.29 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 6.19 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 3.55 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 1.74 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 0.21 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.92 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.64 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.90 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.56 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; background-color: #cceeff; text-align: left;" valign="bottom"> The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 9.57 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.04 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 4.99 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.93 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 2012-04-09 Return Before Taxes 0.0811 0.0609 0.0329 0.0136 Return After Taxes on Distributions 0.0619 0.0355 0.0174 0.0021 Return After Taxes on Distributions and Sale of Fund Shares 0.0492 0.0364 0.019 0.0056 Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0201 The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 0.0957 0.0604 0.0499 0.0293 MULTI-ASSET CAPITAL STABILITY FUND Investment Goal Manage risk of a loss while providing current income and an opportunity for capital appreciation. Fees and Expenses 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. 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"> (expenses that you pay each year as a percentage of the value of your investment)</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"> Class Y Shares</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"> Management Fees</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"> 0.40</td> <td colspan="1" style="padding:4pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Distribution (12b-1) Fees</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"> None</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"> Other Expenses</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"> 0.33</td> <td colspan="1" style="padding:0pt .7pt 6pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> %</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"> Total Annual Fund Operating Expenses</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"> 0.73</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"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 0.004 0 0.0033 0.0073 EXAMPLE 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. 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: 184px;" 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"> 1 Year</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"> 3 Years</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"> 5 Years</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"> 10 Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 184px; background-color: #cceeff; text-align: left;" valign="bottom"> Multi-Asset Capital Stability Fund — Class Y Shares</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 75</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 233</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 406</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"> $</td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 906</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> 75 233 406 906 PORTFOLIO TURNOVER The Fund will pay 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 260% of the average value of its portfolio. 2.60 Principal Investment Strategies Under normal circumstances, the Fund will attempt to manage the risk of loss while still seeking to generate some growth by selecting investments from among a broad range of asset classes. Managing the risk of loss does not mean preventing losses, but rather managing the Fund in a manner intended to limit the level of losses that the Fund could incur over any particular period. The Fund's investments are expected to include U.S. debt obligations and investment grade bonds, and, to a lesser extent, riskier asset classes as detailed below, such as equities and non-investment grade securities (also known as junk bonds). The asset classes used and the Fund's allocations among asset classes will be determined based on SEI Investments Management Corporation's (SIMC) or the sub-adviser's (each, a Sub-Adviser and collectively, the Sub-Advisers) views of fundamental, technical or valuation measures. The Fund's allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. SIMC directly manages a portion of the Fund's assets. With the remaining assets, the Fund uses