485BPOS 2012-11-28 0001502608 2012-11-30 Adviser Managed Trust false 2012-11-28 2012-11-30 <tt>The Fund will pay transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year ended July 31, 2012, the Fund's portfolio<br />turnover rate was 310% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000030655Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Total return.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt> <tt>Adviser Managed Strategy Component<br /> <br />Only persons who are clients of the Financial Adviser (as defined below) and <br />who participate in the Adviser Managed Strategy should invest in the Fund. The <br />Fund may not be purchased by any other investor. The Fund is designed to be a<br />component of a broader strategy employed by a third party investment manager<br />(Financial Adviser) for the benefit of its clients. The Financial Adviser seeks<br />to take advantage of broad market changes by tactically shifting its clients'<br />assets among the Fund, the Tactical Offensive Equity Fund, the Tactical<br />Defensive Fund and a money market fund affiliated with the Fund, depending on<br />the Financial Adviser's evaluation of current market conditions (Adviser Managed<br />Strategy). The Financial Adviser is not the adviser to the Fund and is not<br />affiliated with SIMC, the adviser to the Fund. The Adviser Managed Strategy is<br />based on models developed by the Financial Adviser and is not subject to the<br />oversight of or input from SIMC.<br /> <br />When the Financial Adviser determines to reallocate its clients' assets to <br />one or more of the other funds that compose the Adviser Managed Strategy, the<br />Financial Adviser may request the redemption of all of the shares for which the<br />Financial Adviser exercises investment discretion. The Financial Adviser's<br />redemption request will cause the Fund to liquidate substantially all of its<br />assets in order to fulfill the redemption request. Once the shares for which the<br />Financial Adviser exercises discretion are redeemed, the Fund will no longer be<br />an active component of the Adviser Managed Strategy. When the Fund is not an<br />active component of the Adviser Managed Strategy, the Fund may invest up to 100%<br />of its remaining assets in cash, money market instruments, repurchase agreements<br />and other short-term obligations that would not ordinarily be consistent with<br />the Fund's investment goal. The Fund could be invested in these types of<br />investments for extended periods of time. At such times, SIMC will actively<br />manage the assets of the Fund, and no Sub-Adviser will manage the assets of the<br />Fund. SIMC, the Financial Adviser or one or more of their affiliates will be the<br />only investors in the Fund when the Fund is not an active component of the<br />Adviser Managed Strategy.<br /> <br />Investment Strategy<br /> <br />Under normal circumstances, the Fund will invest at least 80% of its net assets,<br />plus the amount of any borrowings for investment purposes, in fixed income<br />securities. The Fund will invest primarily in U.S. and foreign investment and<br />non-investment grade (also known as high yield securities or junk bonds) fixed<br />income securities, including emerging market, corporate and government fixed<br />income securities. These investments include U.S. Treasury obligations,<br />obligations issued by agencies or instrumentalities of the U.S. Government,<br />including obligations not guaranteed by the U.S. Treasury, such as obligations<br />issued by U.S. Government-sponsored entities, emerging market debt, asset-backed<br />securities, mortgage-backed securities, corporate bonds and debentures, commercial <br />paper, money market instruments, money market&#xA0;&#xA0;funds, mortgage dollar rolls, <br />obligations of supranational entities issued or guaranteed by certain banks&#xA0;&#xA0;and <br />zero coupon obligations and obligations of entities organized to restructure the <br />outstanding debt of such issuers. The Fund may invest in securities denominated <br />in U.S. dollars or in a foreign currency.<br /> <br />The Fund may also invest in futures contracts, forward contracts and swap<br />agreements (also called "swaps") for speculative or hedging purposes. Futures<br />contracts, forward contracts and swaps are used to synthetically obtain exposure<br />to the securities identified above or baskets of such securities and to manage<br />the Fund's interest rate duration and yield curve exposure. These derivatives<br />are also used to mitigate the Fund's overall level of risk and/or the Fund's<br />risk to particular types of securities, currencies or market segments. Interest<br />rate swaps are further used to manage the Fund's yield spread sensitivity. When<br />the Fund seeks to take an active long or short position with respect to the<br />likelihood of an event of default of a security or basket of securities, the<br />Fund may use credit default swaps. The Fund may buy credit default swaps in an<br />attempt to manage credit risk where the Fund has credit exposure to an issuer,<br />and the Fund may sell credit default swaps to more efficiently gain credit<br />exposure to such security or basket of securities.<br /> <br />The Fund uses a multi-manager approach, relying upon a number of Sub-Advisers<br />with differing investment philosophies to manage portions of the Fund's<br />portfolio under the general supervision of SIMC. Sub-Advisers are selected for<br />their expertise in managing various kinds of U.S. fixed income securities, and<br />each Sub-Adviser makes investment decisions based on an analysis of yield<br />trends, credit ratings and other factors in accordance with its particular<br />discipline. In addition, SIMC will directly manage a portion of the Fund's<br />portfolio.<br /> <br />The Fund invests primarily in investment grade securities (those rated AAA, AA,<br />A or BBB-). However, the Fund may invest in non-rated securities or securities<br />rated below investment grade (BB+, B and CCC). Securities rated below investment<br />grade are sometimes referred to as "high yield" securities or "junk bonds." The<br />Fund's portfolio and the Fund's investments in particular fixed income securities <br />are not subject to any maturity or duration restrictions.