How did the Fund perform in the last year?

The Fund underperformed its benchmark, the S&P 500 Index (TR) (S&P 500) - a market-weighted index that tracks the performance of the 500 largest publicly traded U.S. companies and is considered representative of the broad U.S. stock market—for the 12-month period ending July 31, 2025.

While the Fund produced a positive return in the rising equity markets over the reporting period, each of the indexes that its five equity components seek to replicate underperformed relative to the Fund’s benchmark. The S&P 500 Index (TR), Russell 1000, Russell 2000, MSCI EAFE, and MSCI Emerging Markets indexes returned 16.3%, 16.5%, -0.6%, 12.8%, and 17.2%, respectively, for the period.

The Fund’s strategy is implemented by SSGA Funds Management, Inc., as sub-adviser under the general supervision of SEI Investments Management Corporation (SIMC).

Global equity markets posted notable gains over the reporting period. Emerging markets significantly outperformed developed markets. In the U.S., large-cap stocks, as represented by the broad-market S&P 500 Index (TR), significantly outperformed their small-cap counterparts, as measured by the Russell 2000 Index. Communication services and utilities were the strongest-performing sectors within the S&P 500 Index (TR) for the period, while the healthcare sector recorded a loss and was the primary market laggard.

During the reporting period, the Fund’s assets were effectively completely liquidated via outflows, resulting in sales of nearly all of the Fund’s holdings. Later in the period, fund inflows made it possible to repurchase the desired securities. Consequently, the Fund’s benchmark-relative performance for the reporting period was attributable mainly to the underlying cash-flow activity by the Fund’s shareholders. This activity resulted in implementation costs (the expenses incurred during the process of buying and selling securities within the Fund, which can have a significant impact on the Fund’s return), and cash drag (holding a portion of the portfolio in cash rather than investing it in a strong-performing market) that influenced the Fund’s performance relative to the benchmark.

Key Fund Statistics as of July 31, 2025

Top Ten Holdings

How did the Fund perform in the last year?

The Fund, which is managed using a passive approach, modestly underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index (TR) (USD) - which tracks the performance of fixed-rate, publicly issued, non-investment-grade bonds— for the 12-month period ending July 31, 2025.

The Federal Reserve (Fed) implemented a larger-than-expected 50-basis-point (0.50%) reduction in the federal-funds rate in September 2024, after being on pause since July of 2023, following an aggressive rate-hiking cycle in which the central bank raised the benchmark rate by a cumulative 525 basis points in 18 months. In addition to the 0.50% cut in September, the Fed also announced rate reductions of 0.25% at its meetings in November and December 2024. Through the first seven months of 2025, the Fed held the benchmark rate steady as macroeconomic uncertainty increased during the year. Evolving trade policy has the potential to put upward pressure on prices, and it appears that the effective tariff rate will settle in the 15%-20% range. The U.S. labor market remained on solid footing during the period with unemployment spending much of the second half of the reporting period around 4.1%; however, cracks did begin to appear late in the period as hiring slowed and continuing unemployment insurance claims ticked higher.

The U.S. Treasury yield curve steepened during the reporting period, with front end rates moving lower and long rates rising. The 10-year Treasury note yield ultimately ended the reporting period up 0.35% closing the period at 4.38%, and spread sectors generated excess returns. Spreads on investment-grade corporate bonds remained tight as high all-in yields supported demand with the economy remaining on solid footing. Asset-backed securities (ABS) outperformed comparable-duration Treasurys as well, with relatively strong U.S. consumer spending fundamentally supporting the sector, albeit cracks in subprime loans have begun to surface. Agency mortgage-backed securities (MBS) also modestly outperformed despite the continued reduction in size of the Fed’s balance sheet.

As the Fund is passively managed, its sub-adviser, SSGA Funds Management Inc., performed in line with the benchmark Bloomberg U.S. Aggregate Bond Index (TR) (USD), after expenses, for the reporting period.

Key Fund Statistics as of July 31, 2025

Top Ten Holdings

How did the Fund perform in the last year?

The Fund, which is managed using a passive approach, underperformed its benchmark, a 50/50 US High Yield Constrained Index/JPM EMBI Global Diversified Index — for the 12-month period ending July 31, 2025.

The Federal Reserve (Fed) implemented a larger-than-expected 50-basis-point (0.50%) reduction in the federal-funds rate in September 2024, after being on pause since July of 2023, following an aggressive rate-hiking cycle in which the central bank raised the benchmark rate by a cumulative 525 basis points in 18 months. In addition to the 0.50% cut in September, the Fed also announced rate reductions of 0.25% at its meetings in November and December 2024. Through the first seven months of 2025, the Fed held the benchmark rate steady as macroeconomic uncertainty increased during the year. Evolving trade policy has the potential to put upward pressure on prices, and it appears that the effective tariff rate will settle in the 15%-20% range. The U.S. labor market remained on solid footing during the period with unemployment spending much of the second half of the reporting period around 4.1%; however, cracks did begin to appear late in the period as hiring slowed and continuing unemployment insurance claims ticked higher.

The U.S. Treasury yield curve steepened during the reporting period, with front end yields moving lower and long-end yields rising. The 10-year Treasury note yield ultimately ended the reporting period up 0.35% closing the period at 4.38%. High-yield bonds, as measured by the ICE BofA U.S. High Yield Constrained Index (USD), gained 8.6% for the 12-month reporting period. High-yield spreads tightened by 39 basis points to 286 basis points during the period, and the yield to worst (a measure of the lowest possible yield that can be received on a bond with an early redemption provision) on the index fell to 7.08%. Hard-currency emerging-market (EM) debt, as measured by the J.P. Morgan EMBI Global Diversified Index, climbed 9.3% during the reporting period and outperformed high-yield bonds. EM debt returns were boosted by a generally strong global economy and attractive all-in yields. Local-currency issues outperformed their hard-currency counterparts during the reporting period as the U.S. dollar generally weakened due to evolving trade policy.

Key Fund Statistics as of July 31, 2025

Top Holdings