0001104659-19-039957.txt : 20190711 0001104659-19-039957.hdr.sgml : 20190711 20190711171144 ACCESSION NUMBER: 0001104659-19-039957 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 28 FILED AS OF DATE: 20190711 DATE AS OF CHANGE: 20190711 EFFECTIVENESS DATE: 20190711 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEI Catholic Values Trust CENTRAL INDEX KEY: 0001627853 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-200973 FILM NUMBER: 19951611 BUSINESS ADDRESS: STREET 1: ONE FREEDOM VALLEY DRIVE CITY: OAKS STATE: PA ZIP: 19456 BUSINESS PHONE: 610-676-1000 MAIL ADDRESS: STREET 1: ONE FREEDOM VALLEY DRIVE CITY: OAKS STATE: PA ZIP: 19456 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEI Catholic Values Trust CENTRAL INDEX KEY: 0001627853 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-23015 FILM NUMBER: 19951610 BUSINESS ADDRESS: STREET 1: ONE FREEDOM VALLEY DRIVE CITY: OAKS STATE: PA ZIP: 19456 BUSINESS PHONE: 610-676-1000 MAIL ADDRESS: STREET 1: ONE FREEDOM VALLEY DRIVE CITY: OAKS STATE: PA ZIP: 19456 0001627853 S000048320 Catholic Values Equity Fund C000152590 Catholic Values Equity Fund Class F, effective 1-31-2017 (formerly Class A) CAVAX C000152591 Catholic Values Equity Fund Class Y CAVYX 0001627853 S000048321 Catholic Values Fixed Income Fund C000152592 Catholic Values Fixed Income Fund Class F, effective 1-31-2017 (formerly Class A) CFVAX C000152593 Catholic Values Fixed Income Fund Class Y CFVYX 485BPOS 1 a19-11913_6485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

As filed with the U.S. Securities and Exchange Commission on July 11, 2019

 

File No. 333-200973
File No. 811-23015

 

 

U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
POST-EFFECTIVE AMENDMENT NO. 8
x

 

and

 

REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
x
AMENDMENT NO. 10

 

SEI CATHOLIC VALUES TRUST

(Exact Name of Registrant as Specified in Charter)

 

SEI Investments Company
One Freedom Valley Drive
Oaks, Pennsylvania 19456

(Address of Principal Executive Offices)

 

(610) 676-1000

(Registrant’s Telephone Number)

 

Timothy D. Barto, Esq.
SEI Investments Company
One Freedom Valley Drive
Oaks, Pennsylvania 19456

(Name and Address of Agent for Service)

 

Copy to:

 

Timothy W. Levin, Esq.
Morgan, Lewis & Bockius LLP
1701 Market Street
Philadelphia, Pennsylvania 19103

 

Title of Securities Being Registered...Units of Beneficial Interest

 

It is proposed that this filing will become effective (check appropriate box)

 

x immediately upon filing pursuant to paragraph (b)

o on [date] pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o on [date] pursuant to paragraph (a)(1)

o 75 days after filing pursuant to paragraph (a)(2)

o on [date] pursuant to paragraph (a)(2) of Rule 485.

 

If appropriate, check the following box:

 

o This Post-Effective Amendment designates a new effective date for a previously filed Post-Effective Amendment.

 

 

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 8 to Registration Statement No. 333-200973 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Oaks, Commonwealth of Pennsylvania on the 11th day of July, 2019.

 

 

 

SEI CATHOLIC VALUES TRUST

 

 

 

By:

/s/ Robert A. Nesher

 

Robert A. Nesher

 

Trustee, President & Chief Executive Officer

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated.

 

*

 

Trustee

 

July 11, 2019

William M. Doran

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

July 11, 2019

George J. Sullivan, Jr.

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

July 11, 2019

Nina Lesavoy

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

July 11, 2019

James M. Williams

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

July 11, 2019

Mitchell A. Johnson

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

July 11, 2019

Hubert L. Harris, Jr.

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

July 11, 2019

Susan C. Cote

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

July 11, 2019

James B. Taylor

 

 

 

 

 

 

 

 

 

/s/ Robert A. Nesher

 

Trustee, President & Chief Executive Officer

 

July 11, 2019

Robert A. Nesher

 

 

 

 

 

 

 

 

 

/s/ James Hoffmayer

 

Controller & Chief Financial Officer

 

July 11, 2019

James Hoffmayer

 

 

 

 

 

 

 

 

 

*By:

/s/ Robert A. Nesher

 

 

 

 

 

     Robert A. Nesher

 

 

 

 

 

     Attorney-in-Fact

 

 

 

 

 


 

INDEX TO EXHIBITS

 

EXHIBIT
NO.

 

DESCRIPTION OF EXHIBIT

 

PAGE NO.