<br /> <br />As stated above, when the Fund is not an active component of the Adviser Managed<br />Strategy, SIMC will act as the sole manager to the Fund, and no Sub-Advisers<br />will be used.<br /> <br />Due to its investment strategy, the Fund may buy and sell securities frequently.</tt> TACTICAL OFFENSIVE FIXED INCOME FUND EXAMPLE The Fund commenced operations on February 25, 2011. Because the Fund did not have a full calendar year of performance as of November 30, 2012, performance results have not been provided. Investment Goal Loss of money is a risk of investing in the Fund. Principal Risks Although your actual costs may be higher or lower, based on these assumptions your costs would be: 3.10 Performance Information ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Adviser Managed Strategy Risk -- The Fund is a component of a broader investment<br />strategy employed by the Financial Adviser known as the Adviser Managed<br />Strategy. Pursuant to the Adviser Managed Strategy, the Financial Adviser<br />tactically shifts its clients' assets among the Fund, the Tactical Offensive<br />Equity Fund, the Tactical Defensive Fund and a money market fund affiliated with<br />the Fund. These asset shifts among the funds in the Adviser Managed Strategy<br />(i.e., an exchange of shares of one fund for shares of another fund) will be a<br />taxable event to an investor unless the investor is investing in the Fund<br />through a tax-deferred arrangement. As part of the Adviser Managed Strategy,<br />substantially all of the Fund's assets may be periodically sold and repurchased<br />at the direction of the Financial Adviser. These large redemptions and<br />repurchases will have significant effects on the management of the Fund and are<br />expected to result in increased portfolio turnover (and related transaction<br />costs), disruption of portfolio management strategies and the realization of<br />significant taxable gains. Accordingly, if notified of an upcoming redemption<br />request, the Fund may begin to liquidate all or substantially all of its assets<br />prior to the submission of the redemption request in an effort to raise the <br />necessary cash, and the Fund will not be invested pursuant to its investment <br />strategy during such time. When the Fund is required to rapidly liquidate a <br />substantial portion of its portfolio to satisfy a large redemption order placed <br />as part of the Adviser Managed Strategy, the Fund may be forced to sell securities <br />at below current market values or the Fund's selling activity may drive down the <br />market value of securities being sold. The Fund may also be required to sell <br />portfolio holdings at a time when the portfolio managers would otherwise not <br />recommend doing so. For example, if the Fund were to experience a large redemption <br />at a time of high market volatility or during a substantial market decline, the <br />Fund would be forced to liquidate securities even though the portfolio managers <br />may not otherwise choose to do so. When the Fund receives a large purchase order <br />as a result of the Adviser Managed Strategy, the Fund may be required to rapidly<br />purchase portfolio securities. This may cause the Fund to incur higher than normal <br />transaction costs or may require the Fund to purchase portfolio securities at above <br />current market values. Further, the Fund's purchasing activity may drive up the <br />market value of securities being purchased or the Fund may be required to purchase <br />portfolio holdings at a time when the portfolio managers would not otherwise <br />recommend doing so. When the Fund is not an active component of the Adviser Managed <br />Strategy, the Fund's investments may not be consistent with the Fund's investment <br />goal, and the Fund may miss investment opportunities because the assets necessary <br />to take advantage of such opportunities are tied up in other investments or have <br />been allocated to another fund within the Adviser Managed Strategy.<br /> <br />Asset-Backed Securities Risk -- Payment of principal and interest on asset-backed<br />securities is dependent largely on the cash flows generated by the assets<br />backing the securities, and asset-backed securities may not have the benefit of<br />any security interest in the related assets.<br /> <br />Below Investment Grade Securities Risk -- Fixed income securities rated below<br />investment grade (also known as high yield securities or junk bonds) involve<br />greater risks of default or downgrade and are more volatile than investment<br />grade securities because the prospect for repayment of principal and interest <br />of many of these securities is speculative.<br /> <br />Corporate Fixed Income Securities Risk -- Corporate fixed income securities<br />respond to economic developments, especially changes in interest rates, as well<br />as perceptions of the creditworthiness and business prospects of individual<br />issuers.<br /> <br />Credit Risk -- The risk that the issuer of a security or the counterparty to a<br />contract will default or otherwise become unable to honor a financial<br />obligation.<br /> <br />Currency Risk -- As a result of the Fund's investments in securities denominated<br />in and/or receiving revenues in foreign currencies, the Fund will be subject to<br />currency risk. This is the risk that those currencies will decline in value<br />relative to the U.S. dollar or, in the case of hedging positions, that the U.S.<br />dollar will decline in value relative to the currency hedged. In either event,<br />the dollar value of an investment in the Fund would be adversely affected.<br /> <br />Derivatives Risk -- The Fund's use of futures contracts, forward contracts and<br />swaps is subject to market risk, leverage risk, correlation risk and liquidity<br />risk. Leverage risk and liquidity risk are described below. Market risk is the<br />risk that the market value of an investment may move up and down, sometimes<br />rapidly and unpredictably. Correlation risk is the risk that changes in the<br />value of the derivative may not correlate perfectly with the underlying asset,<br />rate or index. The Fund's use of swaps and over-the-counter forward contracts is<br />also subject to credit risk and valuation risk. Valuation risk is the risk that<br />the derivative may be difficult to value and/or valued incorrectly. Credit risk<br />is described above. Each of these risks could cause the Fund to lose more than <br />the principal amount invested in a derivative instrument.