485BPOS 2012-06-30 0000354603 2012-10-31 SEI LIQUID ASSET TRUST false 2012-10-26 2012-10-31 <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000006422Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/BarChartData_S000006422Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Preserving principal value and maintaining a high degree of liquidity while<br />providing 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>The Prime Obligation Fund is composed of short-term U.S. dollar-denominated debt<br />obligations that are rated in one of the two highest rating categories by<br />Nationally Recognized Statistical Rating Organizations (NRSROs) or that the<br />sub-adviser to the Fund (the Sub-Adviser) determines are of comparable quality.<br />Under normal market conditions, the Fund invests in: (i) commercial paper and<br />other short-term corporate obligations of U.S. and foreign issuers (including<br />asset-backed securities) rated in the highest short-term rating category or that<br />the Sub-Adviser determines are of comparable quality; (ii) certificates of deposit, <br />time deposits, bankers' acceptances, bank notes and other obligations of U.S. <br />savings and loan and thrift institutions, U.S. commercial banks (including foreign <br />branches of such banks) and foreign banks that meet certain asset requirements; <br />(iii) short-term obligations issued by state and local governments; and (iv) U.S.<br />Treasury obligations and obligations issued or guaranteed as to principal and <br />interest by agencies or instrumentalities of the U.S. Government. The Fund may <br />also enter into fully-collateralized repurchase agreements.<br /> <br />The Fund uses a multi-manager approach, relying on one or more sub-advisers with<br />differing investment philosophies to manage all or a portion of the Fund's<br />portfolio under the general supervision of SEI Investments Management<br />Corporation (SIMC or the Adviser), the Fund's adviser.</tt> PRIME OBLIGATION FUND EXAMPLE Investment Goal The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Principal Risks Although your actual costs may be higher or lower, based on these assumptions your costs would be: Performance Information <tt>Please call 1-800-DIAL-SEI to obtain the Fund's current 7-day yield.</tt> 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 years and by showing the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception. <tt>Best Quarter: 1.27% (09/30/07)<br /> <br />Worst Quarter: 0.00% (12/31/10)<br /> <br />The Fund's Class A total return from January 1, 2012 to September 30, 2012 was<br />0.01%.</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns (for the periods ended December 31, 2011) <tt>An investment in the Fund is not a bank deposit nor is it insured or guaranteed<br />by the Federal Deposit Insurance Corporation or any other government agency.<br />Although the Fund seeks to preserve the value of your investment at $1.00 per<br />share, it is possible to lose money by investing in the Fund.<br /> <br />Asset-Backed Securities Risk - The risk that prepayment and/or extension may<br />alter the duration of an asset-backed security and also reduce the rate of<br />return of the Fund. In addition, payment of principal and interest on<br />asset-backed securities is dependent largely on the cash flows generated by the<br />assets backing the securities, and asset-backed securities may not have the<br />benefit of any security interest in the related assets.<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 />Extension Risk - The risk that rising interest rates may extend the duration of<br />a fixed income security, typically reducing the security's value.<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 as<br />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 Issuer Risk - The risk that issuers in foreign countries will face<br />political and economic events unique to such countries. These events will not<br />necessarily affect the U.S. economy or similar issuers located in the U.S.<br /> <br />Interest Rate Risk - The risk that the Fund's yield will decline due to falling<br />interest rates. A rise in interest rates typically causes a fall in values of<br />fixed income securities in which the Fund invests, while a fall in interest<br />rates typically causes a rise in values in such securities.<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<br />opportunity, any of which could have a negative effect on Fund management or<br />performance.<br />&#xA0;&#xA0;<br />Market Risk - The risk that the market value of a security may move up and down,<br />sometimes rapidly and unpredictably. Market risk may affect a single issuer, an<br />industry, a sector or the bond market as a whole.<br /> <br />Municipal Securities Risk - State and local governments rely on taxes and, to<br />some extent, revenues from private projects financed by municipal securities, to<br />pay interest and principal on municipal debt. Poor statewide or local economic<br />results or changing political sentiments may reduce tax revenues and increase<br />the expenses of municipal issuers, making it more difficult for them to meet<br />their obligations. Actual or perceived erosion of the creditworthiness of<br />municipal issuers may reduce the value of the Fund's holdings. Also, there may<br />be economic or political changes that impact the ability of issuers of municipal<br />securities to repay principal and to make interest payments on securities owned<br />by the Fund. Any changes in the financial condition of municipal issuers also<br />may adversely affect the value of the Fund's municipal securities.<br /> <br />Opportunity Risk - The risk of missing out on an investment opportunity because<br />the assets necessary to take advantage of it are tied up in other investments.<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.</tt> Fees and Expenses Principal Investment Strategies <tt>The bar chart and the performance table below provide some indication of the<br />risks of investing in the Fund by showing changes in the Fund's performance from<br />year to year for the past ten years and by showing the Fund's average annual<br />returns for 1, 5 and 10 years, and since the Fund's inception. The Fund's past<br />performance is not necessarily an indication of how the Fund will perform in the<br />future.</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_S000006422Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/PerformanceTableData_S000006422Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a bank deposit nor is it insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 1-800-DIAL-SEI TPRXX 0.0140 Worst Quarter: Best Quarter: 2012-09-30 45 2007-09-30 213 0.0000 0.0098 -0.0033 0.0001 923 395 0.0499 0.0127 0.0001 0.0072 0.0247 0.0005 2013-10-31 2010-12-31 0.0013 0.0150 0.0287 The Fund's Class A total return from January 1, 2012 to September 30, 2012 0.0001 0.0079 0.00 0.0182 0.0044 0.0077 0.0471 0.0455 1982-01-18 0.0001 0000354603 ck0000354603:SummaryS000006422Memberck0000354603:S000006422Memberck0000354603:C000017611Member 2012-10-31 2012-10-31 0000354603 ck0000354603:SummaryS000006422Memberck0000354603:S000006422Member 2012-10-31 2012-10-31 0000354603 2012-10-31 2012-10-31 pure iso4217:USD SEI Investments Global Funds Services, the Fund's administrator, has contractually agreed to waive fees and to reimburse expenses in order to keep total operating expenses, net of the Fund's adviser's and the Fund's distributor's fee waivers and exclusive of interest from borrowings, brokerage, commissions, trustee fees, tax and extraordinary expenses not incurred in the ordinary course of the Fund's business, from exceeding 0.44%. This fee waiver and reimbursement agreement shall remain in effect until October 31, 2013 and, unless earlier terminated, shall be automatically renewed for successive one year periods thereafter. The agreement may be amended or terminated only with the consent of the Board of Trustees.