 

 

Risk/return summary of each Fund’s prospectus as an Interactive Data File using eXtensible Business Reporting Language (“XBRL”)

 

 

 


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The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem 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.</font></p> 126 393 681 1500 ~ http://sei.com/20190628/role/ScheduleExpenseExampleTransposed20002 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_F_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048320Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Risks <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The following principal risks could affect the value of your investment:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Market Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Catholic Values Investing Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The Fund considers the Guidelines in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Guidelines. This means that the Fund may underperform other similar mutual funds that do not consider the Guidelines when making investment decisions.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Investment Style Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The risk that the equity securities in which the Fund invests may underperform other segments of the equity markets or the equity markets as a whole.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Depositary Receipts Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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 and tax environments.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Participation Notes (P-Notes) Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; Participation notes (P-Notes) are participation interest notes that are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity, debt, currency or market. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies or foreign securities markets that they seek to replicate. However, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate. </font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Preferred Stock</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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. </font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Warrants Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Derivatives Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The Fund's use of swaps is subject to market risk, leverage risk, correlation risk, credit risk, valuation 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 investment. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. 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 swap. 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 some shareholders. Both U.S. and non-U.S. regulators are in the process of adopting and implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Exchange-Traded Funds Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Foreign Investment/Emerging Markets Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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 and tax 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Currency Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Manager Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Advisers and allocating assets to such Sub-Advisers, as well as the Sub-Advisers' success or failure in implementing the Fund's investment strategies. SIMC or a Sub-Adviser may be incorrect in assessing market trends, the value or growth capability of particular securities or asset classes.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Large Capitalization Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Small and Medium Capitalization Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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 </font><font style="font-family: Arial, Helvetica; font-size: 13px;">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 or listed on an exchange.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Liquidity Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Credit Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Leverage Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The Fund's use of equity swaps 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><b><i>Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. 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.</i></b></font></p> 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. You could lose money on your investment in the Fund, just as you could with other investments. Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</font></p> 0.0060 0.0000 0.0064 0.0124 ~ http://sei.com/20190628/role/ScheduleAnnualFundOperatingExpenses20001 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_F_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048320Member row primary compact * ~ ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 49% of the average value of its portfolio.</font></p> 0.49 Investment Goal <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">Long-term capital appreciation.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">Under normal market conditions, at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) will be invested in a diversified portfolio of common stocks of companies that the Fund's portfolio managers believe have long-term growth potential.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Fund seeks to make investment decisions consistent with the principles of the Catholic Church with respect to a range of social and moral concerns that may include: protecting human life; promoting human dignity; reducing arms production; pursuing economic justice; protecting the environment, and encouraging corporate responsibility. This will be accomplished through the reliance on the principles contained in the United States Conference of Catholic Bishops' (USCCB) Socially Responsible Investing Guidelines (Guidelines). Potential investments for the Fund are first selected for financial soundness and then evaluated according to the Fund's social criteria. The Fund's investment adviser, SEI Investments Management Corporation (SIMC, or the Adviser), has retained a third party environmental, social, and governance research firm to compile a list of restricted securities, using principles contained in the Guidelines, in which the Fund will not be permitted to invest. The Fund will not invest in issuers identified through this process. SIMC reserves the right to modify the criteria from time to time to maintain alignment with evolving Catholic social and moral positions.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Fund invests in common stocks and other equity securities, which may include preferred stocks, warrants, participation notes and depositary receipts. The Fund invests primarily in securities of domestic companies, but may also, to a lesser extent, invest in securities of foreign companies, which may include companies in emerging markets. The Fund generally invests in larger companies, although it may purchase securities of companies of any size, including small companies. The Fund may invest in exchange-traded funds (ETFs) or equity swaps to obtain exposure to the equity market during high volume periods of investment into the Fund.