<br /> <br />Fixed Income Market Risk -- The prices of the Fund's fixed income securities<br />respond to economic developments, particularly interest rate changes, as well <br />as to perceptions about the creditworthiness of individual issuers, including<br />governments and their agencies. In the case of foreign securities, price<br />fluctuations will reflect international economic and political events as well <br />as changes in currency valuations relative to the U.S. dollar.<br /> <br />Foreign Investment/Emerging Markets Risk -- The risk that non-U.S. securities may<br />be subject to additional risks due to, among other things, political, social and<br />economic developments abroad, currency movements and different legal, regulatory<br />and tax environments. These additional risks may be heightened with respect to<br />emerging market countries since political turmoil and rapid changes in economic<br />conditions are more likely to occur in these countries.<br /> <br />Foreign Sovereign Debt Securities Risk -- The risk that: (i) the governmental<br />entity that controls the repayment of sovereign debt may not be willing or able<br />to repay the principal and/or interest when it becomes due, due to factors such<br />as debt service burden, political constraints, cash flow problems and other<br />national economic factors; (ii) governments may default on their debt securities, <br />which may require holders of such securities to participate in debt rescheduling <br />or additional lending to defaulting governments; and (iii) there is no bankruptcy <br />proceeding by which defaulted sovereign debt may be collected in whole or in part.<br /> <br />Interest Rate Risk -- The risk that the value of fixed income securities,<br />including U.S. Government securities, will fall due to rising interest rates.<br /> <br />Leverage Risk -- The use of leverage can amplify the effects of market volatility<br />on the Fund's share price and may also cause the Fund to liquidate portfolio<br />positions when it would not be advantageous to do so in order to satisfy its<br />obligations.<br /> <br />Liquidity Risk -- The risk that certain securities may be difficult or impossible<br />to sell at the time and the price that the Fund would like. The Fund may have to<br />lower the price, sell other securities instead or forego an investment opportunity, <br />any of which could have a negative effect on Fund management or performance.<br /> <br />Mortgage-Backed Securities Risk -- Mortgage-backed securities are affected by,<br />among other things, interest rate changes and the possibility of prepayment of<br />the underlying mortgage loans. Mortgage-backed securities are also subject to<br />the risk that underlying borrowers will be unable to meet their obligations.<br /> <br />Mortgage Dollar Rolls Risk -- Mortgage dollar rolls are transactions in which the<br />Fund sells securities (usually mortgage-backed securities) and simultaneously<br />contracts to repurchase substantially similar, but not identical, securities on<br />a specified future date. If the broker-dealer to whom a Fund sells the security<br />becomes insolvent, the Fund's right to repurchase the security may be restricted. <br />Other risks involved in entering into mortgage dollar rolls include the risk that <br />the value of the security may change adversely over the term of the mortgage <br />dollar roll and that the security the Fund is required to repurchase may be worth <br />less than the security that the Fund originally held.<br /> <br />Portfolio Turnover Risk -- Due to its investment strategy, the Fund may buy and<br />sell securities frequently. This may result in higher transaction costs and<br />additional capital gains tax liabilities.<br /><br />Prepayment Risk -- The risk that, with declining interest rates, fixed income<br />securities with stated interest rates may have the principal paid earlier than<br />expected, requiring the Fund to invest the proceeds at generally lower interest<br />rates.<br /> <br />U.S. Government Securities Risk -- Although U.S. Government securities are<br />considered to be among the safest investments, they are not guaranteed against<br />price movements due to changing interest rates. Obligations issued by some U.S.<br />Government agencies are backed by the U.S. Treasury, while others are backed<br />solely by the ability of the agency to borrow from the U.S. Treasury or by the<br />agency's own resources.<br /> <br />Loss of money is a risk of investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The Fund commenced operations on February 25, 2011. Because the Fund did not<br />have a full calendar year of performance as of November 30, 2012, performance<br />results have not been provided.<br /> <br />Because of the Fund's unique manner of operation in following the Adviser<br />Managed Strategy, the Fund's performance may not be comparable to the<br />performance of other mutual funds that invest in similar securities.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000030655Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> TCOFX 88 274 0.0051 0.0035 2013-11-30 0.00 0.0086 <tt>The Fund will pay transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual Fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year ended July 31, 2012, the Fund's portfolio<br />turnover rate was 194% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000030654Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all of<br />your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt> <tt>Adviser Managed Strategy Component<br /> <br />Only persons who are clients of the Financial Adviser (as defined below) and <br />who participate in the Adviser Managed Strategy should invest in the Fund. The <br />Fund may not be purchased by any other investor. The Fund is designed to be a<br />component of a broader strategy employed by a third party investment manager<br />(Financial Adviser) for the benefit of its clients. The Financial Adviser seeks<br />to take advantage of broad market changes by tactically shifting its clients'<br />assets among the Fund, the Tactical Offensive Fixed Income Fund, the Tactical<br />Defensive Fund and a money market fund affiliated with the Fund, depending on<br />the Financial Adviser's evaluation of current market conditions (Adviser Managed<br />Strategy). The Financial Adviser is not the adviser to the Fund and is not<br />affiliated with SEI Investments Management Corporation (SIMC), the adviser to<br />the Fund. The Adviser Managed Strategy is based on models developed by the<br />Financial Adviser and is not subject to the oversight of or input from SIMC.