a multi-manager approach under the general supervision of SIMC, allocating Fund assets among one or more Sub-Advisers using different investment strategies. The Fund may allocate all or a portion of its assets using a "risk parity" approach that seeks to balance anticipated drawdown risk (peak-to-trough decline in asset value) across all capital market exposures in the Fund. This approach may result in asset classes with lower perceived drawdown risk, e.g. high-quality government bonds, having a greater notional allocation within the Fund's portfolio than they would otherwise receive in a non-risk parity approach. Notional allocation generally refers to the Fund's use of one or more derivative contracts to obtain exposure to a potential gain or loss on the market value of the instruments underlying the Fund's derivative contracts (e.g., a security, basket of securities or index). The market value of such underlying instruments generally exceeds the amount of cash or assets required to establish or maintain the derivative contracts. The Fund may further adjust asset allocations and capital market exposures based on realized and expected measures of drawdown risk with the goal of managing the Fund's total drawdown risk. This may result in the Fund increasing capital market exposures during periods of perceived falling drawdown risk and decreasing capital market exposures during periods of perceived rising drawdown risk. The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, and warrants, of U.S. and non-U.S. issuers (including emerging markets) of various market capitalizations and industries. The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued. The Fund's fixed income investments may include asset-backed securities, mortgage-backed securities, corporate bonds and debentures, commercial paper, exchange traded notes (ETNs), money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of supranational entities issued or guaranteed by certain banks, as well as entities organized to restructure the outstanding debt of such issuers. The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities and obligations of U.S. and foreign commercial banks, such as certificates of deposit and time deposits. The Fund may invest in fixed, variable and floating rate fixed income instruments. The Fund's portfolio and the Fund's investments in particular fixed income securities are not subject to any maturity or duration restrictions.The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, subject to the limitations of the Investment Company Act of 1940, as amended (1940 Act). Such investment may include open-end funds, money market funds, closed-end funds and exchange-traded funds (ETFs) (including leveraged and inverse ETFs). The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-U.S. real estate companies. The Fund may also purchase or sell futures contracts, options, forward contracts and swaps, including single security swaps, to obtain the Fund's desired exposure to an asset class or for return enhancement or hedging purposes. Due to the Fund's structure and level of turnover, derivative instruments may be an efficient method of obtaining exposure to various types of markets. Futures contracts may be used to gain exposure to U.S. and foreign sovereign bond markets. Index futures and securities index swaps may be used to gain exposure to U.S. and foreign equity markets. Interest rate swaps may be used to manage the Fund's yield spread sensitivity. Options may be used to gain exposure to or hedge risks in U.S. and foreign equity and fixed income markets. 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 a security or basket of securities. Foreign currency forward rate agreements may be used to hedge all or a portion of the currency risk resulting from investments in non-U.S. equity and fixed income securities. The Fund may invest in U.S. dollar and non-U.S. dollar denominated securities. The Fund may also seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Fund may buy and sell currencies (i.e., take long or short positions) using futures contracts, foreign currency forward contracts and options. 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 Fund may buy and sell currencies for hedging or for speculative purposes. Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. 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. Fixed Income Market Risk — 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 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. Duration Risk — 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. Leverage Risk — 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. Interest Rate Risk — 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. Derivatives Risk — The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk is described above. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Liquidity 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 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 may be valued incorrectly. Each of these 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. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk — As a result of the Fund's investments in securities or other investments 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 U.S. or abroad. Income Risk — The possibility that the Fund's yield will decline due to falling interest rates. Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as "high yield bonds," but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper. Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Foreign Sovereign Debt Securities Risk — 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. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries 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. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Repurchase Agreements and Reverse Repurchase Agreements Risk — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and 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. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund's performance. Private Placements Risk — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded. Real Estate Industry Risk — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Real Estate Investment Trusts Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described above. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises. Leveraged and Leveraged Inverse ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses. Exchange-Traded Notes Risk — The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange. Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter. OTC 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. Investment Company Risk — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. 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 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. For current performance information, please call 1-800-DIAL-SEI. 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"> <img alt="" src="j2621706_bc005.jpg" style="-sec-ix-hidden: hidden-fact-68"/> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 139px; text-align: left;" valign="bottom"> Best Quarter: 3.85% (12/31/2023) Worst Quarter: -1.98% (06/30/2022) </td> <td colspan="1"> </td> </tr> </table> Best Quarter: 0.0385 2023-12-31 Worst Quarter: -0.0198 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), and an additional index with characteristics relevant to the Fund's investment strategy. The Fund's additional index is the Fund's 95/5 blended benchmark that is composed of the Bloomberg 1-3 Year U.S. Government/Credit Index (95%) and the S&P 500 Index (5%). In prior years, the Fund also compared its performance to the Bloomberg 1-3 Year U.S. Government/Credit Index. 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. This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), and an additional index with characteristics relevant to the Fund's investment strategy. The Fund's additional index is the Fund's 95/5 blended benchmark that is composed of the Bloomberg 1-3 Year U.S. Government/Credit Index (95%) and the S&P 500 Index (5%). In prior years, the Fund also compared its performance to the Bloomberg 1-3 Year U.S. Government/Credit Index. 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: 246px; text-align: left;" valign="bottom"> Multi-Asset Capital Stability Fund* </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"> 1 Year </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"> 5 Years </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"> 10 Years </td> <td colspan="1"> </td> <td colspan="3" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;" valign="bottom"> Since Inception (4/9/2012) </td> <td colspan="1"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; background-color: #cceeff; text-align: left;" valign="bottom"> Return Before Taxes </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 6.49 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.28 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.10 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.52 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; text-align: left;" valign="bottom"> Return After Taxes on Distributions </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 