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">SIMC seeks to enhance performance and reduce market risk by strategically allocating the Fund's assets among multiple sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers). The allocation is made based on the Adviser's desire to achieve performance objectives while keeping appropriate balance among differing investment styles and philosophies offered by the Sub-Advisers, including growth-oriented, value-oriented, stability-oriented, and/or blended approaches to selecting investments. Growth-oriented managers generally select stocks they believe have attractive growth and appreciation potential in light of such characteristics as revenue and earnings growth, expectations from professional financial research analysts and momentum, while stability-oriented managers generally select stocks they believe have sustainable competitive advantages, less economic sensitivity and/or less volatility, and value-oriented managers generally select stocks they believe are attractively valued in light of fundamental characteristics such as assets, capital structure, earnings, and/or cash flows. </font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Fund implements its views on the Guidelines through the use of Sub-Advisers that invest directly and a designated Sub-Adviser that acts as an overlay manager and implements the portfolio recommendations of the other Sub-Advisers. Such other Sub-Advisers provide a model portfolio to the Fund on an ongoing basis that represents their recommendations as to the securities to be purchased, sold or retained by the Fund. The overlay manager constructs a portfolio for the Fund that represents the aggregation of the model portfolios, with the weighting of each Sub-Adviser's model in the total portfolio determined by the Adviser. The overlay manager implements the portfolio consistent with that represented by the aggregation of the model portfolios, but also has the authority to vary from such aggregation: (i) to conform the Fund's securities transactions by avoiding issuers identified as not aligning with the Guidelines; (ii) to favor, consistent with the Guidelines, securities of companies that are more highly ranked with respect to environmental, social and governance criteria than other companies in the Fund's portfolio; (iii) to seek to achieve lower volatility; and (iv) to a lesser extent, manage risks, </font><font style="font-family: Arial, Helvetica; font-size: 13px;">seek trading cost efficiencies or efficient tax management. In addition to acting as overlay manager, the overlay manager may also manage a portion of the Fund's portfolio, as determined by the Adviser.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Fund may sell a security when it becomes substantially overvalued or is experiencing deteriorating fundamentals as a result of changes in portfolio strategy or to help the overlay manager meet the Fund's investment strategies.</font></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 three calendar years and by showing how the Fund's average annual returns for 1 year 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.</font></p> 0.0958 0.2369 -0.1002 ~ http://sei.com/20190628/role/ScheduleAnnualTotalReturnsBarChart20003 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_F_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048320Member row primary compact * ~ Best Quarter: 0.0714 2016-09-30 Worst Quarter: -0.1542 2018-12-31 Class F total return (pre-tax) 0.1423 2019-03-31 <p><font style="font-family: Arial, Helvetica; font-size: 10px;"><strong>Best Quarter:</strong></font><font style="font-family: Arial, Helvetica; font-size: 10px;"> 7.14% (09/30/2016)<br/></font><font style="font-family: Arial, Helvetica; font-size: 10px;"><strong>Worst Quarter:</strong></font><font style="font-family: Arial, Helvetica; font-size: 10px;"> -15.42 (12/31/2018)<br/></font><font style="font-family: Arial, Helvetica; font-size: 10px;">The Fund's Class F total return (pre-tax) from January 1, 2019 to March 31, 2019 was 14.23%.</font></p> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">This table compares the Fund's average annual total returns to those of a broad-based index and the Fund's 80/20 Blended Benchmark, which consists of the Russell 3000 (80%) and the MSCI ACWI ex USA Index (20%). The Fund's 80/20 Blended Benchmark is designed to reflect a useful comparison to the Fund's overall performance and reflects the Fund's investment strategy more accurately than the broad-based index.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 the event of negative performance, the Fund's returns after taxes on distributions and sale of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, the Fund's returns after taxes on distributions and sale of Fund shares may exceed the Fund's returns before taxes and/or returns after taxes on distributions.</font></p> -0.1002 0.0367 Return Before Taxes -0.1108 0.0314 Return After Taxes on Distributions -0.0553 0.0287 Return After Taxes on Distributions and Sale of Fund Shares -0.0524 0.0675 Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) -0.0703 0.0536 The Fund's 80/20 Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 2015-04-30 2015-04-30 2015-04-30 ~ http://sei.com/20190628/role/ScheduleAverageAnnualReturnsTransposed20004 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_F_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048320Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ In the event of negative performance, the Fund's returns after taxes on distributions and sale of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, the Fund's returns after taxes on distributions and sale of Fund shares may exceed the Fund's returns before taxes and/or returns after taxes on distributions. This table compares the Fund's average annual total returns to those of a broad-based index and the Fund's 80/20 Blended Benchmark, which consists of the Russell 3000 (80%) and the MSCI ACWI ex USA Index (20%). The Fund's 80/20 Blended Benchmark is designed to reflect a useful comparison to the Fund's overall performance and reflects the Fund's investment strategy more accurately than the broad-based index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or 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. 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 three calendar years and by showing how the Fund's average annual returns for 1 year and since the Fund's inception compare with those of a broad measure of market performance. 1-800-DIAL-SEI Catholic Values Fixed Income Fund CFVAX EXAMPLE <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 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.</font></p> 98 306 531 1178 ~ http://sei.com/20190628/role/ScheduleExpenseExampleTransposed20008 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_F_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048321Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Risks <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The following principal risks could affect the value of your investment:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Market Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Catholic Values Investing Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The Fund considers the Guidelines in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Guidelines. This means that the Fund may underperform other similar mutual funds that do not consider the Guidelines when making investment decisions.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Investment Style Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The risk that the fixed income securities in which the Fund invests may underperform other segments of the fixed income markets or the fixed income markets as a whole.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Interest Rate Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Credit Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Corporate Fixed Income Securities Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>U.S. Government Securities Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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. 