<br /> <br />When the Financial Adviser determines to reallocate its clients' assets to <br />one or more of the other funds that compose the Adviser Managed Strategy, the<br />Financial Adviser may request the redemption of all of the shares for which the<br />Financial Adviser exercises investment discretion. The Financial Adviser's<br />redemption request will cause the Fund to liquidate substantially all of its<br />assets in order to fulfill the redemption request. Once the shares for which the<br />Financial Adviser exercises investment discretion are redeemed, the Fund will no<br />longer be an active component of the Adviser Managed Strategy. When the Fund is<br />not an active component of the Adviser Managed Strategy, the Fund may invest up<br />to 100% of its remaining assets in exchange-traded funds (ETFs) that are designed <br />to track the performance of the broad equity market. The Fund could be invested <br />in these types of investments for extended periods of time. At such times, SIMC <br />will actively manage the assets of the Fund, and no sub-adviser (each, a Sub-Adviser <br />and collectively, the Sub-Advisers) will manage the assets of the Fund. SIMC, the <br />Financial Adviser or one or more of their affiliates will be the only investors in <br />the Fund when the Fund is not an active component of the Adviser Managed Strategy.<br /> <br />Investment Strategy<br /> <br />Under normal circumstances and when the Fund is an active component of the<br />Adviser Managed Strategy, the Fund will invest at least 80% of its net assets,<br />plus the amount of any borrowings for investment purposes, in equity securities<br />of U.S. and non-U.S. issuers of various market capitalizations and industries.<br />The equity securities the Fund may purchase include common stocks, preferred<br />stocks, depositary receipts and ETFs that are designed to track an underlying <br />basket of equity securities. The Fund may also invest in futures contracts and <br />forward contracts for hedging purposes, including to seek to manage the Fund's <br />currency exposure to foreign securities and mitigate the Fund's overall level <br />of risk. It is expected that the Fund will invest at least 60% of its assets in <br />common stocks and other equity securities of issuers located in the United States <br />and up to 40% of its assets in common stocks and other equity securities of issuers<br />located outside the United States, although these percentages may vary depending<br />on SIMC's and/or the Sub-Advisers' assessment of the markets. With respect to<br />its investment in issuers located outside the United States, the Fund will<br />invest primarily in companies located in developed countries, but may also<br />invest up to 20% of its assets in companies located in emerging markets.<br /> <br />The Fund uses a multi-manager approach, relying upon a number of Sub-Advisers<br />with differing investment philosophies to manage portions of the Fund's portfolio <br />under the general supervision of SIMC. As stated above, when the Fund is not an <br />active component of the Adviser Managed Strategy, SIMC will act as the sole manager <br />to the Fund, and no Sub-Advisers will be used.<br /> <br />Due to its investment strategy, the Fund may buy and sell securities frequently.</tt> TACTICAL OFFENSIVE EQUITY FUND 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) because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in underlying funds. EXAMPLE The Fund commenced operations on February 25, 2011. Because the Fund did not have a full calendar year of performance as of November 30, 2012, performance results have not been provided. Investment Goal Loss of money is a risk of investing in the Fund. Principal Risks Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1.94 Performance Information ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Adviser Managed Strategy Risk -- The Fund is a component of a broader investment<br />strategy employed by the Financial Adviser known as the Adviser Managed<br />Strategy. Pursuant to the Adviser Managed Strategy, the Financial Adviser<br />tactically shifts its clients' assets among the Fund, the Tactical Offensive<br />Fixed Income Fund, the Tactical Defensive Fund and a money market fund<br />affiliated with the Fund. These asset shifts among the funds in the Adviser<br />Managed Strategy (i.e., an exchange of shares of one fund for shares of another<br />fund) will be a taxable event to an investor unless the investor is investing in<br />the Fund through a tax-deferred arrangement. As part of the Adviser Managed<br />Strategy, substantially all of the Fund's assets may be periodically sold and<br />repurchased at the direction of the Financial Adviser. These large redemptions<br />and repurchases will have significant effects on the management of the Fund and<br />are expected to result in increased portfolio turnover (and related transaction<br />costs), disruption of portfolio management strategies and the realization of<br />significant taxable gains. Accordingly, if notified of an upcoming redemption<br />request, the Fund may begin to liquidate all or substantially all of its assets<br />prior to the submission of the redemption request in an effort to raise the<br />necessary cash, and the Fund will not be invested pursuant to its investment<br />strategy during such time. When the Fund is required to rapidly liquidate a<br />substantial portion of its portfolio to satisfy a large redemption order placed<br />as part of the Adviser Managed Strategy, the Fund may be forced to sell<br />securities at below current market values or the Fund's selling activity may<br />drive down the market value of securities being sold. The Fund may also be<br />required to sell portfolio holdings at a time when the