5.72 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> 1.86 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.00 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 1.63 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; background-color: #cceeff; text-align: left;" valign="bottom"> Return After Taxes on Distributions and Sale of Fund Shares </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 3.92 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.96 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.96 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 1.60 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; text-align: left;" valign="bottom"> Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) </td> <td colspan="1"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; text-align: right;" valign="bottom"> 7.30 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; text-align: right;" valign="bottom"> -0.36 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; text-align: right;" valign="bottom"> 2.01 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:4pt .7pt 0pt 0pt; width: 246px; background-color: #cceeff; text-align: left;" valign="bottom"> The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 32px; background-color: #cceeff; text-align: right;" valign="bottom"> 5.97 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.61 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 39px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.75 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </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"> </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 47px; background-color: #cceeff; text-align: right;" valign="bottom"> 2.38 </td> <td colspan="1" style="padding:4pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;" valign="bottom"> % </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> * 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 Class Y Shares have lower total annual fund operating expenses than Class F Shares. 2012-04-09 Return Before Taxes 0.0649 0.0328 0.031 0.0252 Return After Taxes on Distributions 0.0572 0.0186 0.02 0.0163 Return After Taxes on Distributions and Sale of Fund Shares 0.0392 0.0196 0.0196 0.016 Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 0.0201 The Fund's Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 0.0597 0.0261 0.0275 0.0238 <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 20.21% (06/30/2020) Worst Quarter: -24.00% (03/31/2020)</td> </tr> </table> <table border="0" width="100%" cellpadding="0" style="border-spacing: 0px;"> <tr> <td style="padding: 12pt 0.7pt 6pt 0pt; width: 0.866311%; text-align: left;" colspan="3" valign="top">   </td> <td style="width: 0.167785%;"> </td> <td style="width: 98.7149%;" colspan="3" valign="bottom">Best Quarter: 16.67% (12/31/2020) Worst Quarter: -29.98% (03/31/2020)</td> <td style="width: 0.167785%;"> </td> </tr> </table> <table border="0" width="100%" cellpadding="0" style="border-spacing: 0px;"> <tr> <td style="padding: 12pt .7pt 6pt 0pt; width: 8px; text-align: left;" colspan="3" valign="top">   </td> <td colspan="1"> </td> <td style="padding: 12pt .7pt 6pt 0pt; width: 1911px; text-align: left;" colspan="3" valign="bottom">Best Quarter: 27.17% (06/30/2020) Worst Quarter: -20.21% (06/30/2022)</td> <td colspan="1"> </td> </tr> </table> <table style="border-spacing: 0px;" border="0" width="100%" cellpadding="0"> <tr> <td style="width: 64.5048%;" colspan="3" valign="bottom">Best Quarter: 21.66% (06/30/2020) Worst Quarter: -20.21% (03/31/2020)</td> </tr> </table> <table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;"> <tr> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 8px; text-align: left;" valign="top"> </td> <td colspan="1"> </td> <td colspan="3" style="padding:12pt .7pt 6pt 0pt; width: 140px; text-align: left;" valign="bottom"> Best Quarter: 18.45% (06/30/2020) Worst Quarter: -21.71% (03/31/2020) </td> <td colspan="1"> </td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="top">   </td> <td colspan="1"> </td> <td colspan="3" valign="bottom">Best Quarter: 20.47% (06/30/2020) Worst Quarter: -19.67% (03/31/2020)</td> </tr> </table> Best Quarter: 28.44% (12/31/2020) Worst Quarter: -31.27% (03/31/2020) <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 30.47% (12/31/2020) Worst Quarter: -39.12% (03/31/2020)</td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 29.99% (06/30/2020) Worst Quarter: -31.51% (03/31/2020) </td> </tr> </table>   <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 24.52% (12/31/2020) Worst Quarter: -30.74% (03/31/2020)</td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 24.31% (06/30/2020) Worst Quarter: -30.47% (03/31/2020)</td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 13.36% (12/31/2022) Worst Quarter: -23.18% (03/31/2020)</td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 10.68% (06/30/2020) Worst Quarter: -19.29% (03/31/2020)</td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 11.90% (06/30/2020) Worst Quarter: -20.36% (03/31/2020)</td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 14.33% (12/31/2022) Worst Quarter: -20.38% (03/31/2020)</td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 16.80% (12/31/2023) Worst Quarter: -22.77% (03/31/2020) </td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 7.29% (12/31/2023) Worst Quarter: -6.81% (03/31/2022)</td> </tr> </table> Best Quarter: 8.92% (06/30/2020) Worst Quarter: -15.60% (03/31/2020) <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 1.40% (09/30/2024) Worst Quarter: -0.09% (03/31/2022) </td> </tr> </table> Best Quarter: 0.88% (09/30/2024) Worst Quarter: 0.00% (03/31/2021)   Best Quarter: 3.35% (03/31/2025) Worst Quarter: -3.25% (09/30/2022) <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 20.97% (06/30/2020) Worst Quarter: -19.16% (03/31/2020)</td> </tr> </table>   <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 7.23% (12/31/2020) Worst Quarter: -6.44% (06/30/2022)</td> </tr> </table>   <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 20.21% (06/30/2020) Worst Quarter: -24.00% (03/31/2020) As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For full calendar years through December 31, 2025, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class I Shares would have been invested in the same portfolio of securities, returns for Class I Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that the classes do not have the same total annual fund operating expenses.</td> </tr> </table> Best Quarter: 16.63% (12/31/2020) Worst Quarter: -30.02% (03/31/2020)   Best Quarter: 27.09% (06/30/2020) Worst Quarter: -20.24% (06/30/2022)   Best Quarter: 20.37% (06/30/2020) Worst Quarter: -19.75% (03/31/2020)   Best Quarter: 28.44% (12/31/2020) Worst Quarter: -31.27% (03/31/2020) As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For full calendar years through December 31, 2025, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class I Shares would have been invested in the same portfolio of securities, returns for Class I Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that the classes do not have the same total annual fund operating expenses.   <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 30.40% (12/31/2020) Worst Quarter: -39.17% (03/31/2020) </td> </tr> </table> Best Quarter: 29.93% (06/30/2020) Worst Quarter: -31.55% (03/31/2020)   Best Quarter: 24.27% (06/30/2020) Worst Quarter: -30.53% (03/31/2020) Best Quarter: 13.30% (12/31/2022) Worst Quarter: -23.24% (03/31/2020) Best Quarter: 10.60% (06/30/2020) Worst Quarter: -19.29% (03/31/2020) <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 16.74% (12/31/2023) Worst Quarter: -22.80% (03/31/2020)</td> </tr> </table>   Best Quarter: 7.12% (12/31/2023) Worst Quarter: -6.78% (03/31/2022) Best Quarter: 8.78% (06/30/2020) Worst Quarter: -15.55% (03/31/2020)   Best Quarter: 3.35% (03/31/2025) Worst Quarter: -3.25% (09/30/2022) As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For full calendar years through December 31, 2025, the performance of the Fund's Class F Shares is shown. The Fund's Class F Shares are offered in a separate prospectus. Because Class I Shares would have been invested in the same portfolio of securities, returns for Class I Shares would have been substantially similar to those of Class F Shares, shown here, and would have differed only to the extent that the classes do not have the same total annual fund operating expenses. <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 20.29% (06/30/2020) Worst Quarter: -23.93% (03/31/2020)</td> </tr> </table> Best Quarter: 16.76% (12/31/2020) Worst Quarter: -29.95% (03/31/2020) <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 27.19% (06/30/2020) Worst Quarter: -20.16% (06/30/2022)</td> </tr> </table> Best Quarter: 18.53% (06/30/2020) Worst Quarter: -21.68% (03/31/2020) Best Quarter: 28.39% (12/31/2020) Worst Quarter: -31.17% (03/31/2020) <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 30.55% (12/31/2020) Worst Quarter: -39.10% (03/31/2020)</td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 30.08% (06/30/2020) Worst Quarter: -31.47% (03/31/2020)</td> </tr> </table> Best Quarter: 24.54% (12/31/2020) Worst Quarter: -30.71% (03/31/2020) Best Quarter: 24.39% (06/30/2020) Worst Quarter: -30.42% (03/31/2020) <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 13.43% (12/31/2022) Worst Quarter: -23.09% (03/31/2020)</td> </tr> </table> Best Quarter: 10.66% (06/30/2020) Worst Quarter: -19.18% (03/31/2020) <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 11.91% (06/30/2020) Worst Quarter: -20.26% (03/31/2020)</td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 14.39% (12/31/2022) Worst Quarter: -20.29% (03/31/2020)</td> </tr> </table> Best Quarter: 16.93% (12/31/2023) Worst Quarter: -22.71% (03/31/2020) Best Quarter: 7.35% (12/31/2023) Worst Quarter: -6.74% (03/31/2022) <table border="0" width="100%" cellpadding="0" style="border-spacing: 0px;"> <tr> <td style="padding: 12pt .7pt 6pt 0pt; width: 8px; text-align: left;" colspan="3" valign="top">   </td> <td colspan="1"> </td> <td style="padding: 12pt .7pt 6pt 0pt; width: 1742px; text-align: left;" colspan="3" valign="bottom">Best Quarter: 8.99% (06/30/2020) Worst Quarter: -15.55% (03/31/2020</td> <td colspan="1"> </td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 1.42% (09/30/2024) Worst Quarter: 0.00% (06/30/2021)</td> </tr> </table>   <table border="0" width="100%" cellpadding="0" style="border-spacing: 0px;"> <tr> <td style="padding: 12pt .7pt 6pt 0pt; width: 8px; text-align: left;" colspan="3" valign="top">   </td> <td colspan="1"> </td> <td style="padding: 12pt .7pt 6pt 0pt; width: 1742px; text-align: left;" colspan="3" valign="bottom">Best Quarter: 0.97% (12/31/2023) Worst Quarter: 0.00% (06/30/2021) </td> <td colspan="1"> </td> </tr> </table>   <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 3.44% (03/31/2025) Worst Quarter: -3.21% (09/30/2022)</td> </tr> </table> <table border="0" width="100%" cellpadding="0"> <tr> <td colspan="3" valign="bottom">Best Quarter: 21.04% (06/30/2020) Worst Quarter: -19.09% (03/31/2020)</td> </tr> </table> <table border="0" width="100%" cellpadding="0" style="border-spacing: 0px;"> <tr> <td style="padding: 12pt 0.7pt 6pt 0pt; width: 0.824435%; text-align: left;" colspan="3" valign="top">   </td> <td style="width: 0.167785%;" colspan="1"> </td> <td style="padding: 12pt 0.7pt 6pt 0pt; width: 98.7542%; text-align: left;" colspan="3" valign="bottom">Best Quarter: 7.29% (12/31/2020) Worst Quarter: -6.34% (06/30/2022) </td> <td style="width: 0.167785%;" colspan="1"> </td> </tr> </table> Best Quarter: 10.18% (03/31/2019) Worst Quarter: -12.58% (06/30/2022) <table border="0" width="100%" cellpadding="0" style="border-spacing: 0px;"> <tr> <td colspan="3" valign="bottom">Best Quarter: 11.20% (06/30/2020) Worst Quarter: -14.23% (03/31/2020)</td> </tr> </table> <table border="0" width="100%" cellpadding="0" style="border-spacing: 0px;"> <tr> <td colspan="3" valign="bottom">Best Quarter: 8.31% (03/31/2022) Worst Quarter: -10.32% (03/31/2020)</td> </tr> </table> Best Quarter: 3.85% (12/31/2023) Worst Quarter: -2.08% (06/30/2022) Best Quarter: 10.23% (03/31/2019) Worst Quarter: -12.47% (06/30/2022) <table border="0" width="100%" cellpadding="0" style="border-spacing: 0px;"> <tr> <td colspan="3" valign="bottom">Best Quarter: 11.22% (06/30/2020) Worst Quarter: -14.21% (03/31/2020)</td> </tr> </table> <table border="0" width="100%" cellpadding="0" style="border-spacing: 0px;"> <tr> <td colspan="3" valign="bottom">Best Quarter: 8.44% (03/31/2022) Worst Quarter: -10.22% (03/31/2020)</td> </tr> </table> Best Quarter: 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0.0971 -0.1307 0.2355 0.1577 0.2490 -0.1563 0.1339 0.1324 0.1006 0.2026 0.0733 -0.1714 0.2173 0.0076 0.2918 -0.1235 0.1521 0.0816 0.1304 0.0853 0.1806 -0.0525 0.2093 0.2238 0.1327 -0.2331 0.1344 0.1641 0.0418 0.1534 0.2008 -0.1209 0.2428 0.0545 0.2760 -0.1469 0.1453 0.1563 0.0978 0.1178 0.1370 -0.0303 0.2386 -0.0244 0.1939 -0.0121 0.0340 0.1522 0.1045 0.0693 0.1686 -0.0680 0.1952 -0.0287 0.1773 -0.0787 0.0748 0.1246 0.1134 0.0647 0.0498 -0.0618 0.2502 -0.0375 0.4354 -0.2594 0.1550 0.1045 0.0142 0.0303 0.0401 -0.0079 0.0906 0.0872 -0.0192 -0.1524 0.0558 0.0072 0.0670 0.1678 0.0730 -0.0280 0.1299 0.0506 0.0981 -0.1190 0.1250 0.0893 0.0705 0.0254 0.0042 -0.0003 0.0459 0.0508 0.0501 -0.0441 0.0407 0.0406 0.0604 0.0882 0.2284 -0.0663 0.2936 0.1185 0.2439 -0.1567 0.1982 0.2080 0.1785 0.1519 0.1769 -0.0950 0.2299 -0.0221 0.2795 -0.0475 0.0902 0.1300 0.1922 -0.0035 0.2865 -0.0064 0.3352 0.3434 0.2570 -0.2867 0.3964 0.3271 0.1854 0.0828 0.2147 -0.0602 0.2860 0.1244 0.2873 -0.1301 0.1767 0.1482 0.1723 0.1432 0.0986 -0.1277 0.2373 0.1610 0.2523 -0.1536 0.1367 0.1342 0.1033 0.2082 0.0787 -0.1675 0.2230 0.0121 0.2985 -0.1196 0.1578 0.0869 0.1357 0.0908 0.1865 -0.0476 0.2153 0.2300 0.1381 -0.2292 0.1400 0.1701 0.0473 0.1311 0.1617 -0.1209 0.2228 0.1047 0.2381 -0.1671 0.1314 0.1391 0.0892 0.1591 0.2061 -0.1165 0.2482 0.0596 0.2820 -0.1430 0.1513 0.1616 0.1023 0.1232 0.1433 -0.0253 0.2439 -0.0188 0.1993 -0.0068 0.0391 0.1586 0.1073 0.0753 0.1743 -0.0631 0.2007 -0.0243 0.1835 -0.0744 0.0794 0.1317 0.1368 0.1205 0.1548 -0.0261 0.2431 0.0159 0.2432 -0.0282 0.0782 0.1749 0.1129 0.2108 -0.1211 0.1576 -0.0134 0.0782 -0.1136 0.1307 0.0624 0.3007 0.0693 0.0548 -0.0575 0.2559 -0.0329 0.4425 -0.2562 0.1609 0.1093 0.0206 0.0351 0.0450 -0.0032 0.0958 0.0928 -0.0146 -0.1488 0.0618 0.0110 0.0730 0.1735 0.0790 -0.0234 0.1356 0.0557 0.1015 -0.1156 0.1284 0.0949 0.0781 0.0110 0.0196 0.0230 0.0060 0.0011 0.0158 0.0529 0.0528 0.0433 0.0068 0.0126 0.0138 0.0045 0.0011 0.0104 0.0329 0.0322 0.0271 0.0263 0.0050 0.0007 0.0462 0.0527 0.0509 -0.0429 0.0416 0.0414 0.0612 0.1168 0.1929 -0.0810 0.2713 0.2022 0.3088 -0.1626 0.2142 0.2474 0.1912 0.0431 0.0552 -0.0342 0.0512 0.1223 0.0182 -0.0469 0.0738 0.0686 0.1081 0.0959 0.1307 -0.0746 0.2209 0.0666 0.0866 -0.2081 0.0656 0.0367 0.1210 0.0956 0.0677 -0.0212 0.1432 0.0532 0.0409 -0.1312 0.1107 0.0725 0.1007 0.0352 -0.0196 -0.0364 0.0568 -0.0159 0.1082 0.0853 -0.0174 0.0408 0.0782 0.0110 0.0387 -0.0067 0.0680 0.0330 0.0171 -0.0374 0.0695 0.0493 0.0649 0.0980 0.1325 -0.0717 0.2223 0.0693 0.0873 -0.2053 0.0677 0.0393 0.1242 0.0967 0.0687 -0.0202 0.1443 0.0543 0.0420 -0.1313 0.1130 0.0736 0.1018 0.0381 -0.0172 -0.0351 0.0594 -0.0135 0.1109 0.0882 -0.0148 0.0437 0.0811 0.0109 0.0407 -0.0066 0.0689 0.0339 0.0181 -0.0363 0.0706 0.0504 0.0649 The Fund's actual inception date is April 20, 1987. Between April 20, 1987 and October 3, 1994, the Fund was advised by a different investment adviser. Accordingly, performance shown in the chart above is from October 3, 1994. The Fund is the successor to SEI Index Funds' S&P 500 Index Fund (the Predecessor Fund). The Fund commenced operations on September 17, 2007. Accordingly, for periods prior to September 17, 2007, performance information is based on the performance of the Predecessor Fund's Class A Shares. After tax figures are based on estimated amounts for the periods ended December 31, 2025. The benchmark's "Since Inception" return period begins 4/30/1987 due to the index provider calculating only month-end data points at that time. The ICE BofA U.S. High Yield Constrained Index Return for the "Since Inception" period is not provided because returns for the index are not available prior to 1996. Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements (or the "Financial Highlights" section in the prospectus), which does not take into account the indirect costs of investing in other investment companies. As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For periods prior to December 31, 2025, the performance of the Fund's Class F Shares has been used. Returns for Class I Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class I Shares have higher total annual fund operating expenses than Class F Shares. The Fund's Class I Shares commenced operations on August 6, 2001. 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. The Fund's actual inception date is April 20, 1987. Between April 20, 1987 and October 3, 1994, the Fund was advised by a different investment adviser. Accordingly, performance shown in the chart above is from October 3, 1994. The Fund's Class I Shares commenced operations on August 6, 2001. 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. The Fund is the successor to SEI Index Funds' S&P 500 Index Fund (the Predecessor Fund). The Fund commenced operations on September 17, 2007. Accordingly, for periods prior to September 17, 2007, the performance information is based on the performance of the Predecessor Fund's Class A Shares (prior to June 28, 2002) and Class I Shares (between June 28, 2002 and September 16, 2007). As of January 31, 2026, Class I Shares of the Fund had not commenced operations and did not have a performance history. For periods prior to December 31, 2025, the performance of the Fund's Class F Shares has been used. Returns for Class I Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class I Shares have higher total annual fund operating expenses than Class F Shares. The Fund's Class I Shares commenced operations on February 11, 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. The Fund's Class I Shares commenced operations on August 6, 2001. 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. The Fund's Class I Shares commenced operations on October 1, 2007. 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.