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Foreign Sovereign Debt Securities Risk </i></font><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8212; The risk 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Derivatives Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The Fund's use of futures contracts, forward contracts, and options 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 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 some shareholders. Both U.S. and non-U.S. regulators are in the process of adopting and implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Below Investment Grade Securities (Junk Bonds) Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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 </font><font style="font-family: Arial, Helvetica; font-size: 13px;">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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Commercial Paper Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Foreign Investment/Emerging Markets Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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 and tax 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Asset-Backed Securities Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Mortgage-Backed Securities Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Bank Loans Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Currency Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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. 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. </font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Manager Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Advisers and allocating assets to such Sub-Advisers, as well as the Sub-Advisers' success or failure in implementing the Fund's investment strategies. SIMC or a Sub-Adviser may be incorrect in assessing market trends, the value or growth capability of particular securities or asset classes.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Liquidity Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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. </font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Duration Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The longer-term securities in which the Fund may invest are more volatile. 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Extension Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Prepayment Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Leverage Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Portfolio Turnover Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance. </font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><b><i>Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. 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.</i></b></font></p> 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. You could lose money on your investment in the Fund, just as you could with other investments. Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</font></p> 0.0035 0.0000 0.0061 0.0096 ~ http://sei.com/20190628/role/ScheduleAnnualFundOperatingExpenses20007 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_F_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048321Member row primary compact * ~ ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 159% of the average value of its portfolio.</font></p> 1.59 Investment Goal <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">High level of current income with preservation of capital.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">Under normal market conditions, at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) will be invested in a diversified portfolio of bonds and other debt </font><font style="font-family: Arial, Helvetica; font-size: 13px;">obligations of varying maturities, which may include floating rate and variable rate securities. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Fund seeks to make investment decisions consistent with the principles of the Catholic Church with respect to a range of social and moral concerns that may include: protecting human life; promoting human dignity; reducing arms production; pursuing economic justice; protecting the environment, and encouraging corporate responsibility. This will be accomplished through the reliance on the principles contained in the United States Conference of Catholic Bishops' (USCCB) Socially Responsible Investing Guidelines (Guidelines). Potential investments for the Fund are first selected for financial soundness and then evaluated according to the Fund's social criteria. The Fund's investment adviser, SEI Investments Management Corporation (SIMC, or the Adviser), has retained a third party environmental, social, and governance research firm to compile a list of restricted securities, using principles contained in the Guidelines, in which the Fund will not be permitted to invest. The Fund will not invest in issuers identified through this process. SIMC reserves the right to modify the criteria from time to time to maintain alignment with evolving Catholic social and moral positions.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Fund invests in corporate bonds. The Fund also invests in securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities, such as the Government National Mortgage Association, which are supported by the full faith and credit of the U.S. Government, and the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, which are supported by the right of the issuer to borrow from the U.S. Treasury. The Fund may also invest in bonds of international corporations or foreign governments. In addition, the Fund invests in mortgage-backed and asset-backed securities. The Fund will engage in active and frequent trading of portfolio securities.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">Under normal circumstances, the Fund will invest a significant portion of its assets in bonds that are rated within the four highest credit rating categories assigned by independent rating agencies, and the Fund will attempt to maintain an overall credit quality rating of A or higher. The Fund may invest in unrated equivalents that may be considered to be investment grade. The Fund may invest up to 20% of its net assets in bonds that are rated below investment grade (those rated BB+, B and CCC) (junk bonds). 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">Up to 20% of the Fund's net assets may be invested in commercial paper within the two highest rating categories of independent rating agencies. The Fund may also invest up to 20% of its net assets in the fixed-income securities of foreign issuers in any country, including developed or emerging markets. Foreign securities are selected on an individual basis without regard to any defined allocation among countries or geographic regions.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Fund may also invest in futures contracts, forward contracts, and options for speculative or hedging purposes. Futures contracts, forward contracts, and options may be used to synthetically obtain exposure to securities or baskets of securities. 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. The sub-advisers (each, a Sub-Adviser and collectively, 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Adviser seeks to enhance performance and reduce market risk by strategically allocating the Fund's assets among multiple Sub-Advisers. The allocation is made based on the Adviser's desire for balance among differing investment styles and philosophies offered by the Sub-Advisers.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 Barclays 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 5% if interest rates rise 1% and increase in value by 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 Barclays U.S. Aggregate Bond Index varies significantly over time, but as of March 31, 2019 it was 5.82 years.