portfolio managers would<br />otherwise not recommend doing so. For example, if the Fund were to experience a<br />large redemption at a time of high market volatility or during a substantial<br />market decline, the Fund would be forced to liquidate securities even though the<br />portfolio managers may not otherwise choose to do so. When the Fund receives a<br />large purchase order as a result of the Adviser Managed Strategy, the Fund may<br />be required to rapidly purchase portfolio securities. This may cause the Fund to<br />incur higher than normal transaction costs or may require the Fund to purchase<br />portfolio securities at above current market values. Further, the Fund's<br />purchasing activity may drive up the market value of securities being purchased<br />or the Fund may be required to purchase portfolio securities at a time when the<br />portfolio managers would not otherwise recommend doing so. When the Fund is not<br />an active component of the Adviser Managed Strategy, the Fund may miss investment <br />opportunities because the assets necessary to take advantage of such opportunities <br />are tied up in other investments or have been allocated to another fund within the <br />Adviser Managed Strategy.<br /> <br />Credit Risk -- The risk that the issuer of a security or the counterparty to a<br />contract will default or otherwise become unable to honor a financial<br />obligation.<br /> <br />Currency Risk -- As a result of the Fund's investments in securities denominated<br />in and/or receiving revenues in foreign currencies, the Fund will be subject to<br />currency risk. This is the risk that those currencies will decline in value<br />relative to the U.S. dollar or, in the case of hedging positions, that the U.S.<br />dollar will decline in value relative to the currency hedged. In either event,<br />the dollar value of an investment in the Fund would be adversely affected.<br /> <br />Derivatives Risk -- The Fund's use of futures contracts and forward contracts is<br />subject to market risk, leverage risk, correlation risk and liquidity risk.<br />Leverage risk and liquidity risk are described below. Market risk is the risk<br />that the market value of an investment may move up and down, sometimes rapidly<br />and unpredictably. Correlation risk is the risk that changes in the value of the<br />derivative may not correlate perfectly with the underlying asset, rate or index.<br />The Fund's use of over-the-counter forward contracts is also subject to credit<br />risk and valuation risk. Valuation risk is the risk that the derivative may be<br />difficult to value and/or valued incorrectly. Credit risk is described above.<br />Each of these risks could cause the Fund to lose more than the principal amount<br />invested in a derivative instrument.<br /> <br />Equity Market Risk -- The risk that stock prices will fall over short or extended<br />periods of time.<br /> <br />Exchange-Traded Funds (ETFs) Risk -- The risks of owning shares of an ETF<br />generally reflect the risks of owning the underlying securities the ETF is<br />designed to track, although lack of liquidity in an ETF could result in its<br />value being more volatile than the underlying portfolio securities.<br /> <br />Foreign Investment/Emerging Markets Risk -- The risk that non-U.S. securities may<br />be subject to additional risks due to, among other things, political, social and<br />economic developments abroad, currency movements and different legal, regulatory<br />and tax environments. These additional risks may be heightened with respect to<br />emerging market countries since political turmoil and rapid changes in economic<br />conditions are more likely to occur in these countries.<br /> <br />Leverage Risk -- The use of leverage can amplify the effects of market volatility<br />on the Fund's share price and may also cause the Fund to liquidate portfolio<br />positions when it would not be advantageous to do so in order to satisfy its<br />obligations.<br /> <br />Liquidity Risk -- The risk that certain securities may be difficult or impossible<br />to sell at the time and the price that the Fund would like. The Fund may have to<br />lower the price, sell other securities instead or forego an investment opportunity, <br />any of which could have a negative effect on Fund management or performance.<br /> <br />Portfolio Turnover Risk -- Due to its investment strategy, the Fund may buy and<br />sell securities frequently. This may result in higher transaction costs and<br />additional capital gains tax liabilities.<br /> <br />Small and Medium Capitalization Risk -- The risk that small and medium<br />capitalization companies in which the Fund invests may be more vulnerable to<br />adverse business or economic events than larger, more established companies. In<br />particular, small and medium capitalization companies may have limited product<br />lines, markets and financial resources and may depend upon a relatively small<br />management group. Therefore, small capitalization and medium capitalization <br />stocks may be more volatile than those of larger companies. Small capitalization <br />and medium capitalization stocks may be traded over-the-counter or listed on an <br />exchange.<br /> <br />Loss of money is a risk of investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The Fund commenced operations on February 25, 2011. Because the Fund did not<br />have a full calendar year of performance as of November 30, 2012, performance<br />results have not been provided.<br /> <br />Because of the Fund's unique manner of operation in following the Adviser<br />Managed Strategy, the Fund's performance may not be comparable to the<br />performance of other mutual funds that invest in similar securities.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000030654Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> TCOEX 126 393 0.0052 0.0070 2013-11-30 0.00 0.0124 0.0002 <tt>The Fund will pay transaction costs, such as commissions, when it buys and <br />sells securities (or "turns over" its portfolio). A higher portfolio turnover <br />rate may indicate higher transaction costs and may result in higher taxes when <br />Fund shares are held in a taxable account. These costs, which are not reflected <br />in annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year ended July 31, 2012, the Fund's portfolio<br />turnover rate was 0% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000030653Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Preserve principal value and maintain a high degree of liquidity while providing<br />current income.