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">Investments for the Fund, both foreign and domestic, are selected based on the following criteria:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8226;&#160;&#160;the use of interest-rate and yield-curve analyses;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8226;&#160;&#160;the use of credit analyses, which indicate a security's rating and payment of interest and principal at maturity; and</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8226;&#160;&#160;use of the above disciplines to invest in high-yield bonds and fixed-income securities issued by foreign and domestic governments and companies.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The remainder of the Fund's assets may be held in cash or cash equivalents.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">A Sub-Adviser may sell a security when it becomes substantially overvalued or is experiencing deteriorating fundamentals, or as a result of changes in portfolio strategy. A security may also be sold and replaced with one that presents a better value.</font></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 three calendar years and by showing how the Fund's average annual returns for 1 year 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.</font></p> 0.0406 0.0396 -0.0051 ~ http://sei.com/20190628/role/ScheduleAnnualTotalReturnsBarChart20009 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_F_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048321Member row primary compact * ~ Best Quarter: 0.0309 2016-03-31 Worst Quarter: -0.0254 2016-12-31 Class F total return (pre-tax) 0.0357 2019-03-31 <p><font style="font-family: Arial, Helvetica; font-size: 10px;"><strong>Best Quarter:</strong></font><font style="font-family: Arial, Helvetica; font-size: 10px;"> 3.09% (03/31/2016)<br/></font><font style="font-family: Arial, Helvetica; font-size: 10px;"><strong>Worst Quarter:</strong></font><font style="font-family: Arial, Helvetica; font-size: 10px;"> -2.54% (12/31/2016)<br/></font><font style="font-family: Arial, Helvetica; font-size: 10px;">The Fund's Class F total return (pre-tax) from January 1, 2019 to March 31, 2019 was 3.57%.</font></p> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 the event of negative performance, the Fund's returns after taxes on distributions and sale of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, the Fund's returns after taxes on distributions and sale of Fund shares may exceed the Fund's returns before taxes and/or returns after taxes on distributions.</font></p> -0.0051 0.0168 Return Before Taxes -0.0151 0.0065 Return After Taxes on Distributions -0.0033 0.0081 Return After Taxes on Distributions and Sale of Fund Shares 0.0001 0.0149 Bloomberg Barclays U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) 2015-04-30 2015-04-30 ~ http://sei.com/20190628/role/ScheduleAverageAnnualReturnsTransposed20010 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_F_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048321Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ In the event of negative performance, the Fund's returns after taxes on distributions and sale of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, the Fund's returns after taxes on distributions and sale of Fund shares may exceed the Fund's returns before taxes and/or returns after taxes on distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or 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. 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 three calendar years and by showing how the Fund's average annual returns for 1 year and since the Fund's inception compare with those of a broad measure of market performance. 1-800-DIAL-SEI Catholic Values Equity Fund CAVYX EXAMPLE <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 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.</font></p> 101 315 547 1213 ~ http://sei.com/20190628/role/ScheduleExpenseExampleTransposed20014 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_Y_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048320Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Risks <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The following principal risks could affect the value of your investment:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Market Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Catholic Values Investing Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The Fund considers the Guidelines in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Guidelines. This means that the Fund may underperform other similar mutual funds that do not consider the Guidelines when making investment decisions.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Investment Style Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The risk that the equity securities in which the Fund invests may underperform other segments of the equity markets or the equity markets as a whole.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Depositary Receipts Risk </i></font><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8212; 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 and tax environments.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Participation Notes (P-Notes) Risk </i></font><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8212; Participation notes (P-Notes) are participation interest notes that are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity, debt, currency or market. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies or foreign securities markets that they seek to replicate. However, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate. </font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Preferred Stock</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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. </font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Warrants Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Derivatives Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The Fund's use of swaps is subject to market risk, leverage risk, correlation risk, credit risk, valuation 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 investment. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Credit risk is described </font><font style="font-family: Arial, Helvetica; font-size: 13px;">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 swap. 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 some shareholders. Both U.S. and non-U.S. regulators are in the process of adopting and implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Exchange-Traded Funds Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Foreign Investment/Emerging Markets Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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 and tax 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Currency Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Manager Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Advisers and allocating assets to such Sub-Advisers, as well as the Sub-Advisers' success or failure in implementing the Fund's investment strategies. SIMC or a Sub-Adviser may be incorrect in assessing market trends, the value or growth capability of particular securities or asset classes.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Large Capitalization Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Small and Medium Capitalization Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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 or listed on an exchange.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Liquidity Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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 </font><font style="font-family: Arial, Helvetica; font-size: 13px;">instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Credit Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Leverage Risk </i></font><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8212; The Fund's use of equity swaps 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><b><i>Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. 