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your <br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt> <tt>Adviser Managed Strategy Component<br /> <br />Only persons who are clients of the Financial Adviser (as defined below) and <br />who participate in the Adviser Managed Strategy should invest in the Fund. The <br />Fund may not be purchased by any other investor. The Fund is designed to be a<br />component of a broader strategy employed by a third party investment manager<br />(Financial Adviser) for the benefit of its clients. The Financial Adviser seeks<br />to take advantage of broad market changes by tactically shifting its clients'<br />assets among the Fund, the Tactical Offensive Equity Fund, the Tactical<br />Offensive Fixed Income Fund and a money market fund affiliated with the Fund,<br />depending on the Financial Adviser's evaluation of current market conditions<br />(Adviser Managed Strategy). The Financial Adviser is not the adviser to the Fund<br />and is not affiliated with SIMC, the adviser to the Fund. The Adviser Managed<br />Strategy is based on models developed by the Financial Adviser and is not<br />subject to the oversight of or input from SIMC.<br /> <br />When the Financial Adviser determines to reallocate its clients' assets to <br />one or more of the other funds that compose the Adviser Managed Strategy, the<br />Financial Adviser may request the redemption of all of the shares for which the<br />Financial Adviser exercises investment discretion. The Financial Adviser's<br />redemption request will cause the Fund to liquidate substantially all of its<br />assets in order to fulfill the redemption request. Once the shares for which the<br />Financial Adviser exercises discretion are redeemed, the Fund will no longer be<br />an active component of the Adviser Managed Strategy. When the Fund is not an<br />active component of the Adviser Managed Strategy, the Fund may invest up to 100%<br />of its remaining assets in cash, money market instruments, repurchase agreements<br />and other short-term obligations. While such investments are consistent with the<br />Fund's investment goal, investments made by the Fund when it is not an active<br />component of the Adviser Managed Strategy may differ in certain respects (e.g.,<br />higher credit quality, shorter duration and/or shorter maturity) than investments <br />made by the Fund when the Fund is an active component of the Adviser Managed <br />Strategy. The Fund could be invested in these types of investments for extended <br />periods of time. At such times, SIMC will actively manage the assets of the Fund, <br />and no Sub-Adviser will manage the assets of the Fund. SIMC, the Financial Adviser <br />or one or more of their affiliates will be the only investors in the Fund when the <br />Fund is not an active component of the Adviser Managed Strategy.<br /> <br />Investment Strategy<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets,<br />plus the amount of any borrowings for investment purposes, in investment grade<br />fixed income securities. The Fund primarily invests in: (i) U.S. Treasury<br />obligations, including U.S. Treasury inflation-protected securities (TIPS), and<br />obligations issued or guaranteed as to principal and interest by agencies or<br />instrumentalities of the U.S. Government, including mortgage-backed securities<br />such as those issued by the Government National Mortgage Association (GNMA or <br />Ginnie Mae); (ii) securities issued by various entities sponsored by the U.S. <br />Government, such as the Federal National Mortgage Association (FNMA or Fannie <br />Mae) and the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac); and <br />(iii) repurchase agreements collateralized by such obligations. In addition, the <br />Fund may invest in mortgage dollar rolls and when-issued and delayed delivery <br />securities. The Fund may also invest in futures contracts, forward contracts and <br />interest rate swaps for speculative or hedging purposes. Futures contracts, <br />forward contracts and interest rate swaps are used to synthetically obtain <br />exposure to the securities identified above or baskets of such securities and <br />to manage the Fund's interest rate duration and yield curve exposure. These <br />derivatives are also used to mitigate the Fund's overall level of risk and/or <br />the Fund's risk to particular types of securities or market segments. Interest <br />rate swaps are further used to manage the Fund's yield spread sensitivity. <br />Entities sponsored by the U.S. Government are chartered or sponsored by acts <br />of Congress; however, their securities are neither issued nor guaranteed by <br />the U.S. Treasury and are not backed by the full faith and credit of the U.S. <br />Government.<br /> <br />Using a top-down strategy and bottom-up security selection, each Sub-Adviser<br />seeks attractively-valued securities with competitive yields. Each Sub-Adviser<br />also considers factors such as the anticipated level of interest rates, relative<br />valuations and yield spreads and the duration of the Fund's entire portfolio.<br />Duration measures the price sensitivity of a fixed income security to changes in<br />interest rates. For example, a five-year duration means that the fixed income<br />security will decrease in value by 5% if interest rates rise 1% and increase in<br />value by 5% if interest rates fall 1%. While the Fund may invest in securities<br />with any maturity or duration, each Sub-Adviser will strive to maintain a<br />portfolio duration of up to four years under normal market conditions. In<br />addition, SIMC will directly manage a portion of the Fund's portfolio.<br /> <br />The Fund uses a multi-manager approach, relying upon a number of Sub-Advisers<br />with differing investment philosophies to manage portions of the Fund's portfolio <br />under the general supervision of SIMC. As stated above, when the Fund is not an <br />active component of the Adviser Managed Strategy, SIMC will act as the sole manager <br />to the Fund, and no Sub-Advisers will be used.<br /> <br />Due to its investment strategy, the Fund may buy and sell securities frequently.</tt> TACTICAL DEFENSIVE FUND EXAMPLE The Fund commenced operations on February 25, 2011. Because the Fund did not have a full calendar year of performance as of November 30, 2012, performance results have not been provided. Investment Goal Loss of money is a risk of investing in the Fund. Principal Risks Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.00 Performance Information ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Adviser Managed Strategy Risk -- The Fund is a component of a broader investment<br />strategy employed by the Financial Adviser known as the Adviser Managed<br />Strategy. Pursuant to the Adviser Managed Strategy, the Financial Adviser<br />tactically shifts its clients' assets among the Fund, the Tactical Offensive<br />Equity Fund, the Tactical Offensive Fixed Income Fund and a money market fund<br />affiliated with the Fund. These asset shifts among the funds in the Adviser<br />Managed Strategy (i.e., an exchange of shares of one fund for shares of another<br />fund) will be a taxable event to an investor unless the investor is investing in<br />the Fund through a tax-deferred arrangement. As part of the Adviser Managed<br />Strategy, substantially all of the Fund's assets may be periodically sold and<br />repurchased at the direction of the Financial Adviser. These large redemptions<br />and repurchases will have significant effects on the management of the Fund and<br />are expected to result in increased portfolio turnover (and related transaction<br />costs), disruption of portfolio management strategies and the realization of<br />significant taxable gains. Accordingly, if notified of an upcoming redemption<br />request, the Fund may begin to liquidate all or substantially all of its assets<br />prior to the submission of the redemption request in an effort to raise the<br />necessary cash, and the Fund will not be invested pursuant to its investment<br />strategy during such time. When the Fund is required to&#xA0;&#xA0;rapidly liquidate a <br />substantial portion of its portfolio to satisfy a large redemption order placed <br />as part of the Adviser Managed Strategy, the Fund may be forced to sell <br />securities at below current market values or the Fund's selling activity may <br />drive down the market value of securities being sold. The Fund may also be <br />required to sell portfolio holdings at a time when the portfolio managers <br />would not otherwise recommend doing so. For example, if the Fund were to <br />experience a large redemption at a time of high market volatility or during a<br />substantial market decline, the Fund would be forced to liquidate securities<br />even though the portfolio managers may not otherwise choose to do so. When <br />the Fund receives a large purchase order as a result of the Adviser Managed<br />Strategy, the Fund may be required to rapidly purchase portfolio securities.<br />This may cause the Fund to incur higher than normal transaction costs or may<br />require the Fund to purchase portfolio securities at above current market<br />values. Further, the Fund's purchasing activity may drive up the market value <br />of securities being purchased or the Fund may be required to purchase portfolio<br />holdings at a time when the portfolio managers would not otherwise recommend<br />doing so. When the Fund is not an active component of the Adviser Managed<br />Strategy, the Fund's investments may differ in certain respects (e.g., higher<br />credit quality, shorter duration and/or shorter maturity) than investments <br />made by the Fund when the Fund is an active component of the Adviser Managed<br />Strategy, and the Fund may miss investment opportunities because the assets<br />necessary to take advantage of such opportunities are tied up in other<br />investments or have been allocated to another Fund within the Adviser <br />Managed Strategy.<br /> <br />Credit Risk -- The risk that the issuer of a security or the counterparty to a<br />contract will default or otherwise become unable to honor a financial<br />obligation.<br /> <br />Derivatives Risk -- The Fund's use of futures contracts, forward contracts and<br />swaps is subject to market risk, leverage risk, correlation risk and liquidity<br />risk. Leverage and liquidity risk are described below. Market risk is the risk<br />that the market value of an investment may move up and down, sometimes rapidly<br />and unpredictably. Correlation risk is the risk that changes in the value of the<br />derivative may not correlate perfectly with the underlying asset, rate or index.<br />The Fund's use of swaps and over-the-counter forward contracts is also subject<br />to credit risk and valuation risk. Valuation risk is the risk that the derivative <br />may be difficult to value and/or valued incorrectly. Credit risk is described <br />above. Each of these risks could cause the Fund to lose more than the principal <br />amount invested in a derivative instrument.<br /> <br />Fixed Income Market Risk -- The prices of the Fund's fixed income securities<br />respond to economic developments, particularly interest rate changes, as well <br />as to perceptions about the creditworthiness of individual issuers, including<br />governments and their agencies. In the case of foreign securities, price<br />fluctuations will reflect international economic and political events, as well<br />as changes in currency valuations relative to the U.S. dollar.<br /> <br />Interest Rate Risk -- The risk that the value of fixed income securities,<br />including U.S. Government securities, will fall due to rising interest rates.<br /> <br />Leverage Risk -- The use of leverage can amplify the effects of market volatility<br />on the Fund's share price and may also cause the Fund to liquidate portfolio<br />positions when it would not be advantageous to do so in order to satisfy its<br />obligations.<br /> <br />Liquidity Risk -- The risk that certain securities may be difficult or impossible<br />to sell at the time and the price that the Fund would like. The Fund may have to<br />lower the price, sell other securities instead or&#xA0;&#xA0;forego an investment opportunity, <br />any of which could have a negative effect on Fund management or performance.