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.</i></b></font></p> 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. You could lose money on your investment in the Fund, just as you could with other investments. Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</font></p> 0.0060 0.0000 0.0039 0.0099 ~ http://sei.com/20190628/role/ScheduleAnnualFundOperatingExpenses20013 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_Y_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048320Member row primary compact * ~ ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 49% of the average value of its portfolio.</font></p> 0.49 Investment Goal <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">Long-term capital appreciation.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">Under normal market conditions, at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) will be invested in a diversified portfolio of common stocks of companies that the Fund's portfolio managers believe have long-term growth potential.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Fund seeks to make investment decisions consistent with the principles of the Catholic Church with respect to a range of social and moral concerns that may include: protecting human life; promoting human dignity; reducing arms production; pursuing economic justice; protecting the environment, and </font><font style="font-family: Arial, Helvetica; font-size: 13px;">encouraging corporate responsibility. This will be accomplished through the reliance on the principles contained in the United States Conference of Catholic Bishops' (USCCB) Socially Responsible Investing Guidelines (Guidelines). Potential investments for the Fund are first selected for financial soundness and then evaluated according to the Fund's social criteria. The Fund's investment adviser, SEI Investments Management Corporation (SIMC, or the Adviser), has retained a third party environmental, social, and governance research firm to compile a list of restricted securities, using principles contained in the Guidelines, in which the Fund will not be permitted to invest. The Fund will not invest in issuers identified through this process. SIMC reserves the right to modify the criteria from time to time to maintain alignment with evolving Catholic social and moral positions.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Fund invests in common stocks and other equity securities, which may include preferred stocks, warrants, participation notes and depositary receipts. The Fund invests primarily in securities of domestic companies, but may also, to a lesser extent, invest in securities of foreign companies, which may include companies in emerging markets. The Fund generally invests in larger companies, although it may purchase securities of companies of any size, including small companies. The Fund may invest in exchange-traded funds (ETFs) or equity swaps to obtain exposure to the equity market during high volume periods of investment into the Fund.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">SIMC seeks to enhance performance and reduce market risk by strategically allocating the Fund's assets among multiple sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers). The allocation is made based on the Adviser's desire to achieve performance objectives while keeping appropriate balance among differing investment styles and philosophies offered by the Sub-Advisers, including growth-oriented, value-oriented, stability-oriented, and/or blended approaches to selecting investments. Growth-oriented managers generally select stocks they believe have attractive growth and appreciation potential in light of such characteristics as revenue and earnings growth, expectations from professional financial research analysts and momentum, while stability-oriented managers generally select stocks they believe have sustainable competitive advantages, less economic sensitivity and/or less volatility, and value-oriented managers generally select stocks they believe are attractively valued in light of fundamental characteristics such as assets, capital structure, earnings, and/or cash flows. </font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Fund implements its views on the Guidelines through the use of Sub-Advisers that invest directly and a designated Sub-Adviser that acts as an overlay manager and implements the portfolio recommendations of the other Sub-Advisers. Such other Sub-Advisers provide a model portfolio to the Fund on an ongoing basis that represents their recommendations as to the securities to be purchased, sold or retained by the Fund. The overlay manager constructs a portfolio for the Fund that represents the aggregation of the model portfolios, with the weighting of each Sub-Adviser's model in the total portfolio determined by the Adviser. The overlay manager implements the portfolio consistent with that represented by the aggregation of the model portfolios, but also has the authority to vary from such aggregation: (i) to conform the Fund's securities transactions by avoiding issuers identified as not aligning with the Guidelines; (ii) to favor, consistent with the Guidelines, securities of companies that are more highly ranked with respect to environmental, social and governance criteria than other companies in the Fund's portfolio; (iii) to seek to achieve lower volatility; and (iv) to a lesser extent, manage risks, seek trading cost efficiencies or efficient tax management. In addition to acting as overlay manager, the overlay manager may also manage a portion of the Fund's portfolio, as determined by the Adviser.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Fund may sell a security when it becomes substantially overvalued or is experiencing deteriorating fundamentals as a result of changes in portfolio strategy or to help the overlay manager meet the Fund's investment strategies.</font></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 three calendar years and by showing how the Fund's average annual returns for 1 year 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.</font></p> 0.0978 0.2381 -0.0997 ~ http://sei.com/20190628/role/ScheduleAnnualTotalReturnsBarChart20015 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_Y_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048320Member row primary compact * ~ Best Quarter: 0.0714 2016-09-30 Worst Quarter: -0.1544 2018-12-31 Class Y total return (pre-tax) 0.1427 2019-03-31 <p><font style="font-family: Arial, Helvetica; font-size: 10px;"><strong>Best Quarter:</strong></font><font style="font-family: Arial, Helvetica; font-size: 10px;"> 7.14% (09/30/2016)<br/></font><font style="font-family: Arial, Helvetica; font-size: 10px;"><strong>Worst Quarter:</strong></font><font style="font-family: Arial, Helvetica; font-size: 10px;"> -15.44% (12/31/2018)<br/></font><font style="font-family: Arial, Helvetica; font-size: 10px;">The Fund's Class Y total return (pre-tax) from January 1, 2019 to March 31, 2019 was 14.27%.<br/></font></p> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">This table compares the Fund's average annual total returns to those of a broad-based index and the Fund's 80/20 Blended Benchmark, which consists of the Russell 3000 (80%) and the MSCI ACWI ex USA Index (20%). The Fund's 80/20 Blended Benchmark is designed to reflect a useful comparison to the Fund's overall performance and reflects the Fund's investment strategy more accurately than the broad-based index.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 the event of negative performance, the Fund's returns after taxes on distributions and sale of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, the Fund's returns after taxes on distributions and sale of Fund shares may exceed the Fund's returns before taxes and/or returns after taxes on distributions.</font></p> -0.0997 0.0373 Return Before Taxes -0.1106 0.0314 Return After Taxes on Distributions -0.0547 0.0290 Return After Taxes on Distributions and Sale of Fund Shares -0.0524 0.0651 Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) -0.0703 0.0525 The Fund's 80/20 Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 2015-05-29 2015-05-29 2015-05-29 ~ http://sei.com/20190628/role/ScheduleAverageAnnualReturnsTransposed20016 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_Y_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048320Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ In the event of negative performance, the Fund's returns after taxes on distributions and sale of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, the Fund's returns after taxes on distributions and sale of Fund shares may exceed the Fund's returns before taxes and/or returns after taxes on distributions. This table compares the Fund's average annual total returns to those of a broad-based index and the Fund's 80/20 Blended Benchmark, which consists of the Russell 3000 (80%) and the MSCI ACWI ex USA Index (20%). The Fund's 80/20 Blended Benchmark is designed to reflect a useful comparison to the Fund's overall performance and reflects the Fund's investment strategy more accurately than the broad-based index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or 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. 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 three calendar years and by showing how the Fund's average annual returns for 1 year and since the Fund's inception compare with those of a broad measure of market performance. 1-800-DIAL-SEI Catholic Values Fixed Income Fund CFVYX EXAMPLE <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 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.</font></p> 73 227 395 883 ~ http://sei.com/20190628/role/ScheduleExpenseExampleTransposed20020 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_Y_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048321Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Risks <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The following principal risks could affect the value of your investment:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Market Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Catholic Values Investing Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The Fund considers the Guidelines in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Guidelines. This means that the Fund may underperform other similar mutual funds that do not consider the Guidelines when making investment decisions.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Investment Style Risk </i></font><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8212; The risk that the fixed income securities in which the Fund invests may underperform other segments of the fixed income markets or the fixed income markets as a whole.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Interest Rate Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. A low interest rate </font><font style="font-family: Arial, Helvetica; font-size: 13px;">environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Credit Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Corporate Fixed Income Securities Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>U.S. Government Securities Risk </i></font><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8212; 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. 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Foreign Sovereign Debt Securities Risk </i></font><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8212; The risk 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Derivatives Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The Fund's use of futures contracts, forward contracts, and options 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 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 some shareholders. Both U.S. and non-U.S. regulators are in the process of adopting and implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Below Investment Grade Securities (Junk Bonds) Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Commercial Paper Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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 </font><font style="font-family: Arial, Helvetica; font-size: 13px;">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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Foreign Investment/Emerging Markets Risk </i></font><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8212; 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 and tax 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Asset-Backed Securities Risk </i></font><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Mortgage-Backed Securities Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Bank Loans Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin: 0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><em>Currency Risk</em></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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. 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.<br/></font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Manager Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Advisers and allocating assets to such Sub-Advisers, as well as the Sub-Advisers' success or failure in implementing the Fund's investment strategies. SIMC or a Sub-Adviser may be incorrect in assessing market trends, the value or growth capability of particular securities or asset classes.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Liquidity Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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. </font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Duration Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The longer-term securities in which the Fund may invest are more volatile. 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Extension Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Prepayment Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Leverage Risk</i></font><font style="font-family: Arial, Helvetica; font-size: 13px;"> &#8212; 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><i>Portfolio Turnover Risk </i></font><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8212; Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance. </font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;"><b><i>Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. 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.</i></b></font></p> 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. You could lose money on your investment in the Fund, just as you could with other investments. Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</font></p> 0.0035 0.0000 0.0036 0.0071 ~ http://sei.com/20190628/role/ScheduleAnnualFundOperatingExpenses20019 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_Y_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048321Member row primary compact * ~ ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 159% of the average value of its portfolio.</font></p> 1.59 Investment Goal <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">High level of current income with preservation of capital.</font></p> Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">Under normal market conditions, at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) will be invested in a diversified portfolio of bonds and other debt obligations of varying maturities, which may include floating rate and variable rate securities. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Fund seeks to make investment decisions consistent with the principles of the Catholic Church with respect to a range of social and moral concerns that may include: protecting human life; promoting </font><font style="font-family: Arial, Helvetica; font-size: 13px;">human dignity; reducing arms production; pursuing economic justice; protecting the environment, and encouraging corporate responsibility. This will be accomplished through the reliance on the principles contained in the United States Conference of Catholic Bishops' (USCCB) Socially Responsible Investing Guidelines (Guidelines). Potential investments for the Fund are first selected for financial soundness and then evaluated according to the Fund's social criteria. The Fund's investment adviser, SEI Investments Management Corporation (SIMC, or the Adviser), has retained a third party environmental, social, and governance research firm to compile a list of restricted securities, using principles contained in the Guidelines, in which the Fund will not be permitted to invest. The Fund will not invest in issuers identified through this process. SIMC reserves the right to modify the criteria from time to time to maintain alignment with evolving Catholic social and moral positions.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Fund invests in corporate bonds. The Fund also invests in securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities, such as the Government National Mortgage Association, which are supported by the full faith and credit of the U.S. Government, and the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, which are supported by the right of the issuer to borrow from the U.S. Treasury. The Fund may also invest in bonds of international corporations or foreign governments. In addition, the Fund invests in mortgage-backed and asset-backed securities. The Fund will engage in active and frequent trading of portfolio securities.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">Under normal circumstances, the Fund will invest a significant portion of its assets in bonds that are rated within the four highest credit rating categories assigned by independent rating agencies, and the Fund will attempt to maintain an overall credit quality rating of A or higher. The Fund may invest in unrated equivalents that may be considered to be investment grade. The Fund may invest up to 20% of its net assets in bonds that are rated below investment grade (those rated BB+, B and CCC) (junk bonds). 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">Up to 20% of the Fund's net assets may be invested in commercial paper within the two highest rating categories of independent rating agencies. The Fund may also invest up to 20% of its net assets in the fixed-income securities of foreign issuers in any country, including developed or emerging markets. Foreign securities are selected on an individual basis without regard to any defined allocation among countries or geographic regions.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Fund may also invest in futures contracts, forward contracts, and options for speculative or hedging purposes. Futures contracts, forward contracts, and options may be used to synthetically obtain exposure to securities or baskets of securities. 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. The sub-advisers (each, a Sub-Adviser and collectively, 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The Adviser seeks to enhance performance and reduce market risk by strategically allocating the Fund's assets among multiple Sub-Advisers. The allocation is made based on the Adviser's desire for balance among differing investment styles and philosophies offered by the Sub-Advisers.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 Barclays 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 5% if interest rates rise 1% and increase in value by 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 Barclays U.S. Aggregate Bond Index varies significantly over time, but as of March 31, 2019 it was 5.82 years.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">Investments for the Fund, both foreign and domestic, are selected based on the following criteria:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8226;&#160;&#160;the use of interest-rate and yield-curve analyses;</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8226;&#160;&#160;the use of credit analyses, which indicate a security's rating and payment of interest and principal at maturity; and</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">&#8226;&#160;&#160;use of the above disciplines to invest in high-yield bonds and fixed-income securities issued by foreign and domestic governments and companies.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">The remainder of the Fund's assets may be held in cash or cash equivalents.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">A Sub-Adviser may sell a security when it becomes substantially overvalued or is experiencing deteriorating fundamentals, or as a result of changes in portfolio strategy. A security may also be sold and replaced with one that presents a better value.</font></p> Performance Information <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 three calendar years and by showing how the Fund's average annual returns for 1 year 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.</font></p> 0.0416 0.0416 -0.0052 ~ http://sei.com/20190628/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_Y_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048321Member row primary compact * ~ Best Quarter: 0.0311 2016-03-31 Worst Quarter: -0.0251 2016-12-31 Class Y total return (pre-tax) 0.0359 2019-03-31 <p><font style="font-family: Arial, Helvetica; font-size: 10px;"><strong>Best Quarter:</strong></font><font style="font-family: Arial, Helvetica; font-size: 10px;"> 3.11% (03/31/2016)<br/></font><font style="font-family: Arial, Helvetica; font-size: 10px;"><strong>Worst Quarter:</strong></font><font style="font-family: Arial, Helvetica; font-size: 10px;"> -2.51% (12/31/2016)<br/></font><font style="font-family: Arial, Helvetica; font-size: 10px;">The Fund's Class Y total return (pre-tax) from January 1, 2019 to March 31, 2019 was 3.59%. </font></p> Average Annual Total Returns (for the periods ended December 31, 2018) <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 13px;">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 the event of negative performance, the Fund's returns after taxes on distributions and sale of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, the Fund's returns after taxes on distributions and sale of Fund shares may exceed the Fund's returns before taxes and/or returns after taxes on distributions.</font></p> -0.0052 0.0195 Return Before Taxes -0.0155 0.0088 Return After Taxes on Distributions -0.0033 0.0100 Return After Taxes on Distributions and Sale of Fund Shares 0.0001 0.0159 Bloomberg Barclays U.S. Aggregate Bond Index Return (reflects no deduction for fees, expenses or taxes) 2015-05-29 2015-05-29 ~ http://sei.com/20190628/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_DocumentInformationDocumentAxis compact ck0001627853_doc_Class_Y_ProspectusMember column dei_LegalEntityAxis compact ck0001627853_S000048321Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ In the event of negative performance, the Fund's returns after taxes on distributions and sale of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, the Fund's returns after taxes on distributions and sale of Fund shares may exceed the Fund's returns before taxes and/or returns after taxes on distributions. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or 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. 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