<br /> <br />Mortgage-Backed Securities Risk -- Mortgage-backed securities are affected by,<br />among other things, interest rate changes and the possibility of prepayment of<br />the underlying mortgage loans. Mortgage-backed securities are also subject to<br />the risk that underlying borrowers will be unable to meet their obligations.<br /> <br />Mortgage Dollar Rolls Risk -- Mortgage dollar rolls are transactions in which the<br />Fund sells securities (usually mortgage-backed securities) and simultaneously<br />contracts to repurchase substantially similar, but not identical, securities on<br />a specified future date. If the broker-dealer to whom a Fund sells the security<br />becomes insolvent, the Fund's right to repurchase the security may be restricted. <br />Other risks involved in entering into mortgage dollar rolls include the risk that <br />the value of the security may change adversely over the term of the mortgage <br />dollar roll and that the security the Fund is required to repurchase may be worth <br />less than the security that the Fund originally held.<br /> <br />Portfolio Turnover Risk -- Due to its investment strategy, the Fund may buy and<br />sell securities frequently. This may result in higher transaction costs and<br />additional capital gains tax liabilities.<br /> <br />Prepayment Risk -- The risk that, with declining interest rates, fixed income<br />securities with stated interests may have the principal paid earlier than<br />expected, requiring the Fund to invest the proceeds at generally lower interest<br />rates.<br /> <br />U.S. Government Securities Risk -- Although U.S. Government securities are<br />considered to be among the safest investments, they are not guaranteed against<br />price movements due to changing interest rates. Obligations issued by some U.S.<br />Government agencies are backed by the U.S. Treasury, while others are backed<br />solely by the ability of the agency to borrow from the U.S. Treasury or by the<br />agency's own resources.<br /> <br />Loss of money is a risk of investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The Fund commenced operations on February 25, 2011. Because the Fund did not<br />have a full calendar year of performance as of November 30, 2012, performance<br />results have not been provided.<br /> <br />Because of the Fund's unique manner of operation in following the Adviser<br />Managed Strategy, the Fund's performance may not be comparable to the<br />performance of other mutual funds that invest in similar securities.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000030653Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> TCDFX 83 2704 -0.1295 0.1346 0.0030 2013-11-30 0.00 0.0081 0.1376 0001502608 ck0001502608:SummaryS000030653Memberck0001502608:S000030653Memberck0001502608:C000094996Member 2012-11-30 2012-11-30 0001502608 ck0001502608:SummaryS000030653Memberck0001502608:S000030653Member 2012-11-30 2012-11-30 0001502608 ck0001502608:SummaryS000030654Memberck0001502608:S000030654Memberck0001502608:C000094997Member 2012-11-30 2012-11-30 0001502608 ck0001502608:SummaryS000030654Memberck0001502608:S000030654Member 2012-11-30 2012-11-30 0001502608 ck0001502608:SummaryS000030655Memberck0001502608:S000030655Memberck0001502608:C000094998Member 2012-11-30 2012-11-30 0001502608 ck0001502608:SummaryS000030655Memberck0001502608:S000030655Member 2012-11-30 2012-11-30 0001502608 2012-11-30 2012-11-30 pure iso4217:USD The Fund is an integral part of the Financial Adviser's Adviser Managed Strategy, as discussed further below. As a result, shareholders in the Fund may also pay a fee to the Financial Adviser for participating in the Adviser Managed Strategy, and such fee is not reflected in this fee table or the Example numbers below. You should consult with the Financial Adviser regarding the fees charged for participating in the Adviser Managed Strategy. Effective November 30, 2012, the Fund's administrator and/or its affiliates have contractually agreed to waive fees and reimburse expenses for a period of one year in order to keep total operating costs (exclusive of interest from borrowing, brokerage commissions, trustees' fees, taxes and other extraordinary expenses not incurred in the ordinary course of the Fund's business) from exceeding 0.81%. This contractual waiver and reimbursement will only apply if the Fund's total operating costs exceed 0.81% and will not affect the Fund's total operating costs if they are less than 0.81%. This fee waiver and reimbursement agreement shall remain in effect until November 30, 2013. The agreement may be amended or terminated only with the consent of the Board of Trustees. 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) because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in underlying funds. Effective November 30, 2012, the Fund's administrator and/or its affiliates have contractually agreed to waive fees and reimburse expenses for a period of one year in order to keep total operating costs (exclusive of interest from borrowing, brokerage commissions, trustees' fees, taxes and other extraordinary expenses not incurred in the ordinary course of the Fund's business) from exceeding 1.25%. This contractual waiver and reimbursement will only apply if the Fund's total operating costs exceed 1.25% and will not affect the Fund's total operating costs if they are less than 1.25%. This fee waiver and reimbursement agreement shall remain in effect until November 30, 2013. The agreement may be amended or terminated only with the consent of the Board of Trustees. Effective November 30, 2012, the Fund's administrator and/or its affiliates have contractually agreed to waive fees and reimburse expenses for a period of one year in order to keep total operating costs (exclusive of interest from borrowing, brokerage commissions, trustees' fees, taxes and other extraordinary expenses not incurred in the ordinary course of the Fund's business) from exceeding 0.89%. This contractual waiver and reimbursement will only apply if the Fund's total operating costs exceed 0.89% and will not affect the Fund's total operating costs if they are less than 0.89%. This fee waiver and reimbursement agreement shall remain in effect until November 30, 2013. The agreement may be amended or terminated only with the